Selling Your Home During A Divorce
Selling a home during a divorce can be a complicated and stressful process. There are many factors to consider, such as how to divide the equity, who is eligible for the mortgage, and how to handle the legal and emotional aspects of the sale.
Here are some tips from various sources that might help you:
Prepare to sell
Selling a home requires preparation even in the best of times. You need to declutter, clean, repair, and stage the home to attract buyers. You also need to agree on a realistic asking price based on an appraisal and market analysis. You might want to hire a professional home inspector to identify any issues that could affect the sale.
List the home
When you’re about ready to sell, work with your spouse to find a good real estate agent to help sell your house. You might want to look for an agent who has experience with selling homes during a divorce and can remain neutral and professional with both parties. The agent can also help you negotiate with buyers and handle the paperwork.
Accept an offer
While your list price depends on an appraisal and your real estate agent’s opinion, you might not get that price. You need to be flexible and realistic about the market conditions and the offers you receive. You also need to communicate with your spouse and your agent about what is acceptable and what is not. Once you accept an offer, you need to follow through with the closing process.
Divide the profit
After you sell the house, you need to divide the profit according to your agreement or court order. The profit is calculated by subtracting the selling costs (such as agent commission, closing fees, taxes, etc.) from the sale price. The profit can be split 50/50 or in another proportion depending on your situation. You might also want to consult a tax professional about the tax implications of selling a home during a divorce.
In the end everyone involved with the property should be notified and should also agree with the terms before selling their house.
Keep it Foxy,
Sales Manager & Founder