If you’re going through a divorce and need to sell your house, your options are the same as everyone else’s. But selling a house in the best of times is a stressful ordeal. Add the volatility of a divorce and it can be downright nightmarish.
Divorce is sometimes messy and almost always a stressful and tumultuous process. A once happy couple is divided, along with other things like time with the kids and financial assets. Oftentimes the greatest financial asset for divorcing couples is their house. In some cases one spouse will choose to remain in the house and buy out the other party’s equity, however in most cases the house must be sold and the proceeds split equitably between the two parties. Either the couple comes to a mutual agreement on how to divide the equity, or it’s decided by lawyers and a judge. In order for all parties to access that equity and part ways, the house must be sold.
I’m Getting Divorced and Need to Sell My House. Now What?
If you’re going through a divorce and need to sell your house, your options are the same as everyone else’s. But selling a house in the best of times is a stressful ordeal. Add the volatility of a divorce and it can be downright nightmarish. Here are the most common options chosen by people needing to sell a house due to divorce:
Traditional Home Sale
Listing your home for sale with a real estate agent is one option to consider when selling a house during a divorce. This option can seem attractive for those looking to hold out for top dollar and sell the home for the maximum amount possible. But many factors can complicate the process:
Time
Selling a home the traditional way can take several months. Considering that most people finance a home purchase and lenders require about 30 days for loan approval, you can expect the process to take 30 days from the time a buyer agrees to purchase the home. There will then be inspections and potentially renegotiating of the price depending on what the inspections uncover. If the potential buyer’s financing falls through, the cycle of showings, negotiations, inspections and finance approval begins again.
Conflict
At numerous steps along the way, a traditional home sale will require both spouses to come together and agree to certain terms: from choosing which real estate agent to hire, what price to list the house for, and whether or not to accept the terms of a particular offer from a potential buyer. When divorcing spouses no longer agree about much of anything, each one of these events can become a flashpoint and serve to reopen wounds. Emotions can quickly complicate or even sabotage home sale.
Cost
Real estate commissions are typically six percent of the sale price of the home. If you’re in the middle of a divorce and looking for a clean break, real estate commissions and closing costs can take a significant chunk out of the equity you’re counting on to start over. You’ll want to make sure you’re left with enough to move on and start fresh. And unless the house is in pristine condition and is well-appointed with upgrades and updates, expensive improvements and repairs might be needed in order to get the house show ready.
Cash Home Buyers
Another option for people facing divorce and needing to sell a house is to contact a cash home buyer. You’ve probably seen ads for “we buy houses for cash” companies and wondered how they work. For people facing divorce and needing to sell their house, cash home buyers can be a very appealing option. Here are some reasons people sell their homes to cash home buyers, and why it could be a very appealing option for someone going through a divorce:
Speed: Sell Your House Fast
If you just want to put the whole ordeal of divorce behind you, divide up your assets and move on, cash home buyers might be just what you need. Since cash home buyers are not financing the purchase, there’s no financing delay as there is in a traditional home sale. Typically, cash home buyers can close in as little as one week.
There are also no showings when dealing with a cash home buyer, which makes for a much faster process. One visit from a representative of a cash home buyer like Myers Home Buyers and you’ll have a cash offer in writing Savings: No Expensive Repairs, Closing Costs, Commissions, or Fees Cash home buyers buy homes “as-is,” so they’ll buy your house whatever condition it’s in. So, if your home is outdated or needs work there’s no need for expensive upgrades or repairs to get the home in tip-top showing condition. Since there are no real estate agents involved, there’s no six percent commission when you sell your home for cash to a cash home buyer. And while all cash home buyers are different and some have hidden fees, Myers Home Buyers charges no hidden fees and will even cover your closing costs.
Convenience: The Process is Simple
When you list your home the traditional way, the process can be overwhelming even under normal circumstances. From deciding which Realtor to list your home with, how to price it to be competitive in the market, and which negotiation strategy will bring about the best result, there’s a lot to consider and it can be overwhelming even to spouses with common goals and aspirations.
Cash home buyers eliminate these stressful steps in the home selling process. Again, cash home buyers will vary in their approach, Myers Home Buyers makes the process incredibly simple. When you contact Myers, you’ll get a ballpark cash offer right over the phone by providing a few basic details about your home. A representative will then visit the property in person and present you with a written cash offer for your house. You pick a closing date that works for you, and within about a week the closing takes place and you’ll have your cash.
Summary
Selling a house due to divorce can be extremely stressful, especially if emotions are volatile and there’s any kind of conflict between the two parties, If you’re just trying to make a clean break and access your equity so that you can start fresh, a cash home buyer can be just what you need.
If you’re selling for cash, you’ll want to make sure you’re getting the highest possible price for your home. Unlike the typical “we buy homes for cash” companies, Myers Home Buyers can get you top dollar for your home. With Myers’ extensive network of verified investors, we’ll bring you competing cash offers, so you know you’re getting the best offer for your unwanted home.
Myers Home Buyers has helped many people in this situation and can be a valuable resource in such a difficult time. Even if you’re unsure about whether a cash home sale is right for your individual circumstances, a Myers representative will gladly speak to you and provide advice and guidance on whether or not a cash sale makes sense for you.
