Divorces have jumped up 34% since the pandemic hit, according to Legal Templates, a supplier of online legal documents. And 23% of those couples own a home together.
So it’s no wonder that people are trying to figure out to do with the next stage of their lives. The “selling house after divorce” decision is a big one.
One of the quickest ways to do it is to go with an I Buy Homes company. It’s quick, takes the home as-is, and can help a couple move on without broker’s fees and commissions.
However, if you have recently finalized a divorce, you need to really think about your next move.
In the following post, we’ll look at three “don’ts” when selling a home after divorce.
1) Don’t Forget to Read the Fine Print
Are you planning on selling your home fast without your ex’s permission? Call your lawyer right now.
A married couple’s home is usually the biggest asset the couple owns. Unless a judge has decreed that the home is solely your property, you should check with your lawyer to ensure that you can fulfill your commitment to the new buyer before you put your home on the market.
Even if the loan and deed are in your name, your former-spouse usually has some claim to the property.
And there’s little chance that your spouse will let you out of the marriage without some claim on the house. Maybe you both signed a pre-nuptial agreement? Maybe your spouse left and was never heard from again? But for most people, that isn’t the case.
Worst scenario? You set up a deal without your ex’s knowledge, and then they decide not to sign off. This leaves you holding the bag and the bank payments.
Guess what? That’s not helping you move on, or getting you paid.
It may be too late, but if you haven’t signed the divorce papers yet, you may want to sell the house before you do. Why? One word: taxes.
You could see up to a 23% capital gains tax on the sale if you pull the trigger after the divorce. As stated earlier, call a lawyer and get that legal and financial advice before you sell.
2) Don’t Move Out if Selling House After Divorce
One of the crazier things that happen when couples get divorced is that they are so eager to start their new lives that they’ll pack up and leave the house empty.
Wrong answer.
Yes, some housing markets are red hot and all you have to do is yell out your front door “Home for sale!” to get three cash offers and a bidding war, but that isn’t everywhere.
Brokers always say it’s easier to sell a home fast that has furniture in it. People can image their belongings or how they would do things differently. Also, furniture helps fill empty spaces and hide minor defects.
You could spend the money and stage the home, but that’s more cash out of your pocket.
If you have moved out already, seek out an I Buy Homes company or a broker with either experience with divorces or that offers full-service. You’ll find these types of agents who have experience in your situation and will give you better service.
3) Don’t Rush Into Any Bad Decisions
If you’re recently divorced, then you’ve already been through a tough time. As hard as it is, you need to sit down and really think through your next moves, and that includes selling your home.
Maybe you want to sell as quickly as possible through an I Buy Houses company like this one? Maybe you need to talk to a professional about your next life decisions? Maybe you need to sit tight until you really know what to do next?
The Best Time to Sell
So what’s the right time for the selling house after divorce decision? After reading this post, it should be clear that it’s only after you’ve talked to the right professionals, decided to move on, and have a good plan in place for your next steps.
Are you ready to speak to someone about selling your home quickly? Contact us today.