How to Sell Your Home Fast After a Divorce

Divorce rates may be high across the United States, but that doesn’t make the process any easier for those involved. In fact, according to the Holmes-Rahe Stress Inventory, it’s the second most stressful thing that can happen to a married couple.

With so many loose ends to tie up, selling your house after divorce might not be top of mind initially, depending on your divorce agreement. Usually, the children remain in place with one parent while the other finds alternative accommodation.

However, as time goes on, paying your half of the mortgage plus rent will become financially challenging. When it does, you’ll need to navigate the tedious process of selling your family home.

This is how it works and how you can speed up the sale to make the process as stress-free as possible.

The Legal Implications of Selling Your House After Divorce

Under Tennessee law, divorcing couples are not compelled to sell jointly owned property and split the proceeds. Couples may come up with their own arrangement regarding their home, provided the court considers this arrangement to be fair.

If you can’t come to a fair agreement regarding the house, the court will decide on your behalf. Alternatively, one party may choose to buy the other out.

However, there are considerable costs involved with being the sole owner of a house. These include:

• The mortgage
• Property taxes
• Utilities
• Insurance

Since one party can rarely afford to pay all these costs on their own, a home sale is usually the result of divorce proceedings. In most cases, the court mandates a 50-50 split of the proceeds from the sale.

If you are going to continue with joint ownership of the property, you must remain on good terms with your spouse. This arrangement can get complicated if either party decides to remarry.

In short, selling the home and making a new start is almost always the best option during a divorce.

It’s important to note that married couples get a larger rebate on their capital gains tax when selling a home than single people do, so it’s helpful if the sale goes through before finalizing your divorce.

Always consult an experienced tax professional who can help you navigate your home sale in line with the latest IRS capital gains tax regulations.

Preparing for the Home Sale

Whatever your reasons for selling your home during a divorce, a quicker sale is always better. Most Memphis properties remain on the market for a median of 48 days, which can seem like an eternity when you’re desperate for relief from financial and emotional stresses.

There are things you can do to speed up the sale of your Memphis home. These are the best strategies:

Depersonalizing and Decluttering Your Spaces

When prospective buyers visit your home during a showing, it’s difficult for them to visualize themselves living in a space that’s filled with your family’s memorabilia. When they arrive, you want your home to look like a blank canvas, ready for them to move in.

Step one in this process is getting rid of the clutter that comes with family life. Go through your belongings and get rid of the things you no longer want or need by recycling, donating, or selling them.

Next, consider painting your home a neutral color that appeals to the most buyers. A fresh coat of paint is one of the most cost-effective ways to give your home a fresh appeal.

Carry out Desirable Upgrades and Necessary Repairs

Your home likely has a few small niggling issues that you’ve been putting off repairing for the longest time. Attend to easy fixes like replacing light bulbs and servicing your HVAC system before placing your home on the market.

Upgrades, like landscaping, creating an outdoor entertainment area, or adding energy-saving aspects, can greatly enhance your home’s appeal and facilitate a faster sale. 

When you sell your home to a mortgage buyer, their lender will require a home inspection. To pass this inspection, you must attend to major issues like water damage or roof leaks before you list your home for sale.

Staging the Home for Added Appeal

When you’ve got your house looking at its best, arranging for a stager to prepare it for showings can help it stand out in the market. These professionals know all the tricks for showcasing a home’s full potential.

Hiring a stager is expensive and can help you sell your home faster. You can also try DIY staging to help speed things up.

To avoid the costs associated with repairs, home inspections, and home showings, you should consider selling your house as-is to a cash buyer.

Pricing and Marketing Strategies

Getting a good price involves a combination of knowing when to sell your home and pricing it correctly according to the prevailing market. In this respect, it’s always best to work with a real estate professional who can help you with comparisons of similar properties in the area.

This research involves looking up recently sold properties in your area and comparing them to your house. Factors like the age of the house, its condition, its size, and its location can all affect its market value.

Looking for recent sales of homes with many similar characteristics to yours will help you come up with a ballpark figure for pricing your home. Alternatively, you can hire a property valuation expert to do these calculations for you.

Pricing your home at the correct market value or slightly below this figure can create more demand from prospective buyers and encourage a faster sale.

Marketing and Promoting Your Home

Most people engage in the services of a real estate agent when selling their home. This isn’t always the best option during a divorce.

Listing your home publicly on the MLS can raise unwanted questions from friends and neighbors. If you want to retain an element of privacy, you might consider private real estate listings instead. 

Selling a house via traditional means can help you get a higher price for it, but the cost of selling a house this way also includes many extras that don’t apply when you sell to a cash buyer. These are:

• Real estate agents’ commissions
• Repair costs
• Buyer concessions
• Staging costs
• Marketing costs

Some other closing costs, like paying the balance of your mortgage, are unavoidable regardless of how you decide to sell your home.

One final alternative is to market and sell the home yourself, but that will only save you on real estate agent’s commissions and can be fraught with risks for inexperienced sellers.

Creating Compelling Listings

Before you can advertise your home on the MLS or any other website, you must create a listing detailing its major features, location, and benefits. There are two ways to create a listing that stands out amongst the millions of others listed on the internet.

These are:

Hiring a Professional Photographer

Clear, well-edited photographs are the first thing to catch prospective buyers’ attention. When you hire a professional photographer, you are assured of showcasing your property in as favorable a light as possible.

Hiring a Professional Copywriter

A professional copywriter can weave a dream of happy times ahead for prospective buyers reading about your property. They will help highlight the best features of the home and help buyers envision themselves living there.

Copywriters know how to get the most important information about your property across in the most appealing way.

Managing Negotiations and Offers

After all your efforts, you’re bound to receive a few offers on your home eventually. Most buyers will try to get a better deal by offering under your asking price or asking for concessions like repairs to the home.

If you’re working with a real estate agent, they will act on your behalf during these negotiations. Once you’ve agreed to these terms and conditions, you’ll need to wait for the buyer to achieve mortgage approval before they can finalize the sale.

When you sell your home on your own, you must respond to any offers you receive and carry out the negotiations. It’s best to hire a legal expert to help you navigate the intricacies of a real estate sale.

If you’re selling your home for cash, this part of the transaction remains the same, unless you’re selling to a cash home buying company. These professionals will offer you a no-obligation, once-off price for your home, helping you avoid the costly and time-consuming negotiation process.

Moving Forward After a Divorce

Selling your house after a divorce is a stressful and emotionally taxing experience, so it’s always better to get it over with as quickly as possible. While you can engage in tactics to expedite the sale, selling to a cash buyer is very often the best option during a divorce.

This process is quick, involves no repairs, and has fewer costs and risks than a traditional sale. It’s by far the quickest way to sell your home during a divorce.

We’re here for you at this difficult time. Request a no-obligation cash offer now so we can help you get on with the next chapter of your life.