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Going through a divorce is tough by itself. But selling apartments during divorce just adds to the stress. Even under the best conditions, there are always challenges along the way. Sometimes, couples are forced to stay together financially due to apartment building ownership.
While you have many choices, the best option is to sell. Holding onto the apartments doesn’t help in moving on. However, it might not be so easy in the current market, especially if you owe more on the mortgage than your apartment building is worth. If this is the case, you’ll need to pay off the difference on the loan or go for a short sale.
The downside of a short sale when you divorce selling a family apartment building is that both of your credit scores are impacted. In addition, you both could still be responsible for the difference the apartments sell for and the amount still owed on the mortgage. However, the bank could always decide to release you from the liability during the short sale.
Attempting to refinance your apartment building after a divorce is another option as long as you’re not underwater on the mortgage. This only works as long as one of you agrees to let go of the apartments and the other, who’s refinancing, has good credit and income. If you plan to keep the apartments, you’ll want to make sure you can afford all of the expenses on your own.
If your spouse keeps the Apartments, don’t expect it to be smooth sailing in getting a mortgage for another apartment complex. Sometimes, it’s not so easy getting your name off a mortgage and qualifying for a second mortgage can be tough unless you have a high income. Your spouse might have to apply for another mortgage just so you can get your name off of it.
Another thing to consider when selling an apartment building during divorce is apartment buying options in the community where you plan to live. If you decide to buy another apartment complex or rent, will your monthly payments be more or less? If you have kids, can you find similar housing in the same school district? What about the costs of moving or even renting a storage unit?
You may be in love with the investment apartments now and want to stay, but what if during the next two years, you must sell it? You could end up with an expensive capital gains tax. You might be better off trading the real estate for other assets.
As if selling an apartment building during divorce isn’t stressful enough, selling assets before a divorce can also be challenging. If not done correctly, there could be serious tax implications. Liquidating assets, though, should be a last resort due to taxes.
However, if you do liquidate assets, make sure you know what you’re dealing with when it comes to investable assets and the costs associated with it. Also, know the cost of a real estate asset and what the capital gain will be when you sell the rental units. Get a good business valuation and appraisal for any collectibles you may have. Don’t liquidate a 401K or fail to get fair price when you sell an asset. When selling an investmnet apartment complex during a divorce, again, you also don’t want to acquire a huge capital gain with what you sell.
Keep in mind, you don’t have to worry about taxes if you transfer assets back and forth with your spouse. Collaboration is when you and your spouse decide what something is valued at. In most cases, a judge does not get involved.
While selling an apartment building during divorce, as hard as it maybe, don't argue. Many real estate agents agree that couples who argue, while selling an apartment building during a divorce, often don’t agree when it comes to routine decisions about fixing up the apartment building, repairing, and even listing the property. This could jeopardize a potential sale and worse yet, the apartments could fall into foreclosure. So, set aside your differences and sell the apartment complex or agree to turn the building over to your spouse or yourself.
Another question to ask while selling an apartment complex during divorce is whether you live in a community property state. There are only nine of them: Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Texas, Wisconsin, and Washington. In a community property state, all assets acquired by you and your spouse are divided equally at the time of divorce. No other factors are taken into account. The rest of the states have equitable distribution which allows divorce courts to take factors into consideration such as length of marriage, ages, health, and the fact that one parent might have stayed home to take care of the kids.
Traditionally, many couples who divorce selling an apartment building hire a realtor they pay a commission to. Or they sell the apartment complex themselves but then have the hassle of being in charge of the whole process.
Instead, why not sell your apartment to us! When selling an apartment complex during a divorce, I can give you a fast sale and cash. All you need to do is fill out the form to get the process moving. I can make you a cash offer within 24 hours. In just a few days, you’ll be free of your apartment complex and able to move on with your life. You’ll have quick cash and can immediately begin prioritizing your financial goals. This is how to sell an apartment complex fast.
Another option is to sell your apartment complex to an apartment-buying company. This gives you the best of both worlds! You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in just 24 hours.
We Buy Apartments gives you a cash offer within one day and you can close it whenever you want. Your apartment complex can be sold in a week!
If you need to sell your apartment complex fast and would like to get a no-obligation cash offer, call us now at 214 537 9641. Whether you decide to sell your apartments to us or not, we would like to help answer questions you might have about the process.
Lucky for you, we buy apartment buildings. We work fast to get you a no-obligation cash offer for your apartment complex within 24 hours.
Our customers comment all the time about our soft approach. You won't get a hard sell with us. If you are not completely satisfied with the offer we make to buy your apartment building, you don't have to accept it. No charge. No fees.
We'd love to talk to you today about the apartment building and your situation. We're here to help even if you decide not to sell your apartments.
Give us a call at 214 537 9641 or fill out the form below to get started. We look forward to talking with you.
Your options for selling your apartments during divorce.