Divorces are often unpleasant, stressful events, and most couples want to finalize the proceedings as quickly and painlessly as possible. A couple’s most valuable asset is typically their shared home. So, when getting a divorce, you want to ensure the house is sold fast and at a fair price that benefits both parties.
During a divorce, each spouse typically works with a third party to handle selling or splitting shared marital assets before the separation is filed. Of the items the couple owns, the house is usually the largest asset that is sold, and the received amount is pooled then split between both at agreed-upon amounts.
However, before selling your house during a divorce, it’s best to consider all your financial options and the benefits of each — selling a home during a divorce isn’t always as straight-forward as putting the house up for sale and evenly splitting the proceeds.
Selling Your House During a Divorce
One of the most difficult decisions during a divorce is what to do with your family home — does one party stay in the house or should you both sell the property and divide the proceeds? If you and your spouse have an outstanding joint mortgage, then both are liable to pay off the remaining balance, and the best solution for settling the due amount is by selling the house and splitting the proceeds.
To successfully sell your home efficiently and make a profit, follow these steps:
- Determine Market Value: Before settling on a price for your home, hire a trustworthy real estate agent to help determine the value of your home based on its condition, the number of bedrooms and bathrooms, square footage, location and if you added any upgrades. To accurately determine the value, they should refer to recent, comparable sales in your area.
- Properly Prepare Home: Once the value of your house has been accurately determined, fix up your home to ensure it appeals to potential buyers and sells quickly — remove clutter and photographs, repaint rooms to a pleasant neutral color, replace dated features like wallpaper and thoroughly clean windows and exterior materials.
- Place House on Market: For the best and quickest results, have a real estate agent put your house up for sale. When hiring a real estate agent, find one who is concerned with protecting both of your interests and avoid disclosing your divorce to the realtor or others. By stating your divorce, you may receive low offers from buyers hoping to take advantage of your situation.
Other Real Estate Market Considerations
While selling your home is often the fastest, simplest and most practical method for dealing with your house during a divorce, you can consider several alternative real estate financing options. There have been several updates to tax laws in recent years, so you should meet with a tax professional to ensure selling your home won’t mean you’re losing out on tax benefits.
If you could lose money by selling your home, then you should consider having one spouse stay in the house. Also, determine if the current value of your home is less than the remaining amount left on the mortgage — if so, avoid losing money by arranging for one spouse to remain in the house, with the other paying less than 50 percent of the mortgage.
Choose CENTURY 21 Core Partners to Sell Your Home
When you need to efficiently and skillfully sell your family home, choose the experienced, friendly professionals at CENTURY 21 Core Partners. We pride ourselves on providing exceptional customer experiences marked with personalized service, focus on your unique needs and knowledgeable guidance throughout your real estate buying or selling process.
For the best Central Pennsylvania real estate services, call the experts at CENTURY 21 Core Partners today at 717-718-0748. Or, contact us online.