How to Sell a Home During a Divorce in Cincinnati, Dayton and Kentucky

Here are a few house selling options when going through a divorce…

1- Short Sale the House

If you and your former spouse are not able to spend time waiting for the house to be listed and sold, then a Short Sale might be an option to consider. Usually short sales are recommended to individuals facing foreclosure, but if letting the house sit and it has a chance of continuing to lose value - then it might be a good idea to weigh the pros and cons of taking the route of a short sale.

PROS:

Allows homeowners to dispose of a debt that they are unlikely to repay.Homeowners have to pay fewer fees than a typical home sale. Short sales allow buyers to buy property at a discountLenders may write off part of the debt as a loss.

CONS: 

Short sales come with fewer legal disclosures than a typical home sale.There is more paperwork involved in a short sale.Short sales can damage the seller's credit rating, but less than a foreclosure.

2 - Refinance the House & One Spouse Keeps the Home

Another option is to keep the house, and only one person takes it over. Here is a list of things to consider before making this decision…

Can you afford the house mortgage, real estate taxes, homeowners insurance, and upkeep? 

Is the cost of moving higher than staying in the current home? 

Can you qualify for a refinanced mortgage using only your post-divorce financial profile?

Do you both need to relocate for emotional or location purposes?

3 - Do You Live in a Community Property State?

Since divorce is such a difficult circumstance, many states across America have passed what are known as community property laws. Couples who live in these states are required to split ALL of their assets equally that they acquired while they were married. This makes it so that there is no debate on who gets what and allows the courts to not have to be involved.

The nine states that have these laws are:

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

If you live in a community property state, and own your home with your spouse then there isn’t any further investigation required. You both will need to sell the house or come up with another arrangement.