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Selling the Home
Tackling selling your family home, may seem like an overwhelming process in an already emotional situation.
The First Step
A decision to sell the matrimonial home is typically made when neither spouse wants to stay in the home or if neither can afford to buy out the other. There are advantages to selling them home. With selling the home both parties will receive money which will help them start a new chapter. On the other hand, a disadvantage would be that before the proceeds from the sale can be divided, the mortgage or any broker’s fees will need to be paid off.
Choosing the Right Agent
The first step to selling your home, is choosing the right agent for you. Some couples may find it difficult to agree on an agent, but this process does not need to be stressful. You may find it helpful to use the agent you worked with previously when you bought the house or seek advice from family and friends. It is also recommended not to use a friend or someone you already know. It is best to find an agent that you both feel comfortable with and trust and will be a neutral party throughout the process of selling of your home. Your lawyer or financial advisor may also be able to recommend a real estate agent if you do not have one in mind. Don’t be afraid to ask your agent their experience with working divorcing couples and how they managed the situation.
Determining the Value
Your agent is there to help you throughout the process and get you the best value for your home. Always rely on your agent for setting the list price. They are the experts and allowing them to set the appropriate price will help alleviate any conflict. Your agent should be able to provide you with a comparative analysis of your home’s value in comparison to similar homes in your neighbourhood.
Preparing to Sell
The next step is to prepare your home so it can go on the market. You may be asked to do some minor updates, repairs, or painting. It is often recommended to have your home professionally cleaned prior to listing. As part of the process, you will need to agree on where the money will come from for the updates or repairs. If one spouse decides to stay in the home during the time of sale, you will need to keep the home clean and remove some of the clutter or personal items. It is always important to showcase your home in the best light possible to help achieve the desired list price.
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Reviewing an Offer
Once offers are received for your home, you both will need to review them. Your agent can advise you, but accepting an offer is something you will need to agree upon together. Once the offer is accepted and closed, you can proceed with dividing the proceeds from the sale of your home. However, if a spouse was making postseparation mortgage payments it may increase the amount to be divided after all closing costs and obligations are paid.
Buying Another Property During Divorce
Since your agent has already built a repour with you, it may be beneficial to retain the same agent to find your next home. Some individuals may feel comfortable choosing a different agent that didn’t work with both you and your ex. Regardless of the agent you work with, they will help you decide whether it is best for you to buy or lease in your new chapter in your life.