Sell a House During a Divorce on Long Island
Divorce can be a difficult ordeal for anyone to manage. Everyone’s situation is different as disentangling two lives comes with all kinds of unique struggles, especially if there are children involved. Throw in a house owned by both people and you’ve got a recipe for potential disaster. Selling a house fast during a divorce might seem hasty to some but it can be a good way to jumpstart new beginnings for both sides. It also might be a requirement of the settlement. Whatever the reason, there are ways you can sell your house fast during a divorce. Here are some tips on how to sell your house fast during a divorce on Long Island.
When Selling Your House During A Divorce On Long Island, Get on the Same Page
Before you decide to list your Long Island house on the real estate market, you’ll want to make sure both sides are clear about all of the financial issues and legal entanglements surrounding the house. You want to make sure that is ad sorted out as it can be before you move forward on anything. You don’t want to invest in listing a house and start getting offers before finding out one side isn’t on the same page with the other.
If the house was purchased on a joint mortgage, both sides are responsible for making sure it’s paid off. So one person can’t be making decisions without consulting the other person (or at the very least, you really shouldn’t). Both sides also need to be clear about the overall value of the house, any upgrades that have been made, tax concerns for both parties, any personal effects, and anything else that might belong to or be preferred by one person.
It’s important to consult with a specialized lawyer who is an expert in this kind of issue. You also will want to consider consulting a tax specialist who can walk you through all the pros, cons, and pitfalls that come with selling your house during a divorce. The tax code changes often and you might not be aware of the latest changes. You certainly don’t want to sell your house in a way that ends up hurting either party when it comes to paying more taxes.
Think About the Small Details
When you’re selling a house on Long Island, there are a lot of small details you want to consider that can be hard to understand if you don’t know what to look for. However, it’s critical to have these discussions early before it’s too late, especially if divorce proceedings are progressing quickly.
This may require some tough questions Who is responsible for maintaining the house until it’s sold? Who is responsible for paying the mortgage? Who is in charge of paying HOA dues? Who is making sure the electricity stays on until the house is sold?
Another question you’ll need to ask if who is going to own the furniture and other items inside the house? You’ll need to do an inventory so both people are in agreement as to who is responsible for which items. You can bring attorneys into the discussion if it’s too hard to have directly between the two of you.
Another discussion that needs to be had early on is what needs to happen with the house it’s officially listed on the open market if that’s the route you’re going to go? If it needs repairs, who is going to take care of that and what is the process? Is someone going to live in the house while it’s on the market and, if so, what responsibilities does that person have? Who is the contact person for your real estate agent? Who will be involved in selling negotiations?
These may not be easy questions to ask but you need to have them to avoid headaches down the road. You don’t want to make assumptions about responsibilities, especially with potential costs and profits on the line.
Know Your Value
If you’re going to sell a house fast on Long Island during a divorce, you need to be clear about its value so you can price properly. There are a few ways to do this and get a good number range. You can ask your real estate agent to provide an estimate based on the home’s market value. You can get an appraisal from a property appraiser (you’ll have to pay for this, and you should remember that appraised value is not the same as market value). You can make a good-faith guess based on how much homes in your neighborhood are selling for based on research.
If you’re going to look at online real estate resources like Zillow or Redfin to determine sale prices, make sure you take into account unique features, square footage, and specific neighborhoods as every detail makes a difference.
Make Sure You Have an Offer Strategy
If you decide to list your Long Island house on the open market, you’ll have to agree on how to deal with offers, negotiations, and agreements. Is this going to be a joint process, handled by one person, or handled by a third party? You can either talk about the price you’re willing to accept or trust in your real estate to make the right decision When offers start rolling in, you don’t want there to be any holdouts or causes for concern from the buyer.
And once the offer is accepted, there should be a plan in place for how each side will be included in the closing process. Be clear about concessions and what to do if or when complications arise.
Sell the House As-Is
Having all of these conversations and coming to terms about how to sell your house on the open market during a divorce can be easier said than done. That’s especially true if the divorce is acrimonious or if both parties are not on speaking terms. It might be hard to have many discussions, especially difficult ones if you want to sell your house quickly on Long Island. If that’s the case, you may want to consider selling your house as-is directly to a cash buyer like Leave the Key Homebuyers.
They will take a look at your house regardless of any condition or financial situation. Divorces do not scare them off. They’ll assess the property and then make you a fair cash offer. If you decide to accept the offer, you can choose the closing date, even within a matter of days. No need for repairs. No need to solve any financial issues. No need to even clean up. You sell for cash and walk away so that you can focus on other important issues in your divorce proceedings. It’s a great way to take one problem off your plate that could otherwise be a big headache at a time when you don’t need another one.
Just fill in this simple form and we will be in touch.
Or give us a call at 631-388-7771