If you are currently going through a divorce, then it is crucial for you to consider what you should do with the house that you used to live in with your partner. Indeed, this is probably the largest financial and asset decision that you should make as part of divorce proceedings, as your house is likely to be your largest asset and biggest investment. You can take either of two options when deciding what to do about your house, and this blog post can educate you about many of the greatest implications of each.
You could choose to keep the house…
You could opt to keep the house for yourself, in which case, you will have to refinance the house and split the equity with the person that you are divorcing. However, this option does not quite provide the ideal solution to your house and divorce problem; indeed, choosing to keep the house yourself will mean that there will be only one person’s income to pay the total mortgage payment instead of the two people’s incomes that previously existed to pay it. The new mortgage payment will also be higher once you have refinanced the house.
Of course, it could be financially very attractive to you if the person that you are divorcing instead agrees to keep the house. However, for the aforementioned reasons, they – like you – might be financially unable to take this option. Hence, you could end up abandoning taking this option in favour of taking a different one…
… or sell the house
You could, of course, rather than keep the house, choose to sell it. However, you are likely to find this much easier said than done. Indeed, you could find attempting to sell the house in the current market very difficult; house sales are certainly slow in some parts of the country. Furthermore, attempting to sell the house in the conventional manner would see you having to not only cooperate with the person that you are divorcing, but also pay all of the mortgage payment and utility bills before the house sells. Meanwhile, selling the house through an estate agent would see you having to pay a large commission to the estate agent. Still, there is a way in which you can sell a house both quickly and cost-effectively.
How you can sell the house fast
There are many companies based online that can buy your house quickly. Many such companies regularly buy houses from people who are divorcing, so such a company will likely be courteous to your selling situation. Furthermore, you will not have to deal with the person that you are divorcing while you are in the process of selling the house to such a company. If you do opt to sell your house in this manner, for your peace of mind, make sure that the company you sell it to can give you a cash offer within 24 hours, finish buying your home within 15 days of their valuing of it and pay your legal fees.