If you’re going through a difficult divorce and trying to figure out what to do about your unwanted land, then keep reading this blog post to give you our best suggestions about selling your land while divorcing in Tennessee…
Divorce can be challenging, emotional, and draining. Yet, in the midst of the difficult situation, you might be like other divorcing couples who own vacant land and are trying to figure out how to go about selling your land while divorcing in Tennessee. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.
Land In Divorce Can Be Complicated
During a divorce, the two parties seek to split their assets in half. For some assets are liquid (such as money), it’s very easy to do. For other assets, including real estate, it’s much harder to do because how do you split a land in half? Well, you could divide the land but you will need to agree on how to split it and then pay a surveyor along with other filing fees with the county. More time, more money.
Since cutting the land down the middle isn’t a reasonable option, should one party get it or the other? And maybe in some divorces, one party might be invited to take the land only if they can pay for it (which can be a massive expense at a time that people rarely want to incur such expenses).
Here’s How To Split The Real Estate Asset
The best way to split the real estate asset is to sell it:
The property itself might have some expenses incurred during the sales process or there might be outstanding bills, or there might still be a partial outstanding mortgage on the property. So the two divorcing parties should probably just sell the property and direct their attorneys to apply the money earned from the sale to any outstanding debts.
The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50).
But this begs the question — how do you sell the property?
The Fastest Way To Sell A Divorce Land
When it comes time to sell, most people think of selling land through a real estate agent. Unfortunately there’s a few problems with this:
- the agent will list the land, which can take 6-12 months to sell (sometimes longer as the sale of land is slower than houses) — can either party wait that long?
- the agent will then involve both parties in the negotiation with the buyer and there is A LOT of paperwork to shuffle back and forth
This is a costly and time-consuming way to sell, and it can actually make the divorce proceedings so much worse.
Fortunately, there’s another way to sell and that’s to sell your land in Tennessee to a land buying firm (which is what we do here at Turbo Land Offers). The land buying firm will buy your land quickly, for cash, in as-is condition (and as a bonus, there are never any commissions or fees to pay). You only need to fill out minimal paperwork and the sale can be completed within a couple of weeks, not months.
If you’re going through divorce and want to just be done with it and move on with your life, just reach out to us and tell us about the land you want to sell. We specialize in buying divorce land and we can help you expedite your divorce by buying this land from you.
Click here to enter your information or call our office at (844) 558-6880 to tell us about your property