Here’s a Guide to Selling Your Marital House Quickly After Divorce in Charlotte
Perhaps, you are here because you have made up your mind to call your marriage quits.
You are not alone. As per recently published data by Statista, the state of North Carolina registers 2.8 divorces per one thousand residents. It’s undoubtedly the most unhappy time when a marriage ends, but you will survive.
“Recovery starts from the darkest moment.”: John Major
Alimony, real estate, child custody and support are crucial issues during a divorce. And yes, deciding what to do with the marital home post-divorce triggers further arguments. Unfortunately, the discussion often puts additional strain on both parties despite the involvement of attorneys.
How can I sell my residence quickly after a divorce in Charlotte? Is this question making you anxious? No worries, Cash Today Home Buyers is here to assist you in understanding the basics. The blog does not offer legal or financial advice but serves the most crucial information.
The Type of Property and State Regulations
North Carolina is an equitable distribution state. Therefore, any house purchased after marriage is considered marital property. Once the divorce case reaches the court, the judge has the authority to ensure reasonable and fair distribution of assets, including real estate.
Wait a minute, hold the phone; there is more to this.
Was the property purchased before marriage, inherited, or received as a gift by one spouse? If so, it is considered separate property in the state of NC, and the other spouse cannot claim rights on the same.
Of course, it is always better to try and negotiate (who gets what) outside the court.
Expedite the Procedure With a Step-by-step Approach
1. Plan a timeline
Selling the property and dividing the proceeds as soon as possible can help ease the financial burden.
You certainly wish to start over again quickly. Thus, creating and sticking to a timeline is crucial.
In several cases, both parties plan a date for vacating and selling the house. Then, decide a day for listing, closing the deal, and shifting to your new residence in advance. Make sure your spouse is on the same page, and the settlement agreement mentions all the dates.
2. Vacating the property
Once your divorce settlement plan and property vacating date are negotiated, the next step is preparing the house for selling.
You also need to hire a real estate appraiser to determine the fair market price. Choose a professional with considerable experience in assisting in equitable distribution cases. Such individuals can assist in valuing other household items.
“It is often said that marriage means you fell in love. Then, does divorce mean you managed to climb out?”: Unknown
3. Opt for an all-cash deal
Who wants to take the additional burden of listing the house, preparing it for showings, and attending to visitors constantly? So, choosing the FSBO option or a traditional real estate agent may not be the best way forward.
What’s the solution? Well, simply sell your house to an individual or company willing to make an all-cash offer.
Most importantly, you can sell the house as it is. There is no need to repair, clean, or paint anything. Put simply, you won’t have to worry about incurring unexpected expenses while selling real estate.
Cash home buying firms do not deduct any commission, fees, or hidden charges on the deal. You can expect the transaction to complete within two to seven days.
4. Accept the best offer
Always remember that cash offers you receive might be less than estimates provided by your real estate appraiser.
If you wish to sell fast, without investing time and money in home improvement, both parties should be willing to compromise on price.
A constant dialogue between all the stakeholders can make the process easier. Keep an open-minded approach, and discuss all the offers with your spouse and attorney. But, don’t spend weeks waiting for better quotes.
5. After the sale
Lawyers ensure common payments towards closing costs, unpaid property taxes, equity lines of credit, and mortgages get taken care of.
Further, depending on the divorce settlement, attorneys divide the profit after the sale between both spouses.
What if the after-sale settlement conflict between the couple reaches the court? In such cases, judges might allocate profits depending on the case details.
Why Not Sell Your House for Cash Before Filing for a Divorce?
Can I sell my house fast after the divorce, or should I do it before approaching the court? Are there any restrictions on selling real estate under consideration? These questions are some of the most common ones we come across.
Depending on the type of ownership, you can sell the property before filing for divorce. In fact, you can pay off debts with the proceeds and find a new place to live.
Quick cash companies can help you seal the deal in two to seven days. In addition, the transaction can help both parties pay court fees, attorney charges, and relocation costs.
On the other hand, selling property during a divorce is a tough job in most states. If a Standard Family Law Restraining Order is in place, you would require a court order to sell the house. Thus, you might have to wait until the divorce is finalized. Remember, your mortgage payment, taxes, and other costs won’t pause in such a situation.
When it comes to residence, studies suggest most couples opt to sell their house due to legal, financial, or emotional reasons. A fast cash sale can work well in such situations. It can make a massive difference in the lives of both.