Selling your house during divorce in College Station 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. Make sure the home is in good condition if you want to sell it. You don’t want your ex-spouse to claim that you are responsible for the damage to the property, and have your portion garnished for the momentarily emotionally gratifying deed.
Agreeing to Sell and Split
A common way to split assets, especially a house, is to place the house on the market, sell it, and divide the proceeds equally. This is especially common if there are no children involved. It quickens the whole divorce process and simplifies things, such as eliminating a pending mortgage. However, if it takes too long to sell the house, it may slow things down much longer than you want. Speak with a real estate agent and get someone to assess your College Station home. Find out what estimated costs will get you a higher return. Do a market analysis so that you can have reasonable expectations of the sale, and also negotiate the agent fees so that you can keep your net profits high.
Preparing the House for Sale in College Station
As a couple, do all that is within your power to clean the house and make it presentable for sale. Always put it at the back of your mind that you have a stake if the sale is successful. De-clutter and make it look like a happy family lives there. Continue to mow the grass. If you really want to make it smooth, tackle that honey-do-list you have been avoiding.
She will wonder why you were not capable of doing such before, indirectly increasing the value of the sale. Funny how you can win that way sometimes.
The Next House
If you are selling the marital house to buy a new house, make sure your agent is aware so that you can time the purchase properly. Divorces get hung up in court and house sales get hung up for a various 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 jump into any rates until you are sure of what you want. Constantly running credit for new approvals can hurt your credit scores.
One Spouse Keeps The Pad
Although this option is commonly used when there are children involved (in order to keep them stable), it can also be a good option if both parties of the divorce agree to it. 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.
Before you can buy your spouse out the mortgage, you will need to contact the lender, explain the divorce situation, and request an assumption of the loan. Lenders will more than likely underwrite you to ensure 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.
If you need some assistance for selling your house during divorce in College Station, give us a call at (979) 431-1663 or FILL OUT OUR ONLINE FORM.