Tips on How to Sell Your Condo or Co-op Quickly During a Divorce in Manhattan
As you might imagine, divorce can be complicated. It can be challenging to agree upon a visitation schedule regarding your children and dividing up all of your assets. Often, one of the most instrumental aspects of getting a divorce in Manhattan is handling the sale of the marital home. In certain situations, divorcing couples may decide to have one person stay in the condo or co-op apartment instead of selling it. On the other hand, there are instances where both parties cannot come to an amicable decision regarding who stays or whether one of you can buy out the other’s interest. When both parties cannot come to an agreement, the only solution may be to sell the condo or co-op.
The first step to selling your property is to sit down and discuss the financial aspects of the divorce including the cost of maintaining the apartment until it is sold. If there is a mortgage, it may be best to sell your condo or co-op quickly and agree to equally divide the proceeds.
But what if pre-marital funds were used toward the acquisition of the home or one of your parents contributed to the down-payment? What do you do then?
These are questions that may be challenging for you to determine on your own.
Determine the Value of Your Manhattan Condo or Coop
Another aspect of selling your apartment is determining the value and the dollar amount to list it at. Never make assumptions about the value of your condo or co-op. We frequently see people making the mistake of relying upon popular real estate websites online as the proof of valuation of their apartment and the information on these sites are often inaccurate. In addition, people believe that the repairs and improvements they made to the property automatically means that it is worth a lot more than what they purchased it for. This is another misconception. You can get a more reliable estimate of the value of your apartment by consulting a local real estate agent or real estate appraiser who can advise you based on real data. There are many different factors that impact property value: location, square feet, building amenities, reserved parking, and types of upgrades.
In addition, a local realtor would likely make recommendations as to whether additional small improvements could yield a greater return when listing your co-op or condo for sale. So be prepared to invest in repainting or staging your apartment before listing it for sale.
Get the Legal Support You Need During Your Divorce in Manhattan
If you need assistance with divorce or your real estate transaction during your divorce, contact Sabra Law Group today at (646) 472-7971.