A divorce process is messy in itself. Having to sell your house while going through the divorce process is even worse. Even when things are going smoothly, it is not always easy to sell a house. Home ownership has forced many couples to stay together financially. 24hr Homebuyers can buy your home quickly, as-is and with all cash to ease your financial burdens so that you get to share the equity fast. We buy houses fast so that you can move forward and focus your attention on bigger and better things. Below are some tips for selling your Washington State home while going through a divorce.
Pay your mortgage off or go for a short sale
Although there are many options available, the best one is to sell your home because it allows you to move on and start over. Although it might not be easy to sell your home if you owe more than what your house is worth. The best bet in this case is to pay off your mortgage, or opt for a short sale.
Disadvantage of short sales.
The main disadvantage of a short sale during a divorce is that it affects both party’s credit scores. Spouses are liable for the difference in the amount the house sells for and both will share the mortgage. However, the bank could always decide to release a spouse from the liability during the short sale.
Refinance after divorce
As long as you are not waist-deep in debt over your mortgage, you may attempt to refinance your property. But this option is only possible if one of you agrees to let it go while the other partner is financially capable of refinancing the property. If you are thinking of keeping the house, you have to be sure you can cover the expenses of home-ownership.
Someone between you two keeps the home
It is never a smooth process in Washington State to get a mortgage for another home when a spouse decides to keep the house. Getting your name off the mortgage and qualifying for another mortgage is not easy unless you are financially sound. You may need your spouse to apply for another mortgage just for you to get your name off of it.
Have a relocation plan
When you are thinking about selling your home during a divorce, you may need to consider a housing alternative in the community of your choice. Part of the things to consider is the proximity to your kid’s school if you have kids. Will you be able to buy or rent another house considering your monthly payments? Can you afford moving or carrying the burdening expenses of renting a storage unit?
Know the tax consequences when dealing with a divorce in Washington State
Good memories shared in the home might make it impossible for you to let it go and years later the euphoria may fade off, and you want to sell. You may end up with enormous capital gains tax according to the laws in Washington State. You might be better off trading the house for other assets.
Asset liquidation before a divorce is not easy. It could lead to serious tax implications if care is not taken. Therefore, assets liquidation should be the last option because of tax implications.
However, if you need to liquidate your assets, know your state laws when it comes to investable assets and its accompanying cost. Also, know what the capital gain of a particular real estate asset will be once you sell the house.
All collectibles require a proper business evaluation and appraisal. During the process of a divorce, whatever you do, never acquire a huge capital gain on anything you sell!
If you are transferring assets between spouses, then taxes are nothing to worry about. When you collaborate with your spouse and decide the value of an asset, this doesn’t require the involvement of a judge.
Sell your house fast during a divorce
Avoid arguments, no matter how hard it is. It has been noted that couples who argue while selling a house during a divorce, don’t come to a unified decision regarding house repairs and property listing. Arguments could jeopardize the sale or even take the home into foreclosure. Agree on small matters, sell what you wanted to sell and move on!
Is your area a community property state?
A quick question to ask and take note when selling a house during divorce is if you are living in a community property state. Community property states are only nine, which includes states like Arizona, California, Louisiana, New Mexico, Texas, Wisconsin, Idaho, Nevada and Washington State.
In a community property state, all assets acquired by you and your spouses are divided equally at the time of divorce. All other states allow the courts to take into consideration factors like health, ages of the spouses, length of marriages, and where the kids would stay after the divorce.
All this is what you have to know before selling a house during a divorce because it is a significant factor.
As an alternative, take your best chance and sell your home to 24hr Homebuyers. We can assure you of a fast sale and an all-cash offer. We buy houses in and around the Seattle area, and we can make an all-cash offer within 24hrs. Give us a few days at most and you will be rid of your problem-property so you can move on with your life. The Seattle area is our playground, and we covered every bit of it. Call us today, and you will be glad you did.
Get a free no-obligation fair all-cash offer within 24hrs!
With us, you can rest assured of an easy sale. In case you consider our offer to buy your house unsatisfactory, you can turn down the offer without being charged a dime. Give us a call at 888-914-7325.
It will be our pleasure to hear from you today about your home situation. It doesn’t matter if you decide not to sell your home to us. We can help you in many ways.