Two of the most stressful things a person can endure: divorce, and selling a home or moving. Both of these things at once? Yes, it certainly happens here in San Diego County and the rest of the country. We all know why divorce can be stressful, whether amicable or not. There are so many important decisions to be made and agreements to be formed…divorce is trying on the entire family, and even those surrounding them. While some couples may not want to deal with a real estate transaction AKA selling the family home during a divorce, others see it as an opportunity for a clean break and a fresh start. If you’re in the situation where you can’t buy out your spouse and neither of you want to stay in the house, you’re likely considering your options to sell.
One of the first things you should know is that when you file for a divorce, you and your spouse are bound by a temporary Standard Family Law Restraining Orders. These orders restrict the transfer of any assets and ultimately prohibit a sale, unless a written agreement is provided.
What agreements do you need to make in order to sell during a divorce?
- Agree that you need to agree. You know why you want to sell sooner than later, but you need to understand that this will require participation and communication with your spouse. The house is usually one of the most emotionally charged aspects of a divorce, and it won’t be easy to discuss what happens with your family home. So, get used to the idea that you and your spouse will have to agree on some things.
- Obtain legal representation and speak to your family lawyer. It is always a good idea to have an attorney present to help walk you through the stipulation. They have the experience you’ll need to identify your needs and fill in any gaps you may not have thought of.
- Write up and sign an agreement:
- How will you sell the house? Traditionally, using a real estate agent? Or, through a cash property buyer or investor?
- If there is little equity in the home, would you be better off short-selling?
- If you’re selling traditionally, who chooses the agent?
- Do you need to make any repairs or prepare the home to sell?
- How will the asking price be determined, and can you both agree on a minimum?
- What will happen to the proceeds from the sale? Will you split the profit from the sale right down the middle?
What if you and your spouse can’t come to an agreement in selling?
Typically if you cannot come up with an agreement including the provisions above, it is more difficult to sell the home before the divorce trial. But, it isn’t impossible. If you and your spouse can’t agree, but you have a very good reason to sell, you can present your case via a court order. Here are some of the basis in which you can move to sell the house:
- You need to sell the house in order to pay for court and lawyer fees: The home is an asset to a court. If you are unable to pay for legal fees and your house is one of your assets, it’s not unusual for a court to agree to liquidate the asset.
- You have to sell fast to avoid foreclosure on your San Diego home: Failure to make mortgage payments, or even property tax payments, can put your house at risk of going into foreclosure. Foreclosure is rarely ever in anyone’s best interest, especially if there is equity in the home – so move to have the house sold to avoid it.
How Selling Direct minimize the whirlwind of stress:
If you’ve either made an agreement, or gotten to the point in which the court has approved the sale of your family home, take a second look at your options for selling. While selling through a real estate agent is traditional, there are benefits in selling direct to a cash buyer in times of stress like this. It may be difficult to communicate with your spouse at this time about things like “what agent do we choose?” and “what if the house isn’t selling?” We understand the headache you may be experiencing in going through a divorce and also uprooting, so we provide some support in these areas:
- No fees or closing costs (with legal fees piling up, you don’t need to pay any more out of pocket!)
- No waiting for your house to sell – you can sell on your timeline and in as little as a week or a month (that’s up to you).
- No cleaning or repairs – you can literally take what you want and leave what you don’t. We will handle everything.
- No issues – minimize the amount of agreements you need to make with your spouse, and take a route that requires very little from you.
At the end, you can walk away with cash from the sale and hopefully have a cleaner slate for what lies ahead.Views: 7