Dealing With A Divorce?
Selling a House During Divorce
We can pay cash for your house so that you can get the equity quickly.
Going through a divorce is tough by itself but selling a house during divorce is even tougher. There are always challenges and sometimes, couples are forced to stay together financially due to home ownership. We can help.
OPTIONS FOR SELLING A HOUSE DURING DIVORCE
Pay It Off or Get a Short Sale
The best option is to sell. Holding onto the home doesn’t help in moving on however, it might not be so easy in the current market, especially if you owe more on the mortgage than your house is worth. If this is the case, you’ll need to pay off the difference on the loan or go for a short sale.
Issues with Short Sales
The downside of a short sale when you divorce selling a family home is that it hurts both of your credit scores. Also, you both could still be responsible for the difference the house sells for and the amount still owed on the mortgage. But it’s possible the bank could decide to release you from the liability.
Refinancing After Divorce
Attempting to refinance your house after a divorce is another option. This only works as long as one of you agrees to let go of the house and the other, who’s refinancing, has good credit and income. If you want to keep the house, you’ll want to make sure you can afford all of the expenses on your own.
One Spouse Or The Other Keeps the Home
If your spouse keeps the home, don’t expect it to be easy getting a mortgage for another house. Sometimes, it’s not easy getting your name off a mortgage and qualifying for a second mortgage can be difficult. Your spouse might have to apply for another mortgage just so you can get your name off it.
WHERE ARE YOU GOING
What are your housing options in the community where you plan to live. If you decide to buy another house or rent If you have kids, can you find similar housing in the same school district? What about the costs of moving or even renting a storage unit?
CONSIDER THE TAX CONSEQUENCES
You may want to stay, but what if during the next two years, you must sell it? You could end up with an expensive capital gains tax. You might be better off trading the house for other assets.
Selling a house during divorce is stressful enough, and selling assets before a divorce can be challenging. If not done correctly, there could be serious tax implications. Selling assets should be a last resort due to taxes.
But if you do liquidate assets, make sure you know what you’re dealing with when it comes to investable assets and the costs associated with it. And know the cost of a real estate and what the capital gain will be when you sell the house. Get a good business valuation and appraisal for any you may have. Don’t liquidate a 401K or fail to get fair price when you sell an asset. When selling a house during a divorce, again, you also don’t want to acquire a capital gain with what you sell.
You don’t have to worry about taxes if you transfer assets back and forth with your spouse. When you and your spouse decide what something is valued at, in most cases, a judge does not get involved.
HOW TO SELL FAST
Don’t argue. Many real estate agents agree that couples who argue, while selling a house during a divorce, often don’t agree when it comes to routine decisions about fixing up the house, repairing, and even listing the property. This could jeopardize a potential sale and worse yet, the home could fall into foreclosure. Set aside your differences and sell the house or agree to turn the house over to your spouse or yourself.
Do You Live in a Community Property State
Another question to ask while selling a house during divorce is whether you live in a community property state. There are only nine of them: Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Texas, Wisconsin, and Washington. In a community property state, all assets acquired by you and your spouse are divided equally at the time of divorce. No other factors are taken into account. The rest of the states have equitable distribution which allows divorce courts to take factors into consideration such as length of marriage, ages, health, and the fact that one parent might have stayed home to take care of the kids.
Hire a Realtor
Traditionally, many couples sell a home and hire a realtor. Or they sell the house themselves but then have the hassle of being in charge of the process.
Instead, why not sell your home to us. We can give you a fast sale and cash. All you need to do is fill out the form. I can make you a cash offer within 24 hours. In just a few days, you’ll be free of your house and able to move on with your life. You’ll have quick cash and can move on.
Sell Your House to a Cash House Buying Company
Another option is to sell your house to a house-buying company. You won’t have to worry about any repairs and you save on commission costs and you can receive a quote in just 24 hours.
If you need to sell your house fast and would like to get a no-obligation cash offer, call us now at 210-348-3681. Sell your house to us or not, we can help answer questions you might have about the process. We work fast to get you a no-obligation cash offer for you house within 24 hours.
Our customers mention our soft approach all the time. You won’t get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don’t have to accept it. No charge. No fees.
We’d love to speak with you today about the house and your situation. We’re here to help.
Give us a call at 210-348-3681 or fill out the form below to get started. We look forward to speaking with you.