If you find yourself in the middle of a messy divorce, it may make sense for you to sell your home in St. Petersburg or Clearwater. Selling your home doesn’t need to cause additional stress if you know what to expect.
Who Gets the House in St. Petersburg Florida After a Divorce?
Each divorce is different which makes it hard to easily determine who will get the house after a divorce.
Luckily, there are a few different ways to go about selling your house depending on the relationship you share with the other person.
If you and your ex-partner are not on the greatest terms, then the following may interest you:
- One of you buys the other out and keeps the home in St. Petersburg or Clearwater Florida.
- One of you occupies the property for a certain amount of time (such as when all children are at least 18 years old) before the house is sold.
If you and your ex-partner are cordial to each other, then you may think about:
- Selling the house immediately and splitting the earnings.
- Co-own the home with your ex.
Co-owning a Home In St. Petersburg Florida
If you have children and you both want them to remain in the house, then you can co-own the property together.
Co-owning stops you from having to buy each other out, however you still share a financial obligation with your former spouse. If either of you miss a payment, it will affect both of your credit scores.
Co-owning a home does require communication from the both of you, especially if you both want to qualify for the Home Sale Tax Exclusion.
When you both decide to sell the home, the exclusion requires the homeowners to reside on the property for the last 2-5 years.
What is the Process of Selling a Home in St. Petersburg Florida During a Divorce?
Selling your home during a divorce can be a fairly simple process if you have realistic intentions and plan ahead.
The first step includes sitting down with your ex and having a thorough talk about what you are both expecting to receive from the sale.
If things get a little messy, remember to treat this more like a business deal instead of a personal disagreement.
Once you both come up with a plan, you will most likely enlist the help of a real estate agent to put your home on the market.
The two of you will then eventually decide on an offer to accept, where you will finally divide the earnings based on terms you both agreed upon.
If you need to sell quickly. You can reach out to a local real estate investor in St. Petersburg or Clearwater that buys properties in the area for cash. Going this route will get your property sold fast and you both can move on quickly with your lives.
How Do You Get the Property You Both Own in St. Petersburg Florida Ready to Sell?
The faster you get the property ready to sell, the faster you can actually sell it and move on with your life.
Prepare your property for easy selling by coming up with a clear plan of action that both of you agree to.
Decide what work if any needs to be done to the house, who will take care of which responsibilities, and how things will be financially dealt with.
Once you have taken care of any paint jobs, repairs, replacements, etc., you will need to clean the house.
Decide beforehand if you both will take care of cleaning up the house and removing/staging any furniture.
If one person is going to be doing most of the effort, then the other should offer to compensate by taking care of something else or hiring a professional to help.
Using a Local Real Estate Agent in St. Petersburg Florida
When selling a house, it is usually fine to choose against having to deal with a local real estate agent in St. Petersburg or Pinellas county.
However, with the additional stress that selling a house can bring on top of dealing with a divorce, it is strongly suggested to hire a real estate agent to deal with all those matters that come with selling a home.
If you are having a hard time picking a real estate agent, consider going to the company you used when you bought the house.
You may be lucky enough to be able to use the same agent or they can recommend someone similar to use.
Making a Quick Sale Using Local Real Estate Investors in St. Petersburg Florida
You may want to sell the house as quickly as possible to avoid stress and bad situations.
Selling to a local real estate investor solves the problem of having to work with your former partner to sell the home.
The real estate investor essentially buys the home from you and they take care of the rest.
It is important to know that the major benefit of using a local real estate investor is the convenience of having someone else take on your problem.
You may be sacrificing market-competitive profits for the sake of making a quick sale.
How to Accept an Offer Together
Receiving an offer is exciting, but when you are accepting it with someone you are divorcing, it can be difficult.
When you hear the offer, decide together whether to accept, decline, or negotiate the offer. Don’t be afraid to counteroffer, as it is normal to toss around a few numbers before deciding on the final amount.
If you are having a tough time agreeing on an offer together, your real estate agent can offer their opinion.
It will eventually be your call, but having a neutral third party may help you both reach a settlement.
Dealing with the Finances Once the Deal Closes
Once the deal closes, you are one step closer to being done! Dividing the costs should be pretty easy since the escrow company distributes the profits.
Keep in mind that before you even see they money, the following fees (and maybe more) will be deducted:
- Agent fees
- Existing mortgage payments
- Marital debts
- Property Taxes
If one partner has been making post-separation mortgage payments, then it can increase the equity and final dollar amount received.
The paying spouse should have a higher distribution to compensate for their additional payment.
Final Say On Selling Your Home in St. Petersburg Florida During a Divorce
Selling a house during a divorce isn’t the most ideal option, but it is definitely doable. The relationship you have with your former partner will determine a lot about how your selling process will go.
If you have a sour relationship, then you may be more apt to sell the property quickly so you can both move on with your lives.
At Three Chimney’s Investment group. We offer a no commitment, no hassle free consultation to help you decide which direction is best for you. You can reach us at 813-666-5765
However you decide to sell your house, do so with a calm demeanor and a positive attitude. The smoother the process goes, the faster you will be to making a sale.