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Selling Your House During A Divorce in Raleigh – Options At An Emotional Time
Selling a house during a divorce in Raleigh can pose significant challenges. Emotions often run high in such situations, and there may be a desire from one party to damage the property. However, as time passes, emotions tend to settle, and both parties typically regain a more rational perspective.
In divorce cases, the courts often expect us to mature quickly. It’s advisable to maintain the home’s condition, as selling it later could fetch a higher price. Moreover, damaging the property could lead to your ex-spouse accusing you of harm, potentially resulting in financial repercussions.
Agreeing to Sell and Split
A common method of dividing assets in a divorce, particularly with a house, is to sell it and divide the proceeds equally. This approach is often used when there are no children involved.
It simplifies matters by resolving any outstanding mortgage and, if the sale is prompt, can speed up the divorce process. However, if the housing market is sluggish, this could prolong the process more than anticipated.
Preparing the House for Sale in Raleigh
As a couple, make a concerted effort to clean and improve the appearance of the house for sale. Remember, both of you benefit from a successful sale. Remove clutter and create a welcoming, family-oriented atmosphere. Keep the lawn maintained and consider completing any lingering household tasks. Taking these steps can enhance the property’s appeal and value.
She might wonder why these improvements weren’t done earlier, but you’ll know you’ve boosted the property’s value. It’s funny how things can work out that way sometimes.
The Next House
When selling your marital home and planning to buy a new one, work closely with your realtor to coordinate timing. Divorce proceedings and house sales can face delays for various reasons. You wouldn’t want to be committed to a new mortgage if other aspects of the process encounter obstacles.
Be transparent with lenders and initiate the process in advance. It’s crucial to be prepared, but avoid locking in any rates until you’re fully prepared to proceed. Continuously seeking new approvals can negatively impact your credit score.
One Spouse Keeps The Pad
Although more prevalent in divorces with children, this option is feasible when both parties agree. Here, you purchase the house from your soon-to-be-ex, who relinquishes their interest in the property through a quitclaim deed. In return, you assume the mortgage and purchase their equity.
To purchase your spouse’s share of the mortgage, you must contact the lender, explain the divorce situation, and request to assume the loan. The lender will likely evaluate your financial ability to afford the home independently. Ensure you document all sources of income, including any spousal support.
If assuming the loan isn’t an option, you’ll need to apply for a refinance. This could be advantageous if current interest rates are lower. Keep in mind, this process involves applying for a new loan. Fulfill all income and debt requirements to qualify.
If you need some assistance for selling your house during a divorce, give us a call at 919-434-0188 or FILL OUT OUR ONLINE FORM. We have experience as a cash home buyer in situations dealing with a divorce.