What options do I have if I need to sell my House due to Divorce?
A house holds a deep sentimental value in most people’s life. However, sometimes circumstances change and homeowners are forced to sell their beloved home due to reasons that go beyond one’s control. One such circumstance is when homeowners need to sell their property due to divorce or separation.
For most couples, a house is their most treasured asset yet selling it during a divorce is inevitable for them due to financial circumstances. It may seem counterintuitive at first, but selling a house during the divorce is the best thing to do in many cases. Here’s why;
Why Should I Sell my House During Divorce?
- Legal Aspect
Selling your house before the divorce lets you evade many legal repercussions associated with the divorce process and ownership of the property. With the sale of the house, the division of share becomes much easier and simpler. The other partner does not feel taken advantage of nor the need to knock at the door of a court to get his or her fair share. Selling the home is a simple and easy solution that most married couples that are divorcing understand without the help of a costly lawyer. Selling is often the best way to disassociate both parties from the property amicably in a timely manner.
Another reason many couples sell their property is the financial ramifications involved.
- Financial Concerns
You managed to own the house because your partner helped you pay off the liabilities with income. Most married couples today share some or all of the expenses associated with homeownership. But now that you are getting divorced, you may not be able to finance those mortgages and taxes alone. Therefore, it is better to sell the house during the divorce to avoid future debts or defaults. Afterall if the property goes into default and is foreclosed on due to a divorcing couple fighting over control and possession of the property both parties stand to lose not only the home but also damaging their credit.
Moreover, selling the house before the divorce has its financial incentives such as the homeowners receiving compensation from the equity of the sale of the home.
If you decide to buy your ex-partner’s share and keep the house, your mental health may pay the ultimate price for this decision. Although your partner is no longer living in the home with you, all the pleasant and not so pleasant memories embedded in every room of the house will be a constant daily reminder of a life you shared with that person.
The emotional factor is something that should never be neglected when making the decision to sell your home during a divorce.
How To Sell The House During Divorce
- Consult With Divorce Attorney
Selling the house during divorce requires a rigorous decision-making process with not only your spouse but also your divorce attorney. You should discuss your priorities with a divorce attorney before taking the final decisions about selling your home as well as a laundry list of other topics regarding your divorce.
- Hire An Experienced Realtor
Divorce cases require a lot of patience and extraordinary communication skills by the realtor who does not get annoyed at repeating things to both parties. In many cases meeting each party separately. You and your spouse can pick a realtor once you both are marching towards the same goal. The first thing to do is to come to an agreement that selling your home is indeed the best way forward in your separation. If the decision comes to a deadlock between both of you, consult your attorneys and take their advice on what is the best path forward.
- List your Property for Sale on the open market
Once all of these other matters regarding the sale of your home have been decided, discuss the sale price of your property with your spouse and realtor then the only thing left to do is list your property on the market. Selling a home on the market can take on average between 45 to 180 days depending on market conditions as well as the condition of the property. Obviously newly renovated homes will sell more quickly than properties that need repairs and renovations.
- Sell your House to a Real Estate Investor
The other option you have in selling your home is much easier than listing on the open market. The fastests and quickest way to sell your home during a divorce is to sell your home to a Real Estate Investor. When you sell your house to a Real Estate Investor your closing time frame goes from an unpredictable timetable to one that is set by you in most cases.
Divorce is one of the most excruciating experiences a person goes through in their life. On top of selling your house under these difficult circumstances you are forced to begin a new life in many ways. To add insult to the injury the process is dragged out for an unknown period of time when selling your home. But the good news is that there are now solutions for you to sell your house for cash quickly and easily with a cash offer from a real estate investment company like RESCO.
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