Houses are your most significant assets and can prove lifesaving in financial hardship. However, as a married couple, the ultimate hardship can be the divorce period when you might need to sell your home fast for cash to meet the embarrassingly high monetary needs.
The process of selling a house for an urgency may seem simple, but there are many complications involved, which you must navigate correctly to make the most of. In this excerpt, we’ll examine all the scenarios you may encounter when financial needs are pressing, but getting the right sales figures is also critical.
Understanding The Different Selling Options When Trying To Sell Your Home Fast For Cash
Swiftness is a major aspect when selling your home during a divorce. There are two ways to proceed with the sale.
The first is the traditional selling process, which requires repairs, listing, buyers’ visits, etc., which can be a little exasperating as you struggle emotionally. Moreover, it can also spark rumors, which may add to your uneasiness, as the traditional selling process has its signature ventures like house tours and market staging, etc.
On the other hand, a more fitting option is home cash buying. As the name implies, these companies or personnel don’t require you to list your property, take care of maintenance, or follow other procedures involved in conventional house selling [1]. The assurance of privacy and swift resolution of matters make the approach admirable in desperate financial needs.
Tips To Properly Sell Your Home For Instant Payouts
Divorces are undoubtedly emotionally and financially taxing, and a prolonged process of selling a house can add to the challenges of the already stressed situation. Moreover, living in a house on the selling market for an extended period can hinder healing. In this section, we’ll observe what things you must remember regardless of your selling preference.
1. Finding The Right Selling Medium
If you want to sell your home fast for cash, the first step is to track down an authentic real estate agent. These professionals are well aware of the present-day market trends and customers’ inclinations and can guarantee a successful sale without straining things.
However, on the downside, real estate agents require a selling commission from both selling and purchasing parties. You’ll probably have to pay 2 to 3% more than your selling price when selling via a realtor [2]. However, if you are willing to try your luck with cash home buyers, pick a credible company to avoid inconveniences.
It is also critical to know the kind of financial hardship you are facing. If you’re going through a divorce, you’ll need a swift solution, and cash home buying is the best option. However, traditional selling will work best if you have some other financial problem that requires a flexible solution.
2. Setting The Right Price
The real estate market is rising, and house prices will only increase. Hence, it is vital to set the right price for your home. If the set price is extravagant, it will drive customers away, resulting in a prolonged sale.
Note that you do not have to set the house price yourself. Your real estate agent can handle the job handsomely. You can also offer them the figures you have in mind, and they can clarify whether they align with the market trends.
Even if you are picking the cash home buyers to sell your home fast for cash, it is important to set the right price so you won’t feel understated. You can hire an appraiser or a real estate agent to help you. Moreover, researching the local cash buyer can help you decide on a fair figure.
3. Seek Multiple Options
The next thing you have to do is avoid deciding on a buyer without comparison. Financial hardships can be daunting, but the guilt of selling short will eat you up inside. Hence, take your time and compare different buyers to make an appropriate sale.
Similarly, if you have decided to cash sell your home, reach out to various buyers to close a better sale. Your insights from the market and buyer comparisons will also ignite buyer competition, leading to better offers on the table.
Another common solution is to use social media and ask your friends and family to spread the word to get better offers. However, in the case of divorce, this approach may not work perfectly as it will force you to lay out the real reason for the house sale.
4. Calculate The Final Amount
Compare the net proceeds to know what amount you will have once after the deductions. As a first-time seller, deductions comprise transaction fees, maintenance costs, attorney fees, mortgage fees, etc., when you try to sell your home fast for cash. Calculate all the costs to know the final sales figures and whether they’ll suffice.
At least with cash home buyers, you don’t have to deal with such hassles. However, selling a house on a mortgage is only beneficial when you make more money than the loan you own.
The additional amount can be used to pay off the mortgage, and the rest is your profit, which you can use to deal with the financial requirements of a divorce.
How To Deal With A Joint Mortgage When Selling A House During A Divorce?
In most cases, people misunderstand the mortgage rules during a divorce. Therefore, it is important to note that the mortgage must be paid regardless of your hardships or marital issues.
However, it is recommended that you let your lender know about your difficulties because, in most cases, lenders are sympathetic and allow you some flexibility. In most situations, couples tend to follow one of the three approaches: [3]
- They sell the property and pay off the mortgage
- Keep the property and pay the mortgage
- Or one party buys the other one out and pays the mortgage.
Final Takeaway
Everyone faces financial hardships once in their lifetime, and if you own a house, you might be tempted to sell your home fast for cash. If you are going through a divorce, selling a house may not be a one-sided solution, as you must respect your soon-to-be-ex spouse’s wishes.
Either way, you’ll need instant cash, and therefore, it is best to choose cash home buyers over conventional house selling as it is less time-consuming. Tide Water Properties is a significant name in the cash home-selling market that can assure a seamless, straightforward, profitable home-selling experience.
FAQs
- Do cash home buyers always pay in cash?
Paying in cash is not an obligation. The term implies that these entities (a person or a company) buy your property outright without requiring listings, staging, or house tours like conventional home selling.
- How long before you receive the payment if you sell your home fast for cash?
Typically, cash closing can happen in 7 to 14 days [4]. However, you can communicate your urgency to the cash-buying company, and they can speed up the process to guarantee payment within days.
- Do I have to pay a commission to sell cash at home?
Absolutely not! Since no real estate agents are involved in cash home buying, you do not have to pay an agent commission in this approach.
- Why is conventional house selling not a first choice during a divorce?
For numerous reasons, conventional house selling is often not the first choice during a divorce. Common drawbacks include lengthy processes, potential disputes, and the emotional stress of dealing with repairs, showings, and negotiations.
References:
[2]https://www.investopedia.com/articles/mortgages-real-estate/08/sell-down-market.asp
[3]https://www.fastexpert.com/blog/selling-house-fast-after-divorce/
[4]https://www.bankrate.com/real-estate/process-of-selling-house-for-cash/
