You could be
undergoing the process of divorce and wondering how to handle the sale of a
house, which you probably bought or built together. We all know the pain and
challenges that are experienced during divorce. Nevertheless, you have to deal
with important issues such as the sale of a mutual property so that you can
split the proceeds. This article will guide you on how to go about the process
the easier way.
The complications of a house in a
divorce case
In a
divorce, of course, both the man and woman will want to split all the property
that they own together so that everyone can have with his or her own share. It
is easy to divide liquid assets such as money. However, when it comes to other
things such as real estate it is difficult to split it. It is impossible to cut
a house into two so that everyone can have a share. At the same time, you
cannot carry the house and take it to another place if you do not want to
remain in that particular plot where the house is built. This means that only
one party can have it.
Some court
rulings may have it that whoever retains the house should continue paying its
mortgage. You probably do not have the resources to pay, given the difficulties
that you are already going through in your divorce. All these are the complications
that are involved when it comes to a house in a divorce case.
Thus, you
have to look for the logical way to solve this issue of the dividing real
estate.
What then is the solution for
splitting a real estate asset?
As seen
above, you cannot split a house into two. The house retains its value by being
whole. The best way to go about it is by selling it and then dividing the
proceeds. Some expenses will be incurred during the sales process. They include
agent fees and other hidden charges such as the closing costs. Together with
any outstanding bills or part of the mortgage that had not been paid ye, the
couple will channel the money acquired from the sale of the house to cater for
these expenses and then divide the remainder by the agreed percentage. That
way, they will have divided the house amicably without any conflicts and
dissatisfaction from either party.
Which is the fastest channel through
which to sell a divorce house?
When
divorcing couples get to the point of selling the house, the first thing that
comes to mind is contracting a real estate agent. However, an estate agent is
not the most convenient way, especially at this time when you want to minimize
costs and have things done fast. The following are some of the shortcomings of
a real estate agent:
• An agent
will require you to dig deep into your pocket to repair the property and fix
anything that is in bad shape. At this point probably, you do not even have
that kind of money. In any case, you cannot even agree on exactly who between
the two of you should dish out the repair money.
• The agent
will then list the property and it can take from three to six months to make an
actual sale. Surely, none of you has time to wait for that long.
• Both of
you will be involved in the negotiations with the potential buyer, and you will
be subjected to so much paperwork
Selling
through an agent is time-consuming and costly. The easiest way to get it
finished is selling the house to a real estate buying firm. The firm will not
need you to repair the house. They will buy it as it is. The process is fast as
it will take just a few days and you will be paid in cash. You do not have to
do any cleanup. The best thing is that you will not incur any additional fees
like paying an agent, repair cost or closing cost.