How to Sell a House After a Divorce
Divorce is one of the most difficult and trying experiences that a person can go through, but when you add to this shared assets, such as a home, it can become even more complicated. Many individuals who are going through this need to understand how to sell a house after a divorce if they purchased a property together during their marriage.
There are many factors that you will have to consider when deciding whether or not to sell your house after a divorce. Below, we’ve put together a guide with everything you need to know about how to sell a house after a divorce.
Decide How to Divide the Home
The first step is deciding how the home will be divided. There are a few different options here that can work, depending on the situation:
- Split the Profit – With this option, both parties move out of the house, sell the house together, and split the profit from the sale.
- Buy Out – With this option, the party that wants to retain ownership of the house will pay the other party for his or her half of the home.
- Hold Onto the House – Another option is to hold onto the house without changing ownership and exploring sale options later when no one is living in the home.
Choosing the Right Option for You
The best option for you and your former partner will depend on your unique circumstances. If you plan to keep the house, you will need to decide if your former partner will buy you out or if you plan to continue to own the home jointly. If you decide to sell, you’ll want to consider your options for selling.
Keeping the Home
There are a few different circumstances where keeping the home may be the best option for both parties. If one party is still living on the property, then both of you should have a discussion about keeping the home. The party that plans to remain in the home may decide to buy out the other party or pay them for their half of the home. This option also requires the parties to legally transfer ownership of the house to the party who is keeping it.
While often just one party wants to keep the home, there are also circumstances that may warrant both parties continuing to own the home together without changing ownership. For example, if you have children still living in the home, you may decide to continue to own the home together until the children have moved out.
If you decide to continue to keep the house, you’ll want to consider how you will split up the mortgage. Do you plan to put the mortgage in only one party’s name? Or will you continue to own the home together, splitting the mortgage evenly? If both names remain on the mortgage, it may be more difficult for the partner not living in the home to borrow money for a new home. Similarly, the partner living in the house may not want to have to rely on their former partner to make timely mortgage payments.
Selling the Home
More often than not, couples who have gotten divorced decide to sell their home. This option offers both parties a clean break and opportunity to move forward with the next stage of their lives. Though selling the home is often the best option for couples who have divorced, there are still important considerations that will need to be made before the sale.
First, you will need to consider your timeline. Many former partners are eager to move on after a divorce. They may want to sell the home as quickly as possible. If you sell your home the traditional way, you may find that it takes much longer than you had wanted or anticipated. If you go for a quick cash sale, this allows both parties to move on with cash in hand.
You will also need to decide how the fees and profits will be handled. If you decide to sell the home in the traditional way (hiring a realtor, etc.) then there will be many fees involved. Who will pay these fees? And how will this impact how the profits are divided at the end of the sale? If one party pays these fees, then deciding on how to handle the profits from the sale may become more complicated.
If renovations need to be completed before you put your house on the market, this is another factor you will need to discuss with your former partner. Which renovations need to be completed? Who is responsible for repairs? Will you split the costs? Selling a home for cash also gives you the option to sell the home as-is, which means you won’t need to worry about repair responsibilities.
Options for Selling Your Home After a Divorce
Once you and your former partner have agreed to sell the house, you will need to decide how you plan to go about selling the property after divorce. You can take the traditional route of hiring a real estate agent to find prospective buyers or you can work with a home buying company that will offer you a fast and fair cash offer for your home.
Though working with a realtor may be a great option for typical home sales, it isn’t always the most convenient for those who are dealing with the aftermath of a divorce. Often, those who have just gone through divorce proceedings don’t have the time or energy to deal with inspectors, appraisers, real estate agents, and potential home buyers.
Not to mention, the divorce process can be expensive. This leaves many couples in a tight financial situation where they may not have the funds to put into the necessary repairs and renovations needed to make their home attractive to buyers. In addition, there are a variety of other costs involved in a traditional home sale such as a realtor, staging, insurance, and legal fees. These fees are often just too much for those who have just gotten a divorce.
Selling your home to a cash buyer after a divorce benefits both parties as it allows for a quick and uncomplicated sale. With a cash sale, there are no fees or commissions involved. You can sell your house as-is quickly and painlessly. Rather than having your home sit on the market for what can sometimes be months or even years, you can get a fair cash offer for your home that both parties are happy with.
Quickly Sell Your House After a Divorce
Though nothing about divorce is easy, selling your house after a divorce shouldn’t be the hardest part of the process. That’s where Houston Capital Home Buyers comes in. Our company works with individuals who want to make a quick and painless sale after a divorce. We work with both parties to ensure that the sale closes quickly and everyone receives cash promptly, allowing them to move forward with the next stage of their lives.