Unfortunately, we buy houses in Knoxville from several people experiencing divorce. There is a lot on your mind while you’re going through a divorce. Selling and buying a home at the same time adds to the stress, which is why many people reach out to a reputable homebuyer during this difficult time.
In a divorce, who gets the house depends on the circumstances of each case, making it a difficult position to negotiate. Depending on how amicable or acrimonious the divorce is, each of the aforementioned scenarios could play out differently. When it comes to discussing the future of a home, there are a few things to consider. The team at Shipwash Properties will tell you everything you need to know about selling a home during a divorce in this post.
Before Selling Your House During Divorce, Consider These Options
“Buy out” your spouse
If either you or your spouse is serious about keeping the house, you can buy out the other. Depending on each party’s income, financial contributions to the property, and the home’s earning potential, the buyout could be for more or less than half of the market value. You can agree to compromise for half of the home’s market worth if you don’t want to have a back-and-forth discussion.
Keep in mind that the person who performs the purchasing must have sufficient funds that aren’t subject to the rest of the divorce proceedings, as well as the ability to afford the mortgage on a single salary.
Consider co-ownership
A couple can agree to a co-ownership plan in an amicable divorce. You’ll agree on how mortgage payments will be split, when they’ll be paid each month, and how the proceeds of a future sale will be distributed in this scenario. You’re still financially tied to your ex-spouse in this situation. Late payments on a co-owned home will damage both people’s credit ratings, even if you’re divorced.
Divvy up the assets
Splitting the assets of two people in a divorce is common. It’s a simple process for liquid assets like money. How do you divide a home into two halves if you don’t know how to do that? Typically, it’s a structure erected on a block of land that’s not going away, making it a one-of-a-kind asset.
Since splitting the house in half is out of the question, which party should get it? There may also be divorces in which one side is given an opportunity to take the house if they can afford to do so, which is a massive expense at a time that people rarely want to incur such expenses.
Because you won’t have to wait for a property sale or face a long negotiation over who gets the larger portion of a home, dividing large assets can be a speedier way to settle a divorce. You’ll still have to negotiate the value of each significant asset to reach an equitable agreement, but you won’t have to deal with the stress of selling a home while divorcing.
Preparing To Sell Your House
Consider any repair that your home needs before putting it on the market, and contact a reputable real estate appraiser to properly estimate the value of your home. If you and your spouse decide to invest in any repairs or upgrades, you must agree on how to share the costs and whether or not the expenditure would affect the profit split. Before investing more money, talk to your divorce attorney about this process so you can formalize any arrangements.
Seek Expert Help
Even if everything is going well, selling a home can always be a challenging task if not done correctly.
There is a lot going on and a lot to think about throughout a divorce. You should not attempt to sell your home on your own. You and your spouse may argue over the selling price or other issues. You’ll have a neutral third party who can help you calculate a reasonable selling price and handle the marketing of your home if you deal with a real estate professional… either a respected agent or a real estate
Selling with an agent
Most individuals think about selling their home through a real estate agent when the time comes. The difficulty is that there are a few issues. Who pays for the property’s upkeep if the owners have to foot the bill first?
It can take anything from three to six months for a property to sell through an agent, so can either side wait that long? There is a lot of paperwork to deal with, and both sides will be involved in the negotiations with the buyer. As an expensive and time-consuming method of selling, this can actually make the divorce process much more difficult.
Sell to An All-Cash Buyer
It is possible to sell your house to a real estate buying company immediately, for cash, and in its current condition. As a bonus, there are never any commissions or fees to pay. Cleaning and fixing up the home isn’t necessary, and the sale may be done in a matter of days rather than months with the bare minimum of paperwork.
Working To Divide The Profit
It’s up to your lawyers to divide the profit from a transaction. In some states, regardless of the name on the deed, everything acquired or otherwise obtained during a marriage is considered equally held by each spouse. These are known as community property states, and your lawyer will be able to tell you if you live in one and explain the few exceptions to the regulations.
Getting an all-cash offer is one option for divorcing couples who want to resolve their housing concerns allows for a much easier option. The Shipwash Property team looks to make the home selling process seamless, stress-free, and professional when considering your divorce.
Need to Sell Your House During A Divorce?
One of the reasons we buy houses in Knoxville is to help homeowners that may be going through a divorce. We understand this an extremely emotional and stressful time in your life. While we can’t provide you 100% of the relief you need, we can help give you an easy home sell. As cash home buyers in Knoxville, we have the ability to buy homes around your time line. If you need to sell fast, great! Need to wait a little while? That’s is perfectly fine too! We buy homes as-is, so there are no repairs to work out, no fees, no commissions, and hopefully one less thing you have to worry about!
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