Selling Your Home After A Divorce

Ready to be done – sell the house – go your separate ways – and put the past behind you? For many divorcing couples, selling a house after divorce is one of the last steps in separating their assets and going their separate ways. If you’re ready to make it happen… we want you to understand the process, so you can make the next decision and do what’s best for you.

Free Guide to Selling Your Home After Divorce

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We Will Sell Your Home – Or Buy It Ourselves

We are primarily real estate brokers, and are here to serve you in that capacity. We have also added direct home buying services to our offerings due to demand and market trends. Let us know your goals and we will make a recommendation on strategies for selling your home after a divorce. For most people – if you can wait for the home to sell and close the “traditional way” (in 30-60 days at the time of this writing) – listing it on the open market, and backing the home with a solid marketing plan with a real estate broker like me is likely to get you the most money. However, if you need to move fast and don’t want to clean on your way out, then a direct sale may be the way to go.

If you need a professional real estate broker in the Seattle, Bellevue or Everett, Washington area to help you sell your home after a divorce, please consider contacting our office. We enjoy helping people transition away from their old homes and into their new lives.

You can read this case study about our first divorced home seller and how we helped her by buying her home directly (back in North Carolina in a very flat market…).

Whether you would like us to function as a direct home buyer and simply purchase your home ourselves (most convenient), or you would like us to work on commission as a real estate agent offering our brokerage services from the position of someone who is committed to getting your home sold on the open market (most money). We are happy to discuss your options with you and help you understand the process so you can feel confident you are making the right choice.

Below, we have included the Next Steps to help you prepare for your home sale.

1) Download This “Home Sale After Divorce” Free Guide

There is a lot to think about when preparing to sell your home after you and your spouse have separated.

We have prepared this PDF guide to help educate you on the process of what to expect when you sell your home, after a divorce. Please enjoy it – with our compliments.

2) Uncover The “Real” Value Of Your Home

Knowing what your home is worth in today’s market (and what you are likely to put in your pocket after the mortgage and closing costs are paid) is the next step toward preparing for your home sale.

Free Guide to Selling Your Home After Divorce

3) Get Your Remaining Questions Answered

Everybody has different questions, although we cover many general questions in our Home Sellers Guide, we find that many people prefer to talk to a real person and get some real answers. That’s why we’re here. I have four living family members in the legal profession (my Grandfather was a Law School Professor at UW) so, I know how important accurate and timely information can be. Let me put my team and resources to work for you to get your lingering questions answered.

While time may heal all wounds, it doesn’t usually improve people’s real estate concerns. Let’s get your questions answered so you can make a plan for your next steps.

4) Prepare Your Home For Sale

If you would like your home to sell fast and for the highest price, then you’ll want to do whatever you can to get it looking its best – that means outdoor curb appeal and landscaping, as well as indoor cleaning and fix-up projects.

Don’t get stuck here. We can help provide names and numbers of contractors and get someone to your front door ready to do the work.

If you are not in a financial position to do the work at all, we can discuss an as-is property sale as well. No problem. Your wish is our command.

5) Understand Market Trends

While you may not have much flexibility on the timing of your home sale, reading the real estate market updates on our blog, as well as downloading our free Home Sellers Guide will help you understand what is currently going on in the real estate marketplace and how this will impact your home sale.

Everyone always wants to know “How’s the market?” and we have that information for you – review on your own if you like, we will also discuss it in more depth when we get a chance to talk together.

How HomePro Associates Can Help You Sell Your Western Washington Home After Divorce

My name is Emily Cressey – I first started helping homeowners sell their houses after divorce in 2003. I am happy to help you, too.

Whether you and your former spouse are having trouble communicating, or you both know what you want and are ready to move forward, I will serve as the neutral, professional third-party you need to help you handle your house situation – so you can get a smooth exit and a fresh start!

Contact us for help selling your home after a divorce.

