Going through a divorce in Minnesota is never easy, and selling your house can be one of the hardest tasks you face during this time. If you are not careful, you could end up losing a lot of money in the process. The following tips can help minimize the stress and financial losses associated with this difficult process.
Find out the true value of your home
When dealing with divorce and real estate, you must be realistic about your home’s value. The amount will be dependent on the current market. In fact, it’s not uncommon for divorcing couples to sell their homes for less than they paid for them. While this can be disappointing, you must keep in mind that your goal is to sell the house so that you can move on with your life after your split.
Get separate real estate agents
Another important tip is to avoid using a real estate agent who represents both you and your spouse. While this may seem like a smart way to save money, it can actually end up costing you more in the long run if things go south. A good real estate agent will know how to negotiate with your spouse to get the best possible price for your home. He or she will also be able to help you avoid any potential legal problems that could arise from using a dual agent.
Consider renting it out to help pay for the mortgage
If you are having difficulty selling your home, you may want to consider renting it out. This can be a great way to generate some income while you wait for the market to improve. Just be sure that you carefully screen any tenants and have a solid lease agreement in place before renting out your property.
While it’s still not going to be easy, taking these steps can help you minimize the financial and emotional stress associated with divorce and real estate.
