Selling your house during a divorce: everything you need to know
Divorce changes everything. A home is more than four walls and a roof; it is a place where you make memories. You may have raised children there, share happiness and laughter, gathered friends and family during the holidays… Unsurprisingly, during a separation, the marital home often becomes a source of conflict.
Besides the emotional attachment, the family property is usually a couple’s largest shared asset. To move on, you will both need to agree on what to do with the house. If neither party wants to keep it or can buy the other one off, selling it is the best solution.
Here are the steps you and your ex-spouse should follow to sell your house during a divorce.
Step 1: Get the house ready to sell
A home in good condition is more likely to sell quickly and for a better price. If there is any deferred maintenance, you will need to take care of it as fast a possible. You and your spouse will need to agree on how to share the costs and who will take care of the repairs.
Staging the house may also be necessary if one member of the couple moved out with his or her furniture.
Step 2: Listing a property during a divorce
Hire an agent familiar with divorces who will know how to keep both parties in the loop. Since pricing a property is often a source of conflict, hiring an appraiser is often the best solution.
If one of the parties still lives in the house, he or she must agree to keep the property ready for showings.
Step 3: Accepting an offer
It is best to agree ahead of time on what you are comfortable with accepting as an offer. Again, despite the cost, hiring an appraiser may be the best way to avoid more conflict down the road.
You will also need to take into consideration each party’s needs. For example, if someone needs to move out, how much time do they need to find new accommodations? Who will pay for the mortgage while the house is one the market?
Step 4: Dividing the proceeds
The proceeds of the sale should be divided equally after the obligations on the house, and closing costs are paid off. You may also use some of the proceeds to pay off any marital debt to start your new life with a clean slate. Both parties should agree on the best course to follow.
What can I do to sell the house quickly if my former spouse is difficult to work with?
Selling a house during a divorce implies that both parties are ready to do everything in their power for the procedure to go smoothly. They must also be prepared to work together and be in a position to assume some of the costs.
If you are going through a difficult separation and are eager to move on fast, you may want to discuss selling your house directly to a company instead of going through the traditional real estate agent route. You could then avoid paying for extras, such as hiring an appraiser, doing repairs, etc.
If you would like to sell your house fast and are located in Cherokee and Cobb County, including Woodstock, Marietta, Kennesaw, Acworth, Canton, and Roswell, we may be able to help. Contact us today to discuss your options.