- On Jun 04, 2016
If you are reading this, that means you or someone close to you might be going through a divorce. Unless the decision to divorce was done amicably, then chances are the process of legally separating from one’s spouse may cause an overwhelming feeling of stress.
What a house means to people
When people buy their house, they are not only buying a piece of property, but they are also investing in a space that they call home. This is where they have memories of gatherings//BBQ’s with friends, raising their children, and building a family together. No one went into buying their home thinking that they will one day sell it because of a divorce. But, for whatever reason why the divorce is occurring, this home has now become stressful; a space of
These emotions finally push people to the brink. After attempts to salvage the marriage, the day comes when divorce paperwork has been filed, attorneys are contacted, and now it’s time to discuss settlement. During a settlement meeting, there is negotiation between the parties and attorneys over dividing up the assets, which includes the house. If both parties cannot present a formal written agreement on the plans of what to do with the house, then the judge preceding the case will make that decision for them.
Factors to selling your house
If there is still an active mortgage, both parties are listed on the mortgage, & one of the parties wants to keep the house, consideration must be made whether they can realistically afford monthly payments. The solution for this is to refinance the mortgage. Refinancing is simply applying for a second mortgage loan that would replace the current one. People do this in order to get a better term and interest rate, as well as transferring the loan onto the other person (if the original mortgage has both parties listed as co-owners). The original mortgage is then paid off by this new loan, which could ultimately save you between 1-2%. Homeowners should check with their current mortgage provider as some (like Fannie Mae) may have what is called Limited Cash Out Refinance options or no options at all. Some local institutions that provides refinancing includes City of Boston Credit Union, East Boston Savings Bank, MassHousing, etc. Even if there is no existing mortgage, there may be a chance neither of you want to stay in the house because of the memories that the home is attached to. Either way, selling it quickly is your best choice. That way you both can take whatever equity there is left, split it 50/50, no need to worry about holding onto the house with its stressful memories and go your separate ways.
Selling your house during Divorce
Usually, homeowners think about going the regular route of selling their home. They locate a real estate agent, do as much cleaning up/repairing as possible and hope that the home is in good condition that a first-time home buyer would immediately submit an offer to buy it. This is a great first option to consider. However, there are many factors that must be in play. Your house must be in the condition of homes that you may see on those television shows where investors “fix and flip” properties. If your kitchen and bathroom is outdated, your lawn is not manicured, your heating/cooling system needs repairs, etc., then you both risk not receiving the highest and best offer or, even worse, not get any homebuyers willing to buy your house “as-is”.
We Buy Stressful Homes
One way to avoid this stress of selling your house during divorce is to consider selling your home to a real estate investment company, like us. We specialize in supporting homeowners dealing with stressful situations pertaining to their property. Divorce can be a long and stressful process. What we do to support is that we will make you a reasonable non-obligatory cash offer, within 24 hours of us seeing your house. We buy homes regardless of the condition. If you have owned your home for 10+ years, we can certainly make you a cash offer that would pay off that remaining mortgage and leave you both with some funds left over. If you accept our offer, we will pay closing close & close quickly, less than 30 days! Plus, there are no agents fees to negotiate, as we are not agents. That simple! So, what are you waiting for? Complete a request form or call/email us now!