Getting divorced is one of the most stressful and difficult experiences a family will go through. With both emotional and financial strains, it can feel as stressful as a death in the family.
Selling your house while getting divorced is significantly more stressful compared to selling it under normal circumstances. Since the family home is probably your largest asset, selling it for a good price is probably one of your top priorities. However, you and your partner may not see eye-to-eye during this time.
Divorces are personally taxing, and because of the nature of divorces, you and your partner might have different opinions on selling the home. One of you might want to buy the house out from another. Or, one of you might want a quick sale, while the other would prefer to finish some renovations and stage first. Navigating these conflicting ideas during a divorce is especially tough. So, don’t hire a family member or friend to sell your home in a divorce. Instead, hire a knowledgable real estate team.
Buying Your Partner Out During A Divorce
If you’re looking to buyout your spouse, you need to work out a fair market value. We recommend hiring a real estate agent to give you an in-depth market analysis. This will show you whats happening in the market right now and give you a rough estimate on the value of your home. Once you both know whats happening in your market and the estimated value of your home, you need to order an independent, certified appraisal. The lawyers will need two certified appraisals in order to come to a buyout figure that will stand up in court.
Whether you chose to sell or buyout the home, we think the advice and guidance a Realtor can give you during this time is very insightful.
Selling The Home During A Divorce
If selling the home is the way forward, then you and your spouse need to decide on a Realtor to sell your home. Choosing one that neither party has any connections to is a good idea. Never use a family member or a friend in these circumstances, because you or your partner might not feel heard. Our best advice is to hire a team with a proven track record. You and your spouse both deserve fair representation, so choosing a team that deals with divorces can really smooth the process over. Realtors with personal experience will know how best to respect everyone’s wishes during a sale.
Steps To Selling A House During A Divorce
There’s no right way to handle the sale of your home during a divorce. This is a stressful time and for most people, they just want to get the sale over with. However, it’s beneficial to all parties to sell the home for a good price. We recommend section writing down steps to the sale to make the task seem less daunting. Once the sale is broken down into a few steps, it is easier to continue forward.
- The first step is to establish a realistic timeline. Most people will set an ideal timeline of around 3 months to have the home sold and closed. Once you have a timeline you can work backwards to establish when to have the home ready for market.
- Like with most sales, your home might require some general maintenance, and some decluttering to achieve its highest sales price. You can either choose to break down these tasks between you and your spouse, or you can hire a third party to help.
- This is also a good time to talk about whether or not you will both live in the home while it’s for sale.
- We believe the buyers should never know the reason for the sale, so do not tell neighbours why you are selling. If the buyers think you have to sell, or are desperate to sell, they will try take advantage of your stress.
At The Lourantos Group, we understand the impact divorce has on families. We have first-hand experience, and we will guide you through this difficult time. This is not a “happy time” … and we get that. We strive to sell your home for the best possible value, with as little disruption to your lives as possible.
If you are facing divorce and are looking for the real estate team to guide you, call us for a professional market valuation of your home, and let us show you the difference we bring to the table.