As a realtor since 2002, Krystine clearly remembers the days gone by of when a couple decided to divorce, the argument would be over who kept the house. Those days are few and far between after a myriad of Buyers bought homes at inflated prices during the real estate bubble.
With high home prices, 80/20 loans, low or no documentation loans, and other unforeseen circumstances of a depressed economy, it all added up to a future of Short Sales.
What is a Short sale?
A Short Sale becomes an option when hardship occurs in a homeowner’s life. Divorce, loss of a job, loss of life of a spouse, underemployment because of a job loss, illness, job transfer, exotic mortgage terms, military service, incarceration, increased expenses and excessive debt, even unexpected repairs or home maintenance are all examples of hardship.
Put simply, Short Sales is when a homeowner finds themself in a hardship situation and can no longer afford to make the mortgage payments.
Divorce and the House
The argument between today’s divorcing couple is not who wants to stay in the house, but who can afford to stay in the house. It’s an unfortunate situation to go through a divorce and if the communication is broken between the two, then selling a home is typically not an easy feat.
This is where Krystine comes in as a realtor with a designation of RCS-D, which is a Real Estate Collaboration Specialist-Divorce.
Krystine Torella Realtor, RCS-D
To remain successful in the real estate business, Krystine found herself being forced to learn how Short Sales work when the market shifted into the need for them.
Aligning herself with strategic partners such as closing attorneys who would negotiate offers on Seller’s behalf with bank holding their mortgage was a key ingredient to a successful short sale.
Attorneys and strategic partners referred her to divorcing couples. She realized that her naturally empathetic nature and knowledge of Short Sales made her a good match for these people.
How Krystine works with people in the divorce process
Krystine gives us insight into helping those going through a divorce.
“I consult with each party separately and thoroughly investigate what the best options are and how we can reach the common goal. I am careful to keep all personal information separate from each party and confidentiality is essential.
If a Short Sale is deemed the option with the best outcome for all parties, then I usually suggest a Quit Claim deed if both parties are on Title and only one party is on the mortgage.
If that is the case, it makes the process much smoother because the spouse not on mortgage is released from the detriment of the Short Sale and can move on and purchase another home if that is their desire.
The spouse holding the mortgage would then either decide to refinance (if they desire and/or qualify) or they can opt to exercise the Hardship right to short sell.
If both parties are on title and mortgage, then communication between me and spouses (who usually are not speaking to each other) becomes essential as we are all in it together at that point.”
Client testimonial on Krystine’s Success
When Sarah and her husband divorced in 2011, she was left with the mortgage and the rest of the expenses on the home they had built in Dallas, Ga., five years earlier.
Sarah received child support for their two sons, which helped with the bills, but the contributions dropped by more than half when her ex lost his job in 2013. As a result, Sarah could no longer afford her home.
That’s when she reached out to Krystine. It turned out Torella’s empathy, and sensitivity matched her sales expertise. Though Sarah’s home was $100,000 underwater, Torella helped her navigate the short sale step by step.
“I had so many emotions, ranging from hurt and anger to elation that I wouldn’t have to worry anymore. No matter how I felt, Krystine was always there with a smile and a cheerful word.”
Sarah’s ex-husband’s name was still on the mortgage, so Torella contacted him separately about the process. Sarah says “Looking back, I’m not sure the sale would have happened without her intervention.”
Torella says it was a balancing act getting Sarah and her ex on the same page about the sale, but her main goal was to help Sarah weather a difficult situation.
Sarah’s home went under contract within a week of coming on the market. She and her children now live in a two-bedroom condo in Marietta.
Get in Touch
Guiding and educating home sellers in any situation is one of Krystine’s passions. She prides herself on all parties walking away from the closing table satisfied that she sold their home in an ethical and professional manner.
When going through a divorce, it’s essential to have the best advice every step of the way. To receive advice on the best route on selling your home or more information on short-selling, especially if you’re going through a divorce, reach out to Krystine Torella on her website or by calling 678-907-6266.
*information attributed to Krystine Torellla
Attorney Sarah Hobson at Hobson and Hobson, P.C. are powerful advocates for those who fight for better futures for those going through divorce and custody law matters.
