Home Selling During A Divorce

Going through a divorce is obviously one of the most emotional and stressful times anyone can go through in life. On top of all the emotions, there are financial details that must be settled and usually the largest decision is what to do with the house.

For many couples especially with children, the house used to be and might possibly still be a home. Memories, conveniences, neighborhoods and children play a factor when deciding to sell based on divorce. I've sold homes where the home owners were going through a divorce and I've seen smooth transactions and I've seen some of the most awful situations you could imagine. My job as a Realtor is to be the mediator and help communicate and negotiate between both sides while representing both parties. It's not always easy but my services are usually necessary.

Here are some tips to make selling your home while going through a divorce as smooth as possible for all involved...

Even if you think your spouse will cooperate with you on decision making and be fair, don't count on it. The first thing you should do is seek the advice and retain a reputable attorney in Ohio to help you deal with not just the selling of the house, but all of your needs and issues while going through the process. It's worth it.

Get as much as you possibly can in writing between both parties including dates, settling on a bottom line selling price, possession times and who gets to live in the property during the sale and how much the other is responsible for. Getting these details in writing is very important.

Put the home on the market as soon as possible. Selling a home especially during a divorce can be tricky and not conventional. It may take longer than usual so put the house on the market as soon as you've decided to sell. Please try to avoid emotion when negotiating your finances and the sale of the home. It's nearly impossible but if you can view it as a business instead of a part of your marriage, it may help. You're only harming each other if you stand your ground and refuse to cooperate.

Why is selling during a divorce harder? From my experience, both parties don't act as equals and their former mutual belongings are now separated. This means the house could be in shambles by the time it's ready for buyers to view. Decor is split, the house loses it's appeal by losing it's natural flow and functionality. Both partners are typically distraught and the home suffers during this trying time. Cooperation is also harder to capture due to the fault and blame game that typically occurs. It's imperative to listen to your Realtor who is a neutral third party and not emotionally attached. We're not your enemy, I promise.

Getting the home ready to sell and for the most money means a united effort, like it or not. If you're not willing to work together to get the home ready, allocate one person to deal with the details. During the selling process, the home MUST be clean, organized, clutter free and depersonalized. Someone may have to rent a storage room or help the other by storing their items in their new dwelling until the home is sold. Spending a lot of money to get the home ready to sell isn't always necessary. Having the home sparkling and ready for a new owner is. When showing your home to prospective buyers, they should have no idea about your situation. Knowing you're going through a divorce should remain confidential as it could hinder your negotiating power.

If you need the court to step in and order cooperation, get it done sooner rather than later. Once you get an offer on your home, the buyer will want to go by the contract and they have little patience or understanding regarding a marital dispute. Some couples going through a divorce refuse to sign the closing papers at the last minute or are impossible to reach. Some will not communicate with the other so if you can't work it out in writing between yourselves in the beginning, make sure the court does. All details need to be spelled out as to who has to perform and when.

Selling your home during a divorce may not be the best thing to do. If your home is upside down in equity or if the market isn't justifying a sale, it may be best to keep the home and transfer title. Deciding who gets the property and who has to pay what to the other for it is something your attorney or court will decide. Think about all possibilities before rushing into putting your home on the market just because of a divorce.

Divorces are expensive and can exhaust both parties finances. Start budgeting and preparing for the storm... Each party will now have their own expenses where it used to be combined. If you can't come to terms with who stays in the home or gets it, both may have to move out and having it empty for immediate possession may be the best case scenario for the home to get sold. Prepare to dip into savings to close on the home if you're upside down in equity. Look into your savings ahead of time to see about penalties and time frames for taking money out.

Seek the advice of an accountant for tax purposes and benefits to selling before verses after divorce. Your attorney may be able to guide you in this department but you may also want to ask the advice of your tax preparer. There are certain benefits depending on your assets and amount of the home being sold.

If you need to know the current value of your home, we'd be happy to work the numbers for you and let you know about your specific area and market. You may also need to talk with a loan officer regarding your credit and buying power if you're planning to buy a new home or condo. We can assist you with the entire process. Getting your numbers and facts together is the first step to a smooth process and a new beginning.