Want to sell your house fast after Divorce? Here are 3 things you should know before you sell.

Without a doubt, divorce is hard. That may be an understatement. It can take everything out of you leaving you feeling helpless. To add insult to injury, you’re stuck dividing shared assets with your spouse. Usually the largest asset, and hardest to part with, is the house; and who gets it? It’s the place where you’ve built memories, good and bad, and it almost becomes a part of your family. Now your left deciding whether you assume the mortgage and stay in the house or sell your house fast and move on with you life. Despite which decision you choose, here are some helpful tips you should take into consideration during this process. 

If one spouse stays in the house, refinance.

Let me start off by saying, I’m not a lawyer, so please consider hiring a family lawyer to help you navigate this process. That said, here are some things I’ve learned. If one of you decide to stay in the home and you’re both on the mortgage, I strongly recommend that you refinance your house. Here is why. If the one who is staying in the house, and assumes the mortgage payments, stops making payments, it will destroy both of your credit scores. Even if you pass ownership of the house by removing your spouse's name from the title, by way of a quit claim deed or grant deed, it only affects that actual title for the property and doesn’t transfer who’s responsible for the underlying loan. To release someone from financial responsibility from the mortgage, you will need to refinance the home. If you refinance the property, the spouse who is leaving can be removed from the title and be released from the mortgage obligation all in the same transaction. 

Can I afford to stay in the home? 

To protect each other’s credit, it’s best to refinance if one party wants to say in the home. However, refinancing isn’t always a breeze either. You’ll have to work with the bank to renegotiate interest rates and you’ll end up needing to pay for closing costs again. 


Common mortgage & Refinance Costs


Source: https://www.lendingtree.com/home/refinance/how-much-does-it-cost-to-refinance/


For the spouse who wants to stay, it may be difficult to afford the mortgage, taxes and insurance without the other spouse’s income. In this case, selling the home relieves a huge financial burden. 


Two ways to Sell My House after divorce

Selling with a realtor

To get the highest retail price when selling your house, your best bet is to higher a licensed realtor in your area. This is the most common way to sell a home but it’s definitely not a fast process, in fact, it’s a very slow process. According to Clever, in 2019, the average amount of time it takes to sell a home — from listing through closing — is approximately 68 days.


First you’ll need to fix up the property, declutter, and clean the house so that the house will be marketable on the MLS. Once the house is listed, you’ll have to wait for someone to make an offer on your house, secure financings, and navigate the never ending inspection process. Then you’ll need to wait at least thirty days to close on the property. In addition to paying your closing costs, you’ll also need to pay for both your realtor’s commission fee (usually 3%), and the commission of the buyer’s agent (3%). 


Hypothetical Selling Scenario

If your house sells for: $200,000 

Raltor commission (6%): $12,000

Approx closing costs: $4,000

Repair Scenario: (new carpet, fresh paint, wall repair, dumpster): $5,000

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Assuming no mortgage, you’d walk away from closing with: $179,000

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Selling your house fast for cash to us!

Listing with a realtor can add months to the process. The inspection usually adds further delays. If you have to fix up your house to meet FHA requirements, you could be looking at a huge investment of time and money. And if your buyer needs financing, approval can drag on for weeks. When you need a quick sale. The ideal solution is a cash buyer. At Penn House Buyers, that’s how we do business. We buy houses as-is. No clean up or repairs are needed. Plus, you don’t pay commissions. We cover normal closing costs and we can close as fast as 7 days or on your schedule. Our experience and process will make it fast and easy for you to sell your house fast. If you need a quick sale, give us a call at 717-584-8622 or fill out the web form below.