Selling your home can be a complicated process and even more so if you’re going through a divorce. Things like price, timeframe, managing repairs, and updates, if needed, and dividing the proceeds all become issues that have to be agreed upon. Let’s be honest, divorce can get messy and that is why working with an experienced broker who can remain calm under pressure and negotiate with both spouses equally is critical. Let’s look at some of these issues in greater detail below.
Asking price
For most people, their home is their single, largest asset and yet often one that they get little advice on managing. Did you know, in today’s market, 58% of Americans have 60% or more equity in their home? 60%! Don’t you want someone you trust helping you best capitalize on that equity? Asking price is one of the most important parts of the listing process. Pricing a home too high will often lead to longer days on market, fewer showings, and an overall lower sales price. Pricing a home too low may draw in more buyers and a faster sale, but could potentially leave money on the table. Most people take their realtor’s advice on setting the asking price, but sometimes, homeowners think they know better or aren’t at a price that is motivated to sell. Your Realtor knows their industry best and hiring someone you trust can make all the difference in the overall outcome.
Managing repairs or updates
Most homes will have a list of repairs that have to be made before listing, whether that is landscaping, painting, roof & window cleaning, or just deferred maintenance. Other homeowners may want to complete a bathroom or kitchen remodel in order to capitalize on their investment. Whatever the case may be, lean on your Realtor to help you through this process. Not all brokers will help to manage, procure contractors, or provide solutions to finance these repairs or updates. If cash is an issue for you and your spouse, there are several ways your real estate broker can help solve that. Working with trusted providers who agree to get paid out of closing is one option. Another option is a concierge service that some brokerages are offering their sellers. Ask your Realtor for more information.
Showing the home (especially during COVID)
Scheduling showings can get a little complicated if you and your ex are still living in the same home when you go to sell. While it’s not uncommon for divorcing spouses to live in the same home until the sale is final, sometimes the best strategy is for one or both parties to move out. Some of those reasons include ease of showings. Since Covid-19 came on the scene, showing procedures have become more rigorous, including providing hand sanitizer, disinfectant wipes, only using disposable booties once, no more than 2 people in a property at a time, etc. With the risk of having so many people through your doors, it might make everyone more comfortable if the home was vacant. Another reason is now that many Americans are working from home exclusively, it can be difficult to schedule showings around everyone’s schedules. An experienced real estate broker will know how to tackle these issues and make selling your home comfortable for all parties included.
Managing the proceeds of the sale
While most divorce cases involve at least one divorce attorney, most involve two, along with a divorce settlement. While a settlement is not necessary in order to sell your home, it does provide the language necessary to where the proceeds should go. Whether it stays in escrow, gets transferred to one attorney’s separate escrow account, or gets divided evenly – working with someone you trust can reduce a ton of stress from the process. Let’s be real – the reason most couples divorce is because they can’t communicate effectively, and they stop trusting each other. Wouldn’t it be great to hire a neutral third party that can work simultaneously with both you and your ex to reduce conflict?
Conclusion: Work with a Realtor Experienced in Divorce Sales
Couples that are getting a divorce can face some unique challenges when selling a home. That’s why it’s best to work with a Realtor that has worked in these types of situations in the past. Amy has decades of experience in working with divorcing couples that are selling their homes and getting them top dollar on their investment. She is able to reduce conflict, eliminate areas of the stress, increase your bottom line, and provide an environment that is supportive to both parties.