Divorce can be a difficult and overwhelming time in a person’s life, and one of the most challenging aspects is selling the family home. When you’re navigating a divorce, selling your home, and trying to move on with your life, you might face lowball offers. A lowball offer is an offer that’s significantly lower than the market value of your home, and it can be challenging to know how to handle these offers during such a difficult time.
In this article, we’ll discuss what lowball offers are, how to handle them, and what steps you can take to protect yourself during the home selling process while going through a divorce.
What are Lowball Offers?
A lowball offer is an offer that significantly undervalues your home, and it can be a frequent occurrence when selling your home. These offers can happen for various reasons, including the buyer’s lack of experience in real estate, low market demand for the property, or the home is not well-maintained.
While it might be tempting to accept a lowball offer during a divorce to move on with your life, it’s crucial to understand that accepting an offer significantly below the market value could result in financial hardship or an extended selling process. If you are selling your property with a real estate agent, they will help you navigate lowball offers and ensure that you receive the best possible outcome.
How to Handle Lowball Offers
Handling lowball offers during a divorce can be challenging, but there are various steps to take to ensure that you get the best possible outcome for yourself and your family.
1. Hire a Real Estate Agent: Hiring a reputable and reliable real estate agent is the first step in selling your home during a divorce. They understand the local market trends and have experience handling lowball offers. Real estate agents have the knowledge and experience to price your home accurately and ensure that you receive fair offers.
2. Don’t Take Offers Personally: When selling your home, try to remove any emotional attachment you might have to the property. The potential buyers might not understand why the home holds sentimental value to you, and you could be missing out on a fantastic offer by taking it personally.
3. Counter Offer: If you receive a lowball offer, counter with a realistic offer that’s still above the buyer’s initial offer. This tactic shows that you’re willing to negotiate without underestimating the value of your property.
4. Consider The Buyer’s Contingencies: Contingencies are conditions written in the buying contract that must be met before the sale is final. If the offer you received has many contingencies, it could put the sale in jeopardy. Conversely, minimal contingencies could indicate a committed buyer that you can negotiate with.
5. Keep Emotions in Check: It’s important to keep emotions in check during a divorce and the home selling process. Listen to the advice of your real estate agent, take time to make informed decisions, and don’t let emotions influence critical decisions.
Steps to Protect Yourself During The Home Selling Process
The following are steps to protect yourself during the home selling process while going through a divorce.
1. Know Your Liability: Be aware of what you are entitled to with the sale of your property. A reliable real estate agent can help you understand your legal liabilities and responsibilities when selling your home.
2. Keep Good Records: Keep excellent financial records of all transactions, documents, and other information related to the sale of the property. Create proper documentation and evidence to show what was agreed upon.
3. Work With Qualified Professionals: When selling your home, hire qualified professionals such as real estate agents, attorneys or marriage counselors, to provide you with their professional advice.
4. Protect Your Interest Following The Divorce Decree or Settlement Agreement: Be aware of your interests by safeguarding them through the division agreement. Keep up-to-date with the ongoing settlement, and enforce it if necessary.
5. Get Expert Help: During the difficult time of a divorce, it’s crucial to seek the advice of experts. Get help and support from professionals such as a real estate agent, financial advisor, and attorney to ensure a fair outcome for selling your family home.
Navigating lowball offers during the home selling process is never easy, particularly when going through a divorce. It’s essential to take the necessary steps to protect yourself, your finances, and your interests from the beginning of the home selling process. Working with a qualified and experienced real estate agent can help you receive fair offers and make informed decisions that will provide you with the best possible outcome to move on to the next chapter of your life.
• Lowball offers can happen during the home selling process
• Hire a reputable and reliable real estate agent for help
• Don’t take offers personally; counter with a realistic offer
• Know your liability and keep good records
• Seek help from experts to make informed decisions
Q: How do I determine the market value of my home?
A: Reputable real estate agents and home appraisers can help you determine the accurate value of your property.
Q: How long does it take to sell a home during a divorce?
A: The length of time it takes to sell a home during a divorce varies. However, selling a home through a real estate agent generally takes between 1-3 months.
Q: Can I sell my home during a divorce without my spouse’s permission?
A: No, both spouses must agree to sell their home, unless the court has granted special permission or unless the divorce papers specify that one spouse has the right to sell the house.
Q: How much commission do real estate agents charge when selling a home?
A: Commission rates vary by region and real estate agent. However, typically, real estate agents charge 5-6% of the final sale price.
Q: Can I still sell my home if the bank has a lien on it?
A: Yes, you can still sell your home if the bank has a lien on it. However, the sale of your property may not settle any liens against the property. You must pay all liens in full in order to sell the property.