Getting through a divorce is not easy. There is a lot going through the mind of a person going through such a thing, and the last thing they need is even more stress on top of everything. The distribution of assets after divorce is something that cannot be avoided, but one can always prepare to handle these circumstances in a better way.
What Are My Options?
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After a divorce you either need to sell divide, co-own or buy out the property from the other partner. Which option you pick can be very complicated and heavily depends on the legal and emotional aspects of the divorce. Let’s take a look at these three options one by one.
Sell Property Due to Divorce
It is not necessary to sell your house during a divorce but there are good reasons to do so. Selling a house is probably the most common option when it comes to asset division in a divorce. This is mainly because in most cases, selling a house and splitting the profits is far more convenient than sharing or buying out the property.
Divide the Property Among Partners
This next option is valid for people with a significant number of assets. Partners with more than one property can divide an equal number of assets between each other. This way they can finalize the divorce much quicker as they don’t need to sell, or have to wait for the sale on properties to go through. Although it must be noted that you will still have to assess the value of your assets.
Buyout the Property
In case you want to keep the property for yourself and have enough capital on-hand during a divorce, you can opt to buy out the other party’s share of the house. It is a very straightforward process and the only thing to keep in mind is if you have enough cash, and if you are willing to take care of the mortgage on the house.
Co-own The Property
Another option you have is to own the home together with the divorced person by coming to agreement on mortgage payments and other matters pertaining to the property. This is a very unorthodox approach and may complicate matters further, but this approach is practical if both partners can come to an agreement to keep their children undisturbed.
Depending on your specific circumstances and the level of understanding between both partners, one of these options will be better than the other. It is always a good idea to discuss all the aspects of splitting the assets beforehand.
Ways To Sell a Property Due to Divorce
There is nothing unique in selling a house during a divorce, it is practically the same as you would do under normal circumstances. The only difference is that when you need to sell in a divorce, the divorcing partners must clearly decide who gets what before making a deal. Your options when you need to sell a home include:
- Real Estate Agents: As long as you are not in a hurry to get your hands on the money, a real estate agent is a solid option to sell a house. Although, be prepared to wait a considerable amount of time before you get the perfect offer.
- Cash Home Buyers: We buy homes companies like John Medina Buys Houses are ideal when you want to sell your house fast during a divorce.
- FSBO: Selling your house as FSBO is an option, but during a divorce you would want to avoid any option that requires a more hands-on approach.
- iBuyers: iBuyers, or instant buyers, are relatively new in the real estate market but a good option for people looking for a quick house sale. iBuyers offer direct cash for houses, but their services are not universally available.
Best Way to Sell Property During Divorce
As stated before there is a lot going through the minds of divorcing partners, and the stress of dealing with all the procedures to sell a house is something they would want to avoid. If you need to sell a house during a divorce the best way to do it is to sell it for cash to one of those “we buy houses for cash” advertising companies like John Medina Buys Houses.
Why are Cash Buyers Good for You?
Selling to a we buy homes company is ideal during divorce for a number of reasons. People during divorce want to go through the process as fast as possible, and as it turns out selling for cash is the quickest way to sell property. Most cash buyers will be able to close the deal in a matter of days. Another big reason is that cash buyers can buy your house as-is and often advertise as “we buy houses any condition”. It essentially means that you can avoid the time spent on repairs and sell your house fast at a somewhat lower cost.
The only main concern of selling to a we buy homes company is that you will have to settle for a lower offer on the house as cash buyers tend to buy houses at slightly lower rates. Scams are also a possibility but a little vigilance can ensure that you are not scammed!
So, the conclusion is that if you need to sell during divorce, most of the time it’s better to get through the process as quickly as possible and the best way to do so is by selling your house for cash to a “we buy houses for cash” company.
If you’re going through a divorce, you’re already having a very hard time. John Medina Buys Houses can help you get through this difficult time by purchasing your property at a fair price, in the quickest and easiest way possible. We take care of all the paperwork and the chores involved in the selling process for you, and can close the deal in 7-10 days at the minimum, giving you all the time you need to deal with other issues.
We can present you with a cash offer within a day, so feel free to contact us to get an attractive number for your house!