Navigating the Emotional and Financial Terrain: Selling Your House After a Divorce

Going through a divorce can be an emotionally and financially challenging journey, and one of the most significant decisions you may face during this period is selling your family home. 

In this article, we will explore the practical steps, emotional considerations, and financial implications of selling your house after a divorce. We’ll also provide you with valuable insights and advice to help you navigate this process successfully.

The Emotional Aspect of Selling A Home After Divorce

Divorce often brings a whirlwind of emotions, and the thought of parting ways with your family home can be especially difficult. 

Here are some tips to help you manage the emotional aspect of selling your house:

1. Seek Emotional Support 

We all need to be around other people, it’s good for us, even if we don’t feel like it.  Lean on friends, family, or a therapist during this time. Talking through your feelings can help you process the emotional impact of selling your home.  

As your real estate agent, I will always be there as a shoulder to cry on, or as someone to drink a toast with!

2. Focus on the Future

 While your family home may hold cherished memories, try to envision a new chapter in your life. A fresh start can be liberating and filled with opportunities.

3. Create a Positive Atmosphere In The Home For Sale

When preparing your home showing your home to potential buyers, create a welcoming and neutral environment that helps buyers see the property’s potential. Staging your home can also assist in the selling process.  If your home is vacant, I will pay for staging it myself.  If you’re living in the home, we can work with what you have and arrange each element to put each room in its best light.

The Financial Implications of Selling Your Home After A Divorce

Selling a home after divorce comes with financial considerations. It’s essential to make informed decisions to protect your financial well-being. Try to do this when you’re in a good emotional space, or have someone with a level head (and no financial interest) talk through things for you, so you can make a good decision.

Here are some key financial considerations to address.

1. Mortgage and Ownership: Determine how the mortgage and property ownership are structured. Here, in  Washington State, we are a “community property” state, so that means most assets are owned by both spouses.  Any equity in the home is usually split between both of you.

Decide whether one spouse will keep the home, with or without a refinance to access the equity, or if it will be sold and the proceeds divided. Consult your attorneys and financial advisors for guidance.

2. Property Valuation: Obtain a professional appraisal to determine the current market value of your home. An accurate valuation is crucial for assessing the value of the home.  

When you are working with a real estate agent, they should be able to do what is called a “CMA” or “Comparative Market Analysis.” – This will give you a chance to get an idea of the current value, if you were to sell in today’s market, and no fee is normally required.

3. Managing Debts and Liabilities:  Address any shared debts or liabilities related to the property. Decide how these will be handled to protect your credit.  To protect yourself and your credit, freeze or lock lines of credit, such as a HELOC or reverse mortgage, associated with the house, as well as other credit sources such as credit cards, etc.

The Selling Process

Now that you’ve addressed the emotional and financial aspects of selling your home after a divorce or separation, it’s time to delve into the logistics of actually getting the home sold. 

Here’s a step-by-step guide to navigate the selling process:

1. Consult a Real Estate Agent: A real estate agent with experience in divorce-related transactions can provide invaluable guidance. They can assist in setting the right price, marketing the property, and negotiating with potential buyers.  Obviously, as brokers here at HomePro Associates, Emily Cressey and her team are happy to help.

2. Preparing Your Home: Before listing your home for sale on the MLS, consider making necessary repairs and improvements. Enhancing your home’s curb appeal and interior presentation can increase its market value.  This is something that we are prepared to help you with.  The sooner in advance of the sale you call, the more time we will have to help you prepare the home.  We may even pay to do some fix-up or clean-up work for you!

3. Setting the Right Price: Work with your real estate agent to set a competitive and reasonable asking price. Pricing too high can deter buyers, while pricing too low may not maximize your return.  Pricing strategy depends on many factors, and online estimations may not give you an accurate idea of the value of your home in today’s market.  However, if you want to get a sense of your value and see if it’s going up or down over the next few months, check out our free automated valuation tool here.

