If you’re going through a difficult divorce, then you’re most likely trying to find out if you can sell your home or not since divorces can be very costly. If so, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Dallas…
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 Dallas. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Divorces Can Be Complicated When It Comes To Real Estate
It can go two ways during a divorce. Either, one party wants to keep the house to live in it, or selling the house is the only option in order to use the proceeds for the divorce. Luckily real estate is a great asset that can be fairly liquid (meaning you can get your money very fast) and the process can be simplified.
If one party decides to keep the house. It’s important to verify they can afford to still make the payments. It’s also important to make sure that the other party gets their name off of the mortgage. This is important because if that other spouse decides to stop paying the mortgage, it will still affect your credit and could lead to the home being foreclosed on which will also be on your credit report.
Here’s How To Split The Real Estate Asset
To be honest, the best and easiest way to split the real estate asset is to sell it:
The property itself might be in need of some repairs since the home has been lived in for a while, there might be outstanding bills, or there might still be a partial outstanding mortgage on the property. And these are just to name a few. Because of these reasons, the divorcing couple usually agrees that selling the home makes the most sense based on their current situation.
That way neither party would be responsible for renovating the property to get it show-ready and you will be able to use the profits to pay off any outstanding debt.
The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50 but this will depend on your divorce agreement).
But you came here to find out if you can sell the home while you’re going through a divorce…..and the answer is, Yes!! Selling your house while divorcing is absolutely possible.
As long as both parties agree that selling is the best option, you can sell the home at any time. Always make sure your attorney is fine with this, but ultimately the decision is up to you.
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 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? Also, who will be responsible to devote that much time to managing the contracts and making sure they don’t run off with your money?
- 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. Also, is the relationship with your spouse amicable at this point? If not, it makes this process even more difficult.
This is a very time-consuming and stressful way to sell, and it has the potential to make divorce proceedings so much worse.
Fortunately for you, there’s another way to sell and that’s to sell your house to a real estate buying company (which is what we do here at North Texas Cash For Homes). 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 to a real estate agent). You don’t have to clean up or fix up the property (that’s right! No repairs will need to be made) 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 houses in many different situations and we can help you by taking this one burden off your hands.
Give us a call and schedule an appointment today!