Deciding whether or not to sell your home is a major consideration if you get divorced. Nowadays, many people are staying together because they can’t afford to live separately, but if you are going to split up, here a few things to consider.
If you are a homeowner who is getting divorced, there are three likely scenarios:
- One partner may decide to stay in the home and buy the other person out.
- One person may occupy the home for a given time.
- The home is sold at the time of the divorce.
Keeping the home may seem like a great idea, especially if it means not uprooting the kids. Getting the soon-to-be ex partner to agree is only one concern. If you want to stay and not sell your home, are you able to afford the payments and other associated costs? Can you qualify on your own to refinance? If the last days of your marriage have been characterized by financial problems, your joint and personal credit record may repel potential lenders, especially when mortgages are harder to qualify for.
You may want to stay in the home only until your kids are 18 and off to college – or agree to have your ex stay there. Remaining in the home with joint ownership is easier in an amicable relationship. Who will pay the mortgage? If you both agree to contribute, can you afford to pay the whole thing if your ex misses a month or stops paying? Regardless of what your divorce decree says about how responsibilities are split, have a gameplan if your ex starts missing payments.
As a homeowner, when you get a divorce, selling your home may be an option to consider, especially if you want the divorce to sever most ties with your former partner. You can sell your home and move on to affordable housing devoid of memories.
The current housing market may make it hard to sell your home and realize enough to help finance your new life. According to current law, there may be tax benefits if you sell your home while you are still married that you may lose if you defer the sale. You need to talk to both your real estate agent and your tax advisor to help you determine how you will come out.
When both parties need to sell a house fast, either due to financial strain or because the divorce is so bitter you need to separate assets and move on, you can sell your home to a company that buys houses. Reputable companies will give you cash for your home in a short time frame. While it may be hard to separate the memories from your home, dividing the cash can be one of the few black and white decisions you face.
Would you want to keep your home after divorce?
Are you ready to sell a home fast? Call us today at 1-(877) 804-5252 or have your client contact us to get an offer in hours from Express Homebuyers.