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 or advice for selling a home during a divorce. When going through a divorce, the family home is often one of the most valuable assets that couples must divide. However, dividing a home is not as simple as splitting other assets, as it cannot be divided without first liquidating it.
Divorce is an emotionally charged event, but it’s crucial to remain rational when making decisions about the family home. This is especially true when dealing with a real estate market that has yet to rebound from the housing bubble burst. When deciding what to do with the family home during a divorce, several factors must be considered. First and foremost, the financial implications of selling or keeping the home must be weighed carefully. This includes the current market value of the home, any outstanding mortgages or liens, and the potential tax implications of a sale. Another important factor is the emotional attachment each spouse has to the home. While one spouse may be eager to sell and move on, the other may want to keep the home as a source of stability and comfort, especially if there are children involved. Additionally, practical considerations must be taken into account, such as whether either spouse can afford to keep the home on their own, or if it makes more sense to sell and divide the proceeds.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Memphis
When couples go through a divorce, one of the most significant decisions they must make is what to do with the family home. In many cases, one spouse will keep the home and buy out the other spouse’s share.
However, in some situations, couples may agree to a time-sharing arrangement where one spouse remains in the home for a set period. This is often used when there are children involved, and the goal is to provide stability for them during the transition. Once the agreed-upon period has passed, the home is typically sold, and the proceeds are split between the ex-spouses.
This type of arrangement can provide a sense of security and stability for children during a difficult time. It can also give both spouses time to adjust to their new circumstances and make financial arrangements to prepare for the eventual sale of the home.
However, it’s essential to have a clear agreement in place that outlines the terms of the time-sharing arrangement, including the duration of the agreement and the responsibilities of each spouse during that time. Additionally, it’s crucial to have a plan for the eventual sale of the home and how the proceeds will be divided.
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.
If you need to sell your Memphis house fast… reputable local real estate investment firms like Memphis Home Buyers 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.
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 Memphis Home Buyers.
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 Memphis Home Buyers, 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) 828-8419 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.