Are You Going Through a Divorce in Utah, and Need to Sell Your Home?
The housing market is still weak in many areas; this can present a major obstacle for couples who are trying to divorce and move on with their lives. Previously, a couple could quickly and easily find a buyer for their home, split any equity from the sale, and go their separate ways. Now, it’s not that simple.
One side effect of the weak housing market is a huge drop in the value of homes. Many homeowners find themselves to be “underwater” on their mortgage loan, meaning that they owe more on the home than it is worth. This obviously leaves a divorcing couple no equity to split, but it can also leave both parties owing money. A divorce itself is expensive, and most people don’t have the extra cash lying around to pay off what’s still owed on the house after the sale. If there are bills to pay after the divorce, the equity from the home could be very helpful in getting these paid. If there is no equity, each party will walk away with quite a bit of debt.
Many judges will order the sale of a house as one of the conditions of divorce. This is done for several reasons; one of these reasons is so both parties to the divorce will come out with an equitable settlement, and neither party will benefit from the sale more than the other, or be saddled with a house that is too much for their budget and their needs. This is all fine and dandy, but it can be a nightmare to sell a house, especially if it won’t bring what is owed. A house can appraise at any amount; however, a house is only worth what a buyer is willing to pay for it. Plus, there are realtor fees and closing costs, as well as other expenses that must be paid when selling a home.
Many couples get into trouble when they attach sentimental value to a house, or use it as leverage against the other spouse. One party or both can attach emotional value to the house and ask more than what the home is worth as a result. In the case of a very contentious divorce, one party may demand more than they know the house is worth, in an effort to keep the house from selling and punish the other party. These reasons, as well as others, can cause the house to be listed too high, and no buyers will even look at the home or consider a purchase once they see the exorbitant price tag. Both parties must also agree on showing times, agree to accept offers or reject them. Most buyers don’t want to deal with a house that has drama attached, and this can cost a sale.
If a conventional sale won’t work, it may be wise to look into selling the home to an investor, such as I Buy Utah Homes. This will help a couple eliminate many points of contention. An investment company will be able to give honest information with no bias, so neither party will feel slighted or like they are getting the short end of the deal. These investors will apprise the parties of all of their options, with pros and cons of each, and help the couple make the decision that is right for them, their home, and their situation. In many cases, the investor can make the couple a cash offer for the home, so both parties can move on with their lives without as many encumbrances. The payout will be made within a few days, giving each party a clean slate. In addition, there are no real estate commissions, closing costs, escrow and title fees or transfer taxes to be paid as with a traditional sale. And the home will not sit empty inviting vandals or decay while a buyer is found.
How I Buy Utah Homes Can Help You After Your Divorce
If you have recently been through a divorce, are in the process of becoming divorced, or are contemplating a divorce, the team at I Buy Utah Homes can help you with your real property questions. Give us a call today for more information, so you can move on with your life without being tied to your ex, or having the encumbrances of a mortgage or home you don’t want.