For many couples, a home is their greatest asset. It also may hold sentimental value to both sides. A lot of couples have questions about the whole process of homeownership like the division of assets in a sale or deciding who gets to keep the home itself. If you’re wondering about the ins and outs of selling your home during a divorce in Memphis, Tennessee… we’ll dive into the steps and things to look out for in this article.
With over 50% of American marriages ending in divorce, many Memphis, Tennessee residents are looking for advice. In many cases, due to financial, legal, or personal reasons, it makes the most sense to sell the house during 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 that has yet to rebound from the housing bubble burst.
Most divorces involving a property dispute play out in one of the three ways:
- One of the spouses buys our the other legal interest and keeps the home.
- One spouse keeps use and occupancy of the home for a specified period, usually until the youngest child turns 18, at which point the home may be sold.
- The house is sold immediately, with any equity split up between the spouses.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Memphis
Who gets the house depends on each individual divorce scenario. 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). Having a family law attorney can be useful in determining who owns what and how to divide it.
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 your home yourself. You may have disagreements with your spouse about the 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.
If you need to sell your Memphis house fast… reputable local real estate investment firms like Memfixerupper 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 Memphis… 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 Memphis 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. For example, If you decide to invest in some repairs or upgrades, you and your spouse must agree on how to split those expenses and if or how that investment will impact the profit split.
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 Memfixerupper.
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 Memphis 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 Memfixerupper, 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 901-450-5179
Free advice on how to sell
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’ understand your situation and thats why we are here for you, just reach out and lets chat.