Selling the house during divorce often makes the most financial and personal sense.
By: Joshua Campbell
How To Sell A House During A Divorce
Tags: Real Estate, renting, buying, selling, real estate tips, residential, rent, Ontario, tenant, moving, Newmarket, York Region, first time home buyers, knowledgebrkr, add value to your home, home sales, divorce, selling during a divorce
2 minute read.
There is no guide book to a divorce. They are messy and emotional and dividing assets can be a challenge especially if one of them is the family home. Selling the house during divorce often makes the most financial and personal sense. The profit gained from the sale could provide each person with a foundation to have a fresh start. If both parties agree to sell the house, here are four steps to help you sell it with your ex-spouse.
Before putting any house on the market, it is important to look at its condition. This is no different in divorce. You must make sure you have discussed how much you want to put into it, who will pay for what, and what parts need the most attention.
Work with one Agent
Find one unbiased agent that works for both of you. Avoid working with a mutual friend or family member as they might side with one person over the other. Some couples have to try to work with separate agents but that involves more negotiation and will slow down the process significantly. By working with one agent you know all parties are working towards one common goal. Your agent will also handle everything from the showings, hiring a staging, photography and negotiating the final price.
Discuss an Asking Price
Talk with your agent and divorce lawyer before you settle on an asking price. It’s important that all parties are comfortable with the final number. Listen to the advice from your agent to best determine what to list the house in order to achieve the outcome in the time period you desire.
Dividing the Money
Before you sell the house, have a conversation with your lawyers about how the money will be divided. In some cases, if one spouse owned the house originally and put work into it, they may feel as though they are owed a higher percentage. That is a decision the couple will have to make if they are looking to avoid further legal costs. It is vital you decide this before as it will be difficult to work together after the fact.
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