If you’re going through a difficult 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 Sacramento…
If you want to Sell your House Fast For Cash. We can close in as little as 10 days. We Buy Houses Near You in Sacramento, South Sacramento, Florin Area, Oak Park, Del Paso Heights, North Highlands and area, Fair Oaks, Roseville, Antelope, Carmichael, Elverta, Citrus Heights and Rio Linda, CA
Divorce can be challenging and emotional. Yet, in the midst of the difficult situation, you might be like other divorcing couples who own a house and are trying to figure out how to go about selling your house while divorcing in Sacramento. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Houses In Divorce Can Be Complicated
During a divorce, the two parties seek to split their assets in half. For some assets are liquid (such as money), it’s very easy to do. For other assets, including real estate, it’s much harder to do because how do you 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. In California, approximately 8.9% of marriages end in divorce. This means that for every 100 marriages, about 8 or 9 will result in a divorce. While the national divorce rate is higher, California’s rate has been steadily declining. That,s good news. but for the other 8.9 percent, not so much.
Since cutting the house down the middle isn’t an option, should one party get it or the other? And maybe in some divorces, one party might be invited to take the house only if they can pay for it (which is a massive expense a time that people rarely want to incur such expenses).
Key Considerations for Selling:
- Real Estate Agent: Vs Cash Buyer Agreeing on a real estate agent vs selling to an investor is often the first step, as the agent’s priority should be to get the best price for both parties. It should come as no surprise that divorcing couples rather choose an investor to keep the matter private.
- Negotiating Sale Terms: Discussions with your spouse (or their attorney) are crucial to agree on sale price, timelines, and how the proceeds will be divided.
- Tax Implications:. Selling a home can have tax consequences, including capital gains taxes.
- Professional Guidance: Consult with both a divorce attorney and a real estate agent experienced in divorce-related sales.
Here’s How To Split The Real Estate Asset
The best way to split the real estate asset is to sell it:
The property itself might have some expenses incurred during the sales process, or there might be outstanding bills, or there might still be a partial outstanding mortgage on the property. So the two divorcing parties should probably just sell the property and direct their attorneys to apply the money earned from the equity to any outstanding debts.
The remaining amount can then be split between each party, with each party getting 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:
- 90 % of realtors do not advertise their listings. They use the 3P’s. 1)Put Up a Sign. 2)Put it in the MLS. 3) Pray! . The agent will make the owners pay out-of-pocket to fix up the property first — but who pays for that? Most couples experiencing a divorce are also having a financial hardship
- the agent will then list the house, which can take 3-6 months to sell (sometimes longer) — can either party wait that long? Better Question is Why are they waiting first of all. They want the heck out and fast-Like yesterday
- the agent will then involve both parties in the negotiation with the buyer and 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 so much worse.
Alternatives to Selling
- Deferred Sale: A temporary delay in the sale, where one spouse resides in the home and the other shares in future appreciation, can be a viable option, especially when children are involved.
- One Spouse Buys Out the Other: One spouse may buy out the other’s share of the house.
- Co-Ownership: Spouses can continue to co-own the property.
Fortunately, there’s another way to sell and that’s to sell your house to a real estate buying firm (which is what we do here at Nerradscali Corp). The real estate buying firm will buy your house quickly, for cash, in as-is condition (and as a bonus, there are never any commissions or fees to pay). 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.
If you’re going through divorce and want to just be done with it and move on with your life, just reach out to us and tell us about the house you want to sell. We specialize in buying divorce houses and we can help you expedite your divorce by buying this house from you.
Divorce sale on a fixer in Mt-Aukum
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