If you’re going through a difficult divorce and trying to figure out what to do about your unwanted real estate, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Metro Detroit…
Selling a house while going through a divorce can be an incredibly challenging and emotional process. Not only are you dealing with the stress of navigating the legalities of your marital dissolution, but you also have to contend with finding ways to divide up assets—including real estate. This is especially difficult if one spouse wants to stay in the home while the other wishes to move out. If both parties want to sell, there will still be plenty of financial and logistical considerations that must be taken into account. It’s important for divorcing couples who own property in Metro Detroit together to take their time when making decisions about how they will handle selling their home during this difficult period in their lives. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Houses In Divorce Can Be Complicated
During a divorce, the two parties seek to split their assets in half. For some assets 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? When selling a home during a divorce, all parties involved must consult with reliable legal and financial experts to help them understand the complexities of their situation and make sound decisions. A real estate attorney can provide advice about the iniquities of your state’s laws concerning marital real estate ownership and guide you through the process of legally transferring the title of the property. A financial advisor can help you understand your rights and interests when it comes to dividing assets, calculating spousal support obligations, and ensuring that all parties involved are treated fairly in the transaction.
Here’s How To Split The Real Estate Asset
The best way to split the real estate asset is to sell it:
The property itself might have some expenses incurred during the sales process, or there might be outstanding bills, property taxes, maintenance or there might still be outstanding mortgage on the property. So the two divorcing parties should probably just sell the property 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 Divorce House
When it comes time to sell, most people think of selling through a real estate agent. Unfortunately there’s 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?
- 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 to sell, and it can actually make the divorce proceedings so much worse.
Fortunately, working with a cash buyer can be the best way to get it done fast and at a fair price. Cash buyers are investors who have ready access to funds, so they can make an offer quickly and close on the sale right away. This eliminates much of the hassle associated with selling through traditional means such as listing with an agent or holding open houses. Plus, since cash buyers don’t need to wait for financing approval from lenders, they often will purchase homes “as is” allowing you to avoid costly repairs or upgrades that would normally be required when trying to attract potential buyers. With all these benefits combined, working with a cash buyer is one of the quickest and most convenient ways to sell your home without sacrificing its value. (which is what we do here at Fast Home Offer Guys). 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 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 buying this house from you.