Selling a home is complicated enough with the preparation, staging, agreeing on a price, negotiation and closing. Selling a home while going through a divorce can be a whole lot more complicated depending on whether the divorce is amicable or not. At the very least, both parties must agree and sign off on everything under stressful conditions.
Once a couple has made the decision to obtain a divorce, they pretty much just want to move on. They would like to split the cash, the personal belongings and the furniture. While there can be disagreements about who gets what, most people will work it out and go their separate ways.
If they own a home, there are several options for couples to consider:
- Follow the Standard Sales Process
- Lower the Price and Sell as Is
- Sell quickly to an Investor
Baltimore Borders was set up to help homeowners understand their home selling options during a divorce. We will discuss each of these scenarios in a little more detail to help couples understand their options and choose the approach that is best for them in their situation.
Follow the Standard Sales Process
Most couples will use a real estate agent in this situation since they want someone to just handle everything for them. They also want a quick sale and maximum price since they will be splitting the profits once the home is sold.
The real estate agent may recommend a number of repairs and / or upgrades to make the home show better and be more attractive to potential buyers. Agreeing to these changes and coming up with the extra money to pay for everything can be a problem for many couples when they are separating.
Depending on the market conditions, homes may sell quickly if the home is priced right and it is a seller’s market. If not the home may sit for many months on the market, with potential price drops and corresponding discussions between divorcing people. Sometimes this is not an easy task.
Once you do receive an offer, both parties have to agree. One person may be more motivated to sell than the other.
Lower the Price and Sell As Is
The next scenario simplifies the process of selling by simply selling the home as is. The home may not show as well and offers may be correspondingly lower. However once there is an agreement to sell couples do not need to discuss repairs and renovations.
There will be lower profits to share, however divorcing couples may be motivated to just sell and move on. Everything else would be the same and it could take many months to sell before someone comes along that does not mind doing upgrades, renovations and repairs.
Sell quickly to an Investor
Investors are always looking for fast sales for homes that they can turn around and either sell or rent out as is. They might be buying to renovate and sell into a higher end market. They also might be looking for lower priced homes that they will put minimal money into in terms of repairs before renting the home.
The major advantage for divorcing couples in this situation is that they sell the home quickly without having to pay a real estate commission and other marketing costs. They are able to receive their money much earlier and go about their new lives.
Here at Baltimore Borders, we recommend Dependable Homebuyers if you are considering this option. They're local and have a great reputation for treating sellers properly. They can get you a cash offer quickly and close on your timeline, something that's very important in a divorce situation.
Regardless of which scenario makes most sense for spouses that are divorcing, one of the major requirements is that couples focus on making the deal and moving on to their new lives. Selling your home is complicated without adding a divorce into the middle of the transaction that can take several months to complete.
Consider selling to an investor to expedite the sale, receive your money more quickly and save your real estate commission. Sell your home as is without completing repairs and renovations and sell for a lower price. Finally use the traditional process, complete necessary repairs, stage your home and make it more attractive to the market to expedite the sale.