4. Staging Your Home: Staging your home can create a welcoming atmosphere for potential buyers. It allows them to envision their future in their new space.  If your home is vacant, in many cases, we can pay to stage it for you.  If you’re living in the home, we can help you arrange the furniture you have to show off your home in the best light for buyers.  How we live is not how we stage!

5. Marketing and Showings: Your real estate agent will market your home through various channels, schedule showings, and provide valuable feedback to help improve the selling process.  In our marketing plan, we put heavy emphasis on Preparing your home to look it’s best, Presenting it in a good light with high quality marketing materials – many that other agents don’t offer – including 3-D Matterport tours, Drone Video Footage, Multiple Walk-Through Sales Videos, and PAID online advertising on multiple channels including Facebook, Instagram and YouTube. We want your house to be seen by the masses, especially online where most buyers spend time searching.

We use other methods, too.  For more details about our extensive marketing plan, click here.

6. Negotiations: When offers come in, be prepared for negotiations. Your agent can help you navigate these conversations and secure the best deal.  Emily Cressey has taken (and taught) many classes in real estate negotiation.  She will help walk you through the risks and benefits of negotiations in various situations that may come up, from the original offer, to inspections and repair requests, to closing extensions.  Sometimes buyers get squirrely, and we need to be prepared to handle those ups and downs.

7. Closing the Sale: Once you’ve accepted an offer, the closing process begins. It usually takes about 30 days from the time you get the buyer’s contract in hand, til the time they’re ready to pay up, get the keys and move in.  You’ll need to use that time to prepare to vacate the property and ensure you have accommodations elsewhere.  We can help you find a rental, get packed and ride off into the sunset. 🙂

Protecting Your Credit

Divorce can have an impact on your credit, especially if you shared financial responsibilities with your former spouse. 

Here are some steps to protect your credit:

1. Close Joint Accounts: Close joint credit card and bank accounts to prevent future liabilities.  You don’t want them pulling out money and/or running up debt without your say-so.  Once the money is spent, it’s hard to get it back.

2. Address Shared Debts: Work with your ex-spouse to resolve shared debts. Often a mortgage will be refinanced into just one person’s name, credit cards may need to be paid off, and student loans may stay with the individual.  If necessary, consult a financial advisor to develop a plan.

3. Monitor Your Credit: Regularly check your credit reports to ensure there are no surprises. Address any errors or discrepancies promptly.  It may be a good idea to freeze your credit to reduce the risk of identity theft – in the event your ex attempted to apply for credit using your name and social security number.

What Are Your Prospects of Buying Another Home?

If you plan to purchase a new home, it’s essential to understand how the divorce might affect your ability to qualify for a mortgage. 

Here’s what you should consider:

1. Consult a Mortgage Broker: A mortgage broker specializing in divorce-related transactions can provide valuable insights. They’ll help you navigate the complexities of obtaining a mortgage post-divorce.  I have a few of my best lender contacts listed here.  They will take good care of you, educate you, and can help you navigate through complex financial situations.

2. Refinancing Options:  In some cases, one spouse may refinance the family home to buy out the other’s share. Consult with a mortgage professional to determine if this is a viable solution for your situation.  This has the advantage of getting “both” of your credit off the loan.  You may also be able to do a “cash out refinance” which will allow equity to be pulled out of the property which someone could use for a down payment, or paying off other debt.  However, your interest rate may be affected.  If today’s rates are higher than the interest rate of the mortgage, the new loan may have monthly payments that are harder to afford.

3. Strengthen Your Financial Position:  In order to buy a new home, you’ll want to find out from your mortgage broker what you need to do.  Common concerns are saving for a down payment, making sure the new house payments are affordable based on what you’re earning, and paying off other debts which may affect your credit score or debt-to-income ratio.   If you’re ready to buy, but concerned you don’t have enough money, you may be able to utilize down payment assistance programs (sometimes you can buy with a small down payment, or get a grant), or tap into retirement accounts for money for a home purchase.