Selling Divorce Property: What You Should Know
When you get a divorce, it’s often just easier to sell your property. Sure, you could try to divide it, but should you? Unlike cash, homes cannot be split down the middle. That being said, it can take a lot of time and a lot of work to sell a home. Let’s talk about what it takes to sell a property when you divorce, and why it may be advantageous to sell your house fast with Purple Mountain Holdings.
Selling Your House During a Divorce
During a divorce, things either happen by court order or by agreement — period.
Houses can be complicated. Let’s say that you have a $200,000 house. You and your spouse each own $100,000 of that house. But your spouse wants to keep the house in the divorce.
That would mean that your spouse either has to pay you $100,000 or trade you $100,000 in other assets.
For instance, they could get the house ($200,000), and you could get both the car ($30,000) and their investment account ($70,000). Alternatively, they could get a refinanced mortgage in their name alone and pay you the $100,000 directly.
But it’s often easier just to liquidate. If you sell your house fast, you can just each take $100,000 and go on your way.
How to Sell Your House During a Divorce
Of course, that puts you in the position of having to sell a house (one of the most difficult processes in someone’s life) with someone that you might not want to interact with anymore.
When you sell a house during a divorce, you both still own that property. So you have to agree on the sale price. Let’s say your house is worth $200,000. What if your spouse will only accept $250,000? It’s an unrealistic number and could draw out the sale unless a judge intervenes.
Further, on the open market, you often need to repair and renovate a property to even begin to sell it. Who pays for those renovations? When are they completed? The process of selling a house can become complicated fast. That’s even truer if your spouse is dragging their feet.
As an example, a spouse might hesitate to sell a house because they want it themselves but at a lower price. To get the house at a lower price, they could complicate any renovations you’re choosing to do.
The Best Way to Sell Your House Fast
If you’re selling a house during a divorce, the best method is to go through a cash home buyer. We buy houses regardless of condition, so you won’t need to repair and renovate. And we can make you a fair cash offer, so you’re not going to need to wait or draw out the process.
Going with a “we buy houses” company is almost always the best bet because you don’t need to perform costly repairs or worry about paperwork or mortgages falling through.
You just need to get your spouse to agree. Your spouse is still going to need to agree on the offer.
If your spouse is absolutely refusing any resolution to do with your house, your lawyer can help. A lawyer can get you a court date so that a judge can determine what is actually reasonable to do with your property.
At Purple Mountain Holdings, we buy houses in any condition in Colorado Springs and the surrounding areas. We can give you an offer for your property within days. And we can close within weeks. Since we are a cash buyer, the property transaction can close as soon as the money is wired over. If you want to know what your property is valued at today, contact us. We can help.