Offer Express talks about selling a house during a divorce

 How to sell a house during a divorce?

Gahanna, United States - /Offer Express, LTD/

Selling a house during a divorce

A divorce brings in a lot of complications and challenges. One of these concerns is what will happen to the house? Selling the house is the best option from a financial, logistical, and legal standpoint. Offer Express, a premier real estate solutions company in Ohio, shares how to sell a house during divorce and the benefits of selling it to a cash buyer.

How to sell a home during a divorce

A divorcing couple is advised to have a clear understanding of the division of the sales proceeds before the actual sale occurs. A patient and well-planned sale process can help the divorcing couple get a fair market price for the house. Here are a few steps they should take:

1. Prepare for the sale

Selling a house entails a lot of expenses that must be discussed and divided between the divorcing couple. From appraisal reports, maintenance, and repairs to staging, hiring real estate agents, marketing, and paperwork, everything requires money. It is crucial to list and detail these expected expenses before selling the house to avoid a conflict or confusion on the division of expenses later on. 

Besides the financial aspect, logistics such as who will stay in the house while it is on the market, who will pay the mortgage, and who will manage the sales processes such as showings and staging must be discussed candidly. 

2. Accepting an offer

When the offers start flowing in, the divorcing couple must remain open to negotiations and compromise, especially if there is a rush to dispose of the house. Despite the appraisal report and the real estate agent’s estimate, the couple may not receive the offer of their dreams. Constant and clear communication between the divorcing couple, the real estate agent, and the divorce attorney is necessary to reach an agreement on the price and avoid any conflicts. The couple must trust the opinion of the real estate agent and attorney in case of any disagreement on the price. 

3. Dividing the sales proceeds profit

The division of the home sale profit is a legal matter that is best handled by a divorce attorney. Since community property laws vary from state to state, the ownership of the house sale profits is subject to them. Besides these community property laws, the division of profits can be decided by the legal agreement struck between the divorce attorneys. For instance, the partner who took the larger share of responsibility for the mortgage and maintenance payments may receive a higher profit share. Or other bigger assets may be given instead of the profit share. A mutual agreement is the best course of action to ensure the sale is succeeded by a smooth divorce.

The above process has many challenges, especially if the couple wants to sell the house quickly. Selling the house for cash is one of the best and simplest options for a divorcing couple. Here are some reasons why. 

1. Quick closing 

Divorce proceedings are as stressful as it is. Add to this an elaborate home selling process and the stress levels can go through the roof. Home selling through market listings can be a tedious and long-drawn process. This however doesn’t help because divorcing couples usually seek quick sales. Even when the offer is made, seller-buyer agreements often fall through due to numerous reasons.

This is not the case with cash sales. If home sellers work with reliable cash buyers such as Offer Express, they can experience swift and smooth home sales with the closing as early as a week! 

2. Home equity for a better future 

Having the home’s equity available at the earliest can be a source of great comfort and security for a divorcing couple. A quick cash sale can enable newer and more exciting opportunities for the future. 

3. Cutting the cord 

A home often has a treasure of memories associated with it. By quickly disposing of the house during a divorce, couples can free themselves from the emotional attachment and discomfort in the marital house. 

4. Avoid capital gains tax

One of the biggest advantages of selling a house while still being married is the saving of capital gains tax. As per the IRS, a married couple can receive an exemption of up to $500,000 of the home equity from capital gains tax. Now, this is possible only with a cash sale that allows a couple to sell the house before they are divorced.

5. Avoid the stress and expenses 

The traditional listing method has various challenges. Starting from dealing with a real estate agent, the commissions, the marketing, the staging, the endless negotiations, and last but not the least, the fear of a great offer falling through. A cash offer from a renowned real estate company will always sail through because they are not dependent on money lenders, repairs, and stagings to buy a house. 

Why Offer Express?

A premium real estate solutions company, Offer Express not only buys houses and wholesale properties but also partners with local agents, offers investment opportunities to money lenders, and sells renovated and ready-to-move-in houses. With its abundant experience in all types of real estate transactions, Offer Express is an experienced and resourceful company offering hassle-free cash deals. 

If you are searching for “Sell my house fast Columbus OH” on Google, then your search is successful. Call (614) 820-5777 to know more about the real estate services at Offer Express.