For those that are going through tough divorces and would like to learn more about their options in relation to the real estate assets that both they and their spouses own, read on for more info.
Want to hear a shocking statistic. Well, according to government researchers, almost 50 percent of marriages in the US end in divorce; and this divorce statistic has stood the test of time for quite a while now. I know… that’s scary right! While many people enter into a marriage with the hope that it will last for life, it’s chilling to realize that in reality, this only happens half the time. As such, hundreds of millions of people just like you and me are bound to get divorced. And thus, we’re also bound to have to sell the house when we divorce.
Now while divorce can be nasty overall, one of the worst parts of this process is the asset division. This is typically where the gloves come off and both ex-spouses fight to the death to one-up each other as the assets are divided between them. In most cases, it’s fairly simple. Depending on various circumstances (e.g. custody of children, alimony, etc.), a couple’s liquid funds are typically divided by some percentage. However, when it comes to their more solid assets (such as houses and cars), this is usually where all the problems start. And that’s because selling a home during a divorce is never easy. In this blog, we are going to walk you through all your options and highlight what you can do to sell your house during a divorce.
What to do with Your House during a Divorce in Minneapolis MN
Read on to explore our guide to avoiding mortgage payment troubles in Minneapolis MN.
For most couples, a home is one of their most valuable joint assets. However, it cannot be divided without first liquidating. As such, if you’re curious about the ins and outs of selling your home during a divorce in Minneapolis MN, we’re happy to dive into a few tips you must be aware of, to make the process as seamless and easy as possible.
But before we can do this, here is what you’ll first have to determine…
Will You Need to Sell Your House At All During a Divorce
In many divorce cases, couples opt to have one spouse keep the home after buying out the departing spouse’s share. This is known as a divorce house buyout. If this seems like something that may work for you, you should certainly consider it. Turning to this option will keep everything nice and simple, and prevent you from having to go through all the tough issues associated with selling a house during a divorce.
In other cases, agreements are made where one spouse uses the house for a set period of time (this is usually when there are children in the home), and then sells it at a later date (usually when the children reach a certain age). Again, if this works for you, you should give this option a try.
How to Sell Your House During a Divorce in Minneapolis MN
However, if you’re set on selling your house during your divorce to split the money with your spouse and move on, here are a few tips for you.
Get Professional Help – Agents and Home Buyers or Investors
Selling a home is a difficult process when everything is going right. However, this process can be so much worse during a divorce. At this time, you’ll often have a lot going on, and there will be a lot more to consider. As such, it would be best not to take on the task of selling your home yourself. If you do, it may result in disagreements with your spouse about selling price, fees, listing info and so many other issues.
By working with a real estate professional (either a reputable agent or real estate investment firm), you’ll both have a neutral third party who can help you determine a fair selling price, and handle the marketing of your home.
If you need to sell your Minneapolis house fast, we’d be a great option to consider. Real estate investment firms like ours actually BUY HOUSES (rather than listing them as agents do), and we pay cash and can close as quickly as you would like to. However, if you can wait the time it’ll take to list your home with an agent and would prefer to sell it on the open market, going with a real estate agent is your best bet.
Set (and stick to) a Timeline When Selling Your Home During Divorce
It’s important, when selling your home during a divorce, to keep a steady timeline. For this, you should put your home for sale in advance. Set firm closing dates, moving dates, and times, and coordinate on which spouse will be handling the sale (or talking to the real estate agent) in advance. Make sure that each of these agreements is in writing, and negotiate penalties for breaching the agreements.
This helps ensure a smooth, surprise-free home sale.
Selling Your Home Fast For A Fair All-Cash Price
One option that many divorcing couples have turned to in recent years is making a quick sale to a real estate investor like FastPath Home Buyers. Reputable local real estate investors like us, purchase houses quickly and without stress. The process can often take as little as seven days.
Deciding how to sell your house in Minneapolis doesn’t have to be as stressful as the divorce itself. By protecting each party with a qualified real estate agent or simply jointly deciding to sell and selling fast to a real estate investment firm or home buyers in Minneapolis like FastPath Home Buyers, all parties can walk away from the sale without stress.
So there you have it. Here are all the options to consider if you’re currently going through a divorce and don’t know what to do with your house. To pull the trigger with selling your house in Minneapolis to FastPath, or at least open up the option, feel free to contact us either by calling (612) 351-2384 or by filling out the short form below. We’ll get back to you shortly with an attractive all-cash offer that you’ll be able to close on in less than 7 days.
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