Things to consider when selling your property because of a divorce

Posted in Family

Things to consider when selling your property because of a divorce

Even though all young couples hope that they will stay together forever, reality is that over 50 000 Canadian couples file for divorce every year. As much as it is an emotional decision, when a real estate property is involved, both parties need to keep a level head and take decisions that will work in both of their interests. Even though financial experts say that divorce is the worst possible decision from a financial standpoint, if this is a necessity and there is nothing that can be done, one needs to start thinking about the logistics of this entire affair and make the most out of it. However, just because you are divorcing from your spouse and you have decided to split all assets evenly, does not mean that breaking up the real estate is a wise decision. There are many factors that come into play, but the most important one is to make sure the timing is right, especially if the situation allows it and nobody is pressed to sell the property.

 

The first thing you should start looking for is Ottawa mortgage companies if you have a mortgage on your house. There are many dedicated brokers on the market that people can rely on to offer them the best possible solution for their situation. The broker will assess the market and perhaps offer you an idea of what other similar houses go for and tell you how much you can expect to obtain. Another thing to keep in mind is to choose a good timing. While a divorce is never a pleasant event, if the market is not favourable for real estate transactions, you might want to wait a few months and sell during the busy season, when you have more chances of getting a higher price for the same property. In addition, do not overlook the costs implied by the transaction when you make your plans, because you might not get exactly the amount you were expecting at first, even if you do sell at the right time.

 

The last thing you should keep in mind, especially if you are in a hurry to sell is not to tell potential buyers the reason you are selling is because you are getting a divorce. Sensing the urgency of your transaction many people will lower their offer and you risk getting a considerably lower price than you would under normal circumstances. For instance, if your spouse has moved out of the house, you should let a few of his or her things around the house, just to take buyers off your tracks and avoid getting exposed. There is no shame in getting a divorce, but if you want to make a successful transaction, you should do everything in your powers to keep the upper hand and maintain your advantage as a seller. These are the main points that every person should keep in mind when looking to sell a property because of a divorce. Things to do not have to get messy and both sides can come to a beneficial agreement in order to obtain the best possible price for that particular house and or property.