Divorce and/or separations while wanting to sell a home can make the process trickier. Selling your home is already a very emotional experience for a lot of people. The whole process can be a strain on strong relationships. If you find yourself in this scenario here are a few options/scenarios I have run across. *My experiences and information are based on Utah situations, other states may have and could have different stipulations in place.... please check with a professional before proceeding*
First of all I want to make clear my intent is not to give legal advice, I am a Realtor not a lawyer. My conversation is based on experiences I have come across while working with people who are divorced and/or separated.
Separated: If you are both on title, you will both have to agree to the price of the home. You will have to agree to the timing of selling it, the repairs and cost of repairs along of selling the home. You will also have to decide how to divide the equity, if you have any, from the sale of the home or if you have to bring in money who will bring in what amount. As we begin this process I always suggest my clients visit with their attorneys or some-type of representation and have a document drawn up that breaks all of this down in detail having all parties sign and acknowledge. I have found this helps especially if the market is a little slow and it takes a little while to sell the home or if the divorce process is one that is messy and going to take a long time to resolve. Peoples emotions and circumstances can change drastically and having an agreement upfront sometimes helps. At the very least have the discussion and write it down with both signatures so the title company has some sort of documentation when it comes to proceeds.
Divorced: if you are divorced you have already had a judge decide who can sell the property and how the expenses and equity will be handled. Please be prepared to provide this document to the listing agent and the title company for their documentation and informational purposes.
I think one of the biggest hurdles I have come across when listing with two parties involved who are not getting along is the pricing of the home. If it is not defined in the divorce decree I always suggest each side hires an independent appraiser for an appraisal along with the Realtors CMA for their comparisons and use in deciding pricing. I have found that if both parties are in charge of selling the home and they both hire someone it helps drastically when the home is put on the market and pricing has to be decided.
As always the comments above are purely suggestions based on my experiences throughout the years. Everyone has their own unique situation and the above is a simplistic generalization of getting started in this scenario. The process will be detailed, very involved and sometimes emotional but if everyone works together the end goal will be reached.
If you find yourself in this scenario and have questions please call me. I'm here to help.
Best wishes~
Kim
Results Real Estate
801-580-5624
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