Going through a divorce is one of the life experiences that can drain you emotionally and financially. If you are in Phoenix, AZ and you have agreed with your partner to end your marriage, one of the things that you should consider is the appropriate time to sell your house. Should you sell your home in Phoenix before, during, or after divorce? Let’s look at the pros and cons of each option to help you make a better choice.
Benefits of selling your house in Phoenix before divorce
When you sell your Phoenix house before the divorce, you will have ample time to negotiate for the best offers because you are not in a hurry.
If the house is well maintained, you will benefit from the home equity and you can use the home sale proceeds to plan for your next move. As you transition to single life, you can choose to use the proceeds to purchase a new home, rent, or even relocate to another city.
Selling your house in Phoenix before a divorce will help you clear memories of your past. When you continue to stay or hold onto a property that reminds you of your ex can make your life very uncomfortable. Also, when you sell before divorce, you will be selling as a couple and IRS offers up to $500,000 capital gains tax deductions for couples and only $250,000 for singles. This means you will get more proceeds from the sale which is not the case when divorce is finalized.
Selling your house in Phoenix during divorce
When you sell your home during a divorce in Phoenix, you will likely make a distressed sale because you are in a hurry to dispose of the property and end up losing the best offers.
Since selling a house requires close collaboration of both partners, it can be rough to complete a sale when a divorce case is proceeding due to a poor relationship and closed off communications, especially in contested divorce cases.
Selling your house in Phoenix after divorce
Selling your house in Phoenix after divorce can make sense if you are sure that the market value will have improved and that you will get better offers in the future.
Selling your house in Phoenix after divorce can also give you a chance to improve communication with your ex and this can make the home selling process much easier.
One of the drawbacks of selling your home in Phoenix after divorce is the fact that you will have to pay capital gains taxes which can significantly reduce the sharable revenue. The real estate market can change at any moment and you might delay selling your home before or during divorce only to sell it when prices have dropped.
A delayed sale will also make it hard for you to purchase another property as you are tied in a mortgage with your ex and this will have an effect on your debt-to-income ratios.
Selling your house in Phoenix before, during, or after divorce, which is the best option?
If you are having a non-contested divorce, selling your home before or during divorce is a smart move. It will help you sell your home at a great offer, get the much-needed finances to start a new life, and help you conclude the divorce process much faster. If you want to sell your house in Phoenix faster, talk to Liz & Marie and we guarantee a fast, simple and confidential home sale at competitive offers.
About Liz & Marie
Liz & Marie are the area’s leading real estate solutions company. We successfully work with homeowners, buyers, sellers, real estate agents, and real estate investors, buying and selling all types of residential real estate. We are confident that we can find the right property or solution for you, whether you have a house to sell, are looking to buy your next investment property, or are looking for your family’s “forever home.” We can share our knowledge so that you can make the best decisions for your situation and we are dedicated to making everyone’s experience a smooth and successful process.
Liz & Marie specialize in buying and selling your home at the price, and on the timeline, that works for all of us. Our extensive knowledge of real estate investing and a large network of real estate investors nationwide allows us to offer more buying choices and a wide variety of selling options for all types of home buyers and sellers, including financially distressed homeowners. Our mission is to work hand in hand with all parties and to handle every situation with the utmost professionalism and care.
We are thrilled to be a part of this next chapter in your life. Our commitment to excellence starts with treating you and your transaction with the utmost care and professionalism. We know that buying and selling a home is one of the biggest decisions you’ll ever make and we are humbled that so many homeowners choose us to join them on their journey. Let us lead the way and earn your business today.
We may be Crazy Liz and Wacky Marie but together we can do anything. Our combined experience in real estate has given us tons of lessons and has provided us the opportunity to help many homeowners! We are always striving to learn more and help others!
Let us know how we can help you today!