Divorce can be one of the most painful experiences someone can go through in life. Even the most amicable of divorces are filled with difficulties. Many couples continue to be connected to each other in painful ways, long after their marriage has ended. This is especially true for those couples who purchased property while they were married.
One of the most trying issues that stems from divorce is deciding what to do with the family home. In some cases, maintaining the house is difficult or impossible for a single spouse on his or her own. Other couples try to sell the house but the process can take a long time. The entire thing just becomes a financial burden and a very painful reminder of a time when both people are trying to move on.
What are the options available after divorce?
What happens to the house generally depends on how a couple handles their divorce but these are the basic options that are available to a divorce couple.
They can sell their house – most couples consider this to be the optimal solution if neither spouse wants to keep the house or that neither spouse can afford to maintain the house. Getting rid of the house that was a symbol of their marriage also allows the divorce couple to move on from this phase of their lives and to start afresh.
One spouse “buys out” the other one – If one spouse does want to keep the house and thinks they can maintain it; they can try to negotiate a plan to purchase the other spouse’s share. In this case, the spouse who wants to keep the house usually has to take out a new mortgage. This adds an element of risk to the transaction.
The couple can continue to “co-own” the home – couples with children often choose this option because they don’t want to uproot the children from their homes. Post-divorce co-ownership is not an easy option and depends on several factors, such as
- Both spouses understand that this is a business relationship and not a family business. All agreements between the spouses have to be written form to avoid any discrepancies between the two.
- Since they are co-owning the house, each spouse needs to understand that their financial future will continue to be affected the by the decisions of the other spouse. This is why both of them must agree to respect each other’s lives and think about them before taking a drastic decision concerning their co-owned property. For example, both spouses have to pay the mortgage. But if a spouse falls behind on the mortgage payment and allows the house to go into foreclosure, the credit reports of both spouses will equally be affected.
Selling the house
Traditional methods of selling the home after a divorce: Advantages and disadvantages
There are several factors involved in this but the two main questions a divorce couples has to ask itself are these:
- How long can we maintain the ownership of this house?
- Can we afford to maintain the ownership of this house?
Most divorce couples are not willing to deal with the headaches and hassles that come with selling the house through a real estate agent. The process is long and has a lot of hassle. After the divorce, most couple are not feeling up to getting the house ready and seeing it through repairs. The repairs themselves can take up to a few weeks or months, depending on the condition of the house. Apart from the paying the taxes and bills of the house, the divorce couple will have to pay for the repairs as well!
Once the repairs are done, there is the process of showing the house to potential buyers and dealing with appraisers and inspectors. Strangers will be traipsing through the house you once loved, while you are trying to move on with your life. For a spouse who wants to move away to a different city or has moved far away to the other corner of the city, this back and forth will be very exhausting.
Many couples think that if they sell their house through a real estate agent, they can quickly sell their house at market value and walk away from the entire thing with greater financial security – and with their sanity intact. Unfortunately, a great number of these couples end up fighting through the process with each, exhausting themselves and worse, they end up in an even worse financial situation. Often their homes remain unsold for months or even a year while the couple continues to pay the mortgage on a house one or neither lives no longer lives in. What eventually happens in most cases is that the couple ends up selling their house far below the market value. They also have to pay closing escrow fees, costs, the real estate’s agent’s commission and other costly expenses.
Selling through a real estate agent is not a bad idea but it can end in disaster for divorce couples and the process does take a lot of time. If the couple is not in a hurry to sell the house, they can sell it at a market value. But for most divorced couples, it is better to be prepared for the worst-case scenario, considering the erratic state of the house market currently. It is a big risk but there is another option for the couple wants to sell their house and that is selling your house for cash.
Home Solutions FLA: Selling the house fast for cash
Selling the house for cash is the best option for divorced couples. The most reliable name in this business is of Home Solutions FLA. By consulting with us, you will be presented with honest straightforward information that will give you peace of mind that your situation is now in the hands of experts who have your best interests in mind. We are here to advise you of your options and tell you the potential advantages and disadvantages of each. Once you understand everything you can choose to move forward and sell your house quickly to us. We will make you a fair all-cash offer. You can have your offer within a few hours and you can walk away from the house without any hassle and just move on with your life.
Hassle free process
- When we offer to buy your house for cash, the entire process is hassle free and with minimum effort on your part. This is because with us you will not have to pay any closing costs, real estate commissions, transfer taxes, escrow fees, and other costly expenses.
- Your house will not be sitting unsold for a long indefinite time period because we will buy it within a few days. This way you will not have to pay mortgage or any taxes or bills. A house that is sitting empty also attracts vandals and you can avoid that by selling us the house.
- We will buy your house “as is”. You don’t need to fix up the house or repair it in order to sell it to us. These repairs can be expensive but with us you can simply avoid the costs and don’t need to go through that process. You also won’t have to showcase your home to strangers constantly traipsing through your house.
Determining the price of your house
We will buy your house usually at a price lower than the market value but we will save you the unnecessary expenses of repairs, mortgage and other expenses. This is because we will be paying for those ourselves. We will make the repairs and sell the house or put the property up for rent. We will look at the current condition of your house and the repairs it will require and then we will decide a price for it. The price will often be lower than the market value but it will be very fair. And if there is something you are not sure about, we don’t have to go forward with the process. Once we offer an all-cash price for your home which will be fair for us both, the decision is entirely yours. You will be under no obligation to sell us the house if you decide not to and we will not hassle you about it.
No commission fees
With a real estate agent, you have to pay a commission of 3-6% from the selling price of your house. But we do not need charge any commission fees or any other kind of fees at all. The entire process is completely free to you!
Divorce is a very frustrating process and adding the worry of selling the house will only make everything worse. But you don’t have to worry about that. Home Solutions FLA is here to help you. We will explain your options to you in great detail so there is no confusion. You can sell us your house for a fair all-cash offer in just a few days. Contact us for more details or if you have questions.