What To Do With A House In A Divorce

Sell Your House Fast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What To Do With A House In A Divorce?

You may be asking yourself this question?  Should I sell it myself?  Should I buyout the other party?  Should I sell to an investor?  Read the article below to find some helpful information.

Does either party want to sell the house?  Are there sufficient assets in marital estate to allow party to BUYOUT  the other party?

If one party wants to keep the house, the other party can buyout the other’s interest.  Often, the party who has the children will buy out the other parent so that the children can stay in the home which provides stability for the kids.

  • The disadvantage is that the selling party may lose out on future appreciation and may end up feeling the price was too high if the property depreciates in the future.
  • A buyout can also be a financial stretch for the buying party.  The buying party pays money to the selling party by refinancing and taking out a new mortgage loan or gives up other marital property worth as much as the selling party’s share.

 

Sell the House & split the proceeds?  Can either party afford to keep the house?

If neither party can afford to buy out the other, you can put the property on the market and try to get the best possible price for it.  Keep in mind that before the sales proceeds can be divided you’ll have to pay off the mortgage, a second mortgage, back taxes or other liens and the broker’s fees.  You’ll also need to pay any capital gains tax that might apply.

  • Disadvantage of selling are:  expenses listed above and the need to uproot the kids when they are adjusting to a lot of change.
  • Advantages are:  both parties get money to start over.  If you sell to an investor like Elvis Buys Houses, you’ll be able to get through the whole process quickly, get the money fast and be done with it.
  • Selling your house yourself or with an agent is not the best option for everyone. Having to clean up the house to show your home at it’s best is so time consuming and puts a lot of stress on you and your family.  You could have a showing at any given time and you’ll end up running around frantically cleaning up after your kids, your dogs, getting the dishes out of the sink, vacuuming, organizing…in other words, making it look “perfect” to try to get your house sold.
  • If you go with an agent, you will be signing a contract that binds you with that agent for 6 months.  This can tie your home up.  What if you find a buyer yourself?  What if the buyer pulls our from the deal at the last second?  What if their bank loan falls through?   The real estate agent will give you piles of  paperwork to sign, shuffling the paperwork back and forth from the buyer to the agent and then to you….and back.  It can all add stress, months to the process, and in the end you pay 6% agent fees.
  • If you were to sell your home through a Realtor , expect to pay the following if you sold your home for $200,000:

1)   6% sales commission on the sale of your home =  $12,000 coming out of your pocket!

2) Closing costs which can amount to as much as 2% of the selling price = $4,000 out of your pocket!  Plus home warranty costs for buyer = $500!  Plus title insurance = $2000!

3) Anyone using a mortgage lender to buy your house will require an appraisal and a home inspection before closing = $600 out of  your pocket!  You will be hoping the appraised value matches the agreed selling price so that the lender will approve the loan.

4)  Repair requests from your buyers who will be presented with a list of problems with your property found by the home inspector.

Grand Total = $19,100 + Repairs to sell the $200,000 house + all the junk fees at the title office, you’re looking at approximately $20,000!

* * *  THE COST FOR ELVIS BUYS HOUSES TO BUY YOUR HOUSE?  NOTHING!  * * *

Call Us Now!  877-703-5847

 We’ll be happy to answer all your questions.

 

Do comparative analysis and appraisal joint or individually?   Do parties agree on value?

Will both parties be able to come to an agreement on what the asking price should be?  Have you had the house appraised?

  • Leaving the decision up to an investor will eliminate a potential conflict.  The investor will do a market analysis, run comparables, and give you 100% cash for you house.
  • You can split the proceeds between both parties and you can be done with it quickly and painlessly.  The escrow company can distribute the money, after paying off all the obligations and making other payments you’ve agreed to like marital debts.
  • The distribution should be adjusted if one party has been making the mortgage payments which has been reducing the principle amount and increasing the equity.  That party may increase the amount to be divided after the closing costs and obligations have been paid.  You’ll have to work together when it comes time to review the offers from potential buyers.
  • Selling your house yourself can be a tough job. Surviving in today’s real estate world requires experience and training in such fields as real estate marketing, financing, negotiating and closing.
  •  Do you have it at the right price to sell?  You will need to do a comparative market analysis, develop a negotiation strategy, advertise your home, consider a professional property appraisal to validate your asking price, make home improvements, declutter and stage the home and prepare a schedule for showings, and decide on a selling timeline.  You will need to hire a real estate lawyer to help with the paperwork, acquire state-specific real estate forms, disclosures and contracts, prepare to work with your buyer’s inspector and appraiser, verify all details agreed to in the contract have been met, hire a title agency to close the sale and provide a closing venue, agree on a closing date that is acceptable to all parties, determine your closing costs and how you will pay them, contact your mortgage lender to determine the mortgage payoff amount.  Now it’s time to move, cancel utilities and hand over the keys. Do you really want to spend your valuable time  trying learn and figure all of this out?  Alleviate the stress of it all and sell it to Elvis Buys Houses. We’ll do all the work.

