Selling your home during a divorce can be an emotionally stressful time. Not only are you dealing with the emotional changes that come with ending a marriage, but you’re also having to make decisions on how best to handle the sale of one of your most valuable assets. One of the biggest challenges in your divorce sale is negotiating repairs and other contingencies to get the best deal on selling your house. Here are some tips for divorce sale negotiation while navigating this delicate process.
Understand Your Rights Under The Law
Before engaging in any negotiations with potential buyers, it’s important to understand what your rights and responsibilities are under divorce laws in your state when it comes to selling property. Make sure you know what legal requirement must be met and if applicable, what repairs must be made before the sale can go through. This will help you avoid any unpleasant surprises down the line and ensure you keep within the bounds of the law.
Consider Making Repairs Beforehand
If possible, consider making any needed repairs before putting your house up for sale. Doing so can help reduce negotiation time and make buyers more likely to pay the full asking price or close to it. It also helps remove any uncertainty over who is responsible for paying for expensive repairs at closing or anytime after that. On top of assuring potential buyers that the property is sound, this will also improve its value in general and could influence their decision about whether or not they want buy it in the first place.
At Town & Parish Realty, we are fans of pre-listing inspections to help identify the repairs that need to be made. We want this process to go as smoothly as possible for you. Taking care of these repairs before negotiations will result in one less thing for the buyer to ask for.
Request Repair Credits If You Choose Not To Repair Ahead Of Time
Suppose you decide not to repair anything beforehand. In that case, you should offer potential buyers an allowance at closing instead. (i.e., closing cost assistance as compensation for any needed repairs). Negotiating repair allowances into an offer may involve some back-and-forth between both parties. But, providing evidence such as inspection reports or estimates from contractors may give you some leverage in establishing the amount of credit asked for since these documents indicate exactly what needs to be done and how much it would cost in materials and labor, respectively.
Understand Seller Disclosure Laws In Your State
It’s important to familiarize yourself with seller disclosure laws specific to your state before entering into negotiations with prospective buyers. Disclosures dictate what types of home defects sellers must disclose before contracts can be finalized between buyer and seller alike. In Louisiana, the Property Disclosure Document is required to be filled out by the seller(s). This document requires disclosing any defects the seller knows, even if they have been resolved. Think of the Property Disclosure Document as an insurance policy for yourself. Suppose you have truthfully disclosed everything you know about the property. In that case, the buyer can’t come back to you if something fails after the sale.
Hire A Professional Real Estate Agent To Help With Divorce Sale Negotiations
Having a real estate professional on hand helps provide guidance throughout the entire process. It can greatly influence negotiations, too – especially when both sides have significant back-and-forth regarding repair allowances being requested during the inspection period.. A seasoned agent will have enough experience handling such matters so that everything runs smoothly without costly delays. This makes them invaluable assets during times like these because they take care of all paperwork/contracts needed at every step until the finalization point has been reached!