The process of selling a house during a divorce is not for the faint of heart. In order to successfully get through this ordeal, there are some steps that need to be taken before you can put your home on the market.
When one spouse wants out of an expensive property, they can opt to put it up for sale and try to get the best possible price. If you are in the midst of a divorce and looking to sell your house there are a few key factors you should keep in mind about the process.
We understand this can be a stressful time in your life and want to provide you with some resources that will not only provide clarity about the process but also some actionable advice about how to sell your house fast during a divorce.
Tip Number 1: Decide whether you want to work with an Agent
There are a lot of factors to consider when deciding whether or not to hire a real estate agent. One important thing to keep in mind is that agents typically work on commission, so they will only make money if they successfully sell your home. This might incentivize them to list your home at a high price point and/or to take longer to find a buyer.
If you’re looking to sell your home quickly, it might be more beneficial to work with a cash buyer. Cash buyers are often able to close on deals more quickly than traditional buyers, which can be helpful in situations like yours.
Tip Number 2: Settling on an Asking Price
It can be difficult to settle on the right asking price when you’re trying to sell your home quickly due to a divorce. You’ll want to make sure that you don’t set the price too high, as this could cause your home to languish on the market. However, you also don’t want to set it too low, as this could result in a lower sale price and less money in your pocket.
One thing to keep in mind is that your home’s value may have decreased since you bought it, especially if the market has taken a downturn recently. You can get an idea of how much your home is worth by looking at recent sales of similar homes in your area. This will give you a good starting point to work from. You can also consult with a professional property appraiser if you want a second opinion from a professional.
Tip Number 3: Prepping the Home for Sale
When selling a home in the midst of a divorce, and looking to quickly sell your home, it’s best to work with an as is buyer. An as is buyer will not ask for any repairs or renovations to be made before purchasing your home. Many times this can dramatically speed up the sale process, and can help you get out from under your mortgage more a lot more quickly.
If you’re not familiar with the term, an “as is” buyer is someone who doesn’t care about the condition of the property they’re buying. They understand that there may be some damage or defects, and they’re willing to buy the property regardless. As long as you’re upfront about the condition of the property, an as is buyer can be a great option
Tip Number 4: Reviewing Offers
One quick note we wanted to remind you of during this process is that: It’s important to remember that you’re not obligated to sell your home just because you’re going through a divorce. If you’re not ready, or if you think the offers you’ve received aren’t in your best interest, then please don’t feel pressured to sign anything – regardless of what any company might’ve said to you.
That said, if you do decide to sell, it’s best to work with a cash buyer. This way, you’ll avoid any potential hassles or delays that can come with getting a mortgage. And since cash buyers are often motivated to close quickly, you’ll likely get a fair price and won’t have to wait long for the sale to go through.
Tip Number 5: Dividing the Cash
You might be wondering how to divide the proceeds from your house sale. The general rule is that it shouldn’t create too much difficulty – after all, you’ll have an escrow company distribute money for paying off obligations on both sides of this deal!
The division of assets should be adjusted to account for the paying spouse’s contribution. In most cases, this means that post- separation mortgage payments will reduce what was originally charged and increase equity in one party’s name alone.
If you’re looking to sell your home quickly and easily in order to divide up the cash, you can also consider working with a cash buyer. A cash buyer will be able to close on the sale of your home in just a few short weeks, sometimes even in days, which will help you get through this difficult time as quickly as possible. Plus, you’ll know exactly how much money you’ll be getting from the sale upfront, which can help with dividing up the assets fairly.
Hiring a professional house buying service to sell your home during divorce can be the best way to avoid emotional turmoil and complications. 321 House Buyers is one of these services that will buy houses in any condition, location, price range or size. We are waiting for your call! Let us help with selling your property fast!