How to Sell your house quickly in a divorce for top dollar.
Selling a house due to a divorce can be very a very stressful situation. In the majority of cases a house is usually the couples largest asset, so it is important that you due the research necessary in order to make the right decisions when selling.
These tips will help guide you in your decision making. You may have been thinking, how do you decide on who keeps the house, should you just sell the house, what about the taxes if I sell, how can I estimate how much I would get when I sell and is it possible to get top dollar and still sell the property quickly?
If you have mutually agreed that the house is to be sold and one party is not buying the other out consider this:
•If there is any existing mortgages, second mortgages or leins on the property, they will be paid first out of the proceeds
•Also remember that there are going to be real estate commissions, closing costs, concessions and holding cost that will need to be taken out of the final proceeds of the sale unless you’re going to use a company that buys houses in the Jacksonville Fl area.
•You will have to take into consideration the capital gains tax that will be owed on the profit of the sale; NOT the sale price.
Things you can do while gathering your information
Call up the mortgage company and find out what the balance of the mortgages are on the property.
Make a list of all of the needed repairs and get estimates on how much they will cost in order for you to sell.
Decide on how you will jointly pay for the repairs in order to sell through a Realtor.
Decide if you would rather save the hassle and expense of doing the repairs and sell the house “as is”
Come to an agreement with the other party on the way you would like to sell the house and then on what the sales price should be. If you cannot come to an agreement you can have a BPO done by a local Realtor or have an appraisal performed on the property by a third party to determine the value.
The one thing you want to be careful of is over pricing the home and having it sit on the market with no action. This will end up costing you more in the long run. If you want to sell your house quickly price it aggressively for your neighborhood.
Overpricing a home will end up costing you money. Do not overprice.
If you’ve decided on a conventional sale through a real estate agent, come to a decision on the agent to use. .
Does The Husband Or Wife Keep The House In Divorce?
Before you decide to sell the house to a third party or which person will keep the house you have to determine who actually owns the house. I know it may seem cut and dry that you both own it but consider the following:
Only marital assets and debts are divided when a couple divorces. Marital assets are everything that was acquired both separately and together during the length of the marriage.
Property is non marital, or separate, if a spouse owned it before marriage or it was acquired during marriage through a gift (not including the spouse gifting it) or the property was inherited.
Florida law requires an equitable division of property between the spouses.
The law states that equitable usually means equal but this may not be the case in certain situations. There are many factors that need to be considered before making this decision.
•Number of years married
•Economic situation of both parties
•Each of the spouses prospects for increasing their income
and many other factors.
If the parties cannot come to an agreement on their own or through arbitration then a court may decide on how the house will be divided between the parties. If there are children involved the judge may order one spouse to live in the house temporary if this option may benefit the children if they are still in school. If possible the best case scenario is to try and work everything out between each other instead of having a judge or arbitrator make the decisions for you.
Solutions When Selling A House In A Divorce.
As we mentioned earlier, if the house is non marital property, the house was gifted, or it was inherited, the spouse with the ownership will most probably get to keep the property. In other situations there are really only 2 ways the property can be divided. If the spouses cannot mutually agree on how to divide the house a judge or mediator will make the decision for you. This can draw out the length of time needed and make the situation more stressful.
Agree How To Sell And Divide The Proceeds
Before you decide to list your property with a Realtor, do some research of other similar properties that are for sale in your neighborhood. It is even a great idea to visit a few open houses to get an idea how your property stacks up against the competition. If you see that compared to the other houses for sale that your house will need some repairs and upgrades decide if you and your ex will be able to get them completed and how you will pay for them.
Sometimes this can be really difficult and selling your house “as-is” to a cash house buyer might be the best option for you.
Now if your house if updated and in really good shape you will likely get top dollar by listing with a Realtor if your able to wait the 4-6 months to complete the sale. Remember to add in all of the additional costs when selling through a Realtor to determine the net proceeds. .
Cash Out The Other Party
If one of the spouses want to keep the property and can afford to make the payments and up keep then cashing out the other spouse may be the best option. This would mean that the spouse buying out the other would have to come up with the money in order to buy out the equity form the other. This can be very difficult for most people depending on their financial status. This is a great option because there are no commissions, repairs or upgrades needed to do the buyout.
Divorces can be extremely stressful time in people’s lives and dividing assets and selling your house during a divorce can make it even more difficult. If you’re looking for a hassle free solution to sell your house in a divorce and are in the Jacksonville Fl area then you need to call Blonde Girl Homebuyers. We are a professional house buying company that buys houses “as is” no repairs for cash. You won’t need to pay any Realtor commissions and we offer the highest cash prices.
Blonde Girl Homebuyers
3948 3rd St S # 134
Jacksonville Beach FL 32250-5847