There are around 690,000 divorces in the US in any given year.
Dissolving a marriage can be highly stressful and overwhelming for everyone involved. Not only do you have to deal with the emotional side of it, but when you’re legally bound to one another, there are a lot of complications when it comes to divvying up money, property, and even children.
Something you’ll want to figure out early on in the process is what to do with your home. One person may decide to stay in the home, or you may both decide to leave. Selling a house in divorce is a common course of action for divorced couples, but that doesn’t mean the process is simple.
In today’s post, we’re going to tell you 5 things you should know about divorce and selling a house. The more you know about this process going into it, the more seamless everything will be. It’s in everyone’s best interest to get this over with quickly, so keep reading and you’ll sell the house during your divorce problem-free.
1. You’ve Got a Few Options
You and your ex have a few different potential paths to go down with your joint-owned home. We’ll discuss the benefits of selling it outright, but first, think about the possibility of continuing to co-own the home or one person selling their home ownership to the other.
If you decide to continue owning the home, you could keep it as a rental unit and make money off of it. This is a great option when you’re on good terms with your ex, but it certainly won’t work if you can’t work together long-term.
Selling the home to your spouse is an option to create stability for children if your spouse has primary custody. That said, it can be complicated to work out and it’ll need to be financially possible for your spouse. You’ll likely need to involve a lawyer and real estate agent to navigate this process.
The last and most sensible option is to sell the home and split the funds through mediation. This way, you can make a clean split and benefit financially from the sale of the home.
2. Selling Simplifies Everything
Selling the home makes things much simpler for both parties, but you’ll need to be able to work together to make it happen. For example, you’ll need to agree on the home-selling method, a fair asking price, and what you’re willing to accept at the end of the day.
It’s so much simpler to divide the money from the sale of a home than the actual property. Both parties will be able to use the money from the sale of the home to start the next phase of their lives.
If you sell your home through conventional means, you’ll have to hire a realtor and real estate lawyer to help you. It’ll be important to find a neutral third party that can represent the interests of both parties. Of course, there is another way to go about it…
3. Don’t Use Conventional Means
The conventional real estate process can be both lengthy and expensive. Consider what we just mentioned about hiring a realtor and real estate lawyer. Both of these services will charge an arm and a leg to get you through the sale of your home.
For instance, a real estate agent charges around 5-6% commission on the sale of the home. Legal fees vary depending on your lawyer, but they won’t be cheap.
Depending on the state of the local real estate market and the condition of your home, it could also take a while to sell. The longer your home sits on the market, the harder it’ll be to sell. When selling a home during a divorce, speed is of the utmost importance.
That’s where a cash home buyer comes into the picture. Selling to a cash buyer takes all of the uncertainty and expenses out of the equation. The way that it works couldn’t be easier, which makes it the perfect solution during a divorce.
First, one or both of you will complete our secure online form. Once we verify the condition and location of your home, we’ll give you a no-obligation cash offer that you can accept or deny. If you accept, we can close on the house as quickly as you need.
4. Choose Your Home Buyer Carefully
It’s important to choose your home buyer carefully. If you pick the wrong one, you could accidentally take a lowball offer or become the victim of a scam. Tensions are often high during divorce proceedings, so take your time and select a legitimate home buyer.
Start by looking at reviews from former clients. You can learn a lot from what former clients say about a property investor. If there are any shenanigans, former customers will let you know.
You should always make sure that cash offers are no obligation. Never sign anything from a cash buyer before you agree to their offer and close on the home. There shouldn’t ever be pressure to accept an offer.
At ibuyhomes.com, we’re one of the nation’s most reputable cash home buyers. We’ve worked with countless divorced couples, making their divorce proceedings simpler and faster.
5. Cooperation Will Be Key
Once the home is sold, you’ll need to cooperate with one another to decide how the money is divided. Mediation can be difficult, but when you have cash instead of a home, the whole thing can go a lot more smoothly.
You’ll also need to be aware of the tax implications of selling your home. In certain scenarios, couples will have to pay a capital gains tax on the sale price of the property. This can add extra stress to your situation, but if you’re prepared for it with your lawyer, you can nip it in the bud.
Selling a House in Divorce Can Be Simple
We don’t need to tell you how stressful divorce is, but the real estate aspect doesn’t have to be. Selling a house in divorce and splitting the money will take one important thing off of your mutual plate. Doing it with a cash home buyer will make it quick and easy.
Over our 20 years of real estate investment, we’ve helped plenty of divorcees lighten their load. Fill out our online form today and we’ll give you a cash offer you can’t refuse.