South Bay Homes and Real Estate

Every Torrance homeowner knows a quick glance at today’s news will often result in some sort of information on the recent real estate crash.

Although some areas have avoided direct effects from the housing crash, the vast majority of locations have been affected in some way. Consequently, almost all homeowners have been hurt in some way from the collapse. Continuing with basic ways of life is becoming more of an issue due to the market fall. Specifically, many more couples are getting divorces as a result of the problems with the housing market.

In Torrance and elsewhere, it has become commonplace for divorcing couples to place their home on the market, split the proceeds, and begin their new lives alone. The problem is that with a huge supply and not much demand, these divorcees are having great difficulty selling their properties. If the house remains unsold, it greatly affects the couple’s income. Certain areas, such as child support, are influenced by the home. Additionally, an unsold home can dictate where a divorcee is able to live, even after the divorce is final.

Resulting from this situation, post-marital cohabitation has become more popular. I know of several Torrance home owner couples that continue to live together despite the end of their marriage. Some are trying to sell while others have simply given up and are resigned to cohabitation. Though in past times, couples would never consider living together after divorce, in many cases it is now necessary because of economic situations. Essentially, the couple does not have the money to live anywhere until they have the money from their home sale.

As the time it takes for the majority of properties to sell increases, a large number of divorced couples must stay together, under the same roof, for sometimes over a year. Older people who must make due with a fixed income, along with couples that have young children are often the ones that face this situation the most. For families with more than two members, often the only affordable option is too small for the family.

Some cases may force couples to stay with other members of their families if they simply cannot stay with one another.

Regardless of the specific case, the majority of divorced couples are discovering they have limited options available before they sell their homes. A decision must be reached regarding whether it is best to stay together and ride out the market, or sell quickly and separate as soon as possible. Some families are experiencing foreclosure because they cannot afford mortgage payments.

Arguments regarding the best decision for the house has become so heated in many situations that judges have often been forced to intervene. This usually occurs when one person wishes to stay and wait for the market to rebound, while the other person wants to sell quickly and separate. Most judges do not want to give a selling order, because they do not want to see a huge loss for the couple, when a rebound may be right around the corner.

Sometimes a bad situation seems to snowball out of control. If you are Torrance homeowner in the divorce process and you want to get rid of your property the situation is not hopeless. But the situation does require a totally honest self assessment. Call me immediately at 310-809-02032 if you would appreciate some straightforward help.

Additional Reading:

Torrance Real Estate: Waiting out the 2008 Real Estate Crash
Why One Redondo Beach Homeowner DIDN’T Hire Me To Be Her Real Estate Agent
Someone Died in the House, What Now?
San Pedro forum more heat than light