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Selling the House During a Divorce: Important Things You Should Know
If you’re going through a divorce, there’s a lot on your mind. It can lead to difficult discussions and choices that you and your spouse must make. Selling your house at the same time adds even more stress to the situation.
For instance, you’ll have some questions about your house. Who’s going to get it? How are you going to sell it? In this article, we’ll break down what you need to know when selling your house during a divorce.
What Happens to Your House in a Divorce?
Deciding what to do with your home when a relationship ends is hugely complicated. These are some options that are often considered when dealing with a house during a divorce.
- Both selling and moving out
The house is sold immediately and any equity is split up between the spouses.
- Selling at a later date
There are some circumstances that the couple might choose not to sell the house immediately. One spouse keeps the house and lives in it for a specified time, most often until their youngest child turns 18.
- Buying your partner out
One of the spouses might choose to buy the other person’s share in the property so that the ownership will be transferred to the spouse who keeps the house.
Things to do When Selling your House During a Divorce
If both spouses decide to sell the house during the divorce process, here are some steps you might consider taking:
- Getting a valuation
Get several valuations of the property, from one or more real estate agents or a property cash buyer. This way you will know how much the house is worth when discussing arrangements and settlements with your spouse or other legal advisers.
- Find out how much is owed against the house
If the house has an existing mortgage, request for a mortgage statement from your bank. Deduct this from the valuation to find out how much equity is left of the house.
- Find out how much it will cost to sell your house
When selling a property during a divorce, there will be legal and agent fees. Decide who will pay these costs, or if it will be deducted to the house’ selling price.
- Prepare the house for sale
If you’re listing the property through a real estate agent, ensure that it is clean and well presented. Prepare the house to look at its finest for viewings in order to get the best offer for the house.
How to Sell your House During a Divorce
Once you have decided to sell and split the profits, the next step is to think of ways to do things. You have many options for selling the house. Here are some ways to do it:
- Sell with a Real Estate agent
If you have more time to sell, you can hire a real estate agent and list your house on the market. Keep in mind that there is an agent’s commission and fees that you need to pay, and discuss with your spouse how you’re going to settle it.
- Sell your house at an auction
If you’re looking for a quicker sale, putting your house up for auction can be a wise decision. Auction buyers want to buy as quickly as you want to sell. Most often, you will be dealing only with potential buyers who have a great interest in the property. However, there is no guarantee that it will sell or you will receive your actual asking price.
- Sell with a Real Estate investor
If you’re looking for a fast and hassle-free sale, you might want to choose to sell your house to a real estate investor. This is likely the fastest way to sell. They will make you an offer which you can then agree with your spouse. Most real estate investors cover the selling and closing costs. One benefit of selling with them is that they offer privacy. You don’t have to deal with real estate agents, viewings, and offers. No one will know that your house is up for sale.
Our team from We Love All Homes can get you the best solution to lessen the stress you are facing during a divorce. Through our fast and simple process, we can make a fair cash offer to your home so you can start new and move on to a new chapter in your life. Give us a call right now at (469) 902-3742.
We are a real estate consulting team that specializes in creative solutions for homeowners with troublesome houses or situations. We work fast and with integrity to ensure win-win solutions for everyone.
