At odds. For Sale.
Even amicable divorces can become rancorous when it comes to the sale of the house. In this essay Anne Henslee, a tenured agent and co-owner of Henslee Conway Real Estate in Baltimore, explains how (and why) you should cooperate to sell even if you are angry. Read it below or read it here on Divorce Circus.
By Anne Henslee
At some point in every divorce there comes a time when no matter how amicable it has been, the husband and wife reach a hard moment of disagreement. Usually that moment concerns the sale of the home.
And for good reason. The home is typically the biggest investment for both parties, and it is fraught with many possible points of dispute. It’s not unusual for one of the parties to question whether selling the house is the right decision.
Even if both parties can agree to sell they may bicker over the price. One sometimes believes the home is far more valuable than the other does. That problem becomes particularly difficult if one party hopes to buy the other party’s interest.
One thing is for sure. You don’t want to end up completely at odds with each other. If that happens, if the two parties simply cannot communicate or cooperate to sell the home, the judge can order that it go to what is called a trustee sale.
That’s to no one’s advantage.
The only thing a trustee sale ensures is that everyone in the situation — ex-spouses, counselors and advisors — all lose control. The timeline, the price, and virtually every other factor are then completely out of the sellers’ hands.
The trustee has just one overriding interest — liquidating the house.
He or she is not likely to take much care in obtaining maximum value for your home. The trustee is not interested in creating a sense of comfort for you. No one is going to consult with you about your wishes.
That’s why, as painful as it can be at times, it is far more advantageous to work with an agent and facilitate constructive, businesslike communication between you and your ex-spouse.
Assuming you and your ex-spouse can agree on an agent, here are some important things to discuss:
? Home Value: How much is your house objectively worth? Also, is there any value hidden in the property that an appraiser may not see, i.e. pending sales that are higher than previous sales, etc.
? Timeline for Sale: Based on current market conditions how long does the agent anticipate it will take the house to sell.
? Market Value Snapshot: Asking your agent to put together a document detailing comparable area sales can give you and your ex-spouse objective evidence that you are pricing appropriately.
? What Needs To Be Done: Does your house need major renovations? Minor repairs? Would you benefit from a good home stager coming in and making the decor neutral and appealing to buyers?
? How the Agent Maintains Impartiality: Ask your agent how he or she plans to keep both parties and all lawyers apprised of all information. Ask exactly how funds will be dispersed after the sale, etc.
? The Agent’s Network of Professionals: An experienced agent can be very helpful recommending other professionals who can facilitate a process that is smooth and fast. These other professionals include: appraisers, title experts, home stagers and other important people with specialized skills. When choosing an agent, make sure you ask about the network they have.
Cooperating with your ex-spouse is a lot easier said than done. People rarely get divorced for pleasant reasons. But cooperating long enough to dispose of the home in a productive manner is well worth it.
The bottom line is, liquidating your home isn’t about marriage. It’s about business. So be a smart businessperson. Choose a good agent. And get the job done.