What to do about your house when you Divorce Part 2 of 2
By Michael Hughes December 2, 2009
The house as a commodity
Your home is now a commodity. You must detach from the emotional aspect of it. Often easier said than done. This is divorce. As the Nike logo says “Just Do It.” What this means is you detach, you listen to your advisors and your realtor about what needs to happen to get it sold. You don’t want just the lawyers coming out with money in the bank! It means you detach yourself from your house and listen to other people’s advice about what you need to do to sell it.
Do not spend money on anything unless it is deferred maintenance. Agree up front, in writing if possible, who will pay for what. Stage the house minimally. In other words clear out the clutter and the family pics. Neutral, neutral, neutral. Price it properly. Price it to move. Avoid relying on gossip regarding prices in the neighborhood. Get the facts. Call me now for an absolute accurate Price Analysis based on todays’ market.
Outcome of setting your price too high
Setting a price that’s too high has a potential of three or more negative effects. First, it will take more time to sell your house, that extends the time you’re making the mortgage payments. Second, your house will become stale or shop worn and potential buyers will wonder what’s wrong with it. The price you eventually get will be lower after “chasing the market.” Third when an offer is made if it is too high and it doesn’t appraise it presents the buyer with a new set of problems and they can walk away from the deal.
Don’t leave it empty
If you and your spouse have both moved out of the house, leave some simple furniture there until the house sells. Rent furnishings if necessary. Empty houses are hard for most buyers to imagine living in. Also if just one of you is living there try to leave a few clothes from both parties. It is a dead giveaway when you walk in and there is one empty walk in closet in the master suite. Buyers are always looking for the “reason” why sellers are selling.