If you’re going through a divorce, there’s a high chance you and your soon-to-be ex-spouse may need to think about selling your home. Yes, on top of all the changes you’ll need to undergo, selling the house you’ve once shared is often the better choice, especially if neither one of you wants to continue living in it or has the financial capacity to buy out the other party’s half.
Of course, the process isn’t always easy, as with anything that comes with a divorce proceeding, so here are nine tips you need to consider when selling your house during a divorce.
Get on the same page
Before making final decisions, be sure that both of you agree that selling your house is the best option. Keep your lines of communication open and be direct about your expectations to ease the whole process. Most often than not, selling your house helps provide financial and emotional freedom. It offers a clean slate and a chance to start fresh after such a difficult time.
Divide the costs
Consider the costs that come with putting your home on the market. These additional costs are inevitable and should be divided between the two of you if there isn’t already a separation agreement or divorce settlement in place.
Choose the right realtor to sell your home
If you’re going through an acrimonious divorce, it may seem like deciding on anything eventually becomes an argument. Choosing a realtor can help facilitate the selling process. Doing so will make it a lot easier in terms of communication, as you’ll have someone to keep both of you in check during decision-making and the whole home sale process in general.
Decide on the sale price
Setting the sale price of your home may become a point of contention, especially if one person wants it to be a quick sale and the other wants to get a higher profit and is willing to wait. Should this happen, defer to your agent’s price recommendation or consult with another realtor if the price is far outside what either of you had in mind. In some cases, divorce attorneys can work to assist you with the home appraisal process and help you come up with a fair price.
Discuss who’ll live in the home during the process
While your house is on the market, both of you should decide who’ll be in charge of the whole selling process. That person will be the one to keep the home ready for a show and keeping the entire property tidy. Otherwise, hiring housekeeping or lawn services is also an alternative to keep the house maintained for showings. If both of you already moved out of the home, hiring a professional stager should be considered.
Talk about home repairs
When selling a home, repairs are often needed to get the house ready for listing. These home repairs usually include painting, plumbing repairs, or even major electrical or structural updates. Sit down and determine what repairs you’re both willing to make on the house, and consult with your realtor to determine what is necessary and what isn’t.
Decide which offer to take
When your home is already listed, you may receive several offers. There will also be items in the contract about making repairs or closing dates. Both parties must agree on the terms of the sale and the proposal they’ll choose. If you can’t decide, seek helpful insight from your realtor. Otherwise, you may want to consult with your divorce attorney to determine the next step.
Determine how you’d like to divide the proceeds from your home sale
Usually, the proceeds for your home sale are already outlined in a separation or divorce settlement, but if it isn’t, then both of you must determine how the proceeds will be divided. Remember that seven to ten percent of the proceeds will go toward fees like agent fees and taxes, and the rest to pay off an existing mortgage.
Keep your emotions in check
The whole process of divorce is never fun, no matter the circumstance. Aside from the grueling procedure, you’ll also find a large number of ex-couples who lose money on their homes because of failing to keep their emotions in check. Set yourself up for success by going with a concrete plan and keeping your communication lines open at all times.
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