If you’re going through a divorce and trying to figure out what to do about your unwanted real estate, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Fairfax…
Divorce can be challenging and emotional. Yet, in the midst of the difficult situation, you’re probably like many other divorcing couples. You own a house and are trying to figure out how to go about selling your house while divorcing in Fairfax. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Selling Your House While Divorcing Can Be Complicated
During a divorce, the two parties seek to divide their assets–sometimes splitting them in half. For so-called “liquid” assets (such as money), it’s very easy to do. For other assets, including real estate, it’s much harder. You can’t just split a house in half. It’s one asset that derives its value from being whole, and it’s usually a structure built on a plot of land, so it’s not going anywhere.
Since taking a chainsaw and cutting the house down the middle isn’t an option, who should get it? In some divorces, one party might be invited to take the house only if they can pay for it (which is a massive expense at a time when people rarely want to incur such expenses).
There are also emotions involved–and disagreements arise–during any house sale. It’s only more difficult selling your house while divorcing. Little disagreements can explode into major arguments.
Here’s How To Split The Real Estate Asset
The best way to split the real estate asset is to sell it and then divide the money from the sale.
The property itself might have some expenses incurred during the sales process–painting and repairs, for example. Or there might be outstanding bills. Or there might still be an outstanding mortgage or HELOC (home equity line of credit) on the property. It can get pretty tricky trying to straighten all those out. So, often the best answer is for the two parties to just sell the property. Tell the lawyers to apply the money they receive to any outstanding debts.
The remaining amount can then be split between each party. Each one gets an agreed-upon percentage (such as 50/50).
But this begs the question: How do you sell the property?
The Fastest Way To Sell A Divorce House
When it comes time to sell, most people think of selling through a real estate agent. Unfortunately there’s a few problems with this:
- The agent will make the owners pay out-of-pocket to fix up the property first. But who pays for that?
- The agent will list the house, which can take 3-6 months to sell (sometimes longer). Can either party wait that long? And even if you can wait, do you really want to?
- The agent will then involve both parties in the negotiation with the buyer. There is A LOT of paperwork to shuffle back and forth
This is a costly and time-consuming way to sell, and it can actually make the divorce proceedings much more painful. It also can cut into the proceeds from the sale. That includes:
- The agent’s commission.
- Closing costs and transfer taxes.
- The lowered cost as a result of negotiation with the buyer. And then the buyer wants you to pay for his closing costs.
- Additional repairs after the buyer has a home inspector inspect the property.
- The cost of holding the house and paying the mortgage, HELOC, and utilities for 4-6 months.
All that can add up to 9%-14% of the sales price . . . or more.
Fortunately, there’s another way to sell. That’s to sell your house to a real estate buying firm. (That’s what we do here at Solutions 3D LLC). Our company will buy your house quickly, for cash, in as-is condition. (As a bonus, there are never any commissions or fees to pay.) Avoid those arguments about whether to replace this item or repair that one. You don’t have to clean up or fix up the property and the sale can be completed in days, not months, with very little paperwork.
By the way, you two don’t have to remain in the same city or even the same state. Recently, we bought a house in Fort Washington, Maryland. The ex-wife had moved to Indiana and the ex-husband had moved to Florida. We helped them do the entire sale using overnight mail and email. Neither one had to return to Maryland or be at the closing. It went just as smoothly and quickly as if both still lived under the same roof. Frankly, it probably went smoother!
If you’re going through a divorce, just want be done with it, and want to move on with your life, reach out to us. Tell us about the house you want to sell. We specialize in buying divorce houses and we can help you speed up and smooth out your divorce by buying your house.
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