There are plenty of reasons to sell a home, most of which are positive. You might plan to sell if your family is growing, or if you are relocating for a new job opportunity or you are looking to upgrade your starter home.
There are, however, less pleasant reasons to put your house on the market. It is no coincidence that the most common times to sell a home under special circumstances are associated with high stress events: death, divorce, and moving — or having to move. Unlike a straight forward sale, selling under special circumstances is a complex process so it is important to have an experienced real estate agent behind you.
A family home is just that, a home. It is full of sentiment and memories and in some instances, it can be difficult to reconcile the need to sell a home with the want to stay. Home sales are highly emotional and with that, important details can be overlooked.
No matter your situation, you want to make sure that you are being represented by a thorough REALTOR® who understands the details of your position and going to help you get the highest dollar amount with the lowest level of stress.
Selling Your Home During Divorce
The end of a marriage is highly emotional for everyone involved. A home means stability and it is not unheard of for each part of a divorcing couple to fight for it. It can be difficult to decide who stays in the home both until the divorce is finalized and afterward.
If neither party agrees to leave the home, it is common to sell the property and split the proceeds. When selling a home following a divorce it is important to ensure that you are getting the most money possible, in a timely manner.
Family law dictates how marital assets are divided and will navigate how closing costs, home inspections and property taxes are split.
The main purpose of a REALTOR® during this period is to connect your listing with potential buyers, creating buzz and making houses more appealing to anyone attending showings. Without experience and technique, houses can sit on the market for months at a time.
The end of a marriage is an opportunity for both parties to move on with their own lives as individuals but it can be difficult to do that without the capital that comes from the sale of a house.
Selling Your Home Due to Bankruptcy/Foreclosure
Debt and financial strain weigh heavily on Canadians. All it takes is one turn of bad luck to be faced with the possibility of foreclosure. Foreclosure is what happens when a homeowner is unable to make their mortgage payments and a property is then repossessed by lenders.
Lenders then sell the property in order to cover the remaining balance of the mortgage. In this case, it is better to sell a home beforehand.
In the event of a foreclosure, real estate transactions are completely out of the hands of homeowners. If a property is seized, the sale price might be well over the amount remaining on the mortgage — so what happens to this difference?
The bank/lender retains any amount of overage that occurs during a foreclosure sale. Selling beforehand means being able to choose your own REALTOR® who will work to get you the highest possible sale price. In this situation, a higher sale price will enable sellers to pay off the remaining amount of their mortgage but keep any additional money made during the sale.
Bankruptcy occurs when debts outweigh income and lenders demand payment. If payments cannot be made, borrowers have the opportunity to file for bankruptcy, dissolving consumer debt or settle for lower amounts. A bankruptcy claim stays with you for a period of 7 years, in which it will be much more difficult to purchase a car, another home, or open a new credit card.
Selling a house makes it possible to cover those debts and start fresh.
Selling a Home Following a Loss
Losing a loved one is never easy. There is a huge emotional toll during a passing, as well as a financial one. When there are estates left behind, it is often left up to the family how to divide any assets that are left behind. Without a detailed plan, asset division can be incredibly complicated and volatile. Houses are assets that are commonly left behind and more often than not, need to be sold.
The most common reasons for selling homes of loved ones after they have passed are to divide the asset equally, and to pay any remaining debts or cover expenses for funerals and services.
Settling an estate can take years if improperly handled and houses/property are a big part of that. When you are dealing with a complex situation, hiring a reliable and competent REALTOR® is incredibly important. A REALTOR® can help to navigate real estate contracts and provide a neutral platform dedicated to getting the highest sale price.
Your Winnipeg REALTOR®: Specializing in Special Circumstances
Real estate is a booming industry but it is also a people industry.
When selling your house in Winnipeg, Dino Stepic is committed to building relationships and doing right by his clients, particularly at a vulnerable time in their lives. Complex personal issues makes it difficult to know who you can trust but you never have to worry about that when selling a property.
Whether you currently live in the home, have great memories on the property or are looking to liquidate an asset, Dino Stepic will fight to keep money in your pocket and push for prompt sales.
