If you’re wondering about the ins and outs of selling your home during a divorce in Philadelphia NJ… we’ll dive into the steps and let you know what things to look out for in this article.
With over 50% of American marriages ending in divorce, many Philadelphia NJ residents are looking or advice for selling a home during a divorce. Divorce is something that no married couple envisions but, unfortunately, it happens. During such a challenging time, we want to make sure you are fully equipped with the necessary information in order to appropriately deal with the financial assets involved so you can confidently move forward in your life
A home is one of the most valuable joint assets, and obviously cannot be divided without first liquidating. While a divorce is one of the most stressful and emotionally charged life events, it’s important to remain rational. Try your best not to let emotions get the best of you. This is a time when you need to try to stay on the logical side of things. There are several factors to consider when facing a divorce in a real estate market like this one.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Philadelphia
In many divorce cases, one spouse will keep the home, buying out the departing spouse’s share.
In many cases, agreements are made where one spouse uses the house for a set period of time (this is usually used when there are children in the home), and then sold at a certain date (usually when the children reach a certain age).
Get Professional Help – Agents and Home Buyers / Investors
If neither spouse decides to stay in the house or neither can afford it then it would be best to sell it. In the situation of a marriage, the mortgage is usually based on the income of both spouses. Consequently, once the salary is cut in half, you can imagine how the home required both of you to pay for it. Therefore, selling the house would ideally provide both spouses money for a fresh start. However, it can be a difficult process when you’re going through divorce proceedings.
During a divorce, you have a lot going on, and a lot to consider. You shouldn’t take on the task of selling your home yourself because you may have disagreements with your spouse about selling price or other issues. The added stress is just not worth it. By working with a real estate professional, either a reputable agent or real estate investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your home. This will help in eliminating conflict.
Another important aspect to consider when selling your Philadelphia home during a divorce is capital gains tax. The capital gains tax law states that if you are married and selling a home, you can exclude up to $500,000 in profit. However, if you are single, the capital gains exclusions get cut in half to $250,000. And to be eligible for this exclusion, you must have lived in the home for the past two out of five years. Basically what this means is that there is a significant financial incentive to sell when you’re legally still married.
If one spouse wants to keep the home and has enough income, he or she can simply take over the mortgage by refinancing. Most can’t do this, but if one spouse does qualify to do this then that would completely remove ownership and liability from the other spouse. You would also have to figure out how much equity the departing spouse has in the home and either buy them out or devise some type of payment plan.
You can imagine how complicated this can turn out to be in most cases. This is why many sellers going through divorce decide to just liquidate the home so there is overall less headache to deal with.
If you need to sell your Philadelphia house fast… reputable local real estate investment firms like EZ Real Estate Solutions LLC may be a great option. Firms like ours actually BUY HOUSES. We pay cash and can close quickly if you need to sell this house fast.
If you can wait the time it’ll take to list it with an agent and sell it on the open market, then we can also help you do that.
But if you can’t wait the 3-9 months it sometimes takes to sell a house in this market in Philadelphia… chat with us to see what we can offer you for your house during your divorce. In this situation, sometimes selling for a little less than what you expect might be worth the peace of mind to get the house off your hands sooner than later.
Set (and stick to) a Timeline
It’s important, when selling your Philadelphia house during a divorce to keep a timeline. The distribution of the proceeds from the sale should be discussed far before even putting the house on the market.
Not only will both spouses need to agree how much money each will take, but also who will be responsible for making sure the house will be in sell-ready condition. Both spouses will need to decide whether or not to make repairs or updates to the home.
Then you should put your home for sale as soon as possible so you avoid delaying the whole divorce process. Set firm closing dates, moving dates and times, and coordinate which spouse will be handling the sale (or talking to the real estate agent). Make sure that each of these agreements are in writing, and negotiate penalties for breaching the agreements.
This helps ensure a smooth, surprise free home sale. Otherwise, the process will most likely be dragged out which will make things worse for the both of you.
Selling Your House Fast For A Fair All-Cash Price
One option that many divorcing couples have turned to in recent years is making a quick sale to a real estate investor like EZ Real Estate Solutions LLC.
Reputable local real estate investors like us, purchase houses quickly and without stress, and the process can often take as little as seven days.
Deciding how to sell a marital home in Philadelphia doesn’t have to be as stressful as the divorce itself. Dealing with the sale of the house is the last thing that either spouse wants to stress over because there are so many emotional struggles that occur during this time.
By protecting each party with a qualified real estate agent or simply jointly deciding to sell and selling fast to a real estate investment firm like EZ Real Estate Solutions LLC, and moving the process as quickly as possible according to an agreed upon schedule, all parties can walk away from the sale without stress.
If you want to discuss your situation with your divorce and see if we can help you save time, reduce stress, and get out of this situation fast…
Just to summarize everything we talked about…
- Come to a mutual agreement
- Decide when to sell (before, during, or after divorce)
- Prepare the home for sale
- List the house or sell yourself to a local homebuyer like EZ Real Estate Solutions LLC
Give us a call anytime at 215-770-0260 or
fill out the form on this website today! >>
We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and lets chat.