Selling a House During Divorce in Dutchess & Putnam Counties
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Going through a divorce is hellish enough. And having to sell a house during divorce just adds to the stress. Even under the best of conditions, there are always challenges along the way. Sometimes, couples are forced to stay together financially due to home ownership.
Options For Selling a House During Divorce in Dutchess & Putnam Counties
Pay It Off or Get a Short Sale
Holding onto the home doesn’t help to move on. The best option is usually to sell. Unfortunately, that might not be so easy in the current market, especially if you owe more on the mortgage than your house is worth. If that’s the case, you’ll need to pay off the difference on the loan or go for a short sale.
Issues with Short Sales
The downside of a short sale when you divorce is that both of your credit scores are negatively impacted. In addition, you both could still be responsible for the shortage – the difference between what the house sells for and the amount still owed on the mortgage. However, the bank might decide to forgive that liability during the short sale. But then, the IRS may tax that forgiveness as income, and you and your ex will have to pay income tax on the part of the loan that was forgiven. It’s like rubbing salt in the wound.
Refinancing Your House After Divorce
Attempting to refinance your house after a divorce is another option as long as you’re not underwater on the mortgage. This only works as long as one of you agrees to let go of the house and the other, who’s refinancing, has good credit and income enough to pay for the new mortgage.
One Spouse Keeps the Home
If your spouse keeps the home, don’t expect it to be smooth sailing in getting a mortgage for your new home. Sometimes, it’s not so easy getting a spouses name off a mortgage and qualifying for a second mortgage can be tough unless you have a high income. Your spouse might have to apply for another mortgage just so you can get your name off of it.
Consider Where You Are Moving To
Another thing to consider when selling a house during divorce is housing options in the community where you plan to live. If you decide to buy another home or rent, will your monthly payments be more or less? If you have kids, can you find similar housing in the same school district? What about the costs of moving or even renting a storage unit?
Consider Tax Consequences of Selling a House During Divorce in Dutchess & Putnam Counties
You may be in love with the house now and want to stay, but what if during the next two years, you must sell it? You could end up with an expensive capital gains tax. You might be better off trading the house for other assets.
As if selling a house during divorce isn’t stressful enough, selling assets before a divorce can also be challenging. If not done correctly, there could be serious tax implications.
However, if you do liquidate assets, make sure you know what you’re dealing with when it comes to investable assets and the costs associated with it. Also, know the cost of a real estate asset and what the capital gain will be when you sell the house. Get a good business valuation and appraisal for any collectibles you may have. Don’t liquidate a 401K or fail to get fair price when you sell an asset. When selling a house during a divorce, again, you also don’t want to acquire a huge capital gain with what you sell.
Keep in mind, you don’t have to worry about taxes if you transfer assets back and forth with your spouse, collaboratively. This way, you and your spouse decide what something is valued at and in most cases, a judge doesn’t get involved.
How To Sell Your House Fast
While selling a house during divorce, as hard as it maybe, don’t argue. Many real estate agents agree that couples who argue, while selling a house during a divorce, often don’t agree when it comes to routine decisions about fixing up the house, repairing, and even listing the property. This could jeopardize a potential sale and worse yet, the home could fall into foreclosure. So, set aside your differences and sell the house or agree to turn the house over to your spouse or yourself.
Hire a Realtor to Sell Your House
Traditionally, many couples who divorce hire a real estate agent. Or they sell the house themselves but then have the hassle of being in charge of the whole process. Either choice will lead to 6 months to a year before the house is sold, the mortgage is paid off, and the remaining money is distributed.
Instead, why not sell your home to Bob Will Buy It!
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Sell Your House to a Cash House Buying Company
When selling a house during a divorce, I can give you a fast sale and cash. All you need to do is fill out the form to get the process moving. I’m in the Dutchess/Putnam area so I can make you a cash offer quickly. In just a few weeks, you’ll be free of your house and able to move on with your life. This is how to sell a house fast in Dutchess & Putnam Counties.
Get a Cash Offer Quickly
We buy houses in Dutchess & Putnam Counties. We work fast to get you a no-obligation cash offer for you right away.
Our customers often appreciate our no-pressure, empathetic, approach. You won’t get a hard sell with us. If the offer we make to buy your house doesn’t work for you, you don’t have to accept it. No charge. No fees.
We’d love to talk to you today about the house and your situation. We’re here to help even if you decide not to sell your house.
Give us a call at 845-846-7653 or fill out the form below to get started. We look forward to talking with you.