Selling Your Home During a Divorce

 Posted on March 05, 2020 in Real Estate

There are countless reasons that you might wish to sell your home. Maybe you are moving to a new city, or maybe you have just had your offer accepted on a new home in a different part of Northern Illinois. You might also need to sell your house due to the circumstances surrounding your divorce. In many divorce cases, selling the marital home is part of the equitable division of marital property that is required under Illinois law. If you are selling your home due to a divorce, a qualified real estate attorney can help you do so while avoiding potentially costly mistakes.

Take Your Time

If you are like most people, you want the divorce process to be completed as quickly as possible while protecting your rights and best interests. Rushing the sale of your home, however, could cause problems. Selling a home involves many steps, and you will have a number of responsibilities before and during the transaction, and your soon-to-be ex-spouse will probably need to be involved as well. With the help of your attorney and your real estate broker, you should compile a checklist that includes everything that needs to be done, including but not limited to:

• Arranging an appraisal
• Inspection considerations
• Necessary repairs
• Listing the property
• Scheduling open houses and other viewing appointments
• Vetting offers from prospective buyers
• Preparing and reviewing the transaction documents

Be patient, and only check things off once they completed to the satisfaction of everyone involved—especially your attorney.

Keep Your Divorce Quiet

Your divorce might be the lone reason for you to sell your home, but prospective buyers absolutely do not need to know your reasons. In fact, home sales experts suggest that you should avoid talking about your divorce with potential buyers completely. When you share with a buyer that you are selling due to a divorce, you could unintentionally give the impression of desperation. As a result, buyers may be more likely to offer lower bids or to demand more from you because they believe that you are looking to make a deal quickly. Do not lie to buyers about your reasons for moving, but it is not really their business that you are getting divorced.

On a similar note, you may also wish to address the appearance of your home to avoid leaving evidence of a marital split. Rearranging furniture and closet contents may be appropriate to make it a little less obvious that one of you has recently moved out of the home.

Work With a Lake County Real Estate Attorney

In addition to the practical elements of selling a home during your divorce, there are many legal considerations to address as well. Contact an experienced Libertyville residential real estate lawyer to get the help you need throughout the process. Call 847-549-0000 for a free phone consultation and case review at Newland & Newland, L.L.P. today.

Sources:

https://mymortgageinsider.com/selling-a-house-while-going-through-a-divorce/

https://www.zillow.com/sellers-guide/divorce-selling-house/