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 New Jersey – 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 New Jersey
Go Through a Real Estate Agent
You could always take the traditional route and go through a real estate agent. If you do, you won’t have to worry about showing your house and drawing up contracts and the myriad of other details because the agent will take care of all this for you. This is definitely a viable option, but there are some significant drawbacks.
First, you’ll have to get an appraisal, which will cost you. Your house will likely have to be shown multiple times, and when you do get a buyer, you’ll have to wait for them to get financing. Also, when you accept a buyer’s offer, the closing date generally won’t be for another 30 to 60 days. The average time for this whole process is generally a minimum of three months.
Additionally, while your house is on the market, you will still be responsible for ongoing costs such as utilities, property taxes, and maintenance. This can add up, especially if your house stays on the market for a long time. In some cases, homes can stay on the market for six months or more, depending on the local market conditions and the attractiveness of your property.
When your house finally sells, you will also need to pay a commission to your real estate agent, typically around 5-6% of the sale price. This commission can significantly reduce the amount of money you walk away with, which is something to consider, especially during the financial strain of a divorce.
Do a Short Sale
Another option is a short sale, which means someone is buying a house for less than the mortgage. A short sale involves an agreement with your bank or mortgage company that will allow the sale of the house for less than is owed on it. This route can sometimes be faster than going through an agent, but it, too, has drawbacks.
For one thing, it can negatively affect your credit. Credit-wise, the best you can do in a short sale is to get a “Not Paid as Agreed” notation on your credit report. But that’s a lot better than having to suffer a foreclosure, which can ruin your credit for seven years. Still, if you can arrange a short-sale agreement, you’ll soon be free and clear of the property.
However, a short sale process is not instantaneous. It requires approval from your lender, which can be a lengthy and unpredictable process. This means that even though you’re aiming for a quicker sale, you might still face delays depending on how fast your bank processes the necessary paperwork. Additionally, you’ll still need to cover the costs of utilities, property taxes, and maintenance until the sale is finalized.
It’s also important to note that while a short sale can help you avoid foreclosure, it may leave you with a deficiency judgment, meaning you might still owe the bank the difference between the sale price and the remaining mortgage balance. This can be another financial burden to consider in the midst of a divorce.
Try a Company Buying a House for Cash in New Jersey
Another option – and maybe the best one if you need to sell your house quickly in a divorce – is to try a New Jersey cash home buyer. If you do this, you can expedite the whole process, get a fair value for your house, and avoid much of the 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. The professional home buyer 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, reputable companies pay all closing costs.
Choosing a cash home buyer like Beacon Realty Investments ensures a seamless experience. Our company specializes in buying homes quickly and efficiently, making it an ideal solution during the stressful period of a divorce. We cover all closing costs, and there are no hidden fees or commissions, ensuring that you receive the maximum cash value for your property. Our CEO, who handles all our transactions, is also a licensed realtor, bringing a wealth of knowledge and professionalism to every deal. This dual expertise means you can trust that you’re getting a fair and accurate offer for your home. Our team is committed to providing a fair cash offer and closing the deal within days, allowing you to move forward without the prolonged process of a traditional sale.
If you need to sell your house quickly in a divorce in New Jersey, you just might consider our cash home-buying company, Beacon Realty Investments in New Jersey. It’s easy, it’s fast, and you’ll get a fair cash offer. Let us help you through this challenging time with a hassle-free sale.