Going through a divorce can be one of the most trying experiences there is. It can be heartbreaking and gut-wrenching, but keep in mind that in the end, the toughest decisions can end up working out for the best. One of the most important things you’ll have to decide is what to do with your family home.It’s a difficult process but working together with your ex to come up with a plan to move through every stage of the home selling process is key to a smooth transition. If you know that agreeing on decisions, such as who to hire and how to get from one step to the next will proveimpossible, be realistic with yourselves and the situation, and discuss it with your attorneys. This step alone can save you thousands of dollars, not to mention time and emotional security.
It can be tricky to navigate, but there are ways to prepare for selling your home as a result of divorce that can make the process as smooth as possible. Here are 5 steps to help you below.
1. Build a Strong Team
Selling your home with a strong team of professionals is the best way to guarantee success, rather than disaster. Going through a divorce is stressful enough as it is without having to worry about negotiations, financial issues and contracts that come with selling a house. Make sure you hire a reliable lawyer, real estate agent, mortgage professional and accountant to ensure the process goes as smoothly as it can. Every couple’s circumstances are unique, and there’s no one-size-fits-all solution, which is why building a strong team of experts is so important.
When it comes to choosing a real estate agent, look to a Realtor® that has helped many couples who have split up, one that can be neutral with both parties, and perhaps one that has gone through a divorce themselves. Find one who isn’t just interested in the sale, but is someone who truly cares- this can make all the difference in the world. Consider using the same agent you worked with when you bought your home, and if they’re not available, see if you can agree on someone new. If you can’t agree, ask a friend or relative from each side to agree on an agent for you. Your real estate agent should be able to connect you with legal counsel, lenders, and more.
2. Prepare Your Home for Selling
Before you sell your home, you both need to decide if there’s anything that needs to be done to it. Your home may require repairs, upgrades and maintenance that take time and money. You’ll need to agree on where this money will come from, as well as your timing requirements.Do you need the home to close fast, or are you more flexible with timing? Also consider who’s living in the home and what selling it means for everyone affected by the move. If you have children who are about to finish off their school year, are you able to wait it out until the year is done?You must look out for their best interests as well.
Ask for recommendations from your real estate agent on what needs to be done to the house for you to get top dollar for your home. Discuss your priorities with your divorce attorney and make sure to check with your attorney before any final decisions are made.
3. Agreeing on an Asking Price
Your Realtor®will let you know what the asking price for your home should be, as well as strategies on getting the highest value. They’re the expert and they know how much your house can sell for based on an up to date market evaluation and factors such as current market conditions (buyer/seller/balanced market), closing date requirements, low inventory versus high inventory, and sometimes even the season can play a factor. Allowing your agent to guide this decision will eliminate potential conflict between you and your ex.
4. Accepting an Offer
Once the offers start coming in for the house, you’ll have to work together to review and decide on one. Be prepared to have serious conversations with your ex-spouse, real estate agent and divorce attorney. Remember, your agent and attorney are there to give you their professional advice, so if the two of you can’t come to a decision on your own, make sure to seek advice from them. They don’t have emotions intertwined in the decisions like you might, so seek their perspective, but ultimately it is you who must decide.
5. Dividing the Profit
The way the profit of the house will be split will vary from one situation to the next. Your attorney should help you negotiate how profits from the home should be divided. If one party contributed more to the mortgage, they may get a larger portion of the sale. If one party is keeping other large assets, the other party may get more of the profits for the sale of the home.
Remember that above all, it’s important to take care of yourself in this process. Hiring a reliable team of professionals is important, but so is surrounding yourself with supportive friends and loved ones. There’s no shame in seeking help through self-help books or a professional therapist if you think you’ll come out happier and less resentful! Remember, you too can come out afloat with your head held high, for doing the right thing, while taking care of yourself and those you love.
Make sure to reach out at Asknina.com if you’re looking for a professional, reliable real estate agent to help you through the sale of your home during divorce.