A quick, simple sale can make that part of the process easier.
Still, there are challenges.
So we thought we’d give some advice to homeowners who are going through a divorce.
The first thing to determine is who actually owns the house. Talk to your divorce attorney about who has to sign before you list or accept an offer.
There are basically three options…
Sell The House & Split Equity — This is the easiest and most amicable route. Start by getting a home appraisal, discuss individual debts, and determine (with a mediator if needed) who gets what percentage of the proceeds when selling the home. It’s helpful to use a divorce attorney for this part of the process.
One Party Buys The Other Out — It’s possible that one party wants to sell the house while the other party wants to keep it. If the home is under both parties’ names, then to keep the home, one party will have to refinance the original mortgage loan in order to buy out the other party. Specifically, they’ll need to borrow enough money to pay off the previous loan and the spouse whatever portion they’re owed.
Own Together, Sell Later — Perhaps both parties aren’t interested in selling the home right now. While it’s completely possible to continue owning the property together and sell at a later date, it requires a lot of trust and transparency between the divorcing couple, something that is often in short supply.
Hope that helps!
If you or someone you know wants to skip the headache and sell their house fast for a fair cash price, give us a call at 321-316-1051 to get your fair as-is cash offer! No obligation!
Compare your options in listing vs. selling as-is, or see other situations we help with.