Even the most cordial of divorces can turn stressful when selling a house in Palm Beach County Florida. After the impact of splitting kids and finances, selling a house or any other mutually owned real estate, in divorce in Florida, is one of the most difficult things. The following tips can help you navigate through this difficult process of selling a house in divorce in Palm Beach County, Florida.
When Both Parties Want To Sell The Florida House
The best case scenario would be where the couple wants to sell the property as they have built up equity in it. This a simple enough process and is pretty straightforward. In Palm Beach County, when a divorcing couple wants to sell a house in divorce, they have to decide on a listing price for the property. They also need to work out schedules for showing the home and managing the costs between themselves. They have to agree on who will pay how much. Then, the divorcing couple will have to decide how to manage the proceeds. They be distributed or placed in an escrow account.
Placing the proceeds into an escrow account is a good option. It can help avoid problems like payment of capital gains taxes on sale after the divorce takes place.
Selling Your Palm Beach County House in Divorce At A Loss
Divorces can be messy so selling a Florida house during a divorce is often sold at a loss. This happens if the divorce is disputed or if one person wants to stay in house temporarily after the other one moves out.
NOTE: Home Solutions FLA specializes in helping homeowners out of troublesome situations just like this. We help out homeowners in troubles by buying their property at a fair all-cash price. We will buy houses quickly so you and your spouse can move on from problem as soon as possible, instead of having it become a burden for months down the road. If you need our help call us at (561) 370-8335 or submit your info on the right.
When and if the house is sold eventually, both sides will need decide on how to split the cost of the sale of the house. If neither side wants to sell the house or if for some reason it isn’t possible, the couple can keep the home as a rental property and be co-landlords. However, this means both parties will have to keep communicating to oversee the property. This is something divorced couples are often unwilling to do. There are various ways to deal with this situation as well. One person can serve as the main landlord and take all the responsibilities for a larger share of the profit. He can be the manager and in return for his time and effort, he is compensated with a larger share.
Call Home Solutions FLA at (561) 370-8335 to find out the best strategies for selling your house in divorce in Palm Beach County Florida.
When One Party Wants to Stay in the Home
If the Florida house has equity and one party wants to keep living in the house after divorce, the couple has the option of refinancing the house. The house is refinanced in the name of whoever continues to live there. The person staying on will pay an “equalization payment” to the other party that is equal to half the equity. For example, a house bought for $80,000 with $20,000 mortgage remaining, will entitle both parties to $30,000 in equity when selling the house during a divorce in Palm Beach County Florida. The couple could refinance a $50,000 cash-out in the inhabiting spouse’s name.
If the inhabiting spouse does not qualify for a loan of this amount on their own, the refinancing can be secured in both parties’ name. With 12 months of cancelled mortgage checks from the inhabiting spouse’s account documented, the loan can be restructured after the divorce. The party that moves out of the house can then remove their name from the loan and title. Call us at (561) 370-8335 to learn more about how this process works.
When Divorcing Parties Can’t Agree to Selling the House
Serious problems can arise when one party wants to sell the house and other wants to keep it or if both want to keep the house for themselves. In this case, the court may have to intervene. The legal fees of this will take up the profits of from the selling the house in divorce in Palm Beach CountyFlorida.
Want to learn more about selling a house in divorce in Palm Beach County Florida?
At Home Solutions FLA we buy houses in trouble and around Palm Beach County. We will make you a fair all cash offer on your house. Give us a try. There is no obligation, no hassle and no pressure.
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