While divorce is often a traumatic experience, you’re not alone. About 50% of American marriages end in divorce.
Dividing property and assets can be stressful and difficult, especially when both partners have deep attachments. Your property is where you made a home—how can you move on?
The court wants you to pack everything up and be gone as soon as possible. But the real world is not so smooth.
So can you sell your home during a divorce without adding undue difficulties? It is possible to get your home off the market and divide the profit between you and your partner in record time.
This sale does not have to be the most challenging part of the divorce. Learn more now.
How to Sell a House Quickly During a Divorce: A Step-by-Step Guide
No blanket guide will dovetail with the needs of everyone experiencing a major breakup.
But these steps offer a blueprint that you can follow and adjust as needed in your situation.
Determine If You Will Even Sell the House
Often, in divorce proceedings, one spouse will keep the home. It is often the case when children are involved. It is always best to keep some consistency in the lives of children during turmoil.
Occasionally, both partners will co-own the home until they have paid off the mortgage. This route is not advisable as it keeps both spouses locked in a contract for longer than necessary. Instead, you should perform a buy-out.
Consider a Buy-Out
In a buy-out, the remaining spouse acquires the departing spouse’s share. In some cases, the two parties can reach a deal where the remaining spouse will sell the home at an agreed-upon date. That date is often when the children leave.
If you want to buy your spouse out of the mortgage, contact the lender and request a mortgage assumption. This transaction transfers the mortgage from one or both co-owners to the buyer.
The lender will assess your capability to afford the home on your own. Document all your income, including money from the divorce settlement, to show your eligibility for loan assumption.
Don’t Do It Alone
During the chaos of divorce, you won’t be able to sell your home on your own. Keeping track of paperwork, finding interested buyers, holding open houses—that’s all too much for one person to handle.
Work with a real estate professional. Either an estate agent or a real estate home investor can take on the burden on your behalf. A third-party expert can give a fair assessment of the home, which will quell arguments between spouses.
An agent will also hold an open house for you to save you the pain of watching strangers tour your home. However, working with a real estate agent means you will have to pay a commission. Most likely, you’ll end up with less profit in an already costly ordeal. Often, this process takes several months to a year.
Investors like Kind House Buyers will purchase your home at a single fair price without taking any commissions or hidden fees. While you may receive a lower price, the time between offer and closing will be astronomically shorter than working with an agent.
Decide who you need to work with but don’t bite off more than you can chew. Professionals deal with home divorce sales every day and can make the process as painless as possible.
Set a Strict Timeline
Once the divorce proceedings are over, both parties will want to confirm that they have settled everything. The last thing you want is continued months of attempting to sell your home.
Set closing dates, moving dates, and times, and know who will be handling the sale, whether a spouse or agent.
Get all of this information in writing before you start the sale. Make sure to outline any penalties for a breach of your agreement. Ask a lawyer to draft a timeline that acts as a compromise so that neither party feels victimized or exploited.
A written timeline removes surprises from the sale and offers clear markers for where the process should be at any time.
Consider a Short Sale
A short sale can do the trick when you need to sell your house quickly but still have a mortgage. Sometimes lenders will agree to let you sell the home for less than the balance remaining on the mortgage. It’s one option to avoid gaining responsibility for the property.
Know that a short sale will lower your credit score but will get the house off your hands quickly.
Tips on How to Sell a House Quickly During a Divorce
Follow these pro-tips to make selling your house easier and faster.
Prepare the House
Despite the turmoil, make your house seem like a place where a happy family lives. The open house should reflect all the best aspects of the property. Even if both spouses have left the house, keep mowing the lawn and cleaning the house.
No one wants to buy a house that is unkempt or not lived in—a messy appearance can lead to assumptions about the house’s structural integrity.
Be sure to remove all personal effects as soon as possible. You don’t want memories to pop up around every corner, and you want buyers to imagine their own family in the house, not yours.
Create a memory box that you can access alone and out of the way of business dealings.
Set a Reasonable Price
Homeowners often overvalue the price of their homes due to the emotional attachments they have. Avoid this trap and get your house sold quickly.
If you accept a lower price than you would usually shoot for, you will receive many offers, one on top of another.
The escrow process can last up to 60 days. But no matter how you sell, you will arrive at escrow within days when you set the right price.
Selling during a divorce is all about getting things done quickly and neatly. Now is not the time to squeeze out every single penny you can from the sale.
Control Your Emotions
Divorce can bring out the angriest and saddest aspects of a person. Selling a property requires you to be level-headed for months. Do your best to focus on the future and all your new life can offer you.
Sadness, spite, and bitterness can all slow down a sale and make the proceedings drag on for months or years.
If you cannot keep your emotions in check, consider hiring a lawyer or mediator to run communication between you and your former spouse.
Selling a home during a divorce is never an easy matter—it’s why most people want to get the issue settled quickly. If you need to sell your home fast, reach out to Kind House Buyers. We are a team dedicated to quickly purchasing your home, no strings attached.
At Kind House Buyers, we are real estate investors, not agents. We will offer you a single fair price for your home in the condition it is right now. We never take commissions or ask for renovations. We leave judgment at the door.Reach out now and get your home sold in as little as seven days. Divorce is hard, but selling your home doesn’t have to be—let us help you sell your house today.