Going through a divorce can be downright brutal. If you’re lucky you and your soon to be ex can handle all of the details of the divorce in an amicable way, unfortunately for many couples that’s not always the case. When people divorce one of the biggest questions that they have to answer is what to do with the home that they purchased together. Couples that are looking at selling a house during a divorce in Kansas City are going to have to look at a lot of different options to see what will work for them.
1.Decide if one of you is going to keep the house
The first step is to decide who, if either of you, wants to keep the house and can afford to do so on their own income after the divorce is finalized. The next step is to work out the details of transferring ownership in your final divorce settlement. Consult your mediator or attorneys for this process. Ultimately, you’ll need to refinance so only the spouse keeping house is on the mortgage.
2. If neither of you keeps the house.
Then it’s time to start planning to sell the home as part of your divorce settlement. You’ll need to work with a real estate professional to determine how much your home will sell for under current market conditions in Kansas City. If your house will likely sell for more than you owe on the mortgage, you can work with your attorneys to set up whatever split of the equity is appropriate for your situation.
If you’re not in a situation where you can sell the house and split the profits, you may want to consider a “Short Sale.” In this case, the lender agrees to accept less than what you actually owe. A short sale is a last-ditch effort to avoid foreclosure. Short Sales are a relatively complex real estate transaction that involves negotiating with your lender. You should seek the help of a real estate professional.
3. If You Can’t Refinance, Sell, or Short Sell
If are still trying to decide what to do when selling a house during divorce in Kansas City. Give us a call, we help property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Kansas/Missouri… including Kansas City Metro and surrounding areas and pay a fair cash price, fast. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast for cash.