So you are getting a divorce and need to sell the house. Now What? Most people are stressed because they will need to sell quickly, but don’t panic. Before you start the process of selling your house, educate yourself on all of the options available to you. The first place to start is talking to your current spouse and decide how you want to divide your property before the courts decide for you.
There are usually one of three scenarios that take place for most couples going through a divorce:
- One of the spouses buys out the other legal interest and keeps the home. This can be done with a cash out refinance or a cash buy out.
- One spouse keeps the home for an agreed upon length of time, which is typically when the youngest child turns eighteen at which time the house can be sold. The spouse not living in the home can use a divorce lien to secure their interest in the property.
- The house is sold immediately, and the equity, if any, is split up in a between the 2 parties.
If you decide to sell the next big question is When? Should you sell before or after the divorce? Selling a home is one of the most stressful things you will do and adding in a divorce makes it even more challenging. There are many pros /cons to either situation but here a few things to consider.
- Selling before the devorice will free up your largest asset and the proceeds can be split. If you have a lot of equity you can use this money to secure your next home.
- Selling after the divorce may allow time to heal some wounds. This may also allow for more time to repair the home to maximize the returns.
- Selling during a divorce could add more stress to an already stressful experience and delay your divorce. Waiting for the final closing may delay your divorce decree.
Every divorce is different and you want to consider what is in your best financial and emotional interest. If you decide that selling your home quickly is your best option I would love to talk more. As an investor buyer I buy homes cash, wave inspections and use title companies that can close quickly. I’m also flexible with my closing timelines. I love talking about real estate so give me a call and we can talk about the best solution for you and the sale of your home 317-854-6291.
You can also fill out the form for a fast, no obligation, “as is” offer. You will receive an offer within 24 hours of your request.
