Going through a divorce is a major life challenge, including when it comes to real estate. Selling your property in the midst of a divorce can feel overwhelming, but you can do it successfully if you take the right steps. By following these strategies, you can ensure that you’re selling your jointly-owned property so everyone wins.
What’s Important to Know About Selling Your Property During a Divorce?
Financial Needs
Divorcees may choose to sell their property for a variety of reasons, including financial, legal, and liability. In most cases, when both parties agree to sell, they can benefit financially, and avoid court cases and complications. How much each party gets is dependent on how much they invested in the home, or how many of the mortgage payments they’ve handled during the divorce process.
It’s highly important to protect your financial interests during this time. You can do this by staying current on your mortgage payments, keeping your property in good condition, protecting your premarital assets, and taking advice from experts such as the right real estate professionals, attorneys, certified public accountants and financial planners.
The Right Time to Sell
You can choose to sell your property before or after finalizing the divorce. Both options have their own characteristics that align with each party’s needs. For example, maybe you want to raise more funds for your own home, or you’re interested in curbing some other costs with the equity.
Carefully consider your needs before deciding when to sell. If you’re not sure which option is best for you, a knowledgeable and trustworthy real estate agent can help guide you in the right direction.
How to Sell Your Jointly-Owned Property So Everyone Wins
If you’re looking to sell your jointly-owned property as smoothly as possible, here are some helpful tips and strategies. Utilizing these can help alleviate stressors and even prevent disagreements.
Align Your Goals
The very first step in selling your property is deciding on, communicating, and aligning your goals. Write down your goals in the form of a timeline with dates, so you and your partner know when exactly you want each step to happen, including the sales closing date. Your agent can help you adjust the timeline as needed.
Choose the Right Real Estate Agent
The right real estate agent can help you through the selling process in a variety of ways. He or she can help you decide how much your property will be listed for, choose the right time to sell, agree on maintenance, and more. Additionally, he or she will take time to understand your situation and act as an unbiased third party. By doing these things, he or she can answer your questions with clear and valuable advice. It is vitally important that you choose an agent that has experience caring for both sides of the situation without judgment or favoritism. You need an agent that can remain neutral and explain all aspects of the process to both parties. Anything Real Estate, Michael Carr and Associates, Inc. has real estate agents with training and experience in helping divorcees save time and money.
Determine Your Property’s Value
The right agent can help you complete a property market analysis and determine how much your property is worth. They can also connect you with a professional appraiser to provide an accurate property value.
Choose the Right Time
You can explore when to sell your property depending on your personal and financial needs and what the housing market looks like. It’s important that you and your partner communicate with your agent about this timing, so that everyone is on the same page.
Selling conditions are favorable at the beginning of 2024. If you’re preparing to sell your jointly-owned property now, you can anticipate selling at a higher price and earning more money to use on your own.
Decide on Repairs
It’s no secret that home repairs can put a dent in your wallet. However, by communicating with your partner and agent and doing your research, you can discover ways to lessen that dent. Both of you can finalize the process with a more valuable home, more money in your pockets, and a more stable future.
Smoothing Out the Process
Divorce can be an emotional time, but being aware of the strategies to sell your jointly-owned property can alleviate some of the stress. The right real estate professional will help you do your research and explore all of your options as well as give you the tools you need to exit this chapter of life and build a bright future ahead.
Additionally, having the right agent who makes an effort to understand your situation and acts as a third party can smoothen out the process. If you’re looking to sell, an agency like Michael Carr & Associates, Inc., Anything Real Estate® can help you navigate this transition period clearly and calmly. We realize this is a tumultuous time so take a deep breath, call us and relax. We will help with the heavy lifting.
