Optimizing the Value of Real Estate in Divorce: A Real Estate Professional Perspective
Within the domain of divorce proceedings, the issue of waste claims frequently emerges, presenting a subject for deliberation among legal experts and resolution by the Court. However, when waste is delineated as the conscious devaluation of a marital asset, perspectives from an experienced real estate professional such as Shannon Lindstrom, Realtor® and Certified Divorce Real Estate (CDRE®) with RE/MAX Results, who specializes in navigating real estate transactions within divorce cases, can provide valuable illumination through relevant examples.
In Minnesota real estate, the combination of timing, price, and appearance plays a crucial role in determining a property's value. Any compromise in these aspects can inevitably leads to a depreciation in value. Let's delve into each:
Timing: It's an acknowledged reality that prolonged presence on the market adversely affects property value. In every market and geographical area, a universally accessible benchmark known as the "Average Days on Market" is available to both Realtors and the general public. Properties exceeding this threshold become stigmatized, with buyers seeking discounts. When showings are limited or the property's appeal is diminished, listings endure longer periods on the market, resulting in a decline in value.
Price: Potential buyers adhere to particular budgetary limits. Setting an excessively high price results in oversight and prolonged time on the market, as discussed earlier. Failure to accurately price a property or adapt pricing to market fluctuations prolongs the selling process, leading to a decrease in value.
Appearance: Buyers envision entering their ideal dream home—a clean, depersonalized, fragrant, well-lit, and tastefully decorated space. Conversely, a dirty, cluttered environment with unpleasant odors dissuades potential buyers, often resulting in quick departures or lowball offers.
In divorce listings, the resident holds significant sway over the property's value, governing access, upkeep, and pricing. Instances where one party obstructs showings or neglects maintenance adversely affect the property's worth and consequential equity—crucial for facilitating a smooth transition post-divorce.
Detrimental behaviors like disclosing divorce-related issues to potential buyers, overstating property flaws, or disregarding maintenance exacerbate the decline in value. In such instances, it is wise to acquire a comprehensive report from a Realtor®/Certified Divorce Real Estate (CDRE®), detailing recommendations made to the parties and their responses, along with pre- and post-recommendation valuations. Moreover, seeking buyer feedback on showings offers invaluable insights.
Furthermore, revealing the property's status as a divorce sale may allure opportunistic buyers who are in pursuit of deals reminiscent of clearance rack finds.
Rest assured, Shannon Lindstrom, a Realtor® with RE/MAX Results and a Certified Divorce Real Estate (CDRE®) serving the Twin Cities and surrounding areas, is committed to maximizing the equity and value of the home. Ms. Lindstrom can be reached at any time if you need help or advice with listing and selling real estate in divorce disputes.
If you have questions and/or wish to schedule an appointment to discuss how Shannon Lindstrom can help you, please call, text or email her at your earliest convenience.
Shannon Lindstrom, Realtor®, CDRE®, MILRES, MRP, VCA
RE/MAX Results
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
www.MinnesotaMilitaryVeteranRealEstateAgent.com
www.TwinCitiesMilitaryVeteransRealtor.com
www.MNDivorceRealEstateExpert.com
