This is often the result of neither spouse being able to qualify for the entirety of the mortgage loan, especially when the market is not in your favor. This leaves you with the only option of selling.
If you’ve found yourself in this very situation and want to know how to sell your house fast after a divorce, read below for several tips on what you should consider.
If you’re looking to sell your house without a realtor, contact First Choice Home Buyers today! We can provide you with a fair cash offer for your home, especially if you’re looking to sell your house fast after a divorce.
Many couples may want to put their home up for sale and move on as fast as possible. While this is completely understandable, it’s not always the best decision if you want to sell your home quickly.
Where possible, you want at least one partner to stay in the home until it’s time to put it on the market and show it to the general public. The last thing you want is to move out, take all of your stuff with you, and leave your house completely empty. This actually makes your home less attractive to potential buyers.
Staging an empty house is also really expensive. Depending on the size of your home, it could cost you thousands, on top of your divorce expenses. If you can keep some furniture, fixtures, and décor in your home and use that to stage it, you could decrease its time on the market and save yourself a fair amount, too.
While many homeowners going through a divorce might want to avoid hiring a realtor to sell their home, it’s actually one of the best ways to sell it fast.
If your end goal is to move your home off the market as quickly as possible, a divorce-experienced realtor can make all the difference. You want to work with a realtor that has experience in dealing with separated couples, as these types of situations can present their own set of challenges. Your realtor should know how to handle these challenges and not let them impact your home sale.
Before you list your home for sale, you and your ex-spouse have to be on the same page. There are key details you’ll need to iron out before you put your home on the market, such as:
Then, it’s also important to discuss the other costs involved with selling a home, such as closing costs. You’ll need to talk about who will cover these costs, whether you’ll split it down the middle, and how much notice you need on a closing date.
While it’s not always easy to put your emotions aside during this huge life transition, you don’t want to allow them to influence your decisions when selling your home.
This is why working with an experienced realtor or divorce mediator can really help. They can act as a realistic sounding board when emotions are high.
Understandably, each spouse might be relying on the funds from a home sale to start a new life. This is the end goal, so it’s important to keep your eye on the prize.
It’s no secret that emotional stress can take a toll on how your rational mind operates. When it comes to making decisions about your home sale, don’t rush into anything you’re not comfortable with. This can only lead to regret down the line.
It’s important to be open with your spouse, discuss everything in a calm and mature manner, and then come to an agreeable decision. Make sure you speak to all necessary parties about the financial implications of your home sale before making decisions, too. This includes your lawyer/mediator, financial planner, and tax advisor.
It’s very common for potential homebuyers to ask why you’re selling and what the rush is. This is why you need to have your answer prepared, beforehand.
While you don’t want to outright lie to a potential homebuyer, you do want to put a positive spin on your reason for selling. Otherwise, this could only open up room for price haggling.
If they know you’re looking to move on quickly due to a divorce, they may offer less than usual. One simple example that you could use is that you’re ”downsizing”. Which, in itself, is not a lie!
When you sell an investment, such as a home, you will have to pay capital gains tax on the sale. In some cases, this tax amount can be as much as 23.8 percent. This is why you want to avoid it at all costs when selling your home during a divorce.
However, in real estate, you can qualify for a capital gains tax exemption of $250,000 per person when selling your primary residence. And when you’re married, each partner qualifies for an exemption of up to $250,000.
But when you get divorced, there’s a chance you could lose out on the extra $250,000 as it’s consumed by capital gains tax. In order to avoid this, you need to time your home sale and divorce in a smart way.
Make sure to discuss the structure and timeline of your divorce with a tax professional. They will be able to advise on the best time to move forward with finalizing your divorce and home sale.
In many cases, selling your home for cash is the best way to guarantee a quick and stress-free home sale. And, when it comes to cases of major life change, such as a divorce, this could not be more appealing.
Here’s how you can benefit from a home cash sale:
Ultimately, selling your home for cash is the best way to avoid drawing out the process, allowing you to move on with your life!
With First Choice Home Buyers, you have access to a team of professionals who can help you sell your home quickly in as little as five simple steps.
As a home buying company serving Central Pennsylvania, we offer you cash for your home — whether it’s a multi-family, single-family, apartment, or townhouse. You can even sell as-is — no realtor fees, or surprise costs.
Need help with how to sell your house fast after a divorce? Get in touch with our team today.