Divorce Home Sale: Your Fastest Solution
There are a lot of different things to figure out when getting divorced. It is a very difficult situation for both sides to agree on custody, child support, alimony and how to split belongings and financial assets. Probably the biggest financial asset to consider is your home. What will you do with it? Will one spouse just take ownership or will you sell it and divide the proceeds?
The Time Factor
If you are planning a divorce home sale, time may not be on your side. It can take awhile to prepare a property for sale, hire a Realtor®, market and show the house and go through the final closing stage once an offer is accepted. You may want or need to sell faster, especially if you both need the money as soon as possible to move out on your own.
A traditional home sale can take several months to complete. A “For Sale By Owner” transaction could take even longer if waiting for a top dollar offer on the open market.
Cash Home Sale
Another effective way to sell the house on your own during a divorce home sale is by working with a local real estate investor. Most investors are buying houses with cash offers, which will speed up the processing significantly. Cash home sales are clean and simple. The buyer is not waiting on a mortgage loan to be approved and funded, so the final closing process can be done in weeks rather than months.
In addition, the process is generally much simpler. Real estate investors are typically buying houses in as-is condition. You don’t have to worry about making repairs or staging the home for sale. They are planning to renovate the property anyway, so that makes it much easier for you to sell quickly. You can avoid intrusive home inspections, open houses and showings. You can complete a discreet sale without all the neighbors wanting to know what’s going on with your personal life. A divorce is tough enough, so why make your home sale a public spectacle?
Pros and Cons of a Fast Home Sale
If you do have time and money to go through a traditional sale, you are likely to net a little more profit when all is said and done. You can better prepare the property and wait for the best offers to come in. A cash sale to a real estate investor will mean you get a lower offer, but the other benefits may be worthwhile. Plus, you will avoid real estate agent commissions and ongoing homeownership expenses (utilities, property taxes, insurance, etc.). Most importantly, you can get a deal done privately and quickly as you figure out other aspects of your divorce.
At the very least, let PropertyLark make you a fair cash offer for your house. We have a vast network of local real estate investors and we may end up being your best divorce home sale solution. To get started, please fill out the contact form on the right.