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How to sell your house after the break-up

How to sell your house after break-up

During this emotional time, financial mistakes that can have long-term effects can be made. So, what is the biggest ownership mistake people make when a relationship ends, and how can you avoid it?
how to sell your house after break up

Table of Contents

Trying to sell under the radar

In the upsurge of relationship breakdown, people may act irrationally and sometimes even try to sell their common assets without knowing it to prevent the ex-partner from getting out. This can be counterproductive, especially if both parties own the property because the agent cannot legally sell the property without the owner’s approval.

Rushing to sell

The need to fast forward will stimulate the predecessors to press the fast forward button during sales. But selling quickly off-site is not necessarily the best method, especially when the market is hot and the four-week auction may produce stronger results. It is best not to rush to make important decisions, such as selling a property.

Disclosing the break-up to potential buyers

Most successful real estate investors understand that the “D” in divorce will bring some bargaining opportunities for basement purchases. Sellers often sell them quickly (as I mentioned above) or the house is half empty, and half of the clothes in the refrigerator, washing machine, and closet have been cleaned. Buyers don’t need to pay much attention. What’s wrong? When a property is sold, it is always important to own it. It looks best, so if you need to rent furniture to hide the fact of separation or divorce, I suggest you do so.

Also, make sure you provide advice to your selling agent about your desire for your personal circumstances not to be disclosed to potential buyers.

In this way, no one should know that the property was sold in order to complete a divorce or similar agreement, and it is more likely to achieve a good sale result.

Buying a new house too quickly

Once the property is sold, it is also important not to buy another property immediately. Likewise, real estate is not something that anyone should make hastily decisions. I recommend taking the time to reassess your short- and long-term housing needs, especially if you have children who may be with you from time to time. Renting may be an ideal temporary option, especially when considering moving to a new community.

Buying a new house too quickly

We all know that there may be quite a bit of hostility during a relationship breakdown, but this does not mean that your financial responsibilities are also dissolving. It may be tempting to stop paying mortgages and bills during the divorce, but this strategy is not wise. Not only does the interest rate show arrears, the bank can also participate in the sale. Divorce-driven sales can often further drive down sales prices. Obviously, the emotional turmoil caused by a breakup is already difficult to deal with, but as these techniques show, it is important not to make yourself more difficult. Keep going by making bad financial decisions that may take longer than they need.

Property Settlement Agreements

Once you and your ex have reached a final agreement on all issues regarding who’s going to live where, what happens to the house, how you’re going to split assets (and debts) and any other issues, it’s a good idea to prepare a clearly written document covering all the details of your separation. Be as specific and clear as possible and list each key provision (Who gets the car? The piano? The cat?) separately.

Be sure you both date and sign your settlement agreement and each keep a copy. It’s a good idea to have your signed agreement notarized, just in case there’s a future need (in court or arbitration) to prove that the signatures on the agreement are not forged.

Your signed agreement is enforceable in court in the same way as is any other binding agreement—assuming the agreement doesn’t call for an illegal action.

Be sure to have an experienced attorney review your agreement, especially if you have substantial assets.