Stress
If you’re going through a difficult divorce and trying to figure out what to do about your unwanted real estate, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Floresville…
Divorce can be challenging and emotional. Yet, in the midst of the difficult situation, you might be like other divorcing couples who own a house or other property and are trying to figure out how to go about selling your house or property while divorcing. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Houses In Divorce Can Be Complicated
During divorce proceedings, it often involves the division of assets between the two parties. While liquid assets like money can be easily divided, real estate poses a more complex challenge. Unlike cash, a house is indivisible – how does one split a physical property in half? This asset’s value lies in its entirety, typically comprising structures on a piece of land, making physical division unfeasible. Various factors such as sentimental value, children, and emotional attachments further complicate the process. It can be a highly emotional situation.
Since cutting the house down the middle isn’t an option, should one party get it or the other? And maybe in some divorces, one party might be invited to take the house only if they can pay for it (which is a massive expense a time that people rarely want to incur such expenses). The one buys the other out of their share. That can be done by refinancing the loan to pay the one spouse their equity in the house so that spouse owns the house wholly.
Here’s How To Split The Real Estate Asset
The potential best way to split the real estate asset is to sell it and the court may decree that it has to be sold if neither of the spouses can buy the other out.
The property itself might have some expenses incurred during the sales process, or there might be outstanding bills, or there still be a partial outstanding mortgage on the property. So the two divorcing parties may have to sell the property and direct their attorneys to apply the money earned from the equity to any outstanding debts.
The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50).
But this begs the question — how do you sell the property? Who handles that porcess?
The Fastest Way To Sell A Divorce House
When it comes time to sell, most people think of selling through a real estate agent and that may be the way the court decrees it. If that is the case the property itself will determine several different things based upon condition and finances.
- the agent will review the home, run a Comparative Market Analysis (CMA) for the potential sales price.
- they will suggest items to spruce up the house for the best appeal during showings such as de-cluttering, deep cleaning, and putting away items that will distract buyers such as personal pictures or hobby items.
- the agent may suggest the owners pay out-of-pocket to fix up the necessary items on the property to qualify for all types of loans–
- the agent will then list the house, which can take 3-6 months to sell. If the agent thinks it will take longer or the condition is something that may cause a long time on market, a savvy agent will discuss presenting it to investors as a fixer upper
- the agent will then involve both parties in the negotiation with the buyer and there is the paperwork to complete. And the process will be completed through a title company making sure all is done correctly to the court’s satisfaction.
- It can be a longer process compared to an investor sale but a court may not allow an investor sale as those sales are at a substantially lower value many times.
So as a real estate agent / investor I can fully explain your options and what may be best for you in the long term and you can decide what you prefer to do to sell your house. If you’re going through divorce and want to just be done with it and move on with your life, just reach out to us and tell me about the house you want to sell. We specialize in knowing the people who buy divorce houses with cash. Investors will buy your house quickly, for cash, in as-is condition. 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. But be aware selling to an investor will be at a lower price potentially than selling on the open market. But an experienced agent who understands investors as I do, I can explain the differences in your options.
This process is stress filled but either choice that is made by the spouses and the court should be the best option for all parties.
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