Divorce is an emotionally challenging and complex process, and one of the biggest concerns for separating couples is often what to do with the marital home. As the couple’s largest asset, it can become a major point of contention.  This can equally be true if the home was part of an inheritance.

Given the stress, time and expense involved in a divorce, finding a quick and straightforward solution for the house can significantly ease the process.

Who Gets the House in a Divorce?

Deciding who gets the house in a divorce is complex and depends on various factors. Typically, the home is either sold, bought out by one partner, or retained by one partner if children are involved.

Selling the property is often the simplest solution, but the traditional selling process can be lengthy and exacerbate an already difficult situation. This is where selling at auction is advantageous, potentially resolving the sale in as little as 20 days.

Why Sell at Auction?

Selling a property at auction offers several benefits, especially during a divorce. While traditional sales through estate agents can fetch higher prices, they come with unpredictable timelines and potential complications.

Auctions, on the other hand, provide a guaranteed minimum value and a swift sales process. Though you might sell for 10—15% less than the market value, the speed and certainty of an auction can be invaluable during a stressful divorce.

While there is a chance the winning bid can pull out of the sale, you will keep the initial deposit. This is then transferred once the sale is agreed, and the house is simply relisted. Also, thanks to the competitive bidding process, you could end up with more than what the market values your property at.

After the auction, you can split the money 50/50, or however else you agreed, and simply walk away. No more ties; no more stress.

The Advantages of Selling Your Property at Auction.

Regardless of whether you’re going through a divorce or not, selling a home at auction benefits you in a number of different ways.

• Sell without delay
• Avoid the hassle of lengthy chain sales
• Better protected if buyers drop out
• High success rates
• Stress-free
• Works for all property types, no matter their condition

No Delay.

When selling a property through an estate agent, the process can last at least 4—6 months. However, selling at auction can take as little as 10—12 weeks, and in some cases, just 20 days! If you need to settle up and move on quickly, selling at auction is a no-brainer.

No Lengthy Chains.

Traditional house sales depend on existing homeowners buying their next home before selling to you. This can cause significant delays. Selling at auction eliminates these lengthy chains, allowing you to move on with your life without pointless waiting, drawing out the divorce process.

Less Chance of Buyers Dropping Out.

House sales through estate agents can fall through at any stage, often without penalty. The beauty of auctions is their legally binding nature. Once the gavel falls, the highest bidder officially exchanges, and both buyer and seller are legally committed to completing the purchase. If they get cold feet, you’re better protected and keep their deposit.

High Success Rates.

Around 80% of properties successfully sell at auction, compared to approximately 51% through estate agents. If your property doesn’t sell the first time, it can appear in subsequent auctions, increasing your chances of a successful sale.

Stress-Free Process.

Dealing with an estate agent or chain involves a lot of effort and coordination. By choosing to sell your property at auction, the auction house handles everything—from marketing to the bidding process and transactional details—streamlining the process and reducing stress.

Suitable for All Property Types.

There’s a common misconception that auctions are only for derelict buildings. However, any property type can be sold at auction, including commercial premises. Whether your home is what’s known as a “problem property” with subsidence or is perfectly normal, auctions can help you achieve a speedy sale.

Should I Sell the Marital Home at Auction?

Deciding how to sell your marital home depends on personal preference and circumstances. If both parties agree to sell, you usually want the equity quickly to start anew. Traditional sales through estate agents can take a long time and are never guaranteed. An auction, however, offers a fast resolution. In as little as 20 days, you could finish the divorce settlement and both move on with the next chapter of your lives.

If you’re looking for a quick and stress-free way to sell your marital home during a divorce, consider exploring the auction route. Contact Keyco today to learn more about how we can help you achieve a swift and smooth sale by putting you in touch with expert auction houses.