Selling your house during divorce in Dallas can seem like an impossible task, especially since you’re already under tremendous stress. People often use the phrase, “nasty divorce,” but the truth is – there is no such thing as a “pleasant divorce.” Since the number one reason for divorce is irreconcilable differences, collaborating to sell your shared house may be like combining fire and gasoline. Luckily, there is another way.
Selling Your House During Divorce Dallas Fort Worth
The number one rule for selling your house during a divorce is to keep your cool. We’ve all seen the music video with Carrie Underwood seeking revenge on her cheating spouse by busting up his truck with a baseball bat…but this is the real world. In the real world, damaging property (even if you both own the house) can lead to criminal charges and unfavorable outcomes in custody battles.
Not to mention, in Texas, proceeds from the sale of community property are split between both parties during a divorce. Although it may seem gratifying to destroy a shared house (a.k.a community property), behaving this way could end up costing you money in more ways than one. Keeping your cool means less legal fees and more money when selling your house. Let’s face it, divorce attorneys are not cheap! Every dollar saved will help put this divorce behind you, so you can finally move on.
Agreeing to Sell and Split – Divorce Dallas Fort Worth
One of the most common ways to divide community assets, such as a house, during a divorce is to list the home for sale and split any equity between the two parties. We see this a lot in Texas, especially in divorces when children are not involved.
Selling your house during a divorce can be the simplest way to eliminate a pending mortgage. If you can sell your house fast, this will expedite the divorce process. On the other hand, if your house sits on the market for months without finding a buyer, it will take longer to finalize your divorce.
If you are selling your house during a divorce, consult with a realtor to determine the market value of your Dallas Fort Worth home. Tip: To remain neutral, avoid using any realtor with a pre-existing personal relationship with either party. You may also want to negotiate the typical 6% realtor commission to keep net profits as high as possible.
Preparing the House for Sale in Dallas
If you want to sell your house fast in Dallas Fort Worth, your home should be in move-in ready condition. It might sound impossible, but you may have to work with your ex to clean the place up before listing. Remember, both of you have a stake in the successful sale. You’ll also want to continue to maintain landscaping, even if no one is living in the house. When buyers see a home that looks vacant, they can smell the desperation. Avoid appearing distressed by properly maintaining the home.
The Next House
Buying a new house when you have another property tied up in divorce proceedings can be tricky. Open communication between you, your realtor, and the bank can help avoid unnecessary delays and snags on your next home purchase.
One Spouse Keeps The House – Selling a House During Divorce
If children are involved in a divorce, it is common for one spouse to “buy the other spouse out.” Typically, the spouse who keeps the house is the primary caregiver for the children. If both parties agree, one person agrees to “quit” their interest in the property by completing a quitclaim deed. The other party will then agree to assume the mortgage and buy them out of their equity.
If you would like to buy your spouse out of the mortgage, contact your lender to explain your situation and request assumption of the loan. As long as you can qualify to carry the loan on your own, lenders will agree to the changes. When reaching out to your lender, provide documentation of your income sources.
If the lender won’t let you assume the loan, you need to apply for a refinance. If interest rates are lower, this might not be a bad scenario anyway. Again, this is a loan application. Meet all income and debt obligations to qualify.
If you are going through a divorce and need to sell your house fast in Dallas Fort Worth, we can make a fair cash offer in 24 hours. No hassle. No fees or commissions. No hidden closing costs. Get a cash offer for your Fort Worth house and move on with your life.
One Last Thing To Remember: When going through a divorce, it’s important to find something positive to set your sights on. It may not seem like it now, but everything is going to be okay. If you are feeling hopeless right now, know this…The pain from divorce will eventually fade. You may feel overwhelmed now, but there will come a day when you’ll hear yourself laughing again.