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Selling Divorce Property: Tips and Suggestions
One of the most difficult and challenging life events one can endure is a divorce. Even more stressful for divorcing couples is when shared marital property is involved. The couple must now decide what to do with the property and how to sell it. If you are going through a divorce and are considering selling your shared property, here are some things you should know.
Who Gets the Property?
Who inherits ownership of the shared property? According to Zillow, the answer varies by case. For instance, if a property was purchased during a marriage, ownership is split evenly after separation. If only one spouse bought the property before the marriage, they would generally maintain sole ownership. Please keep in mind that each situation is different.
The Process Of Selling Divorce Property
The process of selling a divorce property consists of several steps:
Step 1: Prepare the property for sale
The home will need to be prepared for the sale process. This includes preparatory work such as making repairs and renovations, thorough cleaning, professional photography, and other things to ensure the home sells fast and efficiently.
Step 2: Hire a real estate agent
Hiring an experienced realtor is highly recommended. A realtor will help you list your property and guide you through the sale process. Working with an agent may cost time and money, but your chances that the house will be sold are significantly increased. Realtors charge a commission of 5% to 6% per transaction.
Ensure the realtor you hire is an excellent personal and professional fit for you. Divorce is an emotional process, so a realtor with excellent interpersonal and communication skills and experience is crucial. This will make the tumultuous process of selling the divorce property much less stressful. The last thing a divorcing couple needs is added stress.
Step 3: Consider the financial aspects of the process
The legal and financial aspects of selling a divorce home are complex. There are certain financial aspects of this process to be aware of. Take, for example, capital gains tax ramifications. According to the current law, when selling marital property, a divorcing couple can exclude up to $500,000– only if taxes are filed jointly. If not, the maximum amount that can be excluded is $250,000.
How Can You Sell Divorce Property?
There are two ways to sell a divorce property: the traditional method or a cash buyer. A couple would hire a realtor, undergo selling preparations, and proceed to the traditional selling process amid divorce. Many homeowners take this route because it is the most common thing to do. However, it takes time, money, and stress. You may have to wait for months until your property is sold.
Spouses undergoing the stress of divorce tend to prefer to sell their homes as quickly as possible. The traditional route may seem like just another added stressor to these people. Fortunately, there is a quicker way. A cash buyer will purchase any property for cash in a matter of weeks. The burden of the selling process is alleviated, and both parties walk away with cash in a convenient amount of time.
We Buy Waco Houses - Sell Your House Fast
If you are looking to sell a divorce property in the area of Waco, TX, and are looking to sell immediately, We Buy Waco Houses is ready to help. We are a family-owned business that helps homeowners like you sell their properties as fast as possible. We buy houses in any condition in cash. We buy your home as-is. No repairs or renovations needed. If you would like a free, no-obligation price estimate, please call us at (254) 272-3743. We would love to help.
