If you’re going through a divorce, like many Americans, you realize that life goes on and that decisions about your house and finances must be made. Even though this is a tough period that doesn’t need to be made any more painful by asset division, your mortgage will still be payable at this time. In many situations, one or both parties choose to maintain the marital house, and if this is also the case in your case, you realize the difficulty of the situation. It’s simple to delete names off papers, but it’s far more difficult to remove a person from a mortgage. It’s far more difficult to apply for a mortgage on your own than it is to qualify alongside another person, especially if one or both of you have strong credit. Some couples have even been known to stay together just for the sake of their house, waiting until it is financially feasible to separate.
It’s natural to be nervous and concerned about the idea of selling your house, especially during such a tough time. At Tony Buys Homes, we’ve been assisting homeowners just like you with quick cash for their homes when they’ve needed it the most. We’ve been servicing the Chicagoland area since 2011, and we’ve already purchased a number of houses from divorcing couples, homes with liens or judgements, and distressed properties! Basically, we don’t make any distinctions based on health or geography. We are a family-owned and managed business that strives to make selling your house as straightforward and painless as possible.
Timing is key in business, and this is especially true in the stock market. When is the ideal time to put your house on the market? Should you try to sell your house before or after the divorce? Each has advantages and disadvantages:
Selling your home before getting divorced — You may be eligible to deduct up to $500,000 in capital gains taxes for the current year. This may appear to be a huge blessing, especially if you are in terrible financial circumstances. If you wait until later, you might have to bargain to get what you deserve. Selling your home before the divorce might help you save money in the long run!
After a divorce, sell and buy land; they don’t make it like they used to. Property is nearly always an excellent investment, although the market fluctuates frequently. The value of the property may rise, but you may have to divide the gains with your ex-partner. If you don’t need to move right away, postpone the selling until after the divorce is finalized.
My wife Tiffany and I operate Tony Buys Homes, & are a family business. We love our local community & want to help improve it by improving the homes we purchase. We are not a wholesaler, we purchase & keep the homes we buy, unlike competitors who are looking to reassign your home for a profit. We pride ourselves in getting you the highest cash offer possible!
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