How To Sell Your House When You’re Divorcing

Perhaps you’re in the sad situation of having to go through a divorce yet you own property jointly that you need to sell. If so, you’ll want to read this article and find some ways to strategize in your situation and any real estate that must be sold off.

 

What Is Community Property?

 

In Texas and several other states, after two people marry, everything that is acquired during that marriage is community property. They both own it. From houses to cars and everything in between, it’s all co-owned. This also includes 401Ks, stocks, bonds and anything of value.

 

It’s Fair, Right?

 

Well, it’s all fair until the couple is on the outs and seeking a divorce, then, it becomes an issue. Now disposing of said property becomes more cumbersome.

 

Commonly, the courts will determine who is at fault and who gets what when it comes to the various community property items. Who was the primary wage earner, who took care of the children, who ran the household and other factors will all be considered when determining who gets what? This is how the courts will decide who is going to get the property and whether or not the couple has equal claims to the property. Typically, in a divorce, one of the parties is going to walk away with far more property than the other. Typically, this larger portion is property or investments.

 

Separate Property

 

There are many property issues that refer to the properties that couples acquired before the marriage. These items may be jewelry, clothing, gifts and such. Also, inherited property is also factored in as separate property. This is all individual property as it was bequeathed to one person alone.

 

Such technical issues are very challenging in a divorce. If someone wants to sell a home or an investment during a divorce, it must first be determined who owns it to sell it. Further, if both own it, then both have equal rights to said property.

 

For this reason, Sell My House Houston Pros have a team that is dedicated to helping those undergoing a divorce and trying to sell their properties so that they can both move forward with their lives.

 

If you, or someone you love, is undergoing a divorce, and there is a home involved, they can help in many ways. They even give you a free consultation with their attorney so that the situation is handled the best possible way. They have experts on hand that will help with the entire process and be able to answer any and all questions that may arise during the sale of a property when a couple is going through a divorce. Give them a call today and let them help you during this difficult time. They’ll make sure that all of the details are covered to sell the property.

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How to Pick the Right Buyer For Your Home

It’s important to work with a Houston house buyer when you’re trying to sell your property. In most cases, homeowners want to move out quickly, so they’d prefer to make the sale as fast as possible. There are plenty of investors in the Houston area, but with so many options available, it might no be that easy for you to decide on the right company to hire to help you.

Choosing the right company

The best thing to do is choose a company that will buy the home without a hassle. There are different companies claiming to purchase properties regardless of the condition they’re in, but most of them don’t mean what they’re saying. In fact, they prefer purchasing homes that are in great condition and ideal locations. You don’t have time for all of that.

Start talking to some of these companies to find out more about what they’re willing to do. The right company would be ready to purchase your home, even if it’s not in fantastic condition. In addition to finding a company that is interested in buying your home despite any problems with it, you should look into companies that are known for providing their clients with the best possible deals.

Most people who are trying to sell a home don’t want to wait around for months or even years to make that sale and receive the money. If they can find a buyer willing to pay a decent amount and complete the transaction at a quick pace, it’s that much more convenient for the seller. Do your research to find out more about the companies or investors that are making the most purchases.

You work with professionals to eliminate the hassle, not to add more.

What makes a good deal?

When you’re trying to make a sale as fast as possible, it’s possible that you won’t get the full amount you were originally anticipated. However, a good buyer will offer a great deal for it. You’ll need to understand that buyers who are willing to purchase a home in its current condition may need to spend money to make repairs before they’re able to sell it to someone else and make a profit from it. Your main goal should be finding a good buyer who wants to offer a great deal.

The company you select should be a company that wants to end up selling the property within a given period. Most of the companies that purchase homes are all about making their money, so they want to buy, fix things up, and then sell as quickly as they can. You don’t want to choose a company that would be willing to hike up the price of the home and then waits for the right buyer to come along because then they may not be willing to give you the best offer possible.

In addition to these things, you’ll need to make sure you’re doing business with an honest, reliable, and trustworthy company. Although it’s business, the people who are buying the homes should have good values. They should be concerned about making sure you’re satisfied with the purchase of your home based on what they’re willing to offer you for it.

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A Beginner’s Guide To Breaking Up A Mortgage After A Divorce

When a married couple decides to call it a day and file for divorce, one of the greatest decisions to be made is the sale of their home.  This can be a complicated procedure, particularly if the couple has a joint mortgage on the property.  If this is the case, the mortgage will need to be sorted out, and this will typically be completed by having one of the spouses’ names removed from the document.

 

When a spouse has their name removed from a mortgage, he or she will benefit from the chance to apply for a new home loan.  Furthermore, having his or her name removed from the home mortgage will also break any links that connect the married couple’s credit; thereby, removing any joint-debt that might exist.  It is common for the spouse without a job or who earns less to have their name removed from the mortgage.

 

The spouse whose name is retained on the mortgage has the responsibility to decide what will be done with the property, such as whether he or she will keep or sell the house.  Certain points need to be taken into account in this situation, most importantly the individual’s ability to maintain the property on a single person’s income.  Deciding what to do with the house depends greatly on whether he or she can afford the property alone.

 

This is a significant factor to examine, particularly if during the marriage both spouses used an income to maintain the house.  The question of whether a single income is sufficient to support the house’s upkeep needs to be answered.  If it is not, then it may be a better option to sell the property.

 

In the majority of cases, divorcing couples choose to simply sell the property and divide the proceeds from the sale as a means of avoiding any hassle or confusion.  This is often done regardless of whether or not they could afford to maintain the house.  However, if one spouse wishes to own the property but is unsure of the upkeep costs, it is recommended that he or she speak with a mortgage lender.  This is the first step to clarifying the financial issues and matters regarding the mortgage; as well as identifying if the spouse who wants the house can maintain the property.  Alternative options to keep the property may also be discussed here dependent on how willing the mortgage lender is to accommodate the individual.

 

Rare cases are seen where the divorcing individuals are not able to reach any agreeable terms; thereby, preventing the mortgage from being broken.  This can become a complicated and ugly situation with no mutual grounds being reached.  It is important to continue discussing the issue with professionals to find common ground between separating spouses and reach an acceptable agreement regarding the property.

 

In our years of working in the real estate industry, we at Sell My House Houston Pros have witnessed numerous separations and divorces in all forms along with the real estate issues that come with them.  Our experience in dealing with these issues makes us confident that we will effectively handle divorce issues that people throw our way.

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