Selling the House When You Divorce
In some instances, the reason for the divorce is over money. When you split up, the assets that each party has been left with are called marital property. One of the common reasons for a divorce is when one spouse was financially worse off than the other. It is usually the case that the spouse who was earning more money may have bought all the luxury items of the other and the spouse who did not earn enough may have had to go into debt to make ends meet.
Before you sell the house, talk to your attorney. He will be able to tell you how much your property is worth. You should only accept an offer that is at or around what you can get for it.
Before you sell the house, make sure that you check out the properties in the area and whether they are still on the market. If you already have some close friends over, be careful not to make any purchases from them. This will help you avoid something you may regret later on. Also, avoid houses that are too far away from where you live.
If you cannot find any such properties near you, you can take a look at the internet. This is a good way to compare prices.
To search online you should use Google, Yahoo, or MSN. These are good sources for online information on the subject of buying and selling a house when you divorce.
Another thing to do is to plan to be there when the house actually goes on sale. Some people just throw it on the market and forget about it, but you should do some additional work to get it on the market. Doing this will ensure that you have a real chance of buying a better price.
If you have had no luck with the previous method and you have tried everything else but nothing seems to work, you should keep in mind that nothing is really guaranteed. You may lose the house if you do not market the right way. It is best to make a few phone calls to potential buyers.
You can use the phone calls to help with price negotiations. It is important to get the interest rate as low as possible so that the bank will think twice before giving you the property.
Many times, banks will give a better rate on a mortgage when they know that a property will be foreclosed upon in the future by a financial institution. If you try to sell a house before it ever goes on the market, you may end up selling it back to the bank.
If you are going to make a good deal, you should wait until your divorce proceedings are finished. You should be open and honest about what is going on before you do anything else. This will help you decide if it is the right time to sell the house.
If you wait until after your divorce proceedings are over, the house may be sold at a price lower than what you can get. So wait until the dust settles and you know that things are all settled and then make your decision.