How To Sell A House After Or During Divorce
Unfortunately, divorces happen, and what to do with the house becomes a real problem. Homes are often sold as part of the divorce process, for reasons that are both financial and emotional. Sometimes the home needs to be sold quickly, and if it needs extensive repairs or maintenance, listing it with a realtor is unrealistic. When this is the case, selling for cash may be the best option.
What Happens To The House?
What to do with the house is usually discussed early in the divorce process. Sometimes one person will get the house while the other person receives other valuable assets like a retirement account. The person who receives the house may choose to continue living in it, especially if they have custody of young children. In other cases, they may choose to sell it.
Sometimes the couple will agree to sell the house and split the profits down the middle. In some states, there are laws that consider the house community property and entitle each person to half of the profits from selling it (unless there is a prenup).
If the house is in good shape, listing it with a realtor is usually the preferred method. However, if the house is in disrepair, needs extensive work or can’t pass inspection, it may not be able to be sold through a realtor. If that happens, selling it for cash may be the best option. Read more about selling with no realtor.
Why Sell A House For Cash
If a house can’t be sold through a realtor, selling it for cash may be the best option. For sale by owner is another alternative, but it might take 6-12 months to actually sell it, which can complicate the divorce process.
Memories are one of the top reasons to sell a house after divorce. They can be painful and the emotional stress of living in the family home alone can be too much. Selling the house is an important step in moving on.
Owning a home is a financial burden that a lot of people can’t take on by themselves. When one person gets the house, they’re now responsible for upkeep, the mortgage, taxes, and other expenses. In a lot of cases, it just isn’t affordable and selling it is the best option.
Maintenance or Repairs
Maintaining and fixing a home is expensive, time-consuming and stressful. Fixing and maintaining a home without any help is an extra level of stress on top of the emotional toll of getting divorced.
If part of the divorce is tied to the sale of the home, selling quickly can help both people move on. For sale by owner, or selling through a realtor can take as much as 6-12 months and cause additional stress.