Tragedy strikes in Dallas. Yes, tragedy. But, maybe not…..
Divorce is a more common occurrence than it isn’t, by today’s standards in Dallas. Meaning that the divorce rate in Dallas County is 52%, according to Sisemore Law Firm.
So, how can one be prepared?
Seeking advice from a local divorce attorney is always recommended, of course.
REAL ESTATE – AGENT (Traditional)
Reaching out to a local real estate agent will work with the soon to be divorced couple on selling their property, which they own jointly, meaning matters of negotiating and problem-solving will be done together.
Despite trying to separate from the current spouse, discussing personal goals, future needs, and current financial responsibility in regard to the sale of the shared home must be done to be able to effectively separate from what is most likely their largest shared asset. This will be beneficial for all parties involved. This may not be an issue though, considering both spouses would most likely want to achieve the better end of a profitable sale that is conducted in a time-sensitive matter.
REAL ESTATE INVESTOR
Contact a local real estate investor, like Savvi Buys Houses. These buyers frequently purchase numerous homes over the course of a year in highly active real estate markets, Dallas especially. They offer many favorable terms for home sellers in terms of timing and value. MORE DETAILS CAN BE FOUND ON THIS SUBJECT BY CHECKING OUT – HOW TO SELL A HOME IN DALLAS AS-IS?
What can the Real Estate Investor do that a regular home buyer could not accommodate?
– Fair CASH OFFER
– Quick or flexible closing date
– Little to no option period
– Assistance with the purchase of separate homes or rental homes
DO NOT have to wait until the divorce is finalized to sell the property. Often times, selling prior to the finalization of the divorce will allow each party in the transaction to take care of their own personal bills and financial responsibilities, while other shared assets may be frozen or illiquid during that time period, meaning they may not be able to be realized for their cash value until the lawyers and legal system hash it all out.
Selling a home before the divorce is finalized – Commonly asked Questions
Does the home need repair before selling? How much will that cost?
– Depending on the sensitivity of time and the goals of the spouses, it will determine if the property should be repaired before being sold or not. If a quick, timely, and little to no headache transaction is required, selling the home as-is to a local real estate investor may be the best course of action.
– On the contrary, if the spouses don’t mind sharing the home for another few months and have the extra tens of thousands of dollars in capital and the know-how to update and repair the home, then working with a local real estate agent could be a better course of action since these agents specialize in selling market-ready homes to buyers who want to live in these homes for themselves.
– The cost of the necessary repairs can be estimated by a local General Contractor or from the advice of your local real estate investor who specializes in updating similar homes in Dallas County
Who is going to be in charge of getting this home sold? Do I have to pay for them too?
– Depending on who you work with on the sale of your home, it will determine if any fees are involved. Specifically, if you work with a real estate agent then the spouses may have to pay a 3% Listing Agent fee as well as a 3% Buyer’s Agent fee, not to mention title fees, doc prep fees, etc. THIS CAN GET VERY COSTLY.
– Lawyer fees are almost always going to be involved one way or another, especially if each spouse receives represented counsel. But they will be very informative and helpful in terms of each of the spouses’ best interest.
– Working with a local real estate investor usually means that the spouses will NOT have to pay any realtor fees or closing costs and will be able to close at their convenience since the investor uses CASH as their primary form of financing. THIS IS A VERY TIME EFFECTIVE AND SEAMLESS ROUTE TO GO WITH.
What are our current financial obligations that we have to meet before or during the sale of the home? Will one of the spouses be living in the home before it is sold?
– Depending on the needs of each individual impacted from the divorce, it will determine how financial obligations such as the mortgage, car payments, tuition, etc. will be dealt with. Similarly, with personal obligations. Consulting with the other spouse and possibly an attorney can also be necessary at this stage.
Do we have to consult with a lawyer and finalize the divorce before selling the home?
The simple is NO.