Divorce can be a difficult time for all parties involved. It is very possible that the last thing people want to do at this time is work together to sell a house. In our latest post, we discuss the best way to sell your house during divorce in Long Island NY
Depending on your personal situation, dividing assets and making the split can be emotionally and physically draining. Even if you are splitting on great terms, the process of selling a house, while you are going through such a huge life change can typically feel overwhelming and stressful! As painful as it might be going through a divorce, selling your house quickly so you move on with your life and begin the next chapter is often a necessity. Practically, in many cases it can be the only choice to stop a foreclosure or in order to generate some money for both parties to be able to move on. Many people getting a divorce decide to sell there homes for cash to a professional home buyer, rather than listing it with a realtor. Although the home will sell for less, there are many advantages which I will describe below.
Sell Your House Without An Agent
Selling directly offers a whole wealth of benefits for those who may want to sell their home quickly. You won’t have to worry about cleaning up the house, getting it ready for listing on MLSLI (Multiple Listing Service Long Island) or keeping it in tip-top shape. You won’t have to worry about making repairs, upgrades or and renovations to the house before selling it. You wont have a potential sale fall through because of a missing Certificate of Occupancy or as a result of some other un-permitted work. There is no need to hire a photographer, market the house or pay to have it listed. You won’t have to pay out any commissions once the house is sold. There are no home inspections (or”repair lists”), appraisals that fall short or sellers who ultimately cannot get their mortgage approved. No “double closings” that require tight time lines with multiple attorneys, two sets of buyers, multiple bank approvals and two appraisals! With a direct sale, you can avoid gambling with the sale.
With a We Buy Houses like our company Comax Properties, when we agree to buy a house, you will get an all cash, as-is deal that can typically close in 3-4 weeks. There are No contingencies on these types of deals. There is no bank or mortgage company involved, no appraisers, no home inspectors! Sellers also get to pick the date they want to close on. Be it one month two months or whenever.
No Debating Who Pays for What
People who are going through a divorce can be quick to point the finger. Things you might not have argued about before can quickly become an area of contention. Who will do the cleaning? Pay for the landscaping? Deal with the lender or pay the mortgage, insurance, PSEG, National Grid, the water company? Selling can be a lot of work and it is important you are able to work together throughout the process. The last thing you want to do is set yourself up for more arguments and hassles over a house that will ultimately be sold.. When you sell the house in a few weeks as opposed to a 5-6 months, you can avoid many potential conflicts.
A Fast Sale Provides Closure
You will both be able to move on quickly without the financial ties to a shared property. When you list the house, you could spend months finding a buyer. From there, it could still be several more months until the sale is final. All of this unknowing makes things even more stressful. If you are getting a divorce, you will likely want to be able to move on quickly rather than dragging things out. When you sell your house to a direct cash buyer such as CoMax Properties, you won’t have to extend a situation that is likely pretty painful already. Selling your house quickly and easily will help everyone move on.
If You Hire An Agent…
If you decide you would rather give listing a shot, set clear parameters ahead of time. Decide how selling costs and commissions will be handled and who will have to deal with the agent, with showings, cleaning, maintenance, receiving offers, etc. Determine your lowest acceptable price and decide how the profits will be divided if it is not already laid out in your divorce agreement. While you might get lucky and have things done right away, you are more likely to spend several weeks or months waiting for things to be finalized.