Going through a divorce is difficult enough. Trying to figure out what to do about your unwanted real estate only adds to the stress. If you’re looking for answers on what to do with your house during a divorce, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in Myrtle Beach…
Divorce can be challenging and emotional. You try to stay rational in the midst of the difficult situation, while at the same time, making huge financial decisions as best you can, given the current situation. If you are like the many other divorcing couples who own a home and are trying to figure out how to go about selling your house while divorcing in Myrtle Beach, we list our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Dealing With A House During Divorce
During a divorce, the two parties seek to split their assets in half. Some assets, such as cash, are fairly easy to divide. For other assets, including real estate, it’s much harder to do because you can’t split a house in half.
Since cutting the house down the middle isn’t an option, should one party get it or the other? Are the both of you going to continue to pay the bills the same as you did before? If only one of you are going to stay in the house, is the person staying able to pay the entire monthly bill alone? Or can they be trusted to? (Your credit can become severely damaged if you are both on a mortgage and it becomes delinquent.) Sometimes one party will take the house if they can pay for it and buy the other party out (which is a massive expense a 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 and turn it into cash.
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 Belle Coast Properties). 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.
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Get treated like family with Belle Coast Properties. We simplify the house selling process… check out our testimonials here.
