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Selling due to divorce - what price a fresh start?

selling due to divorce

Selling due to divorce usually means one of two things. You want the most you can get for your property, and are prepared to wait as long as it takes. Or you have a meeting of minds in wanting to sell as quickly as possible. Which camp are you in? Too early to tell?

It's always best if you're divorcing to agree between yourselves how you're going to handle your sale. If you don't you may find yourselves pulling in opposite directions. Surely counter-productive? Avoid the courts if you can.

selling due to divorce

Where to start..

If at all possible we'd suggest you try selling on the open market first - even if the property market isn't doing well. Selling on the open market through agents or trying to get a private sale are your best chances of being able to pocket the maximum amount of cash from the sale of your home. For the vast majority of sellers, when one home becomes two, money can be very tight.

selling due to divorce

Consider paying for a survey

Selling due to divorce can be a very upsetting experience. We'd always suggest you spend some cash up front on a surveyor's valuation. This will help you pitch your price correctly for the prevailing market and generally arrive at an equitable settlement. Surveyors often have a better handle on market trends than agents who don't always advise on realistic pricing even if you explain you want a quick sale.

You must look after your own interests. No one else will. A surveyor's valuation will give you a sensible baseline from which to start. At a cost of a few hundred pounds surely worth it when thousands of pounds are at stake?

The last thing you want if you're selling due to divorce is to have few or no viewings. This is really the acid test of whether your price is in the right ballpark.

selling due to divorce

And if you're selling due to divorce and have different opinions about your house's value, an independent and expert view is no bad thing. Your legal advisers may well suggest this too. Likewise if you need a clear idea of your likely proceeds on which to base your plans.

One tip which will stand you in good stead is to make sure the surveyor who does your valuation is based in the area - this is especially true if you're using one of the national firms such as Colleys, Colliers or Countrywide.

You can then use your valuation to have informed discussions with estate agents. Or if speed of sale is utmost in your minds, consider professional property buyers. In the current market it's difficult for all buyers to assess the selling price/value of any unsold property. And of course you don't want to be hoodwinked into thinking prices are more depressed than they actually are. In some parts of the UK house prices are largely holding up.

selling due to divorce

Selling due to divorce - is speed everything?

What happens if you get to the point where your relationship breaks down completely or you feel you must sell for other reasons? It may be worth calling on the services of a quick house sale specialist. The time to do this is when your need to sell now out-weighs concerns about achieving top dollar for your house. Deciding to sell quickly due to divorce is not uncommon.

Approaching professional property buyers will require you to get into a more flexible frame of mind about your house's value. The value to a cash buyer will be substantially less than the price you can achieve (given sufficient time..) through an estate agent. But if you're selling due to divorce getting top price may have long gone by the board as your main focus.

selling due to divorce

What price for a fresh start?

Selling due to divorce and divorce in general can over- sensitise you to money issues. It can seem as if property buyers make significant or unfair profits from their quick house sale purchases..

One thing is certain - it won't be as much as you think. Professional property buyers purchase at "trade" prices. If your house is worth 100,000 and a buyer offers 80,000, the buyers "profit" is not 20,000 as is commonly thought. If only it were that easy. And profitable...

As the vast majority of professional property buyers offer a no cost service not only do they pay all their own costs - they also pay yours. But do check the terms and conditions of individual buyers.

selling due to divorce

There is a premium to be paid for a certain and fast sale. If all buyers could offer this the premium wouldn't exist!

Think about it.

You won't be left biting your finger nails and wondering if everything is going to proceed as planned..which you may well do if you sell on the open market. And of course a guaranteed sale means fewer mortgage (and possibly loan payments) to make.

The exact amount of profit property buyers make eventually depends on what they do with the property (and the risks!). But if you're selling due to divorce that's probably not your main concern. A fast sale for your divorce may be just the thing. You get a chance to put your divorce behind you. What price can you put on a fresh start?

For an initial discussion call us on 0800 043 0669 or simply complete the form below.

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