6 House Checklist Items Often Overlooked

When it comes to making real estate decisions during divorce or probate, there are items that can be easily overlooked. 

Sure, you might know what the balance due on one home mortgage.  Some people think all you need is to know is how much the house might sell for, or how much equity is in it.  However, there could be hidden factors not easily seen in these inquiries, and someone could be stuck with a house that has a lien or worse, it burns down only to find out they were not a party on the insurance.  

So how do you readily verify these types of things?  Here are a few essential real estate items:

Title
Are there any mechanics liens, or other liens unknown?

Mortgage
Are there additional mortgages on the house that you do not readily see in the county file or with the mortgage company? Any unknown refinancing?  Where do you find this information?

Homeowners Insurance
Who was listed as the main parties on the insurance?  How were they listed? Are there any unseen/outstanding claims? Example:  One father, prior to his death, made too many claims against the house to the point where it could not be insured properly.  

House Condition
What is the true condition of the house?  Does an Inspector need to be hired? From the outside a house may look fine, but there could be hidden expenses for a spouse or family member that they may not be able to afford to take over or fix.

Appraisal
Is the house worth market value? Who is providing the appraisal value, Zillow OR a trusted source, such as a Realtor or certified Appraiser?

HELOC
Has a Home Equity Line of Credit been taken by a spouse or decedent?  Even with a zero balance, these can often be left opened and accessed without anyone's knowledge.  Example:  A spouse, a compulsive gambler, who was still able to access the HELOC after the divorce was final and ended up ruining the other spouse’s credit.

As an experienced 3^rd party consultant/project manager, I help clients gather house related documents, pointing them to the correct divorce/probate professionals to obtain the information they need to make informed decisions regarding the house.  The data gathered then helps attorneys, mediators, trustees, and administrators complete their caseload and files.  And, the client is more at peace having made an objective, informed decision – to sell or to keep the house – for all the right reasons.    

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Lauren Loper is a Realtor serving the metro Atlanta area, and holds a designation in RCS-D (Real Estate Collaboration Specialist-Divorce) and CPRES (Certified Probate Real Estate Specialist).  She helps many people through their most exciting times of helping them buy and/or sell their home; and through their more challenging times of divorce or probate utilizing a proprietary tracking tool to help them decide whether to sell or keep their home.  She partners with divorce and estate attorneys and mediators to provide the detailed house document tracking sheet.  For a FREE, no-obligation consultation, visit www.probateanddivorceagent.com, or call 404.316.3738. Keep the Home for All the Right Reasons™