Going through a divorce is hard enough but dealing with a house on top of that can make things even worse.
Should You Sell The House Or Keep The House?
There are many options when dealing with the house during a divorce. Keeping the house or considering selling there are several ways to be able to keep the house or sell the house depending on what you decide.
A home is a big investment, so you want to make sure that you’ll receive a fair portion of its value once the divorce has concluded.
You shouldn’t have to agonize over what will happen to your property and all the time and money that you’ve put into it, so check out this comprehensive guide on how to sell a house during a divorce in Tucson, Arizona.
Do I Have To Sell My House in Divorce?
There is no universal rule stating that you must sell your house in a divorce. However, a home is a significant shared marital asset. Thus, the court will have to address it at some point in your divorce proceedings.
The divorce process is meant to divide assets fairly between each party, so the outcome depends heavily on whichever terms both parties can agree upon. If there are still points of disagreement at the end of the process, then the court will issue a judgment on those points, which could force you to sell the home.
What Happens to the House in a Divorce?
Co-Ownership
If you and the other party are on good terms, then you may choose to share ownership of the home. You will have to sign a contract affirming each party’s responsibilities as co-owner of the property. This document should outline tax payments, the division of maintenance expenses, living arrangements, the division of rental income, and other key factors.
Although this solution can save a lot of time in court, co-owning a home with your ex-spouse can become unpleasant if your relationship sours at any point after the divorce.
Division of Marital Assets
While you may end up keeping the house, you will likely have to give up assets of equal value to the property. For example, the other party may receive vehicles, investments, and accounts in exchange for the property.
While this option spares you the trouble of having to sell your house during the divorce, there is a lot of uncertainty when dividing marital assets, so you may still end up losing ownership of the house and other desired assets.
Buyout
One party can buy out the other party’s share of the home if both parties can agree to a price, but most people don’t have the available funds to purchase the other person’s share at market value.
In turn, the buyer may end up gaining full ownership of the property at a significant discount. This is a good choice if one party is happy to trade potential financial gains for peace of mind and a quick payout.
Sale of the Home
You’re more likely to get the most money out of the property by selling it and splitting the proceeds. However, selling a home can be a pretty lengthy process, and the sale might not conclude until after the divorce.
Even if the property closes after the divorce is finalized, the court will ensure that each party receives their respective portion of the home’s value.
How To Sell a House During a Divorce in Tucson
Now lets now explore several options on how to sell a house during a divorce and which option may be the best way for you and the spouse to sell the house during a divorce.
Use a Realty Service
A good realtor will work night and day to market your home in the Tucson MLS and find the right buyer. If you choose to work with a Tucson real estate agent, then at least one party will have to make the place presentable, coordinate with the realtor, and deal with prospective buyers.
The process can take months, and realtors take a hefty commission upon finalizing the sale, so you shouldn’t use a realtor if you need cash now.
For Sale By Owner… Market the House Directly to Potential Buyers
You can always sell the house to a trusted friend or family member if all parties agree on a price. Without a ready buyer, you can still market the home without a realtor’s help, and do a for sale by owner (FSBO).
This will take a lot of time and effort. Moreover, even if you find a committed buyer, you have to deal with putting the purchase contract together and opening up escrow at a title company.
Furthermore, there is no guarantee that the bank will approve their mortgage. Make sure you get a prequalification letter from the lender that is SOLID if you decide to go this route.
Sell Your Home to a Cash Home Buyer
You don’t want to maintain a property for months or years while you try to find a committed buyer. Thankfully, cash home buyers will purchase your home at a fair price but without the inconvenience and uncertainty involved in a traditional sale.
Cash homebuyers have the available funds to pay a lump sum immediately, so the sale can conclude in a matter of weeks.
Furthermore, a Tucson cash home buyer, can close on your timeline, buy the house with NO repairs, and there will be NO commissions or fees.
Sell Your Arizona Home Without Listing in the MLS
NO REAL ESTATE AGENT FEES
Selling your Arizona house without a real estate agent means you don’t have to list your home in the MLS or pay commissions or fees.
There is NO waiting for banks or mortgage lenders to get your money. We cover all closing costs!
NO HASSLES
We Buy Homes in Arizona, offers cash for your home. We do not autogenerate our offers. We spend time running comps to create a fair cash offer based on current market conditions.
Get A Fair Cash Offer On Your Home!
How Does Selling a House to a Cash Home Buyer Work?
Once you reach out to a Tucson cash home buyer, you can set up a date for the cash home buyer to see your property, and you don’t need to clean the home or conduct any repairs before the inspection. Shortly after they view the house, they will reach out to you with a cash offer.
If you choose to accept their offer, then you will receive a full cash payout at the time of closing. You can choose the closing date that best suits your situation.
Many times, the cash home buyer will close on your house prior to you moving out. This gives you cash in hand so you are able to make your next move without the stress of not having cash in hand.
What Are the Advantages of Dealing With a Cash Home Buyer?
There are many advantages to selling the house to a cash homebuyer when going through a divorce. If any of the advantages are for you then selling to a cash home buyer may be for you!
Timeliness
There are timelines of bills and expenses when going through a divorce that can be difficult and stressful.
On top of your regular bills, you also have to pay your attorney’s fees and other major expenses during a divorce. You need money now, so you shouldn’t have to deal with a realtor for several months just to tap into your home’s value.
Selling to a cash homebuyer can give you the funds necessary to fulfill your financial obligations while still enjoying a comfortable life during this difficult period.
No Repairs or Cleanup
You’re extremely busy with your divorce. Between speaking with your lawyer, attending court hearings, and finding new living arrangements, you probably don’t have much time to make your home presentable or conduct extensive repairs.
Cash home buyers purchase houses in as-is condition, which means that you don’t have to spend valuable time and money preparing your property for showings.
Plus when you move out there is no cleanup… you take what you want and leave the rest behind.
Avoid Foreclosure Issues
You’ve made dozens of on-time mortgage payments. However, the bank may seize your property after missed payments.
A foreclosure can wreck your credit and make finding a new home extremely difficult. With the help of a cash home buyer, you can secure your future and walk away with a lump sum of cash to deal with your immediate expenses.
No Obligation
Cash home buyers understand that sellers want to explore their options before making any big decisions. After all, a home is a big investment, so you want to get the most out of it.
When you reach out to a reputable home buyer, you are under no obligation to sell your home unless you agree to their cash offer.
Little Contact With Your Spouse
Unfortunately, most marriages don’t end on good terms. Dealing with a divorce is stressful enough, but having to constantly communicate with your spouse as you try to sell your property can make it even worse.
Cash home buyers make selling your home quick and simple so that you can finally move on and look forward to the next chapter in your life.
Make the Right Decision for Your Needs
Selling a house during a divorce in Tucson doesn’t have to be difficult. Working with a cash home buyer is the easiest way to sell your house for a quick payout.
Still, a house is a major asset, so you can’t make any decisions without consulting the other party and taking your unique circumstances into consideration. If you do end up deciding to sell your house to a cash home buyer, then they will happily walk you through the necessary steps to sell your Tucson home as you go through your divorce.
If you have any questions about selling your house to We Buy Homes In Tucson give us a call at: 520-433-9298. We would love to answer any questions you may have.