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Going Through Divorce?
Going Through Divorce? Get Help Selling Your House
Divorce is hard enough without anything else adding to the stress. If you’re trying to sell your house in Baltimore or the surrounding areas while also going through a divorce, there are a few options that you have to make it easier.
Your Options When Selling a House and Getting a Divorce
Pay the Remaining Mortgage or Try a Short Sale
Paying off the balance of a mortgage can be incredibly difficult under normal circumstances, so this is rarely a realistic option. Selling your house is often the best choice, but can be challenging if the current market isn’t in your favor or if you owe more on the house than it’s actually worth. If this is the case, you can pay off the difference on the mortgage or try to short sell the home.
When selling a house under a short sale, both parties credit scores are impacted. There is also the difference in how much the home sells for and the amount that still owed on the mortgage. In some cases during a short sale, the bank could release you from liability.
Refinancing After the Divorce
If one spouse decides to keep the house, they could apply to refinance the mortgage. This is a possibility if you do not owe more on the mortgage than the house is worth and if the spouse keeping the home has good credit and a reliable income. The spouse keeping the home also needs to be sure that they can afford all related expenses on their own.
One Spouse Keeps the House
The challenge with this option is that it can be difficult to have the other spouse’s name taken off the mortgage. In some cases, the spouse keeping the home will need to apply for a new mortgage so that the other spouse’s name can be removed. In addition, it can be challenging for the spouse who is not keeping the home to be approved for a new, second mortgage, unless there is an income to warrant it.
Where Are You Moving?
If you do decide that you are moving out of the house, you will need to find housing in the area, or wherever you plan on going. Will the rent or mortgage payments be similar? Will the home be in the same school district? There is a lot to consider when planning a big move.
The spouse who keeps the home also has some considerations — capital gains tax. If you keep the home after a divorce, but then two years later decide to sell it and end up making money on the sale, you will most likely have to pay capital gains tax. The amount you make on the sale could be taxable income. Depending on the value of the home, this could add up to a significant amount of money.
Selling Your House Fast in Maryland
Selling the home is often the best course of action, but if you are ever in doubt, contact a real estate lawyer or discuss your options with your divorce lawyer.
Use a Real Estate Agent
When going through a divorce and trying to sell your house, the traditional route is going with a real estate agent. In this case, you will need to pay them to list your house, market the home, set up open houses, manage the various relationships involved, and more. Paying a real estate agent can cost a large amount of money with fees and commissions.
Sell Your House With The Legacy Investment Group
Instead of going the traditional route and paying an agent fees and commissions, we’ll buy your house for cash so that you can move on quicker. We buy houses throughout the Baltimore area and the surrounding communities. We understand that divorce is an emotional process and the last thing you want is to be tied up longer than necessary. When you work with us, we’ll visit the home and make you a cash offer within 24 hours. If you accept our offer, we can go to closing within a week!
There’s no need to make any repairs to the home and you don’t need to pay us any fees or commission. Don’t worry about feeling pressured into accepting our offer either. When we make an offer on your home, and you think you could get more with a real estate agent, then by all means do! But we believe that when you hear more about how the process works, you’ll feel relieved and thankful for a much less complicated process.
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