If you’re going through a difficult divorce and trying to figure out what to do about real estate that you may be forced to sell in the process, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Eugene…
Divorce can be challenging and emotional, and 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 Eugene. 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? In some divorces, one party might be invited to take the house, but only if they can pay for it (which is a massive expense at time that people rarely want to incur such expenses).
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 immediately think of selling through a traditional real estate agent. Unfortunately there are a few problems with this:
- the agent may have a hard time selling a property that needs repairs. This means that the owners pay out-of-pocket to fix up the property first — but who pays for that, and how far do you want to go with those repairs?
- 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 when selling a property, as well as a lot of potential communication between one another.
- the agent will take a commission which will mean less money to both parties out of the sale of the home.
- A sale may fall through at the last minute if a buyer pulls out. This requires the entire process to start from the beginning. This means more time, more communication, more money paid out (utilities, insurance, mortgage payment, etc.) and more negotiations to finish the deal.
This is a costly and time-consuming way to sell, and it can end up making the divorce proceedings much worse and last much, much longer than either party is prepared to deal with.
Fortunately, there’s another way to sell and that’s to sell your house to a direct buyer such as Property Bridge. As a direct buyer we are able to buy your Eugene house for cash, in as-is condition, without any fees or commissions, and on your timeline. You don’t have to clean up or fix up the property in any way or take any belongings that you would prefer to leave behind, and the sale can be completed in days, not months, with very little paperwork. We want you to be able to walk away with what you need and to make the process as smooth as possible for all parties involved.
If you’re going through a divorce and want to be able to move on regarding the property you own, please reach out to us and tell us about the house you want to sell. We specialize in buying homes from people in all kinds of unique situations, and we can help you expedite your divorce by buying your house from you.