Selling During Divorce
OPTIONS FOR SELLING A HOUSE DURING DIVORCE
Pay It Off or Get a Short Sale
pay off the difference on the loan or go for a short sale.
Issues with Short Sales
The downside of a short sale when selling a family home is that both of your credit scores are impacted. In addition, you both could still be responsible for the difference the house sells for and the amount still owed on the mortgage. However, the bank could always decide to release you from the liability during the short sale
Refinancing Your House After Divorce
One Spouse Keeps the Home
If your spouse keeps the home, don’t expect it to be smooth sailing in getting a mortgage for another home. Sometimes, it’s not so easy getting your name off a mortgage and qualifying for a second mortgage can be tough unless you have a high income. Your spouse might have to apply for another mortgage just so you can get your name off of it.
ADDITIONAL CONSIDERTIONS
How To Sell Your House Fast
While selling a house during divorce, as hard as it maybe, don’t argue. Many real estate agents agree that couples who argue, while selling a house during a divorce, often don’t agree when it comes to routine decisions about fixing up the house, repairing, and even listing the property. This could jeopardize a potential sale and worse yet, the home could fall into foreclosure. So, set aside your differences and sell the house or agree to turn the house over to your spouse or yourself.
Do You Live in a Community Property State
Another question to ask while selling a house during divorce is whether you live in a community property state. There are only nine of them: Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Texas, Wisconsin, and Washington. In a community property state, all assets acquired by you and your spouse are divided equally at the time of divorce. No other factors are taken into account. The rest of the states have equitable distribution which allows divorce courts to take factors into consideration such as length of marriage, ages, health, and the fact that one parent might have stayed home to take care of the kids..
Hire a Realtor to Sell Your House
Traditionally, many couples who divorce selling a home hire a realtor they pay a commission to. Or they sell the house themselves but then have the hassle of being in charge of the whole process.
Instead, why not sell your home to Nala Enterprises, LLC! When selling a house during a divorce. We can give you a fast sale. All you need to do is fill out the form to get the process moving. In just a few days, you’ll be free of your house and able to move on with your life. You’ll have quick cash and can immediately begin prioritizing your financial goals.
Sell Your House
to a Cash House Buying Company
Another option is to sell your house to an ALL CASH buying company. Nala Enterprises, LLC is that kind of Company! This gives you the best of both worlds! You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in just 24 hours.
We give you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!
OTHER CONSIDERATIONS....
Where Are You Going To Move?
Another thing to consider when selling a house during divorce is housing options in the community where you plan to live. If you decide to buy another home or rent, will your monthly payments be more or less? If you have kids, can you find similar housing in the same school district? What about the costs of moving or even renting a storage unit?
Tax Consequences
of Selling a House During Divorce
As if selling a house during divorce isn’t stressful enough, selling assets before a divorce can also be challenging. If not done correctly, there could be serious tax implications. Liquidating assets, though, should be a last resort due to taxes.
Make sure you know what you’re dealing with when it comes to investable assets and the costs associated with it. Know the cost of a real estate asset and what the capital gain will be when you sell the house. When selling a house during a divorce, again, you also don’t want to acquire a huge capital gain with what you sell.
Keep in mind, you don’t have to worry about taxes if you transfer assets back and forth with your spouse. Collaboration is when you and your spouse decide what something is valued at. In most cases, a judge does not get involved.
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