Selling A House During Divorce
Divorce is one of the most emotionally stressful phases you can ever go through.
Not only do you have part ways with someone you dreamed of growing old with, but you also have to come to terms with leaving or dividing your assets.
If you have reached a point where no reconciliation seems possible, it’s better to sell your house in a way that is mutually agreeable and helps both of you turn a page in your lives.
Here are a few things that will ensure you can do just that:
Hire A Trustworthy Realtor
Selling a house is a taxing task on its own, but coupled with tensions surrounding a divorce, it becomes twice as difficult.
This makes it all the more important to have a real estate agent you can trust to assist you with the sale. The best person for the job would be the one that facilitated your purchase of the house. But if it was too long ago, it won’t be easy finding the same realtor.
The other option is to choose an agent that meets both your and your spouse’s requirements to avoid any disagreement in the future.
Paying Off Mortgage
Before you can list your home on the market, you should have all your dues cleared including paying off the mortgage. Depending on the length of time remaining on the contract, the mortgage sum can turn out to be a considerable expenditure.
Ideally, both parties should contribute equally, but in case either of them pays a higher amount, they should be compensated after the sale.
Setting The Price
Sales taking place during a divorce are often done in haste. However, this can affect the offers you receive.
You should first get all the repair and maintenance work done — especially if the house has been unoccupied for a while.
Next, after consulting with your realtor, you can mutually set a price that suits you and will have buyers knocking on your door.
Preparing For Viewings
Preparing the house is a sizable task. If both of you are still living in the same house or have moved out, the burden can be shared.
However, if only one person is residing in the home, they will have to put in more work, which should be considered after the house is sold.
Offer Negotiations
Getting the perfect bid from the very first buyer is highly unlikely. The price negotiations are a bit of a back-and-forth process. If you are on comfortable terms with your spouse, you can review the offers.
Otherwise, you can let your realtor know about your preferences and they can make the sale accordingly.
Who Gets What
The general principle is to share the proceeds of the sale equally. But that may not always be fair.
In some cases, one person has paid a larger share of the initial purchase or has contributed more to mortgage and maintenance costs.
How the amount will be split should be agreed upon early on to avoid any misunderstanding.
Takeaway
You can’t really be prepared for a divorce. But when it happens, knowing how to sell your home in the best way can help you and your spouse part on decent terms.