One of the most productive ways for couples to move forward and on with their lives is to handle the sale of the family home in a businesslike manner. Because the family home is usually the greatest asset in a marriage, it is also the greatest liability.
Making the sale of the family home a priority can help to eliminate the stress associated with divorce.
Settlement agreements executed by your attorney or financial advisor are great starts. Consult your legal advisor for contingencies that are specific to your situation for advice on how to sell your home during divorce.
This agreement should specify a timetable for the sale of the family home. It should label who is financially responsible for the mortgage, homeowner’s insurance, utilities, upkeep, and any additional expenses.
The agreement should also outline the steps to be taken if the house cannot be sold within a specific time, or if one spouse fails to meet any financial obligations.
Here are Some More Tips to Sell Your Home During Divorce.
Hiring The Real Estate Agent
Hiring the right real estate professional will be top of mind. Both parties or the one occupying the home may choose the real estate professional.
Choosing the right real estate professional is important. Most people personally know a real estate agent. Try to work with real estate professionals experienced in working with couples going through divorce.
There are real estate professionals who focus specifically on helping people who are going through a divorce. Known as Real Estate Divorce Specialists or (Experts), these professional are trained in the legal and tax aspects of divorce.
Handling the family home improperly during a divorce can result in one or both spouse’s inability to qualify for a mortgage for many years. A real estate professional experienced in the divorce niche can provide their clients with step by step guidance to protect themselves.
Determining Property Value
Since the family home is typically one of the most valuable marital assets, dividing the property between a couple during a divorce can be a major source of frustration. There are several common valuation methods available to determine the value of your home. They may differ from what you perceive as your home’s worth.
1. Comparative Market Analysis (CMA): An in-depth review of your home’s worth in the current market based on recent sale of comparative homes.
2. Broker Price Opinion (BPO): A process used by a hired sales agent that determines the potential selling price or estimated value of the real estate property.
3. Professional Appraisal: An independent professional is required when a court is dividing the couple’s assets to determine the fair market value.
Preparation For The Sale
Listing, showing, and preparing the home for sale may fall on the occupying spouse. This is a difficult task that can stir lots of emotions and frustration. There may be some reservations about selling the family home from one party. Roadblocks in the sale process may occur, including denying showings or delaying repairs. This is where the settlement agreement can helpful.
Repairs Before and During the Sale
Preparing the family home for sale may include cosmetic or major repairs such as painting, flooring, appliances, landscaping, etc. There should be clear direction on how to handle the unexpected while in the process of selling the home.
The settlement agreement may cover some or all of the responsibility. Knowing who is responsible will help speed up the process and get the maximum value of the home.
Remember: quick decisions can be damaging, especially when it comes to co-ownership. Even more so when one spouse is occupying the family home until it sells. Keep emotions at bay while making important decisions. Getting the home sold should be both party’s major focus. This will help you and your ex-spouse move on faster.