If you’re going through a difficult divorce and trying to figure out what to do about your unwanted house, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Houston…
Divorce can be challenging and emotional. Yet, in the midst of the difficult situation, you might be like other divorcing couples who own a house and are trying to figure out how to go about selling your house while divorcing in Houston. Here are our best strategies and ideas to help you navigate selling a house during divorce as carefully and efficiently as possible.
Selling A Home During Divorce Can Be Complicated
When going through a divorce, the two parties seek to split their assets in half. For some assets that are liquid (such as money), it’s very easy to do. For other assets, including real estate, it’s much harder to do because how do you split a house in half? It’s one asset that derives its value from being whole, and it’s usually a structure built on a plot of land, so it’s not going anywhere.
Since cutting the house down the middle isn’t an option, should one party get it or the other? And maybe in some divorces, one person might be invited to take the house only if they can pay for it (which is a massive expense at a time that people rarely want to incur such expenses). Other factors to consider when you want to sell your house are capital gains tax, property tax, paying for a divorce attorney, and the overall home sale process. As you can see, selling a home during a divorce can be a very tricky situation.
Here’s How To Split The Real Estate Asset
The best way to split the house during divorce is to sell it:
The property itself might have some expenses incurred during the sales process, or there might be outstanding bills, or there might still be a partial outstanding mortgage on the property. So the two divorcing parties should probably just sell the house and direct their attorneys to apply the money earned from the equity to any outstanding debts.
The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50).
But this begs the question — how do you sell the property?
The Fastest Way To Sell A House During Divorce
When it comes time to sell the house, most people think of selling through a real estate agent. Unfortunately, there are a few problems with this:
- the agent will make the owners pay out-of-pocket to fix up the property first — but who pays for that? One spouse or should we say, soon to be ex, will surely disagree with the other.
- the agent will then list the house, which can take 3-6 months to sell (sometimes longer) — can either party wait that long?
- the agent will then involve both parties in the negotiation with the buyer and there is A LOT of paperwork to shuffle back and forth
This is a costly and time-consuming way of selling a home, and it can actually make the divorce proceedings so much worse. Once the value of the home has been determined and both parties are really to put the house on the market, they then have to establish how they will divide the proceeds.
Fortunately, there’s another way to sell a house during a divorce and that’s to sell your home to a real estate buying firm (which is what we do here at Millennial Home Solutions). The real estate buying firm will buy your house quickly, for cash, in as-is condition (and as a bonus, there are never any commissions or fees to pay). You don’t have to clean up or fix up the property and the sale can be completed in days, not months, with very little paperwork.
If you’re going through a divorce and want to just be done with it and move on with your life, just reach out to us and tell us about the house you want to sell. We specialize in buying divorce houses and we can help you expedite your divorce by simplifying the process of selling the house. Once you are able to sell the home and the divorce is finalized you will have one less thing on your plate to worry about.