Divorce comes with a lot of challenges. As if it’s not hard enough to pay for an attorney, divide your assets, and figure out who’s going to get custody of the kids, many people also have to deal with trying to sell their house, too.
If you’re in this boat right now, you’re probably feeling pretty overwhelmed. Fortunately, you do have options when it comes to selling a house after a divorce agreement.
Keep reading for five tips that will help you sell your house quickly.
1. Work with an Agent if Possible
If you have the means, it can definitely be helpful to hire a real estate agent when selling a house after a divorce agreement.
A real estate agent will be able to handle most of the hard work when you’re trying to sell your house. This can be a lifesaver when you’re dealing with the stress of divorce.
An agent will also know more about the current housing market and will be able to stage your house to make it look more appealing to buyers. Their skills will come in handy and help you get as much money for your house as much as possible.
2. Get the House Ready to Show
Making an effort to clean up and stage your house can significantly increase your chances of selling it faster.
Getting your house ready to show doesn’t need to be super time-consuming — even simple changes can make a big difference.
Some upgrades you might want to consider include:
- Minor interior and exterior repairs
- Removing clutter
- Depersonalizing the house to help buyers envision themselves living there
You may have to spend a little money upfront to take care of these changes. But, it’ll end up paying off later on if you can get more money from your house and sell it more quickly.
3. Make Sure the Price is Right
One of the most important things you’ll do when trying to sell your house is setting the right listing price.
It can be hard to strike a balance between a price that’s too low and a price that’s too high. This is where a real estate agent can come in handy, as they’ll be able to help you figure out the right price.
If you choose not to hire a professional, though, be sure to keep these tips in mind when pricing your house:
- Price it on the lower end of the value range to increase interest from buyers
- Be realistic about what you can get for your home
- Talk to a real estate agent to get an idea of what your house is worth
- Don’t get too specific with your asking price. Stick to even numbers — $200K, $350K, etc.
Finally, be sure to have a contingency plan in place. If you do end up pricing your home too high, be willing to make an adjustment. One big adjustment isn’t usually a problem, but a bunch of small ones might concern some buyers.
4. Consider Selling for Cash
If you’re trying to move quickly when selling a house after a divorce agreement, you might want to consider selling it for cash. Where are a lot of benefits that come with this approach, including:
No Wasted Time
When you sell your home for cash, you don’t have to wait for people to get approved for home loans or worry about hiring a real estate agent. Typically, homes sell for cash within as little as seven days!
Cash buyers will take your house off your hands as is. That means you don’t have to worry about repairs or staging. If you need money fast and aren’t willing to shell out cash to fix up your house before selling it, a cash sale is the right way to go.
Divorce is complicated, and adding a home sale on top of it can make things even worse. If you’re looking to minimize the stress surrounding your divorce and move on with your life, you might want to consider a cash sale.
5. Or, Look into a Short Sale
If you aren’t able to keep paying your mortgage and just want to get your house off your hands, you might want to consider a short sale.
A short sale is a type of agreement that you make with your mortgage lender or bank. A short sale allows you to sell your house for less than your mortgage. Neither the bank nor the seller profits from this kind of agreement.
Your likelihood of being approved for a short sale depends on your credit. Lenders are typically more inclined to make deals with homeowners who have a higher credit score.
Settling for a short sale will hurt your credit score, but the damage won’t be as bad as if your home had been foreclosed upon. Because of this, a short sale is still a better option if you know you’re not going to be able to keep up with your mortgage payments.
Don’t Forget to Figure Out How to Divide the Proceeds
If you do end up selling your home, either through a traditional sale or a cash sale, it’s important for you and your spouse to figure out how you’re going to divide the proceeds. This will save you a lot of stress and headaches later on if you take the time to plan ahead.
Usually, your escrow company can distribute the money from the sale after all obligations on the house have been paid off.
The proceeds will often be divided evenly. But, if one spouse has been making mortgage payments following the separation, they may receive a greater percentage of the sale.
Are You Selling a House After a Divorce Agreement?
Do you live in the South Florida area?
Do you need help selling a house after a divorce agreement and think selling for cash is the best option?
If so, we can help at Bigger Equity. Contact us today online or by phone to get started. We’ll take your house off your hands in no time!