The decision to divorce is never an easy one, whether the marriage lasted only a few years or more than a decade. Once the divorce process is put in motion, the task of dividing assets is the next step. Again, this can range from the easy non-contested division of property to much more complicated situations. Even if the divorce is as amicable as can be under the circumstances, a couple that has been together for a number of years typically has multiple assets and properties that need to be divided.
Selling A Joint Property
A bank account is easy to divide, based on an ending balance at a certain point in time. A retirement account is also easy to calculate. But what about a house? Houses have different values depending on who evaluates and the timing of the evaluation. Also, a house cannot be liquidated at will, like closing a bank account. Selling a joint property depends on a favorable real estate market, the condition of the house, the location, and numerous other factors. No matter the willingness of the sellers, the actual sale is not under their control and can become an additional point of stress in an already emotional time.
Reasons A House Does Not Sell
- Buyer’s Market: The real estate market is flooded with homes for sale and buyers have plenty of options to choose from. It can be difficult to attract prospective buyers to even visit your home to take a look, let alone get them to put in an offer.
- Down Economy: When the economy is in a downward spiral, the housing market is affected for both buyers and sellers. There are fewer buyers as people lose their job or fear for their existing one, and are less likely to make large purchases. At the same time, many sellers flood the real estate market trying to sell their home to stay afloat during the economic downturn.
- Location: The location of your home can be a real hurdle to selling if it is located remotely or in an area where there are not a lot of employment opportunities.
- Disagreement: If you do happen to get an offer on the house, all owners need to accept and sign off on the offer. If you jointly own the house and only one of you agrees to accept but the other refuses for whatever reason (e.g., price too low, timing, spite), the potential sale will fall through.
Selling Your Home Quickly
If you cannot find a buyer in a reasonable amount of time, you may start to feel you have no other option than foreclosure or short sale, which will hurt both of your credit histories in the process. There is however an alternative option that you may not have considered yet: investment companies. Companies like I Buy Utah Homes specialize in acting as a third party, providing independent evaluation and feedback on any house. With personalized recommendations, they can help you identify areas of concern with your house that prevent a sale. Moreover, investment companies can offer payment for houses. This means immediate cash for your house without the extra expenses of closing costs, realtor commissions, and escrow fees. You can sell the house as-is and receive a cash payment within a few days.
The goal is to get rid of your house as quickly as possible so both of you can move on with your lives. Why continue to pay for a mortgage on a house that is no longer your home? Before considering options that damage your credit history, look into a convenient cash option with iBuyUtahHomes.com and move forward without further delays.