In general, the marital home is typically the most valuable asset in divorce situations. While the family home may hold substantial monetary value, it also may hold a significant amount of sentimental value. In theory, divorce settlements try to reach a middle ground and do justice for both parties involved. That is what a family law attorney does – they equitably divide the marital assets.
When it comes to if, how, and when to sell the family home, this is where it tends to get very sticky. This is where a Certified Divorce Real Estate Expert (CDRE) is imperative.
What is CDRE: Certified Divorce Real Estate Expert?
A CDRE specialist offers a subspecialty within the real estate sector, just like experts in law or healthcare. These divorce real estate advisors go through extensive training, education, and practical experiences, learning how to spot issues even before they come to the surface. Besides the extensive 40-hour certification, CDRE’s train for 18 months+ To keep up with evolving industry trends, CDRE’S are always studying and taking new courses.
By way of linking it to the legal profession as of those attorneys dealing with divorce settlements, the CDREs are much more versed in matters of divorce than an average real estate agent. For example, there is a huge difference between non-accredited realtors and CDRE’s as there is between a family law specialist and a general attorney.
Why work with a CDRE?
Provides Fair Market Valuations (this can replace or enhance that “snapshot in time” value from an appraiser with an ongoing continuum of assistance that lasts over the course of the entire divorce process until the home is sold.
Understands Court Orders & Divorce Decrees; Expert witness
Expert, neutral listing agent (CDRE’s recuse themselves from dual-agency)
The Role of a Certified Divorce Real Estate Expert in a Divorce Settlement:
Read below to understand the role of a CDRE in Divorce settlements:
1. Avoid Mistakes
These trained advisors work as a neutral third party in order to get the home sold for the most amount of money. They are trained to help avoid mistakes that are capable of causing any delays and hindrances in the settlement. They know about the divorcing couples’ circumstances, and they deal with the issues accordingly to help prevent any unnecessary stress.
2. Deal With Financial Surprises:
There are countless “land minds” which need to be avoided at all costs. A real estate agent who doesn’t have knowledge, expertise, or training in divorce settlements will often overlook things as well, which may cause the loss of a lot of money. However, a CDRE is aware of all such technicalities, therefore, saving a lot of time and money that might otherwise be wasted due to these financial surprises.
A certified divorce real estate specialist is trained in issue-spotting. While all parties involved may rely on their client’s most recent mortgage statement to verify the mortgage balance, a real estate specialist knows to dig deeper. A mortgage payoff letter will state the balance that must be paid in order to close the loan. Mortgage statements often don’t show late penalties and loan modifications (which aren’t recorded), yet the payoff letter will.
Critical Mistakes Untrained Realtors Make With Divorcing Clients
Think about it – would you let a general physician deal with a heart attack? Or a general practitioner treat a brain tumor? We need doctors specialized in specific fields to deal with specific health care problems, just as we need specialized experts for other areas of our lives.
Read below to find some of the common mistakes untrained real estate agents make when they deal with divorce settlements:
1. Improper listings.
What if a homeowner tells their agent they own the property and that just their signature is fine. Yikes! Real estate divorce experts will fact-check the mortgage, deed and request any court orders. Listing the house for sale in a divorce scenario without both parties may breach a court order and render the listing and the sale void. A CDRE will be careful when dealing with such issues because they know what is needed by the law.
2. Failing to Stay Neutral
To ensure neutrality and the effect of impartiality between parties in a divorce, CDRE’s go through some mediation training. Previously, realtors without any expertise in divorce settlement have been a part of neutrality mistakes. The mistakes include failing to reveal material details regarding a sale or listing of real estate to one party when engaging with the other, giving commission kickbacks to one party, or attempting to demonstrate favoritism.
Ultimately, A CDRE will maximize the value of the home sale by working with all parties involved.
Emotions can cloud your judgment – and during a divorce, this happens at its peak. CDRE’s undergo coaching in order to help divorcing clients separate the decision-making process from their feelings to prevent unjust mistakes. This helps parties understand the sale or refinancing with lower anxiety and disagreement and makes the real estate transaction smooth. A CDRE helps plan and stage the home for sale as both sides compromise so that the divorcing couples will acquire the best price while working in conjunction with divorce attorneys to reach a fair settlement for all.