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Selling A House In Divorce In Baton Rouge, LA – The Process

A man and woman signing divorce papers with a model of a house in front of themSelling a house during a divorce is uniquely stressful. If you’re currently in the middle of a divorce, you’re going to need advice tailored to your unique situation. Here’s what you should expect when selling a house in divorce in Baton Rouge, LA.

When Both Parties Want to Sell Their Baton Rouge, LA, House

These are the things to consider when:

  • you have equity in your home;
  • both you and your spouse want to sell; and
  • you agree upon how much each of you should get.

This is the best scenario for selling a home during a divorce. Both you and your spouse want to do it — and you can agree on a listing price for the property. This isn’t much unlike selling a home as a married couple. You’ll just need to divide up the sale proceeds after the sale.

Now, challenges can still occur if you don’t agree on the listing price or if you don’t agree on a particular buyer. You also need to agree on a schedule for showing, which can be complicated depending on whether one spouse is still living in the property. Regardless, agreeing to sell your house when it will sell for a profit is the ideal option. The money will usually go into an escrow account before being distributed.

Selling Your Baton Rouge House During Divorce at a Loss

These are the things to consider when you and your spouse want to sell your home, but you’re going to be selling your property at a loss.

Selling at a loss means there will be debts, rather than profits, to divide.

This scenario can be a little harder. Let’s say that you’re selling your house and you both agree to the sale, but you’re selling at a loss. It’s a lot harder when you’re splitting up debt. You’re going to need to both agree to sell the home and agree on the debt.

This can happen through negotiations. For instance, one ex-spouse might get the car (valued at $20,000) but need to take on the debt (valued at negative $20,000). As long as you both agree, and someone assumes the debt, the negotiations are valid.

NOTE: Geaux Home Buyers LLC specializes in helping homeowners out of sticky situations just like this. We can make you a fair, all-cash offer on your house that you and your spouse can consider so you both can move on more quickly and not have the house as a burden for months and months down the road. Reach out to us by calling us at (225) 330-8416, or submit your info online.

If selling the house would require taking a loss, many ex-spouses decide, instead, to keep the property, either to make it a rental or for one of them to live in. But this can be complicated if there’s any animosity between the two individuals.

Sellers can also consider contacting their bank about a short sale, which would let them sell their house at less than what they owe and then walk away free and clear (though there are some tax consequences with this).

Call Geaux Home Buyers LLC at (225) 330-8416 to find out the best strategies for selling your house in divorce in Baton Rouge, LA.

When One Party Wants to Stay in the Home

What happens if one person wants to sell the house but the other person wants to stay in it?

Usually, the person who wants to stay in the property is going to have to “buy out” the other person.

If the property is worth $150,000 and selling it would net each person $75,000, then the individual who wants to remain in the home would come up with the $75,000 owed to the other person. This can occur by taking loans or through refinancing. It could also mean that the other person gets other things of value, such as cars and other property.

Loans can also be restructured to be in one person’s name moving forward so that the other party is no longer responsible for the loan.

When Divorcing Parties Can’t Agree to Sell the House

Importantly, the above scenario requires that both individuals eventually agree to not sell the house. There can be issues if one person wants to stay and the other person will not agree to that. A court may need to intervene, and there will be legal costs, which is bad for both sides. Mediation can be better, as can addressing the core reasons why each person does not want to change their mind.

Want to learn more about selling a house in divorce in Baton Rouge, LA?

At Geaux Home Buyers LLC, we buy houses in and around Baton Rouge and can make you a fair, all-cash offer on your house. Contact us today to give us a try. There is no obligation, no hassle, and no pressure.

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