Selling a House During a Divorce

Don’t lose your equity or ruin your credit!

Options For Selling a House During Divorce

Navigating a divorce is difficult. Selling a house during divorce just adds to the stress. Even under the best conditions, there can be challenges along the way when determining what to do with your home. Sometimes, couples are forced to stay together financially due to home ownership.

1. Pay It Off or Get a Short Sale

While you have many choices, typically the best option is to sell. However, that option may not be easy in the current market, especially if you owe more on the mortgage than your house is worth. If this is the case, you’ll need to pay off the difference on the loan or go for a short sale.

2. Issues with Short Sales

The downside of a short sale when you divorce selling a family home is that both of your credit scores are impacted. In addition, you both could still be responsible for the difference the house sells for and the amount still owed on the mortgage. However, banks could always decide to release you from the liability during the short sale.

3. Refinancing Your House After Divorce

Attempting to refinance your house after a divorce is another option as long as you’re not underwater on the mortgage. This only works if one of you agrees to let the house go and the other, who’s refinancing, has a good credit score and income. If you plan to keep your home, you’ll want to make sure you can afford all of the expenses on your own.

Consider Where You Are Going To Move To

Another thing to consider when selling a house during divorce is housing options in your community if that’s where you plan to stay.If you decide to buy another home or rent, will your monthly payments be more or less?If you have kids, can you find similar housing in the same school district?What about the costs of moving or even renting a storage unit?

How To Sell Your House Fast During a Divorce

Do You Live in a Community Property State?

Another question to ask while selling a house during divorce is whether you live in a community property state. There are only nine of them: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Wisconsin, and Washington. In a community property state, all assets acquired by you and your spouse are divided equally at the time of divorce. No other factors are taken into account. The rest of the states have equitable distribution which allows divorce courts to consider factors such as length of marriage, ages, health, and the fact that one parent might have stayed home to take care of the kids.

Sell Your House to a Cash House Buying Company

East West Properties buys homes AS IS. After buying your home, we offer moving, packing, storing, repurposing and disposal resources too. We want this process to be quick and simple for you. Our team handles all of the paperwork so you can focus on other things. You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in 24 hours. Legacy Homes Idaho gives you a cash offer within one day and you can schedule closing on your timeline. You’ll have quick cash and can immediately begin prioritizing your financial goals. If you need to sell your house fast and would like to get a no-obligation cash offer, call us now at (208) 314-3276. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

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Cities Where We’ve Helped People Keep or Sell a House During a Divorce:

• Boise

• Caldwell

• Eagle

• Emmett

• Garden City

• Greenleaf

• Kuna

• Marsing

• Melba

• Meridian

• Middleton

• Nampa

• Parma

• Star

• Ontario

• Payette

• Weiser