Selling Your House During Divorce in Central Texas

Selling your house during a divorce in Central Texas can be very challenging. Emotions often run high during this time, and there might be moments when someone feels like destroying the house. However, as time goes on, emotions tend to settle down, and we all eventually start thinking more clearly.

During divorce proceedings, the courts often push us to act maturely, even if we’re not ready. It’s important to keep the home intact because if you need to sell it, you’ll want to get the best price. Additionally, you don’t want your ex-spouse to accuse you of damaging the property, which could result in losing some of your share for a brief moment of emotional satisfaction.

Agreeing to Sell and Split

One common way to divide assets in a divorce, especially a house, is to sell it and split the equity equally. This approach is often used when there are no children involved. It simplifies matters by eliminating the mortgage, and if you can sell quickly, it speeds up the divorce process. However, if the housing market is slow, it could delay things longer than you’d like.

Talk to a realtor and get an honest assessment of your Central Texas home. Find out what improvements could increase your return. Negotiate the realtor’s fees to maximize your net profits and do a market analysis to set realistic expectations for the sale.

Preparing the House for Sale in Central Texas

Work together as a couple to clean and prepare the house for sale. Remember, both of you benefit from a successful sale. De-clutter and make the home look inviting, like a happy family lives there. Keep the lawn mowed, and if you want to make things easier, take care of that to-do list you’ve been avoiding.

She might wonder why you couldn’t do it before, but you’ll know you’ve increased the home’s sale value. It’s funny how sometimes you can win in unexpected ways.

The Next House

If you’re selling your marital home and planning to buy a new one, coordinate with your realtor to time the purchase properly. Divorces can get delayed in court, and house sales can face many obstacles. You don’t want to be stuck with a new mortgage if other parts of the process fall apart.

Be honest with lenders and start the process early. Be prepared, but don’t lock in any rates until you’re sure you’re ready. Constantly running credit checks for new approvals can lower your credit score.

One Spouse Keeps The Pad

This option is more common when children are involved to keep them stable, but it can work in any divorce if both parties agree. In this scenario, you buy the house from your soon-to-be-ex. They will give up their interest in the property by signing a quitclaim deed. In return, you agree to take over the mortgage and buy out their share of the equity.

To buy your spouse out of the mortgage, contact the lender and explain your divorce situation, requesting an assumption of the loan. The lender will likely underwrite you individually to ensure you can afford the house on your own. Be sure to document all your income, including spousal support.

If the lender doesn’t allow you to assume the loan, you’ll need to apply for a refinance. If interest rates are lower, this might actually be beneficial. Remember, this is another loan application, so ensure you meet all income and debt requirements to qualify.

If you need some assistance for selling your house during divorce in Central Texas, give us a call at 512-230-3469 or FILL OUT OUR ONLINE FORM.