11/14/2022
5 TIPS FOR DIVORCING HOME SELLERS
For the majority of divorcing home owners, their home is their most valuable asset. Although one spouse may decide to keep the marital home, most couples decide to sell their home and move on without the memories that that home represents. A divorce is an extremely stressful time and adding the stress of selling a home can turn a stressful experience into an overwhelming experience. Before you decide to sell your home you should familiarize yourself with these tips for divorcing home sellers.
1. Making The Decision To Sell
Divorce is not easy. Even the most amicable separations are plagued with disappointment, lack of communication, and failed expectations. Adding to the stress is the sale of the family home, which is typically the largest asset of the marriage. Decisions regarding the family home are not only emotional but mired in legal maneuvers and decisions as well. However, the home’s mortgage may not be sustainable by only one income. Most divorcing couples find it difficult to communicate or come to a mutual decision regarding the sale of the house. It may help to utilize a neutral family member or friend to help you communicate in making this vital decision. Since a divorce is a legal process, you should also utilize your attorney to communicate with your spouse’s attorney.
What if you decide not to sell: There may be children involved or maybe the current housing market is cold. In that case, there are several options available to couples who decide not to sell their home. One spouse may buy the other spouse’s interest in the property or you can rent the property until a specific date. In either case, you should consult your attorney and real estate professional regarding your options.
2. How To Choose A Real Estate Agent
It is advisable to hire a real estate agent that has experience negotiating with divorcing parties. Divorcing couples often have difficulty making decisions together and are sometimes no longer on speaking terms. An experienced real estate agent becomes essential when trying to sell your home without potential buyers becoming aware of the impending divorce. Choosing the right real estate professional will make a huge difference in how smoothly your home selling experience is.
Why should you keep your divorce a secret from potential buyers? Whenever a potential buyer hears that the sellers are going through a divorce, they will assume that the home needs to be sold FAST. Therefore, they will give a lowball offer compared to an offer that is closer to the listing price. That is just one reason why an experienced real estate agent can make the difference in selling your marital home.
3. Deciding On The Listing Price
Your real estate agent will provide you with a comparative market analysis, or CMA. This is an in-depth review of your home’s worth in the current market based on the recent sales prices of comparable homes. You and your spouse must be realistic about your home and the real estate market. It’s best to have your real estate agent present as you make decisions in order to smooth out any disagreements.
4. How To Prepare For Showings
One of the biggest mistakes that homeowners make when selling their home is to not properly prepare for its sale. Since the majority of divorces are less than cordial, it’s crucial that both parties realize that the home selling process is a business decision and properly preparing the home for sale is essential.
Some of the best tips for divorcing couples as they prepare to list their home for sale include:
· Remove clutter
· Remove wall paper and paint all rooms in a neutral color
· Consider making small updates
· Eliminate any foul odors
· Clean up the exterior of the home and create curb appeal
You only have one opportunity to create a first impression. The majority of home buyers can easily determine if a home has been well cared for or neglected. If you follow the above tips, you greatly increase the chances that your home sale will be a relatively quick and stress-free experience.
5. Agreeing On An Offer
The harsh reality of having to sell a home quickly is that you may not be able to sell it for the amount that you are expecting. Whether it is due to the market conditions or because buyers realized that you were trying to get rid of the house, you have to decide between the offers that you received. It’s important that both parties realize the implications of accepting a low offer. If you are presented with multiple offers with varying demands, it is best to sit down with your real estate agent to decide the best offer to accept.
No matter how your divorce plays out, selling a home during this stressful time can run smoother if you have the right real estate agent on your team. Don’t be shy to ask your agent to mediate before an argument starts. That is a crucial part of our job description and an experienced agent will be able to handle it professionally and calmly.
