Selling your house during divorce
Are you thinking of selling your house during divorce? No one wants to imagine a divorce yet if you look at the recent statistics here – there are a lot of divorces take place in Australia.
Going through a divorce is tough by itself. Many of my friends had to go through the nightmare of realisation that they are no longer partners. Yet selling a house during divorce just adds to the stress and makes life even more complicated.
It seems even under the best conditions when ex-couple still talk to each other, there are always challenges along the way. Sometimes due to money couples have to stay together in the same house. This alone does not leave any room for private life and there is no “happy, ever after”
Divorce?
Due to home ownership ex-partners cannot move-on and establish “new-life” they “tight” to the property and sometimes it makes their life a living “hell”.
Options for Selling your House during Divorce Put it on the market or “Short Sell”
Would you agree while it looks you have many choices yet the ultimate solution is to sell your property to “Free-Up” money? Holding onto the current property doesn’t help in moving on in life. However, it might not be so easy especially in the current market. As we all know, the interest rates are historically lower than ever and it looks like the Government doesn’t want to do much in order to spruce-up economic development.
Your situation can be even more challenging if you owe more on the mortgage than your house is worth. If this is the case, you’ll need to pay off the difference on the loan after the sale “Short sale”
Issues with Short Sales in Australia
This is a lot easier to say rather than do in Australia. Many banks would want you to pay for the mortgage in full. Yet this can be negotiated with your bank. The situation would normally look like this:
Due to decreasing property prices, your house no longer can be sold for the loan amount. In addition to it, often we see situations when ex-couples simply do not have energy or funds to pay for renovation to increase the value of their property.
You and your ex have a house which after the sale could potentially have a small balance yet to pay and with your bank’ agreement the difference can be converted into personal loans which you pay off in due course.
An alternative, and in our view a better option if your property can be revamped to increase the value in your home, so to partner with someone, complete the renovation process to increase value and sell. If by now you wonder how it can be done, don’t hesitate to call to discuss.
Refinancing Your property during Divorce
Frustrations from selling your house during divorce
If you have enough equity in your house the best option is to refinance. This only works as long as both of you yet have “appropriate” incomes and can “service” increased level of debt. Refinancing can help you to buy separate properties and sell your ex-house without being attached to it.
Can One Spouse Keep the House instead of Selling your house during divorce?
In the majority of situations if both of you are on the “title” and on the mortgage – your house would have to be refinanced with a bank. If your ex-partner wants to keep the house don’t expect the transition to be a smooth process.
For the bank, it means one of your names have to be taken off the title and the mortgage – which means the party who wants to keep the property must be able to service a new loan. Here you can read more about “Divorce & Mortgage”
To qualify for a new mortgage can be a tough a daunting task unless you have high enough income or really high equity in your house.
Where would you move?
Have you thought about your new place? Are you going to rent or you are in the position to buy a new house? Would you need a mortgage?
If you want to buy a new house – have you checked your new mortgage amounts – would they be affordable? What about your kid’s school?
What about relocation cost? Do you need to hire a storage unit?
All of the above have to be taken into the equation.
Selling your house during divorce can create stress
How To Sell Your House Fast
While selling a house during divorce is a hard task on itself keep calm and try to avoid all arguments. Arguments can be extremely costly. Many real estate salespeople would tell you that couples, who argue and collide all the time, while selling a house during a divorce, often don’t agree when it comes to the decision time. You have to be able to negotiate at least the following:
- Fixing up the house: “yes or no” and what would be the result of the renovation.
- Listing price
- Sale price
If you argue you simply extend “the situation” in your life. Potentially you could jeopardize the sale or the renovation process and worse yet, your house mortgage could attract late fees or even worse – credit issues. We recommend setting aside your differences and unfulfilled expectations and see the selling process as one of the stepping stones to your free and comfortable life…ever after.
Hire a Realtor to Sell Your House
Would you agree the majority of people hire a real estate salesperson to sell their home? Alternatively, they can try to do it themselves yet selling a house during a divorce can be a much harder task to complete.
What needs to be taken into account to get the house ready for the sale?
- Renovation
- Is the house vacant? If not who is going to get the house ready for open homes?
- Real Estate salesperson commissions – have you calculated how much would it cost you to sell your property? Typically real estate salesperson would charge you between 2-3% of the sale price plus marketing expenses.
Instead, why not sell your home to Vlad Ivanov or to one of his buyers? When selling a house during a divorce, I can give you a fast sale and cash. Alternatively, we can create a partnership to complete all necessary repairs.
Please fill out the form below to start the process or call me- I always answer my phone.
If you are thinking about selling a house during divorce Vlad Ivanov can make you a cash offer within just a few hours. Typically with a settlement in just a few days, you’ll be free of your house and able to move on with your life to your better future. Not to mention you’ll have cash from the sale and can immediately begin prioritizing your financial goals and plan your next step.
Losing money due to divorce
Sell Your House to a Cash Ready Buyer
There are two options:
First is when Vlad Ivanov is going to buy your house. The second option is to sell your house to a cash ready buyer using Vlad Ivanov’ network.
This gives you the best of both worlds and allows you to complete the sale process fast! Once again we buy houses in any condition or situation, and you won’t have to worry about any repairs, you save on commission costs and you can receive a quote in just a few hours.
Once you contact us:
- We discuss your situation
- Inspect your property
- You receive “Market Appraisal Report”
- You receive our written offer
Vlad Ivanov or one of his network clients provide you a cash offer within a few hours and keep you well informed about the whole process and settlement takes place on your terms, literally whenever you and solicitors want. Your house can be sold in a week yet often lawyers take longer.
If you need to sell your house fast and would like to get a no-obligation house inspection and a cash offer, call us now 0484-330-760 Whether you decide to sell your house to Vlad Ivanov or to someone else, we would like to discuss and answer all possible questions you might have about the process.
Get a Cash Offer Today
Lucky for you, Vlad Ivanov can facilitate the sale of your House Today. We work fast to get you a no-obligation cash offer for your house within just a few hours.
Are you thinking about selling a house during divorce? You are only one step away from the sale just complete the form below and we call you, alternatively you can call us and we do answer calls.
Torture of Selling your house during divorce
The worst imaginable case scenario is to sell your house due to divorce after the property was on the market for a few months and lose money on it. This is where you have to decide what is the likelihood of “wait for & pray for sale” approach is going to be better to compare to “quick sale”. There are a few things to consider:
- Most importantly – your stress levels – as we all agreed above it not an easy task of selling your house during divorce.
- “Holding Cost” – from the financial point of view – this asset is no longer needed and therefore sooner you can get money is better. If you are going to sell the property “vacant” it means you have to pay for it while it “awaits” the buyer.
How to live your life after the divorce
Who are potential buyers for your house?
Vlad Ivanov works with a number of property investors. Typically Vlad Ivanov’s team role is to source the property. Would you agree we all like “some help” when we face a tough decision to make and we recognise your problem and tailored our solution. Selling your house during the divorce to us can help you to avoid problems and offers a quick financial solution due to the fact that our property investors are ready to buy today.