Introduction
Divorce is never simple. When children and/or property are involved, the stress and emotions can be overwhelming. One of the biggest issues many couples face when deciding to divorce is what to do with the house. There are many options available, but it's important that both parties explore all choices thoroughly before making a final decision.
A lot of people think they should sell their homes in order to settle their property division issues early on so they can get on with their lives. However, there are several things you should keep in mind before selling your home during a divorce:
1. Decide to sell
Selling your home during a divorce is not an easy decision to make. The process of selling can be stressful and frustrating, but it's important to consider all of the options before deciding on a course of action. Here are some things you should think about when considering selling your home:
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How do you feel about moving out?
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Is it time for a change? If so, where will that change take place for you?
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Are there children involved in this situation who will be affected by these changes as well (including stepchildren or other children from previous relationships)?
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What does the mortgage say about selling during bankruptcy proceedings/bankruptcy laws in your state/etcetera...
Selling Is Often the Best Choice
Selling the house is often the best decision to make. In most cases, it's not worth trying to keep your home during a divorce if you and your spouse are no longer living together. Here are five reasons why selling is usually preferable:
It can save you money in legal fees. When couples fight over who gets what, lawyers will charge them for every minute they spend on their cases. And since many divorces involve properties like cars, boats, and homes (as well as other assets), there will be lots of fees involved if neither party wants to give up their share of the property without a fight — especially if they're fighting over something valuable such as real estate property. Selling during divorce proceedings may help cut down on these costs considerably because there isn't much need for legal representation at all after that point; both parties would just agree upon an amount due from one person before or after closing so there won't be any disputes afterward either!
2. Prepare the house for sale
- Before you put your house on the market, it’s best to get it in shape. This includes cleaning, decluttering and making sure all repairs are done properly. You should also make sure that any bills are paid up to date and that there are no outstanding liens or judgments against you.
Have an Attorney Review Your Mortgage
When you get divorced, you will have to sell your house. If the mortgage is in your name and not your spouse's, then hiring a real estate attorney to review it is crucial.
The mortgagee is the lender who makes a loan against property—in other words, the bank or other entity that provides funding for purchasing a home. The term "mortgagee" can also refer to an individual who owns property on which they have made an advance payment (such as rent) and has granted another party an interest in the said property until such advances are paid off. In this sense of the word, when someone says they are going through foreclosure with their "mortgage," what they probably mean is that they've failed to keep up with payments on their outstanding balance due under the terms of their promissory note contract with their creditor/lender...and now owe more than what was originally agreed upon between them!
3. Price the house correctly
- This is a good time to talk about pricing. If your house is overpriced, you’ll end up with too many potential buyers who might not be serious and won’t put in an offer. On the other hand, if your house is underpriced, you may miss out on a great deal of money while waiting for someone to make an offer that meets or beats your asking price. Pricing a home right means keeping it competitively priced in comparison to other houses in the area and meeting the needs of all parties involved: buyer, seller, and bank (if financing).
Get a Real Estate Appraisal
When you’re in the process of selling your house, it is important to get a real estate appraisal. This will give you an accurate estimate of what your home is worth, and help guide you through the negotiation process.
If you are not familiar with what a real estate appraisal is, it’s simply a professional opinion on the value of your property. The appraiser will look at factors such as location and condition to determine how much someone would be willing to pay for your house if they wanted to buy it today.
As part of this process, he or she will also inspect every inch of the property inside and out so that they can provide accurate details about its condition (the good stuff and also any potential problems).
So why do we need one? Because knowing where our house stands in terms of price gives us more power when negotiating with our spouse during divorce proceedings! For example: If my husband wants half my assets but thinks my house is worth $300K while I know that I could sell it easily online for $450K (which would include closing costs) then obviously he won't get what he wants because there's no way in hell anyone would pay him half when they could just buy directly from me instead :)
4. Market the house correctly
- Many divorcing couples will try to sell their home on their own, but this is not a good idea. Selling a house is difficult enough without having to deal with showing potential buyers around. A real estate agent knows what types of homes are in demand and can help you price it correctly, as well as get it sold faster than if you were to try and do everything yourself. They also know how to market your home so that it shows up on multiple websites and local MLS listings (multiple listing service), which will increase the number of people who see your property for sale and potentially increase interest in it as well. If you decide not to use an agent, make sure that at least three different websites have listed your property for sale so that anyone who searches online will be able to find your listing easily—and be sure they include pictures! While some people may think taking pictures of themselves inside their home is silly or unnecessary, others might be hesitant about buying from someone whose house looks messy or unkempt from lack of caretaking efforts; take advantage by making sure yours looks its best!
Make Sure Both Parties Are Listed on the Deed
The first thing you'll want to do is make sure the deed is signed and recorded in the names of both parties. If it isn't, there are a couple options.
You can get a power of attorney from your spouse that allows you to sell the house on their behalf. You can also file an action with the court asking that they grant a power of attorney so that you can sell it instead of having them do so themselves
5. Negotiate and close on the house
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Make sure you have a lawyer.
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Have the lawyer review the contract.
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Make sure you understand all the terms of the contract.
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Make sure you are comfortable with the terms of the contract.
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Take time to make a decision, especially if this is your first time purchasing a home and/or selling one (and especially if it’s an expensive property).
Know Your Options and Deadlines Before You Make Any Decisions
- It is important to know your options and deadlines before you make any decisions. Decisions can be made in a matter of minutes, but it can take years to fix them. Before making any major decisions, make sure you understand the options available to you and talk to an expert who has experience with divorce cases.
In most cases, selling your home during a divorce is an option that makes sense for everyone involved.
While divorce is undoubtedly a difficult process, it can be made more manageable by selling the house during the proceedings. In most cases, selling your home during a divorce makes sense for everyone involved.
In addition to easing stress on you and your family members, selling your home can help you get on with your life. When you own a house together, there is often an expectation that one spouse will continue living in it after the marriage ends—whether this is practical or not. By selling instead of staying put until one of you relocates out of state or across town, both parties may feel more comfortable moving on sooner rather than later.
Selling a house during a divorce can be hard, but it can be done and The Lynch Group is here to help.
Selling a house during a divorce is often the best option. There are many options available to you, from renting it out to selling it yourself and downsizing. It's important to explore all of these thoroughly before making any decisions about what is best for your situation.
The Lynch Group has experience with helping clients through this process and can make sure that you have all of the necessary information so that you can make an informed decision about how best to move forward with your property sale.
Conclusion
The Lynch Group is proud to offer real estate divorce specialists to help you sell your home during a divorce. We know that this process can be confusing and difficult, but we're here to help. Let us assist you with everything from pricing your house correctly to marketing it effectively so that it sells quickly and for the best price possible. We will also oversee all aspects of closing on the property so that there are no surprises at any stage in the process. If you have questions about selling during divorce or want more information about how we can help, please contact us today!
