Few events in life are as trying and difficult as a divorce. Even in the most amicable cases, the divorce often comes with its own painful hardships and headaches. In most marriages, couples grow together, especially financially, and property is one of the investments most people make. As such, even as the matrimonial bonds are broken, it is hard to be separated until all property issues are handled.
In most cases, after a divorce, a couple usually has the following options when it comes to the family home.
Sell the house and divide the proceeds
One spouse buys the other out
They both co-own the property
In a situation where selling is the most amicable solution, then there is a need to do it as fast as practically possible. Property sale comes with a range of costs such as
Estate agent fees
Mortgage arrears (if any)
Capital gains tax
Upgrade/renovation costs (if necessary)
Selling can be quite hectic, especially if the market is not favorable. However, with the following tips, the process can be easier and faster.
Tips to Selling Your House Fast After a Divorce
Choose a Reputable Estate Agent
Go for the estate agent with a proven record for selling off newly listed property in record time. Under normal circumstances, a house can be sold in about 4 months, but it can take longer or shorter depending on factors such as condition and location of the property. However, with an experienced, reputable agent, you can have your property sold in half the time.
Set a Realistic Asking Price
One of the most important decisions when selling your property is setting the asking price. This is because it will determine the level of interest that buyers will show. An underpriced house makes the buyers think that there is something wrong with it and an overpriced one turns off buyers. Let your estate agent help you set the price based on the market value of the property. It is one of the reasons you should hire an expert.
The United Front
With an experienced property agent, you will get offers within no time. Make sure you have made adequate preparations to show the house. It is important to always present a united front in front of potential buyers. This is because no buyer wants to be caught up in a tussle that could mean loss of their money.
Review offers together. If you can’t, always let the estate agent handle those issues but keep tabs on the process. However, you will eventually jointly make a decision.
The Legal Processes
The legalities of ownership transfer are best handled by the estate agent, especially if neither of you have the necessary experience. If you are not certain of how to handle any process, you can always contact The divorce bureau for advice.
Dividing the Proceeds
Once the sale has been closed, it is time to divide the proceeds. It is important to settle all outstanding bills and arrears before dividing the proceeds. This helps keep the processes smooth and free of troubles in future. If one spouse has been making mortgage contributions after the separation, they are entitles to get a refund of these contributions from the proceeds realized.
Selling the House for Cash
Selling a house traditionally through an agent can take months. In these months, it is essential for keep u regular mortgage payments, and one or both have to contribute. However, if you do not wish to work with your spouse and prefer the quickest way out, you can always get a cash buyer.
Cash buyers only need to have the property valued. You need not bother about staging or renovating since these buyers make an offer on as-is basis. If the house is in good condition, you will get the market value for it (or slightly lower). If it requires some major repairs, the buyers may deduct the estimated cost of the repairs from the buying price.
Before you sell your house to a cash buyer, be sure to do a background research on them. With so many frauds today, you need to ascertain that you are not throwing your investment away. Only deal with firms that have a reputation for integrity, and will give you the best price for our property.
Some Tips When Selling Property
It is understandable that divorce is not one of the most enjoyable events, and in most cases, it leaves both parties distressed. However, when it comes to selling your property, both spouses need to be vigilant in order to get the best possible value for their property.
For starters, research on the market value of or property. If you know how much your property should be sold at, it is easier to bargain and get a good price. Be acquainted with all other legal processes to avoid being overcharged. It is also important to engage an experienced and reputable estate agent to help you with the process. While it may not all be a ride in the park, with the right professionals your sale is set to be smooth.