Here are some tips for selling your house as a result of divorce. If neither you nor your former spouse wants to stay in the family home or if you cannot afford to buy it out from the other individual, you can put the property on the market and try to get the best possible price for it so that you can split the proceeds.
Bear in mind that before the proceeds can be divided, you will have to deal with any equity lines, second mortgages, brokers’ fees or the original mortgage on the property. As you might already realize, having to deal with these expenses are one of the disadvantages of selling your property in the event of a divorce.
One of the most important things you can do to protect yourself if you intend to sell your house in Arizona is to pick the right real estate agent. In the middle of a divorce, the added stress of trying to sell a home on your own is never a good idea. Work with the agent to determine an appropriate asking price. This is one of the main benefits of working with an expert instead of trying to sell the house on your own.
Prepare to Show the House
One of the most important things you can do to increase the chances that your house will sell is to get the house ready from an aesthetic perspective. If one of you is still living on the property, you’ll need to clean things up and move away any clutter. It might also be a good idea to remove some of the furniture. Be prepared to ask your agent what items are essential to fix/clean and what items could be avoided in order to expedite the sale/avoid the cost.
Although it might be difficult to work with your former spouse, it’s a good idea to work together to review any offers from a potential buyer, particularly if you live in an area with a volatile real estate market. You may also need to rely on your real estate agent during this time as well. Indeed, parties should only work with an agreed-upon agent, and work with each other, the agent, and/or their attorneys to agree upon all necessary aspects of sale: listing price, items for repair, acceptance/counter/rejection of any offers, etc.
Dividing the Proceeds from the Sale
Before you begin the process of selling your home in Arizona, you should be knowledgeable about how to divide the proceeds. The escrow company can distribute the money after all the obligations for the house have been paid off and after you’ve made any other payments that you and your former spouse have agreed to. Make sure that you have all of these details in writing and that you feel confident that your rights are being protected for the duration of the sale.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Tips for Selling Your House as a Result of Divorce, or any other family law issue, please feel free to contact Sheri D. Shepard at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.