Do you need to sell a house fast for cash in a divorce?
There are few events in life more difficult and trying than going through a divorce. Even the most amicable divorces can be filled with headaches and hardships. Most couples continue to be connected by the issues arising from their divorce long after their matrimonial bonds have been dissolved, especially those couples who purchased property during their marriage.
One of the most contentious issues stemming from divorce is what to do with the family home? In many cases, it is difficult or impossible for a single spouse to maintain the home on his or her own. In other cases, the couple may choose to sell the home and divide the proceeds, but find themselves bogged down trying to find a suitable buyer. What was once a symbol of a beautiful union can become a lingering – and financially burdensome – reminder of a troubled time.
We can help you sell your house in a divorce…Fast! When it’s time to move on, we are here to help you do that. Our investors are educated in all types of Divorce proceedings. We are aware of possible delays in the legal process and do not get intimidated or frustrated like many other home buyers might. We know how to work with attorneys and understand all the hurdles that the divorce may include..
The options available to you depend largely on how you and your spouse handle your divorce. In virtually every case, it is in a couple’s best interests to reach a settlement on the division of property before it becomes a matter for the courts. This is particularly true of houses and other types of real estate, as they are usually among a couple’s most valuable assets. Once a judge rules on the division of property, you and your former spouse will have considerably less control over what becomes of your home.
In general, there are three basic options available to divorced couples with regard to their homes:
Many people want to keep their homes for sentimental reasons, while others simply don’t want to go through the inconvenience of having to move. Whatever reason you may have for wanting to keep your home, be sure to weigh it as objectively as possible against the effect that keeping it would have on your financial future.
Can you afford to keep the home? Is keeping the home worth the risk of taking out a new mortgage? Have you considered the other costs that go along with owning the home, including property taxes, maintenance, and repairs? The last thing you want to do is fight to keep the home only to have it end up in foreclosure or force you into bankruptcy.
Understandably, it can be difficult to be objective when faced with such sensitive, emotional circumstances. This is why it is probably in your best interests to consult with experienced real estate professionals, such as the Ocean State Buyers team, before committing yourself to fighting to keep your home.
No. When you file for divorce, you and your spouse are bound by a temporary restraining order issued by the courts that prevents either of you from transferring property and other assets. Until the divorce is complete, you would need to seek permission from the court to undertake any such transaction.
It is important to note that all property owned by you and your spouse, whether jointly or separately, is part of the divorce proceedings. The fact that your spouse’s name may not be on the deed does not make a property exempt from the proceedings.
The answer to this question depends on many factors, but essentially boils down to how long you’re willing to – and can afford to – maintain ownership of the home. It also depends on how willing you are to deal with the hassles and headaches that go along with selling your home. In the aftermath of a divorce, you may not exactly feel up to preparing your home to be viewed by potential buyers, dealing with inspectors and appraisers, and having strangers traipsing through your home as you’re trying to get on with your life. It may be the case that a short sale is the best option for you in this circumstance.
Many couples believe that if they go through a Realtor, they will be able to sell their home at market value and walk away from the deal – and from one another – with greater financial security. Unfortunately, a good percentage of these couples end up in even worse financial shape. Often, their homes remain unsold for months or even years while they continue to pay the mortgage on a home in which one or both of them no longer live. In many cases, they end up selling their homes for well below market value, and on top of that, they have to pay closing costs, escrow fees, commissions to their real estate agents, and other costly expenses.
On the other hand, if you are not in a hurry to rid yourself of your home, you do stand a better chance of selling it at or close to its market value if you go through traditional channels. There is also the possibility that you will avoid such common snags as deals falling through at the last moment, and it will sell relatively quickly. If you do decide to sell your house using traditional methods, you would be well advised to hope for the best but be very prepared for the worst-case scenario to occur. Given the erratic state of the current housing market, it is important that you understand the risk that you would be taking.