If you’re wondering about the ins and outs of selling your home during a divorce in The Roanoke Valley … we’ll dive into the steps and things to look out for in this article. While our team always wishes that all marriages could be reconciled, the reality is sometimes they are not.
With the very sobering statistic that close to 50% of American marriages end in divorce, some residents in The Roanoke Valley are looking for advice for selling a home during a divorce.
A home is one of the most valuable joint assets, and obviously cannot be divided without first selling to divide the proceeds. While a divorce is one of the most stressful and emotionally charged life events, it’s important to remain rational when it comes to selling a home. There are several factors to consider when facing a divorce, and selling a home in the current real estate market.
Determine if (and when) You Will Be Selling Your Home During Your Divorce
In many divorce cases, one spouse will keep the home, buying out the departing spouse’s share with a re-financed loan.
In some cases, agreements are made where one spouse uses the house for a set period of time (this is usually used when there are children in the home), and then sold at a certain date (usually when the children reach a certain age).
Get Professional Help – Agents and Professional Home Buyers
Selling a home is a difficult process when everything is going right.
During a divorce, you have a lot of very difficult things going on, and a lot to consider. You shouldn’t take on the task of selling you home yourself. You may have disagreements with your spouse about selling price or other issues. By working with a real estate professional… either a reputable agent or real estate investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your home.
If you have some time (typically 3 – 6 months) and want to get the market value for you home, our team can help you with a Comparative Market Analysis, and a complete consultation on home selling. If you hire the Living In Roanoke Team, we will smoothly take you through each step of the process: marketing, showings, contract, inspections, and closing.
If you need to sell your house fast, and don’t want to wait on the retail market, then reputable local professional home buyers like Cross Properties, Inc. may be a great option. These firms actually buy houses (rather than listing them for sale on the MLS), pay cash and can close quickly if you need to sell this house fast. In exchange for a fast closing, with no inspections, professional home buyers usually do not pay market value for homes.
If you can wait the time it’ll take to list it with an agent on the MLS and sell it on the open market, going with a real estate agent is your best bet for getting a higher price.
Set (and stick to) a Timeline
It’s important, when selling your house during a divorce in The Roanoke Valley to set up, and keep a timeline of when everything should happen.
You should put your home for sale as soon as your attorneys believe your mutual agreements are complete. Set firm closing dates, moving dates and times, and who will empty and clean the house. Also, agree in writing to which spouse will be handling the sale (or dealing directly with the real estate agent, or home buying firm). Make sure that each of these agreements are in writing, and negotiate penalties for breaching the agreements. This helps ensure a smooth, surprise free home sale.
Exact closing dates and times become very important to the buyer of your home, especially on closing day. Imagine closing day comes and the new buyer has signed all of his paperwork, is sitting outside the house with a moving van with kids in the car, and one of the divorcing spouses has not moved out. Yikes!
The Final Decision
The final decision about getting a divorce, and deciding on how to sell a home, is always up to the the couple in question. And deciding how to sell a marital home in The Roanoke Valley doesn’t have to be as stressful as the divorce itself.
By making careful choices by using a qualified real estate agent, or a professional home buyer, both parties can walk away from the sale with lower levels of stress knowing they got the best deal possible on the sale.
If you want to discuss your situation with your divorce and see if we can help you save time, reduce stress, and get out of this situation fast…
DISCLAIMER: Patrick C. Wilkinson is a real estate professional and is a licensed real estate broker in Virginia with The Real Estate Group, and Class A Contractor with Cross Properties, Inc. He is not, and we are not, attorneys, accountants, appraisers, CPA’s, financial advisors, psychiatrists, psychologists, social workers, or doctors. We suggest hiring competent professionals for any legal, financial, or medical advice.