Continue reading this blog post for our top advice on selling your house while divorcing in [market city] if you’re going through a challenging divorce and unsure of what to do with your undesirable real estate.
Divorce can be difficult and emotionally draining. However, despite the challenging circumstances, you might be like other divorcing couples in [market city] who own a home and are attempting to determine how to go about selling your home while divorcing. To assist you in navigating the real estate component of your divorce as carefully and effectively as possible, we’ve provided our best tips and techniques below.
Houses In Divorce Can Be Complicated
The two parties in a divorce attempt to divide their assets in half. When an asset is liquid, like money, it’s incredibly simple to do. It’s considerably more difficult to accomplish for other assets, such as real estate, because how can you divide a house in half? It’s one asset whose worth comes from being entire, and it’s typically a building on a piece of land, so it won’t go.
Should one party receive the house, because splitting it in half is not an option? In some divorce cases, one party may only be permitted to receive the house if they can afford to pay for it (which is a massive expense a time that people rarely want to incur such expenses).
Here’s How To Divide The Real Estate Asset
The best way to split the real estate asset is to sell it:
The property itself may have some expenses incurred during the sales process, ongoing bills, or a partial outstanding mortgage. Therefore, it is generally best for the divorcing spouses to simply sell the home and instruct their attorneys to pay off any remaining obligations with the proceeds.
The remaining funds can then be divided amongst the parties, with each receiving a predetermined portion (such 50/50).
However, this raises the issue of how to sell the property.
The Fastest Way To Sell A Divorce House
The majority of people consider selling through a real estate agent when the time comes to do so. Sadly, there are a couple issues with this:
- The agency will require the owners to make upfront payments for repairs to the property, but who will pay for those?
- Can either party wait that long? The agent will then list the home, which can take 3-6 months to sell (sometimes longer).
- After that, the agent will negotiate on behalf of both parties with the buyer, and there will be a ton of documentation to pass back and forth.
This method of selling is expensive and time-consuming, and it can actually make the divorce process much more difficult.
Fortunately, there’s another way to sell and that’s to sell your house to a real estate buying firm (which is what we do here at YT Properties). The real estate buying firm will buy your house quickly, for cash, in as-is condition (and as a bonus, there are never any commissions or fees to pay). You don’t have to clean up or fix up the property and the sale can be completed in days, not months, with very little paperwork.
Simply get in touch with us and let us know about the house you want to sell if you’re going through a divorce and want to put it behind you once and for all. We specialize in buying divorce homes, and by purchasing this home from you, we may speed up your divorce process.