What Happens to Property After a Divorce?

divorce, separation, marriage breakup

You may be facing a situation that occurs in the lives of about half of all married couples – divorce. You find yourself facing an awful lot of decisions that you hoped would never come up. Who gets the kids? Who gets the dog? Support payments? And one other major decision also has to be made. What do you do about your house?

 

There are several alternatives, of course. One party in the divorce can be allowed to buy out the other party’s interest in the home. If there are minor children involved, you may choose to allow the custodial parent to remain in the home until they have moved out. But one quick solution is to sell the property and divide the assets accordingly. This does seem the most equitable solution in many instances, eliminating many sources of aggravation and stress. Now, the only decision is exactly how to sell the property.

 

Some couples will choose to sell by using the services of a realtor and putting the house on the open market, but there are certain disadvantages to this method. It may take quite some time, time which you do not want to spend embroiled in yet another aspect of a divorce. The home will have to be in tip-top shape if you want to get a good price, meaning you may have to make major investments to bring it up to buyers’ expectations. Delays may be caused by mortgage underwriting and home inspections. And even after you have found a prospective buyer, there is always the risk that the sale will fall through due to financing problems.

 

Because of the possible problems, many divorcing couples choose to sell their home to a professional home buyer, one who is interested in the property as an investment, not as its future occupant. Homebuyers pay in cash. They charge no commission, eliminating on average a 3 to 6% fee charged by realtors. You need to make no repairs or cosmetic changes to the property, saving you possibly thousands of dollars. And there will be no prospective buyers tromping through your home at their convenience, not yours. Selling to a professional home buyer also offers lower legal risks to you. The contact is spelled out clearly and succinctly as a purchase of the house in as-is condition. This means that you cannot be held responsible for not disclosing hidden damage of defects which you may not have even been aware of. And you can usually come to an agreement on the move out date, even after closing, as the new owner is not expecting to actually occupy the property. Selling to a home buyer is quick and painless. You can even have cash in hand in seven to ten days.

 

Divorce can be difficult enough without adding the additional stress of home repairs, constant cleaning, and tidying to keep the home presentable, and the necessity of allowing strangers into your home. This is why many divorcing couples choose the quickest, easiest, and least risky way of settling the question of, “What do we do about the house?”

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