Selling a home in divorce can be a complicated process, especially when property division has yet to be finalized. To help divorcing couples navigate this challenging situation, I’ve compiled a list of frequently asked questions and answers.
Whether you are concerned about who pays for repairs or how sale proceeds are divided, understanding the process is essential for a smoother transition.
Can the marital home be sold before property division is finalized?
The home can be sold before the property division is finalized, but careful planning is necessary. Both parties must agree to the sale, and the court may require certain conditions to be met to protect each party’s interests. Proceeds from the sale are often held in escrow until the final division of assets is determined.
Who decides on the listing price?
The decision on the listing price typically involves both spouses and advice from their Realtor®,, ideally a Certified Divorce Real Estate Expert (CDRE®). A CDRE®, provides an impartial market analysis to recommend a competitive price that reflects current market conditions. If disagreements arise, mediation or court intervention may be needed.
Who is responsible for paying for repairs or updates to the home?
Responsibility for repairs depends on the circumstances and agreements between the parties. In many cases, both parties share the cost since a well-maintained home often attracts higher offers. A pre-listing agreement can outline responsibilities for repairs and other selling-related expenses, reducing potential conflicts.
How are sale proceeds handled?
Proceeds from the sale of the marital home are typically placed in an escrow account until the court determines how they should be divided. This approach ensures that neither party has unilateral access to the funds, preserving fairness during the division process.
What role does a Certified Divorce Real Estate Expert (CDRE®) play in the process?
A CDRE® brings specialized training to manage the complexities of selling a home during divorce. They act as a neutral third party, ensuring transparency and fairness for both spouses. CDRE®s understand the emotional, and financial aspects of divorce real estate and are skilled in managing communication to reduce conflict.
What happens if one spouse does not agree to sell the home?
If one party is unwilling to sell, the matter may need to be resolved in court. A judge may order the sale of the home and appoint a Realtor® to handle the transaction. A CDRE® can assist in such situations by providing professional guidance and adhering to court directives.
How can the home be prepared for sale when both parties are not cooperating?
When cooperation is limited, the Realtor®/CDRE® can work with attorneys or mediators to coordinate necessary steps. A professional staging consultation, minor repairs, and decluttering can help present the home in its best light, even in challenging circumstances.
How can disagreements about offers be resolved?
If the divorcing parties cannot agree on an offer, the Realtor®/CDRE® may offer guidance based on market conditions and comparable sales. If disagreements persist, attorneys or mediators can help facilitate a resolution. In some cases, the court may intervene to make the final decision.
What happens if the title to the home has unresolved issues?
Before listing the home, a CDRE® will recommend pulling a title report to identify any liens, judgments, or ownership issues. Addressing these matters early prevents delays during the sale process and ensures all parties are aware of their rights and responsibilities.
Why is it important to work with a CDRE in these situations?
A CDRE® offers invaluable expertise in navigating the intersection of real estate and divorce. Their training equips them to handle high-conflict situations with professionalism and neutrality, ensuring that the home sale proceeds efficiently and equitably, even when property division is unresolved.
Selling a home during a divorce in the Twin Cities, Minnesota, while property division remains unresolved, demands meticulous coordination and expert guidance. Collaborating with a Certified Divorce Real Estate Expert (CDRE®) helps safeguard the interests of both parties throughout the process. If you are navigating divorce and planning to sell your home, consider consulting Shannon Lindstrom, Realtor®/CDRE® with RE/MAX Results, to guide you through this intricate process with clarity and confidence.
Would you like more personalized guidance on selling your home during a divorce? Feel free to reach out—Shannon Lindstrom is here to help.
Shannon Lindstrom, Realtor®, CDRE®, CREDS, CRS, GREEN, MILRES, MRP, VCA
RE/MAX Results
7373 Kirkwood Court No, Ste. 300
Maple Grove, MN 55369
Direct: 612-616-9714
