Divorce can be long and complicated. Often couples choose to simplify a very complicated process by selling their house prior to divorce to avoid having long and drawn-out disputes during this often difficult and stressful time. Once the house has been sold, couples can equally split the proceeds to avoid a lengthy and expensive legal process.
Why Sell During a Divorce?
During a divorce, what to do with your marital home can be a complicated process. One of the most common solutions is for the home to be awarded to one party and then that party is required “buy-out” their former spouse. Many couples choose to sell if neither party can afford to buy the other out of the mortgage. If you choose to sell your house before or during divorce you most common way to sell your house is through a traditional real estate agent or a local real estate investor or cash buyer. The traditional real estate market presents many challenges, especially for former couples.
Why Traditional Real Estate Isn’t for Divorce
It is often very time-consuming to sell a home on the traditional real estate market. In order to successfully find a buyer, homeowners have to communicate and work as a team to make decisions in addition to the financial implications.
Communication and Teamwork: You and your ex-husband or ex-wife will have to work as a team to successfully sell your marital home. This includes decisions such as:
- What repairs to complete, and who should pay for them upfront
- What real estate agent to hire
- What price your home should be listed for sale
- What an acceptable offer is
Financial Implications: There are financial implications of selling your marital home during divorce proceedings
- Selling a home can take time, and will likely prolong divorce proceedings as well as add legal expenses.
- If you are lucky enough to find a qualified buyer and sell your house during divorce proceedings, will have to pay a real estate commission, closing costs and your mortgage before splitting the remaining equity.
As a result of the time and money associated with selling your house through a traditional real estate agent, many couples decide to sell to a local cash buyer.
Simplify with an all Cash Real Estate Investor
Selling to a cash buyer allows you to sell your home quickly and eliminate the stress during this difficult time. If you decide you want to consider selling your house quickly, we hope you will consider contacting Central Illinois Houses Buyers. We can help you put a bad situation behind you and get on with your life regardless of the issue. Please give us a call and see if we can help.