Fastest Way To Sell A Divorce House
“Property Split In Divorce“
When a marriage fails to result in a divorce each spouse gets to keep the property split in divorce and their separate property like the inheritance that they brought into the marriage. In most cases, couples do buy a house together after they get married and the house becomes a marital property. Some try to find the fastest way to sell a divorce house because they know that selling property before divorce settlement can save time and money. Both parties need to agree on the sale and stay legally married until the paperwork clears.
The Fastest Way To Sell A Divorce House
There are too many ways to sell your marital home it will just depend on your goal and timeline. You can put it on the market, FSBO (For Sale By Owner), or sell it to a home-buying business company that offers cash to purchase your home it’s your choice. If you remain pleasant during the divorce proceedings then it will help to run the whole process smoother.
Selling Property Before Divorce Settlement
Selling property before divorce settlement can help you maintain your power to negotiate. In addition, once it’s sold before the divorce date which means you have already taken care of the division of the marital asset then the divorce will run smoothly. However, if you decide to sell it during and after the divorce it gives the potential buyers opportunity to use your situation.
It is important to have these discussions with your spouse now rather than later, especially if the divorce proceedings are progressing.
Property Split in Divorce
In most states in the US, judges divide the divorcing parties’ assets and earnings gathered during their marriage equitably but fair. Community property is divided equally between spousal and each gets to keep their separate property. Property split in divorce isn’t 50/50 it’s being done in an equitable distribution.
What’s The Fastest Way To Sell A Divorce House?
Ideally selling it before the divorce could be the fastest. The divorcing couple should agree on what will happen to the proceeds or sales and how they are going to divide it. If you sell a house after a divorce, you can attract buyers with low offers and less favorable terms simply because they know you needed to sell the property asap. Here are the options to sell your divorce house fast.
- Sell to a Cash Buyer – This makes the most sense and the fastest way to sell a divorce house because they can close a deal in as fast as 7 days and provide a reasonable cash offer. Costly repairs and upgrades aren’t necessary when selling it to a cash buyer because they buy properties in an As-Is condition meaning no matter how it looks or even if it is damaged they will buy it. They hand you the cash and acquire the rights to your home. That simple to complete the sale.
- For Sale By Owner – It is possible to do it on your own. If sellers choose to sell on their own before the divorce it may or may not be easy and fast. Aside from being time-consuming the costly repair and renovation may cost you a lot but that does not give you a guarantee of a sale. Sellers on this route are investing time, money and work to sell it.
- Sell it with a Real Estate Agent – selling property before divorce settlement can be a good idea however selling it with an agent same with FSBO cannot be guaranteed fast. If there were interested homebuyers by the time it got listed then you’re lucky but if not it may sit longer in the market and might not be sold. Keep in mind that there were fees involved when you choose this route aside from commission, they may require you to do repairs and might even need to improve or update some of the furniture as preparation for viewing and showing before listing it.
If you think of the fastest way of selling a divorce house you can consider a cash buyer but if you have enough time and what’s important to you is getting the marketable price then you can list it with an agent. You need to know the difference between the two so you know what would work best for your situation.
Why Sell Your Home To READY SET SELL MY HOME?
- No need for repairs – you can sell your home without putting in extra work. Change isn’t necessary because we buy homes as-is so no matter how it looks and how bad the condition is we are ready to buy. Selling as is will be the fastest way to sell a divorce house.
- Avoid Foreclosure – when you have to meet a timeline either because you want to stop foreclosure or are behind on payments we can be your resource. We offer you cash and flexible closing unlike waiting around for a buyer on the open market that you don’t know how long it takes.
- We cover the closing cost – the closing cost associated with selling your home can cost thousands of dollars so it will change the amount of money you are taking home since the homeowner is usually the one accountable or responsible for the closing cost but when you choose to sell your home to us “Ready Set Sell My Home” we cover the closing cost and the amount we offered you when we started is what you’re getting we’re not deducting the expense in closing.
READY SET SELL MY HOME worked and helped so many people dealing with the same situation. We want to make it easy and fast for you, especially for those who are struggling to keep up their mortgage payments or no matter what you’re going through.
Benefits Of Selling With A Real Estate Agent
- They are neutral – Of course, you got to make sure you get a real estate agent that is neutral between both parties. They will serve as a great mediator while you are dealing with proceedings and with the process of selling the marital home.
- Less work – Imagine all the paperwork involved when selling; hiring a professional means they will navigate and handle everything for you. The commission fee you will be paying will be worth it for their service, work off of your plate, your time saved, and less stress.
