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Preparing to Sell a House After a Divorce

Selling a house after divorce

As if selling your house wasn’t stressful enough, if you’re in the thick of divorce proceedings it can turn from mildly stressful to an absolute nightmare. Going through a divorce, particularly if it is a heated one, can leave you completely mentally and emotionally drained. You most likely won’t have the energy left over to think about selling your house on your own. This is a good example of one situation in which you will definitely want to have a professional to help you with the selling process. To get through selling a house after a divorce, you’ll need proper legal assistance as well as a licensed real estate agent. This will help you clear up the property aspect of the division.

You can find a sympathetic yet professional real estate agent at LocalAgentFinder. During this delicate and trying time, it’s more important than ever to have someone you feel comfortable with on your side. Receive agent proposals and compare qualifications to find an individual you trust to help you with selling your property.

Although dealing with credit card lenders, lawyers, and banks is probably not something you look forward to whilst handling the emotional fallout of a divorce, unfortunately it’s something that is necessary. Part of the purpose of divorce proceedings is to untangle your finances from those of your partner. It’s best to take care of this sooner rather than later to prevent greater confusion or even hostility. The following are a few tasks to sort out immediately.

Take an Inventory of all Financial Accounts

In most cases, married couples put both names down on shared accounts. You are both responsible for these shared accounts. Start the process of preparing to sell your house by taking stock of any financial obligations you are both responsible for. Remove your name whenever necessary so that you aren’t held responsible for your partner’s debts. One example of this could be a line of credit in your name. If your partner has a credit card in this same line of credit, you’ll want to remove them to avoid this leading to your partner racking up debts in your name. If you opened up the account together, the lender may refuse to take one name off of the account. In these cases, you’ll need to close the account and start a new one in one name only.

Take Stock of Shared Assets

In addition to financial accounts, you’ll also need to write down any shared assets that you hold with your partner. This could include repayments like a car loan or house mortgage. If a mortgage is held in both names, it’s best to try and refinance to avoid being hit with any surprises later on. This is something that it’s good to speak to your real estate agent about as you are getting organised. You can compare agent qualifications and find a good fit to meet your needs by using the free online comparison dashboard at LocalAgentFinder. Remember that even if your partner is living in the house and it’s under their name, if both of your names are on the mortgage you could still be held liable for payment. Talk to your agent about the possibility of refinancing your loan to avoid large debts down the road.

Refinance your Existing Home

In most cases, this will be your most valuable asset. It’s important to go through all of the red tape to make sure that you settle this asset properly and don’t leave any open ends. If you are keeping the house, it’s worth hiring a solicitor to make sure that the house is transferred legally into your name. You’ll also need to refinance and replace the old joint mortgage with a new single mortgage that’s only in your name. You may need to ask someone close to you to co-sign on the new mortgage if you aren’t able to meet your lender’s financial requirements on your own.

Selling Property

Once you’ve sorted out all of your joint and separate accounts and are ready to move on, you’ll find it’s time to sell your home. To do this you’ll need to find out what the value of your home is, and shop around to find the right real estate agent to work with. The last thing you’re going to want to do is sell the property on your own when you’re going through a divorce. You can prepare your property before it goes up on the market by removing clutter, cleaning it from top to bottom, and addressing any outstanding need for repairs and maintenance. Staging your home can help it stand out to potential buyers during open inspections. This prep work could make your property sell in a shorter amount of time at a greater profit. Don’t let on that you’re going through a divorce when you’re showing the property to buyers. They may try to use this during negotiation, because they will be aware that you’re in need of a quick sale.

What’s next?

This process is made far easier with the help of a qualified real estate agent. You can compare real estate agents at LocalAgentFinder and to find the right individual to help you through this difficult time.

LocalAgentFinder View all articles by LocalAgentFinder

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