Divorce Selling House: The Steps Sellers Can Take
When going through the process of divorce, the spouses have many decisions to make. One of the biggest is often divorce selling house.
This happens either when neither spouse elects to stay in the home or neither individual can afford to buy out the other. In situations like this, the home is often put onto the market for sale. To help you get started, below is an overview of the divorce selling house process.
Determine the Asking Price
It can be helpful to solicit the help of an unbiased third party when determining the asking price. The divorce selling house process can be very emotionally charged, with one side wanting to a price of X and the other side a price of Y. This disagreement can significantly delay the sale’s process.
By bringing in an informed third party to help find the correct price, you can potentially remove a source of friction. This can allow for a much smoother divorce selling house process.
Get the Home Ready to Show
When going down the traditional path of home selling, you will have to take the time to get the home in sale-ready shape. This means making repairs, repainting, staging, etc. This preparation can add both time and money to the process.
If you want to avoid making repairs and investing in the home, we can help. Our team specializes in buying home as-is. And we can do the same for you. By paying cash for your home, we can expedite the process and close on your timeline. There are also no realtor fees when you work us.
Splitting the Proceeds
Once you have set the price, prepared the home and successfully found buyers, you will have to decide on how you are going to split the proceeds. By and large, this should not be too complex of an issue. In most situations, once all of the other obligations are paid off along with any additional payments that have been agreed to, the escrow company can distribute the money.
However, there can be situations that make your divorce selling house process unique. For example, maybe one spouse has continued to make payments after the separation. And these payments have gone towards reducing the principle and increasing the equity. Or there are marital debts that need to paid using the sale proceeds. No matter what the arrangement is, these factors will be included in the calculations to divide the proceeds when divorce selling house.
It is also worth keeping in mind that before the proceeds from the divorce selling house process can be split, the mortgage, any home equity line and all of the broker’s fees will need to be paid. In situations where capital gains tax are applicable, these must be addressed as well.
But there are still advantages to the divorce selling house decision. It is possible for both spouses to get some money to start new while also helping to create a clean break.
Again, if you are in need of making a fast sale due to divorce selling house, our team can help. We can offer you a cash deal which means there is no red tape or dealing with the banks. This offer can get you out of the house fast. To learn more, contact us today.
