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 Front Royal…
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 Front Royal. 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 divorce proceedings, the division of assets becomes a pivotal point of contention. While some assets, such as cash, can be easily divided, others, such as real estate, pose a more significant challenge due to their indivisible nature. Unlike liquid assets, a house cannot be physically split in half, as it is a single entity that derives its value from its entirety, typically comprising a structure situated on a specific plot of land, which cannot be divided.
Given that partitioning the house is not a feasible option, the question arises: should one party be awarded the property over the other? In certain divorce cases, one party may be granted ownership of the house, albeit with the stipulation that they assume responsibility for its financial obligations, which can be a considerable burden that individuals are often reluctant to bear.
Here’s How To Split The Real Estate Asset
The most effective method of dividing the real estate asset is through its sale:
The property in question may entail certain expenses associated with the sales process, outstanding bills, or perhaps a remaining portion of the mortgage yet to be settled. Thus, it is advisable for the two divorcing parties to opt for the sale of the property and instruct their respective attorneys to allocate the proceeds from the equity towards settling any outstanding debts.
Subsequently, the remaining funds can be divided between the parties, with each party receiving a predetermined percentage, often agreed upon as an equal split (e.g., 50/50).
However, this prompts the question — how does one go about selling 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 may require the owners to cover the expenses out-of-pocket for the property’s repair and renovation beforehand, prompting the question: who bears the financial burden for these costs?
- Subsequently, the agent will proceed to list the house for sale, a process that typically spans between 3 to 6 months, and sometimes even longer. The pertinent question then arises: can either party afford to endure such an extended waiting period?
- Subsequently, the agent will engage both parties in the negotiation process with the buyer, which entails a significant amount of paperwork being exchanged back and forth between all involved parties.
This is a costly and time-consuming way to sell, and it can actually make the divorce proceedings so much worse.
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 Five15 Properties). 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 are currently navigating the complexities of a divorce and are eager to swiftly conclude this chapter of your life and move forward, don’t hesitate to contact us and provide details about the property you wish to sell. Our expertise lies in purchasing houses involved in divorce proceedings, and we are well-equipped to assist you in expediting the divorce process by purchasing the property from you.