 

Which party will make repairs to the home?

If there is work to be done, the buying party will try to persuade the selling party to knock the buyout price down.  If the selling party owes the buying party money, lowering the sale price is one way to take care of that debt.

  • To solve this dilemma, an  investor like Elvis Buys Houses will buy your home as-is.  This means you do not have to do any repairs.  This will save both parties time, money, patience, and many arguments.
  • Items to consider for repairs and updates…

Repairs 

  • Foundation problems?
  • Termites eating your equity?
  • Plumbing headaches?
  • Pool problems
  • A/C units burning a hole in your pocket?

Outdated

  • Flooring?
  • Kitchen?
  • Bath?
  • Light Fixtures?

 

Should you go with an agent or investor?

When going through a divorce, it can get messy if each party wants to use an agent to their liking.  Try not to spend a ton of time arguing about what agent you will use.  You can use the agent that sold you the house or each of you pick a friend or relative to agree on an agent for you.  OR…you can call an investor such as Elvis Buys Houses.

  •  If you go with an agent, you will be paying commission fees and you must make repairs to the property, and sign documents that go back in forth from the agent, to the seller, to the buyer.  This can add more stress to an already stressful situation.
  • If you go with an investor (Elvis Buys Houses), they make an offer on you house in an as-is condition, sign a contract with the investor, close at the title office,  get 100% cash and you’re done.
  • Here’s what Elvis Buys Houses can do for you:
    • You’ll pay NO fees
    • You’ll pay NO commissions
    • We pay ALL closing costs
    • THERE IS NO OUT OF POCKET EXPENSES FOR YOU
    • We buy your house regardless of it’s condition…ugly, pretty, or just needs a few updates. Don’t waste your time and money, we will do all the repairs.
    • We buy your house no matter what you owe on the mortgage
    • Vacant house?  Renters?  Still living at your house?  We will work with you to close when it’s convenient for you.
    • We can get CASH in your hands quickly,  money is tight these days and we know situations arise out of the blue and that’s when you need money fast.  Call us, we can help.
    • Absolutely NO obligation, NO hassle and your information is kept confidential.
    • Family owned, friendly service, honest & fair pricing.
    • 100% cash paid.

CALL ELVIS BUYS HOUSES TODAY!

817-642-7365

www.ElvisBuysHouses.com

We provide win-win solutions to help homeowners get out of their sticky situations.

Elvis Buys Houses is a real estate solutions company based out of Dallas .  We’re a family owned business and focus on helping homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, probate, inherited house or just need to sell your house for all kinds of reasons.

Elvis Buys Houses is rated A+ by the Better Business Bureau.

If you have any questions about how we work, the process of selling a house with us, or just want to learn more about us… don’t hesitate to contact us anytime!

No matter the condition of your house – your situation – or timeframe…  Our goal is to make your life easier by helping you get out from under that property that’s stressing you out… while still providing and paying a fast, fair, all cash offer for your house.

 

Most of the great content on this page came www.DivorceNet.com.  Click on the links below for detailed information on your options.

http://www.divorcenet.com/resources/divorce/marital-property-division/selling-house-when-you-divorce

http://www.divorcenet.com/resources/divorce/marital-property-division/negotiating-a-house-buyout-div

http://divorceinfo.com/sellingyourhouse.htm

 

CALL ELVIS BUYS HOUSES TODAY!

817-642-7365

www.ElvisBuysHouses.com

We provide win-win solutions to help homeowners get out of their sticky situations.

Elvis Buys Houses is a real estate solutions company based out of Dallas .  We’re a family owned business and focus on helping homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, probate, inherited house or just need to sell your house for all kinds of reasons.

Elvis Buys Houses is rated A+ by the Better Business Bureau.

If you have any questions about how we work, the process of selling a house with us, help you avoid foreclosure, or just want to learn more about us… don’t hesitate to contact us anytime!

 

The great content on this page came DivorceNet.com.  Click on the links below for detailed information on your options.

http://www.divorcenet.com/resources/divorce/marital-property-division/selling-house-when-you-divorce

http://www.divorcenet.com/resources/divorce/marital-property-division/negotiating-a-house-buyout-div

http://divorceinfo.com/sellingyourhouse.htm

 

Steve Labus

About Steve Labus

Experienced and dedicated to helping others, changing lives and improving neighborhoods.
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