Divorce in West Cleveland can be a grueling process, both emotionally and financially for the parties involved. One of your immediate solutions to debts incurred and divorce costs could be needing to sell your property immediately. However, is it possible to go about this fairly quickly?
It depends, but it does help speed up the process when you know what to do. Below, we compiled a short list of FAQs you can refer to while you go through the process.
Read on below:
What happens when I sell my house before divorce?
“How do I sell my home in divorce while going through the Cleveland market?”
You can either proceed to sell before the divorce is finalized, or after. Getting the sale over and done with before the divorce can immediately help you with costs you will be incurring while going through your divorce. You can also safely move out of your shared home with your soon-to-be ex-spouse and this can help you move on.
Moreso, you can avail of a tax break. To put it simply, a tax break of up to $500,000 can be applied to your home’s listed price, which is an advantage you can incur as someone who is still legally married. This may not be granted to you when you sell after the divorce.
What happens when I sell my house after divorce?
This is a more stable option to consider if you still have children who happen to be minors. They might need more time to adjust to the divorce while still living in the family home. Because you’ll be selling after the divorce, they can still stay in their family home while going through the adjustment process.
If you and your ex-spouse have already worked out an arrangement, this sale can usually proceed without a hitch. Plus, you can properly work out where you’ll be moving next.
How much time do I have?
Essentially, you want to be able to divide profits as quickly as possible. The sooner you can sell your home, the better! Some direct buyers can even guarantee a turnover of around just seven days.
What kind of buyers are these? Usually fixer-uppers or cash home buyers would accept this kind of offer. Fixer-uppers specifically look for homes in any condition so they can renovate these themselves. Cash home buyers on the other hand, offer fair cash deals for homes and can accept turnover in a matter of days. They may not offer the highest prices, but they can guarantee profit fast.
How can I buy out my spouse’s share?
This is pretty ideal if your spouse doesn’t feel like dealing with the sale of the home themselves. They may be okay with things being in your hands for now, so it’s best to meet up with your lawyers and their legal team in order to properly buy out their shares.
When you plan to do this, you need to be able to afford the buyout as soon as possible. Putting yourself in your ex’s debts might complicate the divorce process further. You need to be able to afford a mortgage on a single person’s income too, just in case you’ll need one.
How much flexibility do I have as a seller?
Bear in mind that your closing date will likely also be your moving out date. This leaves you with little to no flexibility throughout the selling period, especially if you’re gunning for a quick turnover.
If time isn’t on your side and you need more of it, you can always ask your agent to create a leaseback and negotiate with your buyers. This will mean that even after closing, you can rent the property for a certain time period so you can get moving when you can.
Need to learn more?
A better, faster, and easier way to sell your house is here with RC Home Buyers! We buy houses in Cleveland, Ohio in any quality. This means that you won’t have to worry about repairs, hidden fees, commissions or realtors. All you have to do to avail of your fair cash offer is to fill up the form on our homepage today.