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How to Sell Your Home During Divorce in Charlotte North Carolina

How-to-sell-your-home-during-divorce-in-charlotte-north-carolina

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When going through a divorce, many things happen, like property division and divorce settlement. The best thing to do is stay as calm as possible when selling your home after a divorce. This article will show you how to sell your house after a divorce in North Carolina.

What happens to the home after divorce

After a divorce, judges will divide property according to the equitable distribution method, which means that the court will divide your property in a fair way to each spouse.

Reasons why to sell after a divorce

Financial reasons

Insurance, property taxes, house payments, and upkeep can eat away at your finances. The Home Sale Tax Exclusion allows you to exclude up to $500,000 in gains from taxation if you are married and sell a home. The capital gains tax exemptions for someone who is single drop to $250,000. You must have resided in your house as a primary residence for two of the previous five years to qualify for the exemption. If one individual hasn’t been living in the home, it would be wise to sell the house before the divorce.

Legal reasons

If you can’t come to an even split, then the courts will decide for you. When the court chooses for you, more than likely, neither party will get what they want. Most divorced couples want to avoid a legal battle, so agreeing to sell the house and split the proceeds is a simpler option. Deciding on the split and agreeing to sell will prevent the North Carolina courts from getting involved.
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Emotional reasons

The thought of how you and your spouse built a family in that home can be very unpleasant to live in. You may have children or pets in the home. You might have made many improvements and updates with your spouse to the home. Once your spouse is no longer living in the home, it can be very unpleasant and sad to live in. You have to think about the emotional aspect of keeping your home.

What couples usually do when divorcing

One spouse buys out the other and keeps the home. One of the spouses keeps the marital property for a specific time period. This is usually until the youngest child turns eighteen years old, and then the house can be sold. The house is sold right away, and there is equitable distribution.

How to sell your home during divorce

Getting prepared to sell

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Consider any maintenance your house may require before putting it on the market, and have a real estate appraiser evaluate its worth formally. Consider how to split any expenditures made if you decide to invest in repairs or improvements. Before you list your house for sale, talk about any additional concerns that may be important. Will one spouse stay in the home while it’s listed? Will they pay all of the mortgage and other expenses, or will you split them? Who will prepare the property for potential showings?

Choose how you are going to sell

The first step is to choose one of the three ways to sell a house. The best option would probably be selling with an agent while you are going through a North Carolina divorce. Choosing also depends on how fast you need to sell your home.

Real estate agent

If you sell your home for its market price with the help of a real estate agent, it should be feasible as long as you follow your agent’s instructions. However, before this happens, you must first decide how the proceeds from the sale will be divided up. Choosing the right agent to sell with is very important. You want to try and find an agent who has worked with divorced couples before because they have the experience and know what they are doing. Your agent will guide you through the steps to take to sell your home. When selling with an agent, there will be a commission fee of around 6%. So if your home sells for $200,000, you and your spouse are really only getting $188,000. If you and your spouse cannot agree on an agent, then you could have a family pick for you or even have another agent choose for you.

Investor

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Another way you could sell your marital home is selling with a local home buyer in North Carolina. Selling to an investor would be the fastest way to sell your home. They can have your house sold in 1 to 2 weeks. They make an offer on your home and pay with all cash. The only thing is you probably won’t sell your home for its market value, but you also won’t have to pay the 6% commission fee when you sell with a real estate agent.

FSBO

The last route which I would not recommend going is the For Sale By Owner Route. FSBO is when you sell the home all by yourself. I would not go this route if you just went through a divorce because you already have a lot of stuff to worry about in the first place. I would only sell FSBO after a divorce if you already have a buyer lined up, like family or a friend.

If you need to sell as fast as possible

As mentioned earlier, the fastest way to sell your marital residence home after a divorce would be to sell to an investor/we buy houses company. They will give you a cash offer and can have your home sold in a few days. When selling with an agent or selling by yourself, it will usually take at least three months.

Simple tips to make your home sell for more money

You can do some small things to make your home sell for more money, like making small improvements to the yard and even just cleaning the inside of your home to make it look more presentable.

Clean and declutter

Go around your home and look for anything that doesn’t belong where it is. Clean out closets to make them look as big as possible—vacuum and mop the floors to clean any hair or dirt on the floor—clean kitchen countertops and cupboards. Clean your bathroom and garage, and also clean your windows.

Remove personal items

If you are having showings or an open house party, you will want to remove any pictures or personal items that could make the buyer feel uncomfortable.

Improve curb appeal

Making small changes or upgrades to the outside of your home will give you a high ROI. Adding flowers or small shrubs to make the home look more welcoming is a good idea. Putting in mulch around your house or beneath bushes and flowers can look very beautiful. You can also power-wash the siding of your home or your deck if you have one.
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Avoid stress

Selling a home itself can be stressful, but selling your home after you go through a divorce can be even more stressful.. When selling your home, you want to try to stay as calm and relaxed as possible when going through the process. Getting stressed and upset can make the whole process harder and more time-consuming.

Accepting an offer

While the home is for sale, set a price that you and your spouse are both willing to accept. If you can’t come to an agreement, trust your agent’s advice. You may have to settle for a lesser sum if you want the transaction to finish rapidly. Keep in touch with your spouse, agent, and divorce lawyer as offers begin to come in. If you can’t agree on any proposals, remain open-minded and accept your agent’s advice.

Dividing the profit from the home

It’s the responsibility of your divorce attorney to separate the profit from a sale. In certain states, everything bought or otherwise obtained during a marriage is treated equally by both spouses, regardless of the deed’s name. Otherwise, the expenses and earnings related to a house sale might be different depending on the terms reached between your divorce lawyers. If one spouse paid more towards the mortgage or maintenance of the home during the marriage, they might receive a larger share of the proceeds. Occasionally, these conflicts reach the court system, where the judge must allocate profits. It’s preferable if you and your attorneys can arrive at an agreement amicably since few people walk away from divorce court pleased.

Selling your home after a divorce in Charlotte North Carolina

When selling your home after divorce, you first have to decide what you will do with the home. If you and your spouse both agree to sell it, you have to decide how you will sell it. The best two options for selling your home after a divorce would be selling with an experienced real estate agent or selling to a professional home buyer.

Brett Riggins

Brett Riggins

Founder of Connect Home Buyers Brett Riggins started his real estate journey after graduating from Western Michigan University in Construction Engineering. After completing his first few residential flips, him and his wife Arin started Connect Home Buyers LLC, and today, they help homeowners sell their property quick and hassle-free.

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