Selling Your Home During a Divorce: Tips to Get the Best Outcome
It’s never easy going through a divorce, and deciding who gets the home is often a complicated step in the process. If you’re facing a divorce and need to decide who will retain the home, the following advice can help ensure the best outcome for you both. Here are our tips on selling your home during a divorce.
Benefits of Living in Georgetown, ON
Georgetown, ON offers families a unique combination of accessible amenities and small-town serenity. Home to just over 26,000 people, Georgetown is growing as families increasingly discover the efficient pace of life and easy commute to nearby cities. But it’s not just convenience that appeals to new homebuyers in Georgetown. The town also has a lively culture with plenty of activities, venues, attractions and outdoor spaces to keep families engaged.
Tips for Selling Your Home During a Divorce
1. Get Professional Real Estate Advice: The decisions made in a divorce are often highly emotional. So although it can be tempting to try to go through the selling process on your own, it’s generally best to get professional real estate advice from a licensed real estate agent. They can be invaluable for helping you make decisions that are both rational and financially sound. In addition, a good real estate agent can also source suitable offers from pre-qualified buyers, minimizing any unwanted and undesired contact from strangers.
2. Choose the Right Real Estate Agent: Choosing the right agent is amongst the most important decisions you’ll make when selling a home during a divorce. Make sure to call multiple agents and ask questions to find out if they have the right experience and attitude to accommodate the sensitive circumstances of the sale. An experienced real estate agent with a proven track record can be incredibly valuable and help make the process as smooth and stress-free as possible.
3. Organize and Declutter: When your home is being shown to potential buyers, you want it to have maximum appeal. Making sure your home is organized and decluttered is the key to creating a clean, welcoming environment that prospective buyers can easily visualize themselves in. A deep clean of your home and getting rid of any clutter is a no-brainer — and many real estate agents will recommend it as the very first step to making the sale.
4. Set a Fair Price: Accurately pricing a home for sale during a divorce can be challenging. While you may want to price it as high as possible, it’s generally best to decide on a fair market value that’s attractive enough to garner interest from potential buyers but also allows you to get the most money for a quick sale. Having a professional real estate agent approach the sale helps ensure you get an appropriate and fair offer.
5. Consider an All-Cash Offer: Even though you may want the highest offer available, it’s important to consider an all-cash offer during the sale of a home. Not only do cash buyers bring an advantage in terms of speed (no stress of waiting on mortgages or appraisals!), they also help avoid potential payment-agreement conflicts that can arise with a traditional buyer. If successful, it can be an ideal solution to sell quickly and get money in hand to move on with the divorce proceedings.
6. Determine the Proceeds: Decisions about the proceeds from a home sale during a divorce are between the divorcing spouses. Will the proceeds be split equally? Will one party agree to buy out the other’s share? Or will you sell and divide the proceeds proportionately? Typically, the sale will be dependent on the agreement between divorcing spouses, so it’s essential to factor in a discussion about the sale proceeds when making decisions about the home sale.
7. Look for Other Solutions: Before committing to selling a home during a divorce, it’s important to determine if other options are available. Maybe one of the spouses can keep the home and buy out the other, or they can rent out the home while keeping it in both of their names. Whatever decision you make, it’s important to seek professional advice before making any commitments.
Conclusion
Selling a home during a divorce can be tricky, but with some good advice, you can make the right decision for you both. From securing the right real estate agent to considering different options and organizing the home, there are many factors to consider before entering a sale. Remember to allow plenty of time to go through the process and seek advice when necessary to ensure you get the best outcome.
FAQs
Q. What is the best way to determine who retains the home in a divorce?
A. This is a highly personal decision, and the best course of action may depend on individual circumstances. Generally, it is best to seek the advice of a professional who can provide an unbiased evaluation.
Q. How can I make sure to get the best outcome when selling my home during a divorce?
A. The best way to get the best outcome when selling your home during a divorce is to secure the help of a qualified, experienced real estate agent. They can help ensure the sale is handled in a professional and timely manner.
Q. Is it possible to keep the home in both of our names after a divorce?
A. Yes, it is possible for both parties to keep a home in their name after a divorce. This could involve one spouse buying out the other, or possibly renting out the home instead of selling. It’s important to seek professional advice before making any commitment.
Q. Should I wait for the divorce proceedings to finish before I list the home for sale?
A. It could depend on the timeline of your specific divorce proceedings. If you need to sell quickly, it could be best to get started as soon as possible while still making sure that all of your financial and legal obligations have been taken care of.
Q. How can I ensure my home will be attractive to potential buyers?
A. Making sure your home is decluttered and well organized is key to presenting it in the best light possible. Additionally, getting a professional deep clean can help make the house more attractive to potential buyers.
