If you’ve ever wondered, “How am I going to sell my house during divorce?” then this article is for you. While you consider the information below, also keep in mind that we at Sol Green Homes are equipped to buy your home from you for cash and at a closing date of your choice.
During a divorce, the parties involved have a lot of things to think about. Beyond the emotional turmoil, there are other, more practical hardships that come into play. In particular, recently divorced individuals will often find themselves in need of a new home.
Homes hold great emotional and financial significance, and are one of the few assets that cannot be divided during a divorce. With more than 50% of all American marriages ending in divorce, many individuals will find themselves faced with the dilemma of selling their house in the midst of this already trying time.
If you’re going through this experience yourself, you’re probably feeling somewhat unsure as to what steps you should take next. Thankfully, you aren’t alone. As illustrated by the aforementioned statistic, the circumstance you now find yourself in is more common than you may have initially believed.
Here are 5 crucial steps you must follow to sell your house during divorce:
Determine whether you’ll need to sell.
Every divorce is different. In some, your spouse may keep the home, opting to refinance and buy out your share. But what if you both wish to remain in the house? How do you decide who gets to stay. And if you do decide to sell, how do you determine how to split up your equity? These issues can be tackled with the help of a professional, but the most important thing is that both you and your spouse are on the same page about how to proceed with splitting the home.
After all, the home in question was almost certainly a joint asset during your marriage. You’ve likely both invested a lot of time, money, and energy into the property, not to mention the sentimental ties you’ve each developed. When a house is your home, the prospect of selling (especially selling because of a divorce) is difficult to think about, let alone to do. Whatever you do, though, don’t move out too soon. Experts recommend that at least one person remain in the home while it’s on the market, as vacant properties tend to be less appealing to buyers.
Living in your former marital home while its listed on the MLS may not be ideal, but it could prevent the sales process from dragging out longer than necessary. Especially if you follow the next tip on this list…
Get professional help.
During a divorce, you’ve already got enough on your mind without the added stress of trying to list on your own. Hiring a reputable agent or selling to an investment firm will allow you to leverage the guidance and counsel of a neutral third party—something that will prove essential in executing your home sale.
Working closely with real estate professionals will be critical to avoiding the many issues that might otherwise arise during such a complex sale. If time is of the essence, working with an investment firm may be your best option. If you’ve got time to spare, however, then working with a real estate agent may be the preferable choice. It can take upwards of three to nine months to sell a home here in South Florida, however, so keep this in mind as you plan your sale. Even so, top-performing agents know what it takes to move quickly when need be. They will help you set a competitive, yet fair, price, guide you through making strategic repairs, and position your home in front of qualified buyers, all while helping you to interpret and navigate the finer points of the deal at every step of the way.
Deal with paperwork.
Time is a major point of concern for most individuals going through a divorce. You should always set closing and moving dates early on, and ensure that agreements between you and your former spouse are cemented in writing. You should also negotiate appropriate penalties in the event of breached agreements at this point. Doing so will help your sale go smoothly and without unwelcome surprises. Having a contract in place can make all the difference in keeping your deal civil.
Sellers who neglect to follow this critical step will likely find themselves spinning their wheels in escrow. All real estate deals involve a lot of moving parts, and this is especially true for those motivated by a divorce. Don’t underestimate the complexity of splitting a house during divorce.
Last, but not the least thing do accomplish.
With all of this said, don’t let additional considerations associated with selling your house during divorce become your sole focus. As a seller, the reason your listing does matter, but there are certain steps that all sellers must take regardless of their motivations. For instance, never list your home without first cleaning and decluttering it. Your home should look neat, both inside and out, before hitting the market. Though it may be difficult to put emotions aside as you take the necessary preparations to sell your home, doing so will be well worth it in the long run.
The little things, like having freshly painted walls and a well-maintained yard, will make all the difference in finding a buyer. Buyers want to imagine your house as their future home, so cleaning up, depersonalizing, and staging your home (if possible) are absolute musts.
Getting ready to close.
After carefully considering these steps, you may find the speed of your sale to be a top priority. Alternatively, you may find money to be a stronger motivating factor. Depending on your circumstances, there are many routes forward you can take. As was mentioned in point No. 2, seeking professional help will be paramount to your success, regardless of your specific goals.
The good news is that many agents and investment firms offer plans specifically designed to ease your burden. A quality real estate agent will take your personal circumstances seriously, and will develop a personalized listing strategy. The best sign that you’ve chosen the right agent is that they keep your best interests in mind.
For those who don’t have the time or resources to sell with the help of a real estate agent, however, selling directly to real estate investors is an option many couples have chosen to pursue in recent years, and for good reason. Though the experience of working with a firm isn’t the same as working with an agent, there are many reputable local investment firms here in South Florida that will work to facilitate your deal.
Once offers start rolling in, it’s imperative that you clearly communicate your expectations with both your agent and your soon-to-be ex spouse. The two of you may not always see eye-to-eye on what constitutes an adequate offer, so use your agent’s best judgement throughout the process. They know what is reasonable, and, ideally, have plenty of experience handling divorce-motivated transactions. One point they may bring up is the fact that the highest-priced offers aren’t always the best. You need to consider an offer’s terms, as well. If one buyer is paying slightly less money than another, for example, but is paying all cash and is willing to close quickly, their offer may be more attractive than one coming from a buyer who is less qualified and asking for a greater number of contingencies.
If you and your spouse cannot agree on which offer to accept even after consulting with your agent, then the next best step is to speak with your divorce attorney. Hopefully, though, you’ll be able to avoid any major disputes by following the tips outlined here.
Finally, after you’ve settled on an offer and gone through escrow with the buyer, the last hurdle you and your spouse will need to take is to handle the matter of splitting up payment. You will need to proceed through this process with Florida’s state real estate regulations in mind, but these rules still allow for a range of possible outcomes. If one spouse tended to contribute more heavily than the other in terms of monthly mortgage payment, for example, then this partner may be awarded a larger portion of the proceeds from the home sale. It may also be the case that if one spouse is set to retain a larger share of other significant assets after the divorce, the other may be awarded the lion’s share of the profit from selling the house.
Selling your marital house shouldn’t be as stressful as your divorce itself. With our help, your experience can move quickly and leave all parties walking away without unnecessary stress.
We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and lets chat.
Give us a call anytime at (561) 246-6200 or
fill out the form on this website today! >>