Tips for Selling Your Home After a Divorce
If neither spouse wishes to remain in the family home after a divorce is finalized, or if neither spouse is financially able to buy the other out, you may put the property on the market. Before the sale can proceed, you will must pay off the mortgage, equity lines and brokers’ fees, along with applicable capital gains taxes. If market conditions are averse, this could be a difficult prospect for divorcing couples.
Selling a house does have its advantages. Both parties get to start over and have the money to be able to find new homes of their own.
Below are some of the processes you will have to address when selling your home (and some tips for each):
- Selecting a realtor: While you can sell a house without a realtor, this becomes nigh on impossible if you are trying to sell while going through the divorce process. It is a whole lot of unnecessary added stress. If you are unable to agree on a realtor yourself, pick a couple trusted friends or relatives and have them agree on a realtor for you.
- Determine an asking price: Once you have the house ready to sell, you need to figure out a good asking price. This will involve analyzing market conditions and the value of the house. Your asking price could also be partially determined by the arrangements you have reached in your divorce.
- Review offers: You will need to work together to review any offers that come in from potential buyers.
- Divide the earnings: Include in your divorce agreement guidelines for how you will divide any money you make off the sale of your house. The escrow company is usually able to distribute the money after you have paid off any existing obligations you have on your home.
To learn more about selling your family home after your divorce, speak with a trusted Long Island divorce lawyer at Bryan L. Salamone & Associates.