- Due Diligence – Real estate agents’ service and responsibilities include doing their due diligence. Knowing that you are in a crucial situation, realtors can do their magic of keeping you from people taking advantage of your situation. Their knowledge of the market and their service can be a big help. They reviewed your neighborhood to know how much your house is worth.
What If We’re Facing Foreclosure And Divorce At The Same Time?
Foreclosure during a divorce is very common. The foreclosure of your home impacts the terms of the agreement on the divorce settlement. Property settlement will determine how divorce impacts any shared property including the marital home. The best course of action to take when dealing with both could be selling it to pay off the mortgage and move on with your life. Property split in divorce would be nothing when facing foreclosure having both of your names in line.
What If I Want To Keep The House With An Existing Mortgage?
It’s a fact that homes do have meaningful emotional value. It represents a lot of valuable memories during happier times so it is understandable that some may opt to keep the home. But what if you’re looking at keeping the house and it comes with an existing mortgage? The simplest way to keep the house in a divorce if it still has a mortgage in place is to refinance. But there are a lot of factors or things to take into consideration if you decide to keep it those are your income, mortgage payment, insurance, tax, utilities, maintenance, and others associated with your home.
Capital Gains Tax On A Divorce Property
Capital Gains Tax is a piece of relevant information to know when talking about assets during a divorce. If you decide to sell your house, each of you and your spouse can exclude the first $250,000 of gain from your taxable income. But this exclusion only applies to your main residence or where you should have lived for at least 2-5 years.
Capital Gains Tax may be confusing, but it still depends on whether you decide on selling the property before the divorce settlement or after. The majority of the time, property transfers between divorcing partners are not taxable.
Can The Court Order The Sale Of A House During A Divorce?
A forced sale is a court order where if divorce couples cannot communicate well and failed to end up on an agreement on how to divide their assets, then the court will order a forced sale on the house during a divorce. There are some states in the US where each spouse is entitled to have half of all the assets acquired during the marriage. The Judge will distribute the proceeds fairly and, in some cases, they can even choose how much to sell the house for. This is a stressful and emotional process that you may want to avoid so its best to find the fastest way to sell a divorce house.
Making a decision and selling before divorce settlement has its Pros and Cons which are as follows;
- There is no legal restriction – Selling property before divorce settlement doesn’t have any legal barriers to selling the property unless one of you files for divorce. Both parties will be given the chance or opportunity to pay off their joint mortgage, both can use the proceeds to pay for their new individual space and the fact that you are removing the major asset from the property division process when you divorce.
- Buyers are still unaware of your true motivations – They won’t use your situation on buying the house. Some buyers will take advantage of the situation by lowballing knowing that you need to sell the property ASAP.
- Fewer arguments and discussions – by selling a house before the divorce settlement, you can avoid arguments related to your home like who gets to stay, finance, and maintain the marital asset. Since you aren’t legally separated yet, you can sit with your spouse and discuss before everything gets settled who’s who that won’t complicate the selling.
- Emotional stress – One example that causes emotional stress could be relocating or finding your new personal space because it can be hard to find one. What more if you are going through a tough stage in your life? The additional stress and hassle of finding a new place may add up together with the stress of the divorce itself.
- Control of the process – You do not have all the control over the process. Your spouse still has control together with you; so if you aren’t on good terms with each other then that might be an issue for the propery split in divorce.
Dividing Mortgage Payments During the Selling Process
Dividing mortgage payments during the sale process should be discussed in the separation agreement. If the couple ends up in an agreement on how to settle the mortgage loans, common choices include:
- If you decide or manage to continue living in the house you’ll be paying the mortgage like a rental.
- One can pay for the mortgage and the money paid can be added to the portion of sale profits.
- The most common setup where each basically pays half of the monthly mortgage during the marriage can be an option too.
- In a case where one was the homemaker while the other pays then, they may continue with the same system during the selling process.
In addition, total costs during the sale including taxes, real estate agent fees, any sort of repairs, etc. need to be discussed before putting the home on the market.
Divorce proceedings are always handled on a case-by-case basis. So, it is recommended that you get in touch with experts to answer all your questions and provide tips, advice, and guidance that will ease your stressful condition during these trying times knowing this may affect your future. Do not make a decision based on your emotion take time to explore your options for a better solution.
Disclaimer: Any information or statement on this website and article are for general informational purposes only. Ready Set Sell My Home makes no representation or warranty, express or implied. Your use of the site is solely at your own risk. This site may contain links to third-party content, which we do not warrant, endorse, or assume liability for.
Need Additional Resources
Do you want more information like this? Feel free to check out our other blog topics and blog feeds. Click the button below to learn more!
Additional House Selling Strategy Blogs
Need to know more about foreclosure and the process? Check out our related blogs.