Financial

Selling a House Due to Divorce: How to Protect Your Financial Future

by
Bob Fuoto

If you’re selling a house during a divorce, you and your real estate agent can work together to ensure that the sale doesn’t reduce the profits you’d realize in a typical sale.

You Need to Make Smart Decisions

Going through a divorce brings out a great deal of emotion, and you may be tempted to think with your heart rather than your head.  However, the decisions you make during this stressful time will have a big impact on your long-term financial health.

Worrying about selling a home is typically one of the last things anyone going through a divorce wants to do.  But, there are things you can do to protect your financial future.

Hire the Right Real Estate Agent

This isn’t the time to hire your aunt, who has a real estate license.  Choose an objective real estate agent who can work effectively and fairly with both parties.  There are real estate agents who specialize in working with divorcing couples.  Interview potential agents to determine how much experience they have in this type of a home sale.

Don’t Let the Condition of the Home Reduce Your Profits

The most common problem divorcing couples face when selling their home is addressing the home’s condition.  It’s likely that neither party has the energy or time to address repairs and renovations that will allow the home to sell at top dollar.

Working with your real estate agent, you can find solutions such as EquiMaxit, a company that specializes in helping home sellers fund repairs and improvements while deferring the cost until closing.  You and your real estate agent can identify things that need to be done, including:

  • Repairs.  Without making needed repairs, your home will stay on the market longer and sell for less.  Repairs include things such asfixing scratched floors, replacing worn carpeting, fixing squeaky doors, repairing gutters, repairing decks and fixing leaky faucets.
  • Renovations.  If your kitchen and bathrooms are outdated, and aren’t comparable to other homes in your neighborhood, your home will sell for much less.  For example, kitchen and bath remodels can be done at a range of costs, and you will recoup your investment and more when you sell.

There is no upfront cost for you to worry about.  The profits you see at closing will pay for the cost of the work.  In addition, you don’t need to be involved to get the work done.  EquiMaxit and their certified contractors will handle all the details for you.

Hire a Stager

Parties in a divorce typically remove a home’s furniture and decorations as they establish their own residences. An empty home doesn’t show very well.  Hiring a home stager can easily solve this problem.

Final Thoughts

If you’re involved in a divorce, make sure that you are on a sound financial footing when the divorce is final.  Getting the most profit from the sale of your home is a big part of reaching that goal.  If you have questions about preparing your home to sell without paying in advance, contact us at (404) 445-4509

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