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5 Tips From Realtors On How To Sell A House Quickly & Smoothly During A Divorce

Sell A House Quickly & Smoothly During A Divorce

For the majority of couples, their home is their biggest asset. It is also their biggest emotional asset, and deciding what to do with it during a divorce can be tricky. In our latest real estate guest posting, we share inputs from divorce attorneys and professional realtors on the best ways to sell a house smoothly for maximum profits during a divorce. Make sure to keep these points in mind while you navigate your way through a divorce:

#1: Don’t Leave The House Empty

One of the biggest mistakes divorcing couples make is moving out of the house too soon and leaving it empty. An empty house feels uninviting and unkempt and is less attractive to buyers. Also, note that it could take a very long time to list and sell your home. So having one person stay in the property until the sale is finished helps maintain the house and keep living expenses in check.

#2: Don’t Let Your Emotions Take Over

Selling a home during a divorce can get messy, especially when both partners are not on the same page. We’ve seen plenty of instances where fighting couples stopped home sales at the last minute because of differences in their relationship. Even if the divorce is amicable, it’s best to sit down and discuss the financial details of the sale beforehand. During this discussion, stay on topic and do not let emotions take over. You can even hire a divorce attorney or professional realtor to help you with the sale’s legal aspects.

#3: Don’t Rush Your Decisions

A divorce is a distressing time for everyone involved, and it could cause people to make bad decisions. Before you decide anything, make sure to speak with your divorce attorney, a mediator or a tax professional to help you understand all the financial implications of the sale. Ensure that both you and your ex-partner are on the same page before you take any financial decision.

#4: Consider The Tax Implications Of The Sale

When you sell a large investment like a home, you have to pay capital gains tax on it. The tax rate can be nearly 23%, depending on your financial situation. It can eat up a significant chunk of the proceedings from the sale, and it’s better if you can avoid it. When selling a primary residence, you’re eligible for a capital gains tax exemption of $250,000. During a divorce, each partner gets this exemption bringing the total to $500,000. For both partners to be eligible for this exemption, you must time the sale to coincide with the divorce. Only one person may qualify for the exemption if you delay the sale. So, work with a tax professional to understand the implications of the capital gains tax and find out the best way to move forward.

#5: Consider A Cash Sale To Make The Transaction Hassle-free

The easiest and hassle-free way to sell a house during a divorce is to sell it for cash. Cash home buyers purchase your property quickly and pay you immediately. You don’t have to spend months repairing and fixing the house to get it ready for the market. The best part – the sale is completed within a matter of days, and you and your spouse can divide the proceedings between yourselves and move on with your life without further tangles or complications.

Keep Calm & Don’t Lose Your Cool

Selling a home during a divorce is emotionally challenging. Make sure to keep your emotions in check and approach the issue with a clear head to get the maximum profits from the sale. Use the tips listed here to close this chapter of your life smoothly and proceed to the next with a fortune in your pocket.

Do you have professional experience in real estate? Share your inputs with our readers. Get in touch with our team to submit a guest post on selling homes and other real estate topics.