SELLING YOUR HOUSE BECAUSE OF DIVORCE
A divorce comes at a big cost and selling a property you and your spouse both happily bought is one of them. Selling your house because of a divorce can be a hectic task. There are so many emotions that came into play at that time, one of which might involve the house reminding you of memories you and spouse both shared. Selling your house because of a divorce will also come in handy if you and your spouse both had a joint mortgage account prior to the divorce. The proceeds from the sale can be used to offset any joint debt and the remaining, shared between both of you.
Wait For A Favorable Market
If the value of the house is not enough to offset the debt/mortgage, then it is advisable that the house is kept until the value of the house increases. Well, since it’s a divorce, both parties might choose to live separately. The person who chooses to remain in the house will, therefore, be contributing more of his/her share of the house. This is because the other partner would have to pay rent elsewhere.
Ready To Sell
When the time to sell the house comes, you and your partner should calculate the amount the house worth. This will enable you both to plan properly on how your mortgages and debts can be cleared. If you can not do this yourself, then hand over the house to a real estate investor. A real estate investor will be best in handling your house, aside from determining market value. Since you’re divorced or in the process, it is best for a third party to handle such cases.
Next on the list is to prepare the house for sale. Make necessary renovations and repairs. This will increase the value of your house. You and your spouse should both decide what needs to be repaired and be renovated in the house. You should decide on who would be responsible for showing the house to potential buyers. Also, when a price is reached, this is the time to decide on the amount each spouse is contributing to the mortgage.
When an offer comes in for the house, you and your partner should deliberate extensively. You both should examine the offer(s) properly before accepting it. The final offer must be duly accepted by both parties. If one party refuses an offer, it is imperative that the offer is revised or rejected.
Don’t Appear Desperate
It is advisable not to reveal to your prospective buyers that you’re going through a divorce. This might make them feel that you’re desperate and want to sell the property off quickly. If a buyer gets the kind of feeling, he/she is likely to offer a lower price. It is best to sell the house normally. In order to avoid incidents like these, it is best that you sell your house to a real estate investor. An investor will buy the house at a decent price that will favor you and your spouse. Investors usually detach themselves from the circumstances surrounding the sale of the house.