Divorce can take its toll in a number of ways, including emotional, physical or financial. One of the regular proceedings of a divorce is to divide the marital assets, which in a number of cases, includes the family home. When neither party wishes to keep the home, I Buy Utah Homes can help alleviate some of the stress and financial burden by offering to buy your home for cash and help you get on with your life.
Traditionally, either party is given the option to keep the home, though many find it too difficult or expensive to maintain it on his or her own. In most cases, both parties may find it easier to sell the home in order to prevent continued monthly payments such as mortgage, utilities and repairs, especially when dealing with the other various expenses associated with divorce.
Nobody plans for a dissolution of marriage when they say “I Do.” After building a life together, many find it too difficult to remain the home. Memories – either good or bad – can upset the comfort you experienced in the home, and many people aren’t interested in the consistent reminders day in and day out.
Some parties may try to sell the home on their own, which isn’t suggested, because in many cases, it only adds more stress to an already difficult situation. Others may choose to hire a realtor, which can relieve the stress of handling the sale, but adds another financial obligation into the equation. Either of these options also require more of your time and attention, including performing minor repairs to get the house ready to show to potential buyers, and the very likely possibility of the house not selling immediately.
Should you choose to sell your home, there are a number of additional factors that should be taken into account. It should be noted that any profits made from selling your home can only be divided after all other financial obligations are met, including paying off the remaining balance of a mortgage, equity lines, second mortgages and broker’s fees.
After these obligations are met, you won’t have to pay federal tax on your profit, if you fall into the following categories:
• Your profit, now filing as single, doesn’t exceed $250,000.
• The home was your principal residence for two of the last five years.
• You haven’t used the home-sale profit exclusion in the past two years.
If what you’re looking for is a quick resolution to the issue of selling your home following a divorce, I Buy Utah Homes is here to help. Our cash offers are paid within a matter of days, with no hidden fees and no commissions. Since we buy homes in any condition, you don’t have to perform any major repairs, or work your schedule around showing to a constant stream of potential buyers. Contact us today to schedule an appointment with a representative and let I Buy Utah Homes help you move forward with your life.
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