If you’re going through a difficult divorce and trying to figure out what to do about your unwanted real estate, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in COLUMBIA…
Divorce can be challenging and emotional. Yet, in the midst of the difficult situation, you might be like other divorcing couples who own a house and are trying to figure out how to go about selling your house while divorcing in COLUMBIA. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Houses In Divorce Can Be Complicated
During a divorce, the two parties seek to split their assets in half. For some assets are liquid (such as money), it’s very easy to do. For other assets, including real estate, it’s much harder to do because how do you split a house in half? It’s one asset that derives its value from being whole, and it’s usually a structure built on a plot of land, so it’s not going anywhere.
Since cutting the house down the middle isn’t an option, should one party get it or the other? And maybe in some divorces, one party might be invited to take the house only if they can pay for it (which is a massive expense a time that people rarely want to incur such expenses).
Dividing real estate assets during a divorce can indeed pose unique challenges due to their indivisible nature. Unlike liquid assets that can be easily divided, such as money, a house represents a single, cohesive unit that derives its value from its entirety. In many cases, determining who gets the house involves careful consideration of various factors, including financial capabilities, emotional attachments, and practical arrangements.
In some instances, one party may choose to retain the house while compensating the other party for their share of the asset. This could involve a buyout arrangement where the party who wishes to keep the house pays the other party their portion of the equity. However, this option may not always be feasible, particularly if the buyout amount exceeds the financial means of the party interested in retaining the property.
Alternatively, the decision might be made to sell the house and divide the proceeds between the parties. This approach can offer a more equitable solution, ensuring both parties receive a fair share of the asset’s value. However, selling the house could entail additional complexities, such as determining the listing price, addressing any outstanding mortgages or liens, and navigating the sales process.
Ultimately, the division of real estate assets in a divorce often requires careful negotiation and consideration of each party’s unique circumstances and preferences. Whether one party retains the house or it is sold and the proceeds divided, reaching a mutually agreeable resolution is essential for facilitating a smoother transition and moving forward with the divorce proceedings.
Here’s How To Split The Real Estate Asset
The best way to split the real estate asset is to sell it:
The property itself might have some expenses incurred during the sales process, or there might be outstanding bills, or there might still be a partial outstanding mortgage on the property. So the two divorcing parties should probably just sell the property and direct their attorneys to apply the money earned from the equity to any outstanding debts.
The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50).
But this begs the question — how do you sell the property?
The Fastest Way To Sell A Divorce House
When it comes time to sell, most people think of selling through a real estate agent. Unfortunately there’s a few problems with this:
- the agent will make the owners pay out-of-pocket to fix up the property first — but who pays for that?
- the agent will then list the house, which can take 3-6 months to sell (sometimes longer) — can either party wait that long?
- the agent will then involve both parties in the negotiation with the buyer and there is A LOT of paperwork to shuffle back and forth
This is a costly and time-consuming way to sell, and it can actually make the divorce proceedings so much worse.
Fortunately, there’s another way to sell and that’s to sell your house to a real estate buying firm (which is what we do here at Intrepid Property Solutions). The real estate buying firm will buy your house quickly, for cash, in as-is condition (and as a bonus, there are never any commissions or fees to pay). You don’t have to clean up or fix up the property and the sale can be completed in days, not months, with very little paperwork.
If you’re going through divorce and want to just be done with it and move on with your life, just reach out to us and tell us about the house you want to sell. We specialize in buying divorce houses and we can help you expedite your divorce by buying this house from you.