Selling a House During a Divorce – 6 Reasons Why and How to Sell It Fast
Why is selling a house during a divorce the best move? How do you sell your home fast?
Divorce and separation is rarely a fun time. At least not at first. It may be just what you need and may lead to an even greater future. Even if it doesn’t feel like it now. How quickly and how great your life turns into something even better can depend a lot on what you do with your house.
The shared home and any investment property owned can be a real point of friction in any separation. Most people instinctively want to fight for it. They just do. Yet, that may be exactly the opposite move of what will give you what you really want.
Before you do anything else, check out these six reasons it is almost always smarter to sell a house in a divorce, and the steps you can take to do it swiftly.
- The House can be a Big Burden
The house can wind up being a huge burden. You might think you want to win it in the negotiations and legal battle. You might seriously regret it if you do. As much as this ‘asset’ can feel like it should be a comfort now, it can quickly become a crushing burden in the wake of a split. Both financially and emotionally as well as physically. You may regret being there every day. Not to mention all the things you gave up and traded off to get it.
- Avoid a Situation Where You Can’t Sell for Years
If you do end up getting stuck with the property after a divorce it can be really hard to get rid of. Divorce can really mess up your finances. That can mean getting hit with new liens and judgements which can be attached to the home. Values are constantly changing too, and you can find yourself in a situation where you can’t refinance or sell. Changing markets can also mean your home devalues right when you want to sell later. Plus, trying to track down an ex to get them to approve a sale can be a real nightmare, if not nearly impossible and really expensive later on.
- Preserve Your Credit
Some pretty crazy arrangements can be worked out in divorce court if you drag your feet on selling a house. You might lose the house to your spouse but still have the mortgage in your name. Or you might get the house, but be relying on your ex to keep paying the mortgage. These situations rarely play out well. Whichever side of this you are on, you can take some pretty big hits to your credit, including being dragged into foreclosure.
- Be Able to Afford More of the Things You Really Want
Selling your house now may give you cash in your pocket you can use for more things you really want. Even if you can just get out of the debt it can leave more money from your income to use for other things. That can include new vehicles, new furniture and decor, clothes, gym memberships, time off to deal with it all, and fun time with your kids.
- Because Things Never Workout as Easily as the Lawyers Make Out
There are some great attorneys and judges out there. Yet, things don’t always turn out as rosy as they make it. Lawyers in particular are in business to rack up billing hours. If you spend two years fighting over the house you are probably going to lose a lot of money.
- Gaining a Fresh Start
This is a great opportunity to gain a fresh start. Selling fast can help you get onto the next and even better stage of your life faster. Maybe that is travel, a new home, new life and selling can give you some cash to fuel it all.
How to Sell Your House Fast in Divorce
- Take action early while you still can
- Make sure you can still legally sell (at some point in divorce a judge may block the sale of assets)
- Come up with an amicable plan to split the proceeds with your partner, get them onboard
- Get quick offers for your home from qualified cash home buyers