Selling your house during divorce in Fort Myers can be extremely difficult. Emotions can be high in a divorce. Chances are that someone at some time wants to destroy the house. The reality is, eventually emotions subside and we all become adults once again.
When it comes to divorce proceedings, the courts usually guide us to being adults faster than we are ready. Keep the home in tact because if you have to sell, you want top dollar. Plus you don’t want your ex-spouse to claim you damaged the property and have your portion garnished for the momentarily emotionally gratifying deed.
Agreeing to Sell and Split
Selling the house and splitting the equity can be a straightforward solution for dividing a marital asset, particularly a house, during a divorce. This approach is especially common when there are no children in the picture. It streamlines the process by eliminating a shared financial burden – the mortgage – and allows for a cleaner financial break. Additionally, if the market is favorable and the house sells quickly, it can expedite the overall divorce proceedings.
However, this method also comes with its own set of considerations. A sluggish housing market can significantly delay the sale, prolonging the financial ties between the spouses and potentially adding stress to an already difficult situation. Furthermore, depending on the emotional attachment to the house, some individuals may find selling it a difficult decision, especially if it was their primary residence for many years.
Talk to a realtor. Get an honest assessment for your Fort Myers home. Find out what estimated costs will get you a higher return. Negotiate realtor fees to keep net profits as high as possible and do a market analysis so you have reasonable expectations of the sale.
Preparing the House for Sale in Fort Myers
Working together as a team is key to selling your house quickly and for a good price. Divvying up the tasks and tackling them head-on will make the process much smoother.
Start by decluttering every room. Pack away knick-knacks, family photos, and anything overly personal. Potential buyers need to envision themselves living in the space, and excessive clutter can be a distraction. Aim for clean surfaces and open sightlines to create a sense of spaciousness. Once decluttered, add a few tasteful decorative touches that hint at a happy family life. A bowl of fresh fruit on the counter in the kitchen or a vase with colorful flowers in the living room can add a touch of warmth and personality without being overly personal. Don’t forget about curb appeal! Maintaining a mowed lawn and trimmed hedges makes a positive first impression, signaling to buyers that you’ve taken good care of the property. Finally, if there’s a lingering honey-do list of minor repairs, now’s the perfect time to tackle them. Fixing leaky faucets, squeaky doors, or chipped paint shows buyers you’re invested in presenting a well-maintained home. By working together on these tasks, you’ll be well on your way to a successful home sale.
She’ll scratch her head wondering why you were incapable of doing it before and you’ll know you just increased your sale value. Funny how you can win that way sometimes.
The Next House
If you are selling the marital house and will be buying a new house, make sure to coordinate things with your realtor to ensure you time the purchase properly. Divorces get hung up in court and house sales get hung up for a million reasons. You don’t want to be tied into a new home mortgage when other components fall apart.
Be honest with lenders and start the process early. While you need to be prepared, don’t lock any rates in before you are really ready to pull the trigger. Constantly running credit for new approvals can hurt credit scores.
One Spouse Keeps The Pad
While this option is more common when children are involved (to keep them stable), it is a viable option in any divorce if parties agree. In this scenario, you decide to buy the house from your soon-to-be-ex. He or she will agree to quit their interest in the property by completing a quit claim deed. For their part, you agree to assume the mortgage and buy them out of their equity.
To buy your spouse out of the mortgage, you need to contact the lender and explain the divorce scenario and request an assumption of the loan. Lenders will more than likely underwrite you as an individual to make sure you can afford the house on your own. Make sure you document all income you have, including spousal support.
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.