If you’re wondering about the ins and outs of selling your home during a divorce in Salem, Oregon… we’ll dive into the steps and things to look out for in this article.
There are nearly 2.5 million divorces each year in the United States (source). With so many American marriages ending in divorce, many residents in Salem, Sweet Home, and the rest of the Willamette Valley are looking or advice for selling a home before or after a divorce.
A house is usually the most valuable joint asset, and obviously cannot be divided. If there aren’t enough dividable assets for one spouse to effectively buy out the other’s half of the house, it can create a major problem for both partners. Not only are you having to figure out how to make the current mortgage payment, but one or both spouses now need the figure out where they will live, and how they will pay for it .
Divorce is one of the most stressful and emotionally charged life events so it’s important for both of you to stay rational. There are several factors to consider when facing a divorce in this real estate market.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Salem
In some divorce cases, one spouse will keep the home, buying out the departing spouse’s share. But that’s only an option if the spouse that’s staying has enough assets to buy the other half of the house.
In many cases, an agreement is made where one spouse stays in the house for a certain period of time (usually used when there are children in the home), and then sold at a certain point (usually when the children reach a specified age).
If neither partner can buy the other out, or if neither partner wants the house, you’re probably going to end up selling it.
First, you have to consider whether to sell before or after the divorce (assuming you’re still married). If you sell before a divorce, both partners can equally split the proceeds, which can make it easier to divide assets. If you sell after a divorce, the partner that kept the house in the divorce generally keeps the proceeds. Keep in mind some divorce settlements require one spouse to pay the other something within a certain time frame, so even if you alone manage the sale of the house and the money comes to you first, you may have to share part of it with your ex.
If you know you’re headed for divorce it might make sense to sell before the divorce is finalized. This can give each partner time to find a new place to live, as well as making it easier to divide the assets. But waiting around while your house sits on the market can delay the divorce, which can cause additional problems.
If you don’t sell your house before the divorce, you may be forced to sell it afterward, either on your own or jointly with your ex.
Get Professional Help – Agents and Home Buyers / Investors
Selling a home can be a hassle even when you’re not experiencing the turmoil of a divorce.
During your divorce, you have a lot going on, a lot to consider, and chances are you and your soon-to-be ex aren’t seeing eye to eye on how to divide your assets. For most divorcing couples it’s just not going to work to try to sell the home yourself. If you’re already struggling to get along, how are you going to iron out disagreements about the selling price, the marketing, the timeline, or other issues? If you and your spouse can agree on working with a real estate professional… either a reputable agent or real estate investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your home.
If you need to sell your Salem house fast… reputable local real estate investment firms like Willamette Home Buyers may be a great option. Firms like ours actually BUY HOUSES (rather than listing them like agents do), which means we can close quickly without all the hassle of traditional selling, and you can move on with the next chapter of your life. We can pay cash and can close quickly if you need to sell this house fast.
If you can wait the time it’ll take to list it with an agent and sell it on the open market, going with a real estate agent may be your best bet. But some couples can’t even agree on which agent to choose, and end up with each of them hiring an agent to represent them. This can cause even more hassle and drama when you have two agents trying to figure out how to split a commission, including a cut for the buyer’s agent.
But if you can’t wait the 3-6 months it often takes to sell a house in this market in Salem… chat with us to see what we can offer you for your house during your divorce.
Set (and stick to) a Timeline
It’s important, when selling your Salem house during a divorce to keep a timeline.
You should agree on a plan for selling your home in advance. Set a firm closing date, moving dates and times, and coordinate which spouse will be handling the sale (or talking to the real estate agent). Make sure that each of these agreements are in writing, and negotiate penalties for breaching the agreements.
This can help ensure a smooth, surprise free home sale.
Selling Your House to an Investor
One option that many divorcing couples have turned to in recent years is making a quick sale to a real estate investor like Willamette Home Buyers. Reputable local real estate investors like us can purchase houses quickly and reduce your stress.
Since we’re not agents, we don’t represent you or any other parties. We’ll make you a fast, fair offer to buy your house, negotiate in good faith with both parties as equal partners, and do our best to come up with a solution that works for both of you. The process can often take as little as seven to fourteen days, and we never ask you to make repairs to the house.
If you want to discuss your situation with your divorce and see if we can help you save time, reduce stress, and get out of this situation fast…
Give us a call anytime at 503-383-1686 or
fill out the form on this website today! >>
We’ll evaluate your house, make you a fast, fair offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and lets chat.