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.
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.
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.
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 - 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.
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.
There is a premium to be paid for
a certain and fast sale. If all buyers could offer this the premium
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
For an initial discussion call us on
0669 or simply complete the