Divorce is a struggle. If this is your first or your fifth time at it its never gets easier. The legal system makes it complicated especially around finances. If you’re wondering about the ins and outs of selling your home during a divorce in Connecticut… we’ll dive into the steps and things to look out for in this article.
Even with the declining divorce rate 50% of American marriages end in divorce. Many Connecticut residents are looking or advice for selling a home during a divorce.
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. There are several factors to consider when facing a divorce in a real estate market like today where inventories are low, buyers are quitting and prices in some markets are starting to collapse.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Connecticut
In many divorce cases, one spouse will keep the home, buying out the departing spouse’s share. This can be a good strategy if the the prices in your area are dropping, the house needs a lot of work to make it ready to put on the market or the mortgage is more than what you can sell the house for. The problem is when you negotiate the buyout? Can you afford it?
In other 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). This is a great idea as long as you both can come to terms about the joint payment of taxes, mortgages, utilities, insurance and repairs. All the expenses that come with owning a home. While you might be physically divorced you are still financially going to continue the partnership.
Get Professional Help – Agents and Home Buyers / Investors
Selling a home is a difficult process when everything is going right.
During a divorce, you have a lot going on, and a lot to consider. You shouldn’t take on the task of selling you home yourself. You may have disagreements with your spouse about selling price or other issues. 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.
When I went through my own divorce almost 9 years ago I started by offering the house to my ex-wife. She didn’t want it because I think she felt she would struggle with the payment. I suggested she sell it and take the proceeds as part of the divorce. When she came back from the price she planned to sell it as is it was well below the mortgage value of the property. We were both acting irrational so I took it on myself to take over the repairs and then sale of the house. In the end we were both able to split the proceeds from the sale 50/50.
If you need to sell your Connecticut house fast… reputable local real estate investment firms like Next Door Properties may be a great option. Firms like ours actually BUY HOUSES (rather than listing them like agents do)… and 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, going with a real estate agent is your best bet.
But if you can’t wait the 3-9 months it sometimes takes to sell a house in this market in Middletown… chat with us to see what we can offer you for your house during your divorce.
Set (and stick to) a Timeline
It’s important, when selling your Connecticut house during a divorce to keep a timeline.
You should put your home for sale in advance. 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.
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 Next Door Properties.
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 Connecticut doesn’t have to be as stressful as the divorce itself.
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 Next Door Properties, and moving the process as quickly and 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…
Give us a call anytime at 860-704-9513 or fill out the form below!
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.