“Are you trying to sell your house during a divorce?”
We Buy Houses in Fridley MN. When going through a divorce in Fridley MN, chances are that someone at some point will want to destroy their house. It’s difficult not to when that piece of property can hold so many memories, especially at a time when ones emotions are highly volatile. As such, selling your house during divorce in Fridley can be extremely difficult. When you’re facing an already difficult situation, you might want to consider a hassle free sale option. Selling your house through an agent comes with a lot of strings and added work on your part. However, if you sell directly to FastPath Home Buyers, we will provide you with a quick and easy sale experience. No hassles! No Expenses! You won’t even have to worry about cleaning your house. Simply visit our How it Works Page to learn more.
When it comes to divorce proceedings, it may not always be easy to remain rational. However, you should keep your house in tact because if you have to sell, you’ll want to make top dollar. Additionally, you won’t want your ex-spouse to claim you damaged the property and have your portion garnished. It happens sometimes…
Agreeing to Sell and Split
One of the most common ways to split assets during a divorce ( especially a house) is to put it on the market, sell it, then split the sale proceeds equally between the two parties. This is especially common if there aren’t children involved. It simplifies things by expediting the divorce process, if you can sell quickly. That being said, if the housing market is slow, this could drag things on longer than desired.
When doing this, you’ll firstly want to talk to a realtor. Get an honest assessment for your Fridley home. Find out what estimated costs will get you a higher return. Negotiate realtor fees to keep net profits as high as possible and do a market analysis so you have reasonable expectations of what you could realistically get from the sale.
Preparing the House for Sale
Do your best as a couple to clean up the house and make it presentable before you begin to sell. It’s important to remember that you both have a stake in the success of the sale. De-clutter your house and and make it look like a happy family home. Continue to mow the grass… And if you really want to make it smooth, tackle that “honey-do-list” you’ve been avoiding.
The Next House
If you are selling the marital house and plan on buying a new house with the sale’s proceeds, make sure you speak to your realtor in advance. This will help you time the purchase properly. Divorces can get hung up in court and house sales often get hung up for a million reasons. As such, you won’t want to be tied into a new home mortgage if other components fall apart.
Be honest with your lender and start the process early. While you need to be prepared, don’t lock any rates in before you are really ready to pull the trigger. Constantly running credit for new approvals can hurt credit scores.
One Spouse Keeps The Pad
While this option is more common when children are involved (to keep a family stable), it is a viable option in any divorce if parties agree. In this scenario, you’ll decide to buy the house from your soon-to-be-ex. He or she will agree to quit their interest in the property by completing a quit claim deed. For their part, you agree to assume the mortgage and buy them out of their equity.
To buy your spouse out of the mortgage, you’ll need to contact your lender and explain the divorce scenario, then request an assumption of the loan. Lenders will more than likely underwrite you as an individual to make sure you can afford the house on your own. Make sure you document all income you have, including spousal support.
If the lender won’t let you assume the loan, you need to apply for a refinance. During times when interest rates are lower, this might not be a bad scenario anyway. Again, this is a loan application. As such, you’ll want to meet all income and debt obligations to qualify.