During a divorce, you can choose to sell your property and divide the proceeds. You may decide to sell your share of the property to your divorce partner, or continue to co-own the home. It is common for divorcees to sell their real estate and divide the money. Selling your house during divorce involves hiring a real estate agent to help with technical matters such as law related issues, refurbishing the house to increase its market value, and valuating the property to help fix a price tag on the property. Click here.
The Real Estate Agent
Getting a real estate agent to work through this process with you is optional yet very important. You should consider saving yourself all the stress and call a trusted real estate agent to handle everything on your behalf. With a real estate agent, you will be able to avoid many mistakes that could be made due to mental and emotional instability. Read here.
Refurbishing the House
This can be the most difficult part of this process considering that this is a divorce situation. It involves some tasks such as doing minor repairs, interior and exterior painting, and general cleaning of the house before presenting it for sale. The final cleaning of the house should be thorough if you really need to increase the value of the property. Special attention should be given to the bathroom, the toilet, and the kitchen; most buyers usually make a decision whether or not to buy a house based on the condition of these three rooms.
Valuating the Property
This is one of the areas where the real estate agent is most useful. Your agent will valuate the property based of factors such as the location of the property, the neighborhood, among other factors such as the economic state of the county and state, the general condition of your house, the interest rates, and whether the house is ready and available for possession immediately.
It is very important that you get the most accurate value of the house. Undervaluing your property will deprive you of the cash you are looking for at this time. On the other hand overvaluing the property may not get you the quick sale that you also need at this time. Click here.
Retaining the Home
A case may arise where one spouse wishes to keep the house. In such case, both of you should be able to negotiate a fair plan to let one spouse to purchase the home from the other. Unfortunately, the person wishing to keep the home will have to take a new mortgage. This will even introduce an element of risk in the transactions. Read more.
How to become a licensed real estate agent in Texas
Some people earn a passive income through freelance writing or online web design but did you know that you can earn a passive income in commercial real estate? It will take research, effort and help from experienced realtors to assist you in earning income from this kind of real estate. The best way to do this is by securing a commercial building and then renting office units to people who need spaces for their businesses. You'll need to seek out commercial buildings in high traffic areas and where you're likely to get new tenants on a regular basis.
Choose a commercial building that will not require intensive upkeep and management if you are considering a real estate investment. Stay away from commercial buildings in the unsafe neighborhoods of the city and you should avoid buildings that have been damaged so bad that it will take too long to repair over a period of weeks or months. Invest in commercial buildings that are in near excellent condition. To learn more.
You'll need to screen tenants carefully when trying to earn passive income with real estate. Run a background check on all potential tenants and you need to verify that the tenants have steady employment. This means that the tenants will be able to pay rent on time each month. You can also interview them to get an idea of what kind of business they own to ensure that your tenant is not operating an illegal business while renting from you.
Real estate is an exciting way to earn passive income but you have to work hard to succeed in the field. Seek out creative ways to obtain funds for purchasing property and attend seminars that help property owners manage money and maintain their properties in an acceptable way. I bet our friends at LCRG would love to tell you how to go about becoming a commercial realtor!