Sell a House During a Divorce on Long Island
What happens to the house during a divorce?
Thousands of Americans get divorced every year. If you’re one of them, a big question on your mind is probably “what happens to the house?”
Housing can quickly become a sensitive subject during the divorce process, and it’s essential that both parties know their options. We have a lot of experience buying homes from couples looking to go their separate ways and get on with their new lives, and here are some of the more common reasons they choose to sell to us:
They can’t agree on who will keep the house
One of the biggest reasons divorcing couples choose to sell is that they just can’t come to an agreement on who gets to keep the house. Divorces are emotional as well as legal events, and two people who have a lot of anger and animosity toward each other may not be able to come to any mutually agreeable solution. When children and custody battles are involved, it can make the process even more difficult. In these situations, stalemates often dictate that selling is the only viable option.
No one can afford to keep the house
While both parties may desire to keep the home, it’s entirely possible they may not be able to afford to do so. If they were a dual income family, it’s certainly possible they may not be able to afford the payments with either single income. This could be exacerbated by the fact that the one keeping the house would likely have to “buy out” the one leaving- and that can be even more financially draining.
It’s just the easiest option
Selling a house as part of a divorce may just be easier, both financially and emotionally. If one of the spouses decides to keep the house, it can often mean reliving bad experiences day after day. There are also numerous financial implications involved. For instance, the spouse keeping the home will be required to refinance the mortgage (assuming they can even qualify), while the exiting spouse will be required to file a quitclaim deed in order to absolve them of any tax or lien obligations.
Focus on moving forward, not out
Your home is a difficult asset to deal with during divorce for all the reasons mentioned above, not to mention you have no control over the timing of the sales process or market conditions. Leave The Key Homebuyers can help by making an all cash offer for your Long Island home, allowing you to get on with your new lives. This leaves you more time to focus on moving forward, not out.
Contact us at (631) 388-7771 to get your free, no obligation offer for the fast cash purchase of your home.
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Or give us a call at 631-388-7771