The Challenges of Selling Property When Divorcing
Making the Decision
The family home means a lot to the divorcing couple, but once it is the only option, one of the couples has to move out. The couple left in command of the home might find it hard to sustain the mortgage so this would need it to be sold. Before that, family mediation would be necessary if the children or one of the partners is reluctant to divorce. Lawyers might also need to come in to help since divorce involves legal processes.
Choosing an Agent
Once you decide you are selling, you will need a real estate agent to help out without letting the buyer know about the divorce. The problem with allowing a potential buyer to know about the divorce is that the couple will get a low-ball offer every time they try to sell. This is because the buyer gets the impression that the couple or one of them is in a hurry to sell their property. An agent takes away this challenge by maintaining confidentiality on the divorce.
Deciding on an Asking Price
In case the divorcing parties will be selling their property before the divorce process is finalized, they will have minimal control over the type of market they will be selling. For a slow market, they will be forced to sell their property for less than its real worth. This will likely lead to contentions between the home sellers. Both the divorcing parties, therefore, have to be realistic about the real estate market and their home.
Repairs have to be made for any old home on sale. The cost of repair is a challenge which has to be agreed on by settling the source of the money for repairs. A third party can be helpful in case you fail to agree.
Preparing for Showings
Once you have left your house vacant, its time for the agent to stage. However, the challenge comes in when one of the couples is still in, they have to prepare the home for walkthroughs. If it is difficult, the divorcing seller has to involve the agent in the preparations to avoid more emotional damage from judgements made by potential buyers.
Agreeing to an Offer
If a divorcing couple is in a hurry to sell, then they will mostly get a deviating offer from what they need. It would be wise for the couple to discuss the offers they have with the agent and know which of the offers will work best both of their circumstances.