It’s not uncommon for couples to sell the home they share during their divorce proceedings. Selling a house after divorce has its challenges but cash buyers aim to make the process simpler. At Pyramid Properties, we buy houses in Memphis in any condition and for any reason, including moving on after a divorce.
Learn how to approach the selling process and abide by Tennessee. This guide reveals everything you need to know about selling a home following a divorce.
The Legal Owner Must Decide To Sell the House
Only the home’s legal owner can move forward with the sale. Whether you’re dealing with divorce and foreclosure or simply want to start fresh in a new home, your name must be on the deed to sell the house. Divorcing couples often have two options regarding homeownership:
- Home purchased before the marriage: The original buyer is the only one who can legally sell the house.
- Home purchased after the marriage: Both spouses may be listed as homeowners when they purchase a home after their marriage date. In this case, they must agree on selling a house after divorce.
If neither person wants to sell the home and both parties are legal owners, the court may step in to decide how to proceed.
The Home Sale Can Proceed During or After Divorce Proceedings
Once you determine legal ownership and decide to move forward with the home sale, it’s time to find the right buyer for your house in Memphis. Traditional home sales involve many moving steps, including finding a real estate agent, scheduling showings, and negotiating with prospective buyers. This process can add to the stress of your divorce, especially if you want to sell your house fast and don’t receive any offers.
A much easier option is to sell to an experienced real estate investor. Cash buyers in Memphis always make an offer no matter how many repairs your home needs. Best of all, you can close the sale when it’s convenient for you and receive cash right away.
Sellers Must Split Their Cash From the Sale in Compliance With Divorce Laws
Couples can acquire a range of assets during their marriage. When they divorce, attorneys will oversee the equitable distribution of these assets, including real estate. The money they receive for their home sale should first go toward related expenses, such as the remaining mortgage balance or unpaid property taxes.
The cash left over will then be split among the ex-spouses. This provides a fair distribution when both parties are legal sellers. If only one person is the legal owner when selling, they will have to give their former partner a fair portion of the proceeds.
Contact Alan at Pyramid Properties To Receive a Cash Offer for Your Memphis Home and Sell Fast
Don’t stress about selling a house after a divorce and going through a drawn-out closing process. You can sell your house in any condition and for any reason with the help of Alan at Pyramid Properties. Call 901-504-5555 to discuss your home and receive a fair cash offer. Learn more now.