If you’re going through a difficult divorce and trying to figure out what to do about your unwanted real estate, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Louisville…
Divorce can be challenging and emotional. And if you factor in any real estate you own, it can add more complication as you try to figure out what to do with the property. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Houses In Divorce Can Be Complicated
During a divorce, the two parties seek to split their assets in half. Some assets are easier to split than others. Money, for example, can easily be divided up. But other assets, like a house is much harder. How do you split a house in half? A house is an asset that derives its value from being whole.
Since cutting the house down the middle isn’t an option, should one party get it or the other? Sometimes this happens. One party might be invited to take the house only if they can pay for it. Or they are given the house in a settlement. But sometimes it is easier for all involved to sell the property , divide the proceeds and start over fresh. Let’s discuss the best way to split a real estate asset.
Here’s How To Split The Real Estate Asset
Typically, the best way to split the real estate asset is to sell it.
It is important to remember that there will most likely be debts on the property that need to be settled:
- The property may have some expenses incurred during the sales process such as repairs/renovations to get the property ready for showings, agent commissions/fees, and marketing expenses
- Outstanding bills for property maintenance, taxes or potential liens on the property
- Remaining debt owed on the mortgage
A way to simplify this, the 2 parties can sell the the property and then have the attorneys apply the money earned from the equity to any outstanding debts.
The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50).
But this begs the question — how do you sell the property?
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’s 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?
- 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
This is a costly and time-consuming way to sell, and oftentimes it can make the divorce proceedings so much worse as the 2 parties fight over how to sell the property, how much to sell it for etc.
Fortunately, there’s another way solution! Sell your house to a real estate buying firm (which is what we do here at FairSquare House Buyers). 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). You don’t have to clean up or fix up the property and the sale can be completed in days, not months, with very little paperwork.
If you’re going through 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 divorce houses and we can help you expedite your divorce by buying this house from you.