Monday, 22 January 2018

Selling a House in a Divorce

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.

Therefore, if you are in the middle of a divorce case, and wondering what to do with your real estate, all you need to do is sell it to a real estate buying firm and split the proceeds.