When it comes to selling a house after a divorce agreement, your best bet is to get it done as soon as possible.
Why? For starters, you probably won’t be willing to deal with the added stress. Divorces can be lengthy, drawn-out affairs, filled with emotional upheaval.
Now, selling the family home does come with some disadvantages. You’ll have to pay the broker’s fee, as well as the capital gains tax. If you’re selling a house with a mortgage, you’ll need to pay off that mortgage and an equity line.
That said, this should provide a clean break for both spouses. Plus, in situations where neither spouse wants to stay in the house, selling it is the only choice.
Here’s what you should know about selling a family home.
The Agent Quandary
If you decide to hire an agent, try not to spend too much time arguing over it.
For example, you can go with an agent who helped you buy the house — if you were happy with their work, that is. Alternatively, both you and your spouse can pick a friend or relative, and let them decide on an agent.
Once you’ve hired an agent, take their advice about the asking price for your house. After all, that’s why you hired an expert. This will also help you eliminate a potential conflict.
Don’t want to deal with agents? You can also sell the house to a real estate investment company. In most cases, they’ll give you a solid cash offer and close the sale within a couple of weeks.
Showing the House
If you decide on selling the house to an investor, you won’t have to show it to anyone else. Most investment companies will offer to buy a property “as-is.”
If you go with an agent, you’ll have to prepare the house for showings. This process involves minor repairs, cleaning, painting, and so on. If you and your spouse have moved out by then, you can have your agent stage the place.
Now, what do you do if one of you is still living there? In this situation, all the necessary work may fall on one person. If so, you need to figure out a way to compensate that person for the effort.
Dividing Proceeds From Sale of House
Once you accept an offer, it’s time to start thinking about dividing the proceeds. For the most part, this process is quite straightforward. After paying off the necessary obligations, you can have an escrow company distribute the money.
Keep in mind that making post-separation mortgage payments may increase the home’s equity. If only one spouse has been making these payments, you should adjust the amount that needs to be divided.
More on Selling a House After a Divorce Agreement
As you can see, selling a house after a divorce agreement can be a tough task. Still, our advice is to deal with it sooner rather than later. Remember, once you sell the house, there won’t be anything stopping you from getting on with your life.
Are you looking into selling a house in Florida? You can do so without hassles, delays, and inconveniences! Simply contact us right here, and we’ll give you a cash offer as soon as possible.