It happens, and it’s usually unpleasant, to say the least. If you’re going through a divorce, you certainly don’t want to add to the anguish and inconvenience, especially when it comes to splitting up your assets. Finding someone who is in the market to buy a house in Metro Detroit – in this case, your house – may be one of your goals at this time.
You have several options if you need to sell your house quickly in a divorce. But wouldn’t it be great if you could sell your house fast for cash? That way, you’d be able to expedite the whole unpleasant process and have some cash on hand to help clear debt and pay attorney’s fees. But, first, before you decide, consider your main options.
How to Sell Your House Quickly in a Divorce in Metro Detroit
Go Through a Real Estate Agent
You could always take the traditional route and work with a real estate agent, like us, since we are licensed agents. This option means you won’t have to handle the many complexities of selling a home, such as hosting showings, negotiating offers, drawing up contracts, or dealing with other intricate details. We manage all these aspects, making the process less stressful and time-consuming for you.
Example 1: Imagine you have a busy schedule and can’t commit to the time and effort required to sell your home. As your licensed agents, we handle everything from staging the property to marketing it, scheduling showings, and negotiating with potential buyers. This hands-off approach allows you to focus on your daily life without the hassle.
Example 2: Suppose you’re unfamiliar with legal contracts and don’t want to risk making mistakes in the paperwork. We, as licensed agents, ensure all the documentation is handled correctly, protecting you from potential legal issues down the road.
While this is certainly a convenient and effective way to sell your home, there are some drawbacks. You’ll likely need to pay for an appraisal, which is an added cost. Additionally, your home might need to be shown multiple times before finding the right buyer, which can be disruptive if you’re living in the property.
Even after you accept an offer, there’s usually a waiting period for the buyer to secure financing, and the closing date is typically 30 to 60 days out. Overall, the entire process often takes a minimum of three months, so if you need a faster sale, this option may not be ideal.
Do a Short Sale
In simple terms, a short sale occurs when a homeowner sells their house for less than the outstanding mortgage balance. This process requires the approval of your bank or mortgage company, which agrees to accept a lower payoff amount to settle the debt.
Example 1: Imagine you owe $250,000 on your mortgage, but the current market value of your home has dropped to $200,000. In a short sale, you might find a buyer willing to pay $200,000, and your bank agrees to accept this amount, even though it’s $50,000 less than what you owe.
Example 2: Let’s say you lost your job and can no longer keep up with your mortgage payments. Instead of facing foreclosure, you negotiate a short sale with your lender, allowing you to sell your home at a reduced price and avoid a lengthy and stressful foreclosure process.
A short sale can be faster than listing your home traditionally through a real estate agent, but there are some drawbacks to be aware of. For instance, a short sale will still negatively impact your credit score, although not as severely as a foreclosure. The best outcome for your credit in this situation is to receive a “Not Paid as Agreed” mark on your credit report, which is far less damaging than the “Foreclosure” notation that could linger for up to seven years.
The advantage of a short sale is that it provides a way to walk away from your property debt-free, giving you the chance to rebuild your finances and avoid the long-term financial strain of foreclosure.
Try a Company Buying a House for Cash in Metro Detroit
Another option – and maybe the best one if you need to sell your house quickly in a divorce – is to try a Metro Detroit cash home buyer. If you do this, you can expedite the whole process, get a fair value for your house, and avoid much of a headache.
The whole process of selling your home to such a company – for a fair cash offer – can take as little as seven days – just one week, not months. Again, the professional home buyer buying a house in Metro Detroit pays cash, which means you don’t have to sit around waiting for a retail buyer to get a loan. Also, you won’t have to pay for any repairs to your house before you can sell it. The company will make and pay for all needed repairs. In addition, the reputable companies pay all closing costs.
If you need to sell your house quickly in a divorce in Metro Detroit, you just might consider a cash home buyer in Metro Detroit. It’s easy, It’s fast. You’ll get a fair cash offer.