The divorce process can be long and stressful. This is especially true when you own a home together. Sometimes one party may choose to keep the house by buying the other person out, and other couples decide that selling a house after a divorce agreement is the best option. If you are going with the latter, here are some things you need to know.
Why is Selling a Good Idea?
There are several benefits to selling a home following a divorce agreement, both personally and financially. The profits can give each party enough money to start new, and also eliminates the shared investment which gives both emotional and legal closure to each spouse.
Preparing to Sell
Before deciding that selling the house after a divorce agreement is the right choice, there are a few responsibilities and choices you should keep in mind.
Some houses require updating or maintenance before they are market ready. This will take time, money, and decision-making on both of your parts.
Also, if you choose to sell through a realtor, both parties will share the agent since you have a common goal. This can make it easier for some couples who don’t want to be around each other. Sit down with your spouse and decide if you will sell it by yourselves, work with an agent, or even look for companies that buy houses for cash.
Here are three questions you’ll need to consider:
- Does the house need work? – What type of work and who will cover the costs?
- Will one of you continue to live in the house?- Who will pay the mortgage and upkeep until the property sells?
- Who will show the home and prepare it for the sell?
Accepting an Offer
Perhaps the biggest question is how much will you sell it for? It’s a great idea to discuss the selling price with your spouse and possibly a real estate agent. Try to settle on a price you both agree on, if this isn’t possible you may want to bring in an appraiser and see what it’s worth.
Remember that once offers begin to come in, you may not agree on which ones to accept or decline. At this point, your divorce lawyer or realtor will both make great contacts for advice on how to move forward. The good news is that some couples will find it easy to sell a home together because they both want a profitable, timely sale so they can move forward with their lives.
Dividing the Profit
When it comes to dividing the profit from the sale of the home, be sure to consider how your individual state views property division. Certain states are considered community property states. This means everything obtained during the marriage is considered equal ownership. Other states have different laws.
The way the profits and expenses associated with the home are split can also vary. Let’s say one spouse contributed more to the financial upkeep of the home during the marriage, he or she may be awarded more of the profit. Another example is if one spouse is awarded other high-value assets, more profit from the sale of the home could be awarded to the other person. Normally divorce attorneys help negotiate how the profits are split.
How to Sell as Quickly as Possible
In the end, when going through a divorce, selling a house can not only be a great deal of work, but it can take time. If you are looking to quickly sell the home and be done with your ex-spouse, your best option is to search for companies that buy houses for cash. When you choose this option, these companies buy homes “as is” and always pay cash, making it quick and easy.
In Florida, it takes an average of 90 days to close when selling on the traditional real estate market. But companies that buy houses for cash, like Tropic Coast Homes, can close in as few as 5 days. Saving that much time, plus being able to sell as-is, may make it the best option for you. Contact Us to learn more and receive a no-obligation offer.