Are you going through a divorce and need to sell your Odessa area house? Let’s face it, divorce isn’t easy for anyone involved, especially when you’re dealing with a large financial decision like selling your house. It’s an emotional time for couples and their families.
At Thousand Hills Properties, we are experienced with helping Odessa couples through this difficult time. We buy houses fast in Odessa, Texas and help you move on with your life after divorce.
The following article is for research purposes only and is not intended to be legal advice. The laws pertaining to home sales and tax in Texas and the Odessa area are always changing. You should always consult an experienced attorney or real estate professional before taking any action.
Sell Your Odessa Area House Fast in a Divorce
Anyone going through a divorce has a different story to tell and there are a number of reasons to sell your house fast. From our experience, there are four main reasons why a couple going through a divorce in Odessa will need to sell their house fast.
- You’re looking to get a fresh start
- You can’t afford to stay in your Odessa house
- You don’t have time to list your house with a realtor
- You need cash to pay for legal fees
Thousand Hills Properties can help you through any of these situations and more. We buy Odessa houses in 7-10 days and we pay all cash. Not sure about your next move? Check out our five tips for selling your Odessa house fast in a divorce below.
Tip #1 – Take Care of Yourself and Your Family
Forget about your house for a moment. Your number one priority, first and foremost, is to take care of your children. This is also a chance for you to take a breather and think about your situation. You may even realize that an expedited home sale is not your only option. We encourage you to think about your options before you decide to sell your Odessa house for cash.
Tip #2 – Don’t Let Your Emotions Get in the Way
For most of us, our home is our biggest financial asset and selling a home can bring up a lot of emotions. It’s also difficult when spouses can’t agree on whether or not to sell their house.
Unfortunately, this can add a lot of conflict and unwanted stress on top of a divorce. Just remember that the emotional side of a divorce can end up negatively impacting the sale of your house. Both spouses are relying on the cash from the home sale to begin their new life and neither want to be in a situation like this.
Tip #3 – Consider the Tax Implications
When you sell your Odessa area house in a divorce, you’ll have to pay a capital gains tax. The capital gains tax is paid on the profit you get from selling an investment, like your house. Sometimes the capital gains tax rate can be as high as 23.8%. But you may be able to avoid this tax if you speak to a real estate professional or tax attorney.
Something important to note about capital gains tax and the timing of your divorce. There is an exemption of $250,000 per person when selling your primary residence in Odessa, Texas. If you sell your house while you’re still married, each partner qualifies for their exemption, adding up to $500,000. If you sell your house after the divorce is final, you could miss out on the additional $250,000 exemption.
Tip #4 – Don’t Rush into Anything
This is not a time to be making quick decisions. We mentioned this before and we’ll say it again… slow down and assess your situation before deciding to sell your Odessa area house during a divorce. Make sure you’re doing things right. Talk to a real estate professional, attorney, financial planner, and tax advisor to make sure you understand all the financial implications of selling your Odessa house during divorce.
Whether you decide to sell on your own, list with a realtor, or sell your house for cash to Thousand Hills Properties, there are pros and cons to each. Check out our comparison of selling versus listing your Odessa area home.
Tip #5 – Keep Calm. You’re Not Alone.
Selling your Odessa house through a divorce can be challenging and emotionally ordeal, but you can get through it in one piece and move on with your life. Just remember that you’re not alone and Thousand Hills Properties can help. We are experienced real estate professionals who help Odessa area homeowners sell their home through a divorce.
Get the process started today. Start online by requesting a cash offer on your Odessa house or contact us.