Going through a divorce can be stressful enough without having to figure out what to do with a house you own together. For many couples, the home is one of their largest shared assets, which can make deciding what happens to it an important part of the process.
If you’re considering selling a house during a divorce, understanding your options can help you determine the best path forward.
Option 1: Sell the House on the Traditional Market
One option is to list the property with a real estate agent and sell it on the open market.
This may make sense if the home is in good condition, both parties are able to cooperate throughout the selling process, and there isn’t an urgent need to sell.
However, a traditional sale can involve preparing the property, making repairs, cleaning, staging, scheduling showings, negotiating with buyers, and waiting for financing and inspections.
During a divorce, adding these responsibilities to an already complicated situation may not be ideal for everyone.
Option 2: One Spouse Keeps the House
If one person wants to remain in the home, they may be able to buy out the other spouse’s share of the property.
This typically involves determining the home’s value and available equity. The spouse keeping the property may also need to refinance the mortgage into their own name, depending on the existing loan and divorce agreement.
This can be a good solution when one spouse wants to stay in the home and can financially afford to do so.
Option 3: Sell the House As-Is
If neither person wants to keep the property, or you simply want to avoid a lengthy traditional sale, selling the house as-is may be another option.
An as-is sale can be particularly helpful if the property needs repairs, has been sitting vacant, contains belongings that still need to be removed, or both parties would prefer to resolve the property quickly.
Instead of spending additional time and money preparing the home for the market, you may be able to sell it in its current condition.
What Happens to the Money From the Sale?
Generally, the mortgage and other agreed-upon closing expenses are paid from the sale proceeds first. The remaining proceeds may then be divided according to the agreement between the spouses or the terms of the divorce.
Because every situation is different, it’s important to work with your attorney and other appropriate professionals to understand how the sale and proceeds should be handled in your specific situation.
Should You Sell Before or After the Divorce Is Final?
There isn’t one answer that works for everyone.
Selling before the divorce is finalized may allow both parties to resolve the property sooner and move forward separately. In other situations, it may make more sense to wait until certain financial or legal details have been settled.
Before making a decision, talk with your divorce attorney about how the timing of a sale could affect your particular situation.
Looking for a Simpler Way to Sell Your Pittsburgh-Area Home?
At Cork Valley Properties, we understand that selling a property during a divorce can come with additional complications. Our goal is to make the home-selling side of the process as straightforward as possible.
We purchase houses throughout Pittsburgh and the surrounding areas in as-is condition. That means you don’t have to worry about making repairs, cleaning out the property, or preparing it for showings.
If selling the house is the right decision for both parties, we can evaluate the property and provide a straightforward cash offer with a closing timeline that works for your situation.
There’s no obligation to accept an offer. Sometimes simply knowing what the property could sell for as-is can help you better understand your options and determine your next step.
Considering selling a house during a divorce in Pittsburgh? Contact Cork Valley Properties to discuss the property and learn what an as-is sale could look like.