Going Through a Divorce and You Need to Sell Your House?
Buying or selling a home when you’re eager and excited can still be a tough and stressful process. Now, imagine taking on that transaction when your world is turned upside down during a divorce. Divorces can be a legitimate war zone, and one of the most stressful things you will ever endure. And for most couples, their house is their biggest asset, so the decision over what to do with the house is going to take a lot of thought. There are so many options to consider: who gets the house? Should you buy your spouse out, or half the proceeds?
If you’re in a buyer’s market and you have an amicable relationship, it may be better to keep the house or rent it out to avoid losing money in the sale. But, if co-owning the home or one spouse remaining in the home doesn’t seem like an option, then you should begin considering selling. Luckily, if you’re in a seller’s market (which is more often than not here in San Diego County) the profits from selling can set you both up for a fresh start with the equity from your old home. Hopefully you’ll be able to agree on something during the divorce, because if not, lawyers will have to be involved to determine what should happen with the asset.
What are the legal requirements in selling your house during a divorce?
In order to sell the property, there must be a stipulation and order (an agreement that becomes a court order). The easiest way to sell during a divorce is to have a written document signed by both spouses that then becomes a court order. Regardless, speak to your family law attorney about how to structure an agreement that fits both of your needs. Here are some things to consider in the agreement:
- Will one person lead all communication regarding the sale, or do both spouses need to be involved in every decision?
- Will formal approval be required by both spouses regarding an offer on the house?
- Are there any liens or fees that need to be settled before the sale proceeds?
- Will the sale proceeds be split evenly, or be distributed in whole to one party? Or will this be something that the court determines?
- When will the sale take place? Will you try to sell during the divorce or will you ask the court for an order to sell at the trial?
If you decide to sell, you then have to discuss and agree with the best route to take in selling. As always, you have a few different options: selling traditionally with an agent, trying to sell by yourself, or selling directly to an investor. While many people will opt to sell traditionally, you might hear that it is not a pretty ordeal. Selling with a real estate agent means that you will both have to be actively involved in MORE decisions together: listing price, an agent that you’d like to use, repairs to make, how much to spend in preparing the home to sell, etc. The second option, FSBO, is the toughest real estate transaction to take on- we don’t recommend it during a divorce (for your sanity). It’s for these reasons that we really urge homeowners in the face of divorce to consider selling direct to a cash buyer, on your terms.
Here are some pros of selling:
What makes selling direct during a divorce easier?
- End the divorce with a cash reserve, not debt from hefty legal fees. Keep in mind that before you can divide the proceeds, you’ll need to pay off the mortgage. Saving in closing costs and realtor commissions means that you will pocket the most for your asset.
- You don’t need to pay anyone to negotiate for you or coordinate the transaction, selling direct helps you avoid all commissions and closing costs.
- No repairs are required and you can literally take what you want, and leave whatever you don’t. We’ll take care of what’s left behind.
- Instead of enduring an average of 69 days of your home on market, and contact with your spouse, you can actually walk away from selling within just one short week.
Sometimes most importantly for our clients who are going through a divorce, the emotional support we provide is most appreciated. Our Operations Team is dedicated to creating seamless, easy transactions that will not be taxing on you (physically or emotionally). We’re experts in finding perfect solutions for our clients, and can do so for you and your spouse…without any additional stress. Whatever we can do to make this painful time easier, we will do.
Once you click “Get an Offer Today”
- A home buying specialist will call you within minutes to learn more about your property
- We submit an offer. If you accept, they will visit your home and explain things further.
- You pick the closing date, and we buy your house in as little as 7 days.