Tips for Selling Your Home During a Divorce: Navigating the Process Smoothly
When you’re going through a divorce, there’s a lot to figure out. And if you own a home, deciding what to do with your property is one of the bigger decisions you’ll face. If you decide selling your home is the right move for your family, here are some tips to make the process a little easier on both parties.
1. Discuss your options before selling
Even if you and your partner seem aligned on selling your home, it’s important to consider other options before rushing into a decision. Failing to do so could lead to one person backing out of a home sale or deciding they’d prefer to remain in the property. Having an open and honest conversation about what you both want will help you move forward together — and will make the rest of the negotiations a little easier.
2. Find a trustworthy real estate agent
It’s always a good idea to seek professional help when selling your home, but when you’re also navigating a divorce, it’s crucial. You may find it helpful to seek advice from a real estate agent with divorce experience or one who’s worked with other separated couples, since the process can be a bit different.
Be sure to review any real estate agent fees with your partner, too. Ultimately, make sure both you and your spouse sign off on the agent who will help you sell your home — and how much it will cost.
You should be upfront with your agent about your divorce and let them know they’ll need to contact both of you with any news. Otherwise, you could find yourself in a situation where your realtor reaches out primarily to the partner who’s most responsive, which could lead to trouble.
3. Agree on when to sell
No matter the timing of your divorce, you may realize it’s not the right moment to sell your home. For example, if you have kids and it’s winter, one (or both) of you might want to remain in the property until the school year is over to avoid disruptions. Talk through your selling options with your real estate agent to figure out the best time to sell — and work out what that means if one person will need to find additional housing.
It’s also helpful to decide if you want to sell before or after your divorce. Selling before you’re divorced is generally easier, but it might make sense for you to wait in certain situations.
4. Decide if you want to sell as-is or renovate first
Depending on your home’s condition, how much is left on your mortgage, and your current property value, there can be benefits to renovating your home or making a few updates before listing it. Your real estate agent can offer you insight into comparable properties in your area so you’ll get a better sense of the features they may offer that your home might be missing. However, if you and your partner are more interested in selling quickly, or if your home doesn’t need a facelift, selling as-is to a buyer or company that will offer cash can be a faster route.
5. Figure out how you’ll split your profits
It’s important to determine early on how much each of you will walk away with at the end of the sale. And it may be helpful to involve your attorneys to ensure everyone walks away with a fair deal.
Although splitting the profits 50/50 may seem like the most obvious answer, if you have children, it could make sense for the parent with full custody — the one who will have the kids more frequently — to take a larger amount of the home sale to put toward a bigger primary home.
Additionally, there may be other factors to consider, like how much money each of you put into the home, whether one of you owned it outright before getting married, or if it was a family home passed on as a gift. There’s no one solution that works for every couple, but the more open you are during this discussion, the smoother the rest of the process will go.
6. Don’t skip the appraisal
Although your agent may have a general idea of what your home is worth, the only sure way to find out is by getting a home appraisal done. This is particularly important for couples who are divorcing, but it gives you a concrete number of what your home’s value actually is. While it doesn’t mean you’ll get this exact number when you list your home, it will give you a better idea of how much you should list your home for.
7. Settle on a listing price
After the appraisal, you’re ready to list your home. You may both have different ideas about the listing price you should move forward with — especially if you’re splitting the profits 50/50. One person might be in favor of a higher listing price, while another might prefer a lower price to sell the home faster.
Lean on your real estate agent for advice on the listing amount. You also want to talk to your partner about the lowest offers you’re both willing to accept, so you can be prepared to make a decision in unison if you receive a lower offer than expected.
8. Don’t forget the details
Once you’re ready to list your home, you should come to an agreement on staging costs and how much you want to pay for professional photographs or a video walk-through. Your real estate agent can guide you through your options and make recommendations. If you’re having an open house, make sure you both agree to the dates and know not to be in the home during this time.
9. Communicate during the home-selling process
The key to selling your home with as few hiccups as possible while going through a divorce is to constantly communicate. This doesn’t mean you need to speak to your spouse personally, though. You can go through lawyers if you’re both more comfortable with that or arrange a meeting through your real estate agent. This way, there are no surprises when you go through the closing process.
You might be tempted to avoid talking to your partner since divorcing can be an emotionally taxing process. But avoiding these conversations could delay your home sale or leave you with a deal you’re not as happy with. Being forthright is the best way to ensure your home sells successfully.
