Are you getting a divorce and are wondering how to go about disposing of your home? Divorce proceedings are stressful and mentally exhausting, and the last thing you need is to think about property disposal.
However, for you to secure your interests and financial future, you need to figure out how to sell the house and divide the proceedings with your ex-partner. This is especially true if you can’t agree on who will keep the property after the divorce.
If you’re in this situation, don’t fret! We have compiled a useful guide on how to sell your home in Colorado Springs after a divorce. Keep reading to find out!
Determine Your Home’s Market Value
If you need to make a quick sale, first establish the house’s market value. Get A property appraiser or contact a real estate agent to give an estimate of the house’s value on the market. The appraiser or the agent will look at recent sales of similar or comparable houses in your area to establish the market value.
The square footage, condition of the house, location, improvements, number of bedrooms, and other structural factors will affect your house value. Once you know the value of your house, you can proceed to put it on sale.
Agree to Sell and Split the Profits
You can agree with your ex-partner to sell the house, move out, and divide the profit between the two of you. You can opt to spend the money to purchase another home or use it to settle other expenses. When you decide to sell your home, disposing of it as it is, that is, without repairs and modifications, is probably the easiest route to go.
Selling your home as-is doesn’t require traditional licensed agents hence a simpler way as compared to selling after making improvements. You’ll close on sale quickly and move on with your life without a struggle.
Consider a Buy-Out
One of you can agree to buy the other out of the home. The one who wants to retain the house will pay the other for his or her share. Based on the agreement, the whole or just a portion of the house value can get transferred from one partner to the other as part of the divorce’s financial settlement.
Selling your portion of the home to the other partner will be easier because both of you know the property.
Your partner knows the house is genuine, hence no need to go through the process of assessing the house quality. Therefore, you’ll sell the house faster and move on. However, before setting on a deal, ascertain the value of the home plus the percentage share owed to you by the other party.
Hold on to the House and Sell Later
You don’t have to sell the house right after divorce; you can keep it and sell later when both of you are ready to do so. Selling is difficult when other family members are also involved. Why not hold on to the house without changing ownership until you sought out other important aspects of the divorce?
When you have kids, choosing to stay in the house and selling it when they move out is sometimes the best option. Instead of rushing and selling the house at a ridiculously cheaper price to speed up the divorce process, you can retain it and possibly make repairs or modifications that would boost its value.
Don’t Mention Divorce
Well, some buyers will be interested in knowing why you’re moving out. They don’t have to know you’re divorcing; what’s important is that they’re buying a quality property from a genuine seller.
Some people are put off by the idea of buying from a divorcing couple because the divorce process is complicated, and they fear something could go wrong.
Again, when the buyer knows you’re separating, they’ll assume you’re in a hurry to move out. They may offer a lower price knowing you’re likely to accept it and quickly finalize the property settlement issues.
Agree on the Payment of Bills
Before you sell the house, there will still be bills to pay. If there is an outstanding mortgage, it’s your liability to pay off. There’re also the costs associated with selling the house which you have to cover.
You have to agree on how you will split and pay the bills. You don’t want to add more problems by missing out on payments; therefore, discuss, agree, and be clear about who does what when it comes to selling the house.
Improve Your Home’s Value
If both of you aren’t in a hurry to sell the house, it’s better to stage the house for sale. Clean, repair, and modify the house to raise its value. You may consider repainting the walls to increase visual appeal.
Rejuvenate your flower garden, replace broken pipes, and repair damaged equipment. The damages can lower the house value when selling. Repairs may also save you time as some buyers may insist you do them before completing the sale.
Invest in a Storage Facility
Your house is on sale, and it is time for prospective buyers to view or inspect the house. At this time, you probably have nowhere else to take your furniture, appliances, personal items, heirlooms, and other valuables. Find the best self-storage facility near you where you can temporarily store these items.
If you’re busy, find a removal company to move your items to the storage facility. Note that storage units are costly; thus, dispose of things you don’t require to eliminate the need for a large unit.
Accept and Embrace the New Beginning
A divorce separates you from your partner and sometimes your kids too. You also sell a house you’ve invested so much in. It can be very stressful, and you’ll require a lot of emotional strength to get over it.
Picking another home which reflects your needs and taste is a great way to start a new life. Check out houses in various places until you find one that interests you. Understand you have little control over the divorce, and the sooner you make the sale, the faster you can move on.
Ready to Sell Your Home After a Divorce?
You probably want to sell your home faster and move on with your life after a divorce. That’s why we’re here — to buy it fast, and spare you time to put your life in order after the divorce.
Contact us today to sell your home fast in Colorado Springs and get a fair offer.