Complete Las Vegas Divorce Home-Sale Guide: From First Decision to Closing

Selling a house during divorce can feel overwhelming because the real-estate transaction arrives in the middle of everything else.

Attorneys.

Finances.

Moving.

Children.

Work.

New housing.

And now someone says:

“We need to get the house ready to sell.”

The easiest way to make the property manageable is to stop thinking about the entire transaction at once.

Start with the basic facts

Start with the basic facts.

• Who currently owns the property?
• Who is on the mortgage?
• Are there additional loans?
• Is there solar?
• An HOA?
• Known liens?
• Is someone currently living there?
• Are there legal agreements or court orders affecting the property?

Once legal authority is understood, Lisa evaluates the market

Once the legal authority is understood, Lisa can evaluate the market.

She will look at the home itself and current comparable sales.

She'll look at competition.

She'll consider condition.

Then she can provide a realistic pricing discussion.

Understand estimated proceeds

This is the point where the couple should also understand estimated proceeds.

Lisa can prepare a preliminary seller net scenario.

Again, that does not divide the money between spouses.

It simply answers:

“If the home sold around this price, what might the real-estate transaction look like financially?”

Ask whether the house actually needs to be sold

Now ask whether the house actually needs to be sold.

• Could one spouse realistically keep it?
• Could a buyout work?
• Can the financing work?
• Would keeping the home create an uncomfortable financial burden?

Prepare the property, strategically

If selling is the answer, Lisa wants to see the property before anyone starts renovating.

Clean it.

Declutter it.

Make strategic repairs.

Present it well.

But don't spend $40,000 because someone on the internet said every seller needs a new kitchen.

List it like any other professionally marketed Las Vegas home

Once the property is ready, the listing should look like any other professionally marketed Las Vegas home.

The buyers do not need the divorce story.

They need excellent photographs, accurate property information, compelling presentation and reasonable access.

Compare offers as packages

When offers arrive, Lisa compares more than price.

She looks at financing.

Concessions.

Timing.

Due diligence.

Appraisal risk.

Estimated net.

The strongest offer may or may not be the highest number.

Inspection and appraisal

Then comes inspection.

Buyers may ask for repairs or credits.

This is where divorcing sellers need to keep the negotiation about the property.

A major AC issue may deserve serious attention.

A collection of small repair requests may be handled differently.

Lisa will explain the options based on the transaction.

The appraisal may create another negotiation if value becomes an issue.

Title and escrow continue in the background

Title and escrow work continue in the background.

If there are liens, HOA balances, solar obligations or title questions, earlier identification makes them easier to address.

The spouse still living there needs a moving plan

Meanwhile, the spouse still living in the house needs a moving plan.

Do not wait until three days before closing.

The buyer's possession rights under the contract matter.

The occupant needs to be prepared.

Closing, and saving the documents

At closing, the appropriate transaction professionals handle the property transfer and closing requirements.

Any division of proceeds between divorcing spouses follows the applicable legal agreements, instructions and requirements.

Then save the documents.

• Closing statement.
• Relevant sale documents.
• Repair invoices.
• Tax information.

Ask your attorney and tax professional what should be retained.

And remember this

And remember this:

You can call and say:

“I'm getting divorced. We own a house. I have no idea what we're going to do with it.”

That's a perfectly good place to start.

Lisa can help you figure out the real-estate part one question at a time.