Take a deep breath. You deserve it. Divorces can be difficult but working out what to do with your house doesn’t have to be. We have helped many divorcing couples navigate the successful sale of their homes, both couples that are on good terms and others that have decided it best to work through an intermediary.
Real estate is often the main focus for divorce proceedings. So it can be an additional stress to a hard time. Just remember, there are options for selling your house or condo quickly, smoothly, and without fuss.
Know your real estate agent has your mutual interests at hand; securing the best price for your San Francisco home. Here are 8 things to know about selling during a divorce.
Selling a home in a divorce works just like selling at any other time except:
1. Both parties need to be crystal clear on who gets what at the time of sale
California is a community property state where real property is split 50/50. Check with an attorney about how this applies to you – there are similar stipulations for Domestic Partners and couples that have been together for 10+ years.
2. You’ll need to find an agent you can both agree upon
If you can, interview agents together or interview them separately and rank them, choosing the one you both rank either in the top or second spot.
3. Choose an agent that has exceptional communication skills
There should be zero confusion amongst all parties from start to finish.
4. Both parties can use their own realtor to ensure they feel fully represented
This would be marked as a co-listing agent, one for each party.
5. Agree upon a price you are both willing to sell for
If you can’t agree, trust the advice of your agent.
6. If you want to be done with the sale fast you may need to settle for a lower offer
At the time of writing, the median days on market for San Francisco is 14. Homes tend to move quickly here.
7. Talk to a financial advisor
There are some significant tax-related penalties and benefits to the timing of your sale. Talk to a trusted financial advisor about residency requirements and whether it’s best to sell before your divorce is finalized and while you can still file joint taxes.
8. Settle all expenses
Once the sale is finalized, be sure both parties have settled all selling expenses before splitting the profits. A good realtor will help you have a clear understanding of what the buyers pay for and what the seller is required to pay, so there are no surprises.
Have an additional question? Drop us a line. We are here to help San Francisco home buyers and sellers make the right decisions on their own terms.