Selling A House During Divorce In Austin
If you are considering Selling A House During Divorce In Austin, we know that this process may be quite stressful. During this period, selling a house will create even more difficulties for you. Even if you don’t have financial problems, you may have other challenges to deal with along the way, especially if you have a shared ownership property. This article can help you if you are going to sell a house during divorce.
Options you can choose from?
Paying the loan or opting for a short sale
Although you can choose from many options, your best bet is to sell the house. Living in the same house won’t let you move on. But the problem is that it won’t be easier for you considering the challenges in today’s real estate market. This will be even more difficult if you have a mortgage on your house. What should you do in this case? You have two options: you can opt for a short sale or you can pay off the loan first.
Problems of Short Sales
If you opt for a short sale, know that it has a big disadvantage: this approach will have a negative impact on your credit rating. Apart from this, both you and your ex will still have to pay the difference the property is sold for, and mortgage will still be there. But the bank may rid you of the liability if you go for a short sale.
Refinancing Your House
Another approach is to refinance your house. However, this will work only if your ex agrees to release the house and you have a good credit score. If you want to keep the house, be ready to pay all the expenses from your own pocket.
Mortgage on your house
If you want to get a mortgage for another house and your spouse has decided to keep the home, be ready to face some challenges. It may not be easy for you to remove your name from the mortgage and qualify for another mortgage unless you have another source of a steady stream of income. In this case, your spouse will have to get another mortgage to delete your name from the list.
Do you have another house to live in?
Another problem that you need to resolve is to look for another house to live in. Can you pay the rent? If you have school going kids, it will be better to look for a house in the same district.
Take into Account the Tax Issue associated with Selling Your Austin House
You may love the house you want to sell. Of course, you can keep staying in the same house. But what would you do if you have to sell a house in two years from now? If this happens, you will have to pay a big amount of capital gains tax. So, it’s a good idea to trade the house for some other house or property.
Selling a house before a divorce is not easy either. If you don’t do it properly, you may have to face tax implications. In this case, you may have to opt for liquidation of assets because of taxes.
As far as liquidation goes, be sure you know what you are doing as far as investable properties and the relevant costs are concerned. Besides, you should figure out the cost of the property and the capital gains that you can enjoy when you get it sold. For the collectibles, you may want to opt for an appraisal and valuation. It’s not a good idea to liquidate a 401K. Similarly, make sure you get a fair price when selling an asset.
Remember: taxes won’t be a problem for you if you trade the house with your wife. For valuation, make sure you sit with your spouse and discuss the matter. In most cases, the court doesn’t get involved.
How To Sell Your House Fast
While you are trying to sell a house, don’t argue with your spouse. According to real estate agents, if you argue with your spouse, it will be harder for you to make the routine decisions related to repairing the house and listing it for sale. If you argue, chances are that you won’t be able to sell the house and face the foreclosure instead. Therefore, we suggest that you keep your cool to sell your house fast.
Are you living in a Community Property State?
This is an important question. In total, there are 9 community property states, namely Washington, Wisconsin, Texas, Nevada, New Mexico, Louisiana, California, Idaho and Arizona.
If you live in any of these states, know that the assets will be divided equally among you and your spouse at the time of divorce. There are no other factors to consider. In other states, the court will consider many other factors, such as the age, health and length of the marriage etc.
Hire a real estate agent to sell your house
Usually, some couples who want to divorce hire the services of a real estate agent to sell their house. Some of them choose to sell their house without the help of a realtor. However, in this case, they will have to take care of the whole process themselves.
If you want to sell your house fast, you may sell it to us at Reimagine Realty Solutions. We can offer you a cash offer and fast sale. All you have to do is give us a call or fill in the form below. We will provide you with a quote within 24 hours. In a few days, the process will complete and you can move on. You will get cash to meet your other financial goals.
Selling to a Cash House Buying Company
Are you considering Selling A House During Divorce In Austin? An easy option is to look for a house buying company to sell your house to. If you choose this approach, you won’t need to pay for repairs or realtor commission. Again, you will get a quote within a day.
Reimagine Realty Solutions can make you a cash offer within 24 hours. You are free to accept the offer or reject it. If you agree, we will buy your house and close the deal within a week.
If you want to sell your Austin area house fast and want a no-obligation offer, you can give us a call at (512) 710-6201. We will answer all your questions whether you choose to sell your house to us or not.