House Due Diligence

Home due diligence is something that will come up when getting divorced, particularly when the couple starts discussing who is going to get the house or if the house is going to be sold. Here we will discuss home due diligence and what it means during a divorce.

What is home due diligence?

First, we need to understand what is home due diligence. So, let's take a look at what it means; House due diligence is when the homeowners complete a thorough examination of the house and all the property documents. The condition of the property also has to be taken into account. The other things that need to be looked at are the insurability of the home, as well as mortgage refinance and any title issues. This all needs to be done before couples make an informed decision of what to do with the house.

Is home due diligence important?

Yes, home due diligence is important because in a divorce the division of the marital home is permanent and cannot easily be changed. When getting divorced couples need to consider the following issues; if one spouse is going to keep the house and buy out the other spouse, can they afford the mortgage, and can they qualify for refinancing of the mortgage? The couple should also think about selling the house. They would also need to get the appraisal of the home done and to determine the market value of the property. The couple will also need to know if the property is insurable as well as the physical condition of the house.                                                                               

Process

When you meet with us to discuss the home due diligence and the procedures involved, we have all the training necessary to assist divorcing couples complete their house due diligence so that they can make informed decisions about either selling the property or keeping it. Either way, an appraisal of the home will be the only information used in making a final decision. The balance of the mortgage is deducted from the appraisal value which will then give you the home equity in the property. An appraisal from a real estate agent is important but other issues need to be addressed; such as the condition of the house, mortgage refinances, and the title, this is where we can assist you with obtaining all the important documents, and information regarding the house. When we have all of this information, we can help you make an informed decision about the deposition of the house.

Our costs

At Divorce Mortgage Guidance we always keep our rates reasonable. We will assist you in gathering all the relevant documents and information regarding the home. The other cost involved will be if a home inspector is required to determine the condition of the property.

Once all the information is gathered, we will meet with you to discuss your options and what the best way forward is for you and your spouse. We will assist you from the beginning to the end with your home due diligence.