Selling Your House During Divorce in Raleigh – Options At An Emotional Time

Selling Your House during Divorce in Raleigh

Selling your house during divorce in Raleigh can be extremely difficult. Emotions can be high in a divorce. Chances are that someone at some time wants to destroy the house. The reality is, eventually emotions subside and we all become adults once again.

When it comes to divorce proceedings, the courts usually guide us to being adults faster than we are ready. Keep the home in tact because if you have to sell, you want top dollar. Plus you don’t want your ex-spouse to claim you damaged the property and have your portion garnished for the momentarily emotionally gratifying deed.

Agreeing to Sell and Split

When people get divorced, one of the most common ways to divide their assets, particularly their home, is to put it up for sale, sell it, and then divide any equity that is gained equally between the two of them. This happens quite frequently, particularly when there are no children involved. It makes things easier by getting rid of an outstanding mortgage, and if you can sell the house quickly, it can even speed up the divorce process. Having said that, if the housing market is weak, this could cause things to drag on for a longer period of time than is desirable.

Talk to a real estate agent. Obtain an objective evaluation of the value of your some in Raleigh. Determine which estimated costs will result in a greater return on your investment. You should try to negotiate the agent’s fees in order to have reasonable expectations regarding the sale.

Getting the House Ready for Sale in Raleigh

Put in your best effort as a couple to clean up and make the house presentable before listing it for sale. Keep in mind that you both have something riding on the outcome of the sale. Eliminate the mess and make it appear as though a joyful family lives there. Keep mowing the grass if you can. And if you really want things to go smoothly, you should start by tackling the honey-do list that you have been putting off.

It will make her scratch her head and wonder why you were unable to do it in the past, and you will know that you have just increased your sale value. It’s funny how sometimes you can win by doing things like that.

The Next Residence

If you are planning to buy a new home at the same time that you are selling the family home, it is important to coordinate everything with your real estate agent so that you can make sure the purchase is timed correctly. There are a million different things that can cause a sale of a house or a divorce to become stuck in the legal system. You don’t want to be locked into a new home mortgage if there are problems with the other aspects of the deal.

Be truthful with the lenders, and get the process started as soon as possible. Even though you need to be prepared, you shouldn’t lock in any rates until you are positive that you are ready to make a purchase. Continuously checking one’s credit report for new approvals can be detrimental to one’s credit score.

The Pad Belongs To Just One Spouse

If both parties are in agreement, a collaborative divorce can be a viable option in any situation where there are children involved (for the purpose of maintaining their sense of security). In this case, you and your soon-to-be former partner come to the conclusion that you should purchase the house currently owned by your partner. By signing a quit claim deed, he or she will affirmatively agree to relinquish all rights, claims, and interests in the property. You, on the other hand, have agreed to take over the payments for the mortgage and to buy them out of any equity they may have.

You will need to contact the lender, explain the situation regarding the impending divorce, and ask for permission to assume the loan in order to buy your spouse out of the mortgage. Lenders will almost certainly conduct an individual underwriting on you to determine whether or not they believe you are able to afford the house on your own. Be certain to keep accurate records of all of your income, including any spousal support you receive.

If the lender won’t let you assume the loan, you need to apply for a refinance. If interest rates are lower, this might not be a bad scenario anyway. Again, this is a loan application. Meet all income and debt obligations to qualify.

You will need to submit an application for a refinance if the lender will not permit you to assume the loan; however, if interest rates have dropped, this might not be such a bad scenario after all. This is an application for a loan, as stated previously. In order to qualify, it is necessary to fulfill all of your financial and debt obligations.

If you need some assistance with selling your house during divorce in Raleigh, give us a call at 984-689-9785 or FILL OUT OUR ONLINE FORM.

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