By Daniella Gold, Harvey Kalles Real Estate

 

Buying and selling property in this real estate market is enough of a challenge for many. If you are in the midst of a divorce, the prospect of having to do either can be overwhelming.

You may be wondering what can be done to make this process easier for you. Here are some suggestions that will help you to get through this with the best results possible.

 

BUYERS

If you are considering buying and have not yet sold the matrimonial home, it is imperative that you consult with your lawyer. There are many legal implications that can affect everything from financial obligations, to custody and access when children are involved. Your lawyer has a plan to protect your best interests and needs to be contacted before you make any major financial or housing decisions.

If you have sold your matrimonial home and want to purchase a home right away, make sure to connect with a mortgage broker or lender to get a pre-approval confirmed. It is very important to assess what you can afford based on your new marital status and how that affects your income and affordability. This will allow you to move forward with confidence so that you can purchase a home that you know you can afford.

 

SELLERS

This is an emotionally turbulent time. Many people who are going through a divorce are in pain, frightened, angry, hurt and untrusting. The process can often make a bad situation much worse.

The sale of the matrimonial home must be seen as a business transaction. Unfortunately, very often the family home, at one time a source of joy and pride, is used as a pawn in a game where nobody wins. This  home is most likely your biggest asset. Your co-operation with your former spouse can have a big impact on the sale price and the entire process, in general.

 

So, how do you limit the stress and stay focused on getting the most money for your home, with the right closing date that suits your family?

Choose a realtor who will have both of your best interests at heart and has experience working with divorcing couples. Your salesperson will need to have an understanding of the legal implications with respect to the sale of the matrimonial home. They should also be a strong negotiator and a great hand holder. Do your research, ask friends and family for referrals. Ensure both of you have the opportunity to interview the realtors and select the one who is not only experienced in terms of qualifications, but also one that you feel comfortable working with.

With the help of a family member, friend, agent or a trusted advisor, you should determine what needs to be done first. This may include making a list of repairs and necessary updates that may have been overlooked by the sellers due to the circumstances.

Negotiate either directly with your ex (if it’s possible to do so in a respectful and productive way) or have someone act on your behalf to determine who will be responsible for arranging the work to be done, as well as who will be paying for the work. Get it all in writing, and ensure that you and your partner have both signed off on it.

While the home is being prepared for listing, it is prudent to determine the marketing and sales strategy, as well as the details such as: the ideal closing date, when showings can take place, who will be notified of showings, and more. You realtor should walk you through all of the options, and ensure that both parties are comfortable with the terms of the listing situation, as well as how to deal with offers when they come in.

If not managed correctly, this can be a very difficult process. Remember to keep focused on the goal of selling your home for the most amount of money in the shortest amount of time possible. Trust the professionals who are assisting you through this, knowing you have chosen wisely. You can have a direct impact on making this process a much smoother one for all involved.