If you’re wondering about the ins and outs of selling your home during a divorce in Los Angeles CA… we’ll dive into the steps and things to look out for in this article.
With over 50% of American marriages ending in divorce, many Los Angeles CA residents are looking or advice for selling a home during a divorce. A home is one of the most valuable joint assets, and obviously cannot be divided without first liquidating. While a divorce is one of the most stressful and emotionally charged life events, it’s important to remain rational. There are several factors to consider when facing a divorce in a real estate market that has yet to rebound from the housing bubble burst. Determine if (and when) You Will Be Selling Your Home During Your Divorce in Los AngelesIn many divorce cases, one spouse will keep the home, buying out the departing spouse’s share. In many cases, agreements are made where one spouse uses the house for a set period of time (this is usually used when there are children in the home), and then sold at a certain date (usually when the children reach a certain age). Get Professional Help – Agents and Home Buyers / InvestorsSelling a home is a difficult process when everything is going right. During a divorce, you have a lot going on, and a lot to consider. You shouldn’t take on the task of selling you home yourself. You may have disagreements with your spouse about selling price or other issues. By working with a real estate professional… either a reputable agent or real estate investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your home. If you need to sell your Los Angeles house fast… reputable local real estate investment firms like Bright Idea House Buyers may be a great option. Firms like ours actually BUY HOUSES (rather than listing them like agents do)… and we pay cash and can close quickly if you need to sell this house fast. If you can wait the time it’ll take to list it with an agent and sell it on the open market, going with a real estate agent is your best bet. But if you can’t wait the 3-9 months it sometimes takes to sell a house in this market in Los Angeles… chat with us to see what we can offer you for your house during your divorce. Set (and stick to) a TimelineIt’s important, when selling your Los Angeles house during a divorce to keep a timeline. You should put your home for sale in advance. Set firm closing dates, moving dates and times, and coordinate which spouse will be handling the sale (or talking to the real estate agent). Make sure that each of these agreements are in writing, and negotiate penalties for breaching the agreements. This helps ensure a smooth, surprise free home sale. Selling Your House Fast For A Fair All-Cash PriceOne option that many divorcing couples have turned to in recent years is making a quick sale to a real estate investor like Bright Idea House Buyers. Reputable local real estate investors like us, purchase houses quickly and without stress, and the process can often take as little as seven days. Deciding how to sell a marital home in Los Angeles doesn’t have to be as stressful as the divorce itself. By protecting each party with a qualified real estate agent or simply jointly deciding to sell and selling fast to a real estate investment firm like Bright Idea House Buyers, and moving the process as quickly and according to an agreed upon schedule, all parties can walk away from the sale without stress. If you want to discuss your situation with your divorce and see if we can help you save time, reduce stress, and get out of this situation fast…
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WIth the high cost of real estate in Los Angeles and throughout Southern California, many people are looking towards other states when deciding to purchase a home or raise a family.
Taxes, Jobs and Cost of Living California has one of the highest state income taxes in the country, so that alone is a factor that can put more money in people’s pockets and allow them to spend more of it on housing and other costs. The job market in California has been strong recently, and while there may be better paying jobs and opportunities in certain areas and industries like Silicon Valley or the newer Silicon Beach area of Los Angeles, on a relative basis, it may not make that much of a difference once the high cost of living is factored in. California has a net Out-Migration to other states as can be seen in this report from the Legislative Analyst’s office. The top beneficiary recently has been the state of Texas, followed by Arizona and Nevada. Low or no state income tax, and a much lower cost of living have proven to be too much to overcome for even the beautiful beaches, mountains and temperate climate of Los Angeles and other areas in the state. Even though people may be moving to a lower paying job, the prospects of a larger house, less congestion, and an easier lifestyle are big draws. Relocating Your Equity Do you own a house in Southern California? If you have owned it for a long time, chances are you have a good equity position. Selling it may give you all the cash needed to move and buy a newer or larger home in another state. You might even be able to pay cash for the new house and avoid a mortgage all together if you have the equity in your current home. Locating and finding the right home in your new state will have its own challenges, and if you are relying on the equity from the sale of your Southern California home to pay for the new one, you may not want to risk the market uncertainties of listing and selling your house in Los Angeles or other areas in a traditional way by hiring a real estate agent. If this is the case, then selling to a professional house buyer may be a good solution for you. Going this route you can pick the date you want to close, and can predict when you will have the cash in hand so you can commit to the purchase of your new house. You may also have inherited a house in Southern California and wish to monetize that equity too. If it’s an older house that needs repairs, selling to an investor buyer means you won’t have to worry about doing anything to fix up the house - it can be sold completely as-is. When you need to sell your house fast to help you relocate, consider all your options and do what’s going to work best for you and your situation. |
Bright Idea House BuyersWe specialize in solving real estate problems - we are a local family owned business that purchases houses throughout the southern California area. Archives
July 2021
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