Selling a House in Divorce in Commerce City
Selling a house in divorce in Commerce City is one of the options you have to deal with once you and your partner call it quits.
Since the two of you are parting ways, the matrimonial house and other property also needs to be shared, be it equally or equitably. Here in Colorado, the sharing of marital property happens equitably, which means someone might end up with less or more than 50% of the property in question.
If neither of you wants to keep the house or maybe none of you can afford to buy out the shares of the other, selling a house in divorce in Commerce City is always a great option. Once sold, the proceeds will be shared between the two based on their personal agreement or what the court deems fair. Note that before the proceeds are split, the mortgage must first be paid off. It’s also a good idea to use these funds to settle any other debts you owe. With the money, it’s also easier to move on with life.
The real estate market can be unpredictable and at times, the conditions might not be the best for home sellers. If you happen to sell at such a time, you will truly feel the pinch of these expenses. Another drawback of selling a house after divorce agreement is the stress involved in relocating the kids, especially since they are already adjusting to massive changes in their lives.
The moment you decide to sell your house, you’ll be getting into a lengthy and detailed process that can also be stressful. There are several stages involved and each of them takes hard work to accomplish. With the emotional turmoil that comes with divorces, these stages of selling a house won’t be any easier.
Picking the right agent
Some people have successfully sold their houses without the help of a real estate agent, but as mentioned, a divorce comes with a lot of hassles and as such, one’s ability to make sound decisions can be greatly affected. This is why you need help from an experienced person to help you make the right decisions.
If the agent who helped you buy the house satisfied you, well, s/he should be the first option in your mind. Still, don’t spend too much time arguing on which agent to pick because this may only serve to delay the whole process. Alternatively, each of you can choose a close friend or relative so that the two can agree on an agent or simply have two agents representing each party.
Whatever you do, make sure you are getting an agent who is conversant with your neighborhood and has years of experiencing selling houses.
Prepare to sell the house
Even though choosing the right agent can be a daunting task, preparing the house for sale can be much harder. Usually, there’s some work that has to be done before the house can be sold, be it repairs, painting, upgrades, cleaning and even removing your personal stuff. If you cannot do all of these by yourself, you need to agree on where the money to do the job will come from. If you have already vacated the house, you can leave this stage to the agent, but if there’s one person still living in the house, you’ll have to make sure it’s staged and ready to show every now and then.
Once the house is ready to show, your agent will put it on the market. If everything is perfect, you should start getting offers almost immediately. It’s important that you work together in reviewing the different offers available and settle for the best one. Your agent (s) can also advise or rather help negotiate the prices to ensure you end up with the best.
Splitting the proceeds
The last phase of selling a house in divorce is to divide the proceeds. This shouldn’t be a complicated thing. Where the separating couples can’t agree on how to split the proceeds, the court will decide for them. However, this will only happen after all obligations on the house have been paid off.