Ending a marriage is very difficult time emotionally and financially. In most cases of divorce if a home is involved neither party can make the payments by themselves or buy the equity from the other person. So it makes sense to sell the home and split the proceeds according to the divorce decree or by a prearranged agreement.
Selling the Home
As a Real Estate agent who has helped couples sell a home during or after a divorce it can be challenging. The key is to find an Agent who will advise on what actions to take, keep both parties informed and handle everything in a professional, non-biased manner. In many cases both clients may want to do separate closings. So find an Agent who will accommodate your needs.
Before listing the home for sale your agent can do a Comparative Marketing Analysis showing how much similar homes in the area are selling for and days on market. With this information the agent can also do a Seller's Estimated Net Sheet showing all the costs associated with selling the home. In some cases their maybe negative equity or upside down on the property. Owing more money than the cost of selling the home.
Putting the Home on the Market
Getting the home ready for the market may require some work and your Agent should be able to advise on what needs to be done to make your home salable. Maybe one or both of you will be residing in the property. In that case they would be responsible to keep it in showing condition.
Once an offer has been presented on the property both parties will be contacted to review the offer. This can be done individually or separate. Inevitably both will have to agree on selling price and terms. When the home goes under contract the title company will need a copy of the divorce decree or may require something in writing. Advise your Agent how you would like to handle the closing. Many times title company's will offer individual closings or together. For questions or more information about selling a home in a divorce contact Allen Deaver of Asset Realty.