Selling your home is stressful enough, as is going through a divorce. Combining the two can be one of the most stressful situations you ever encounter. With so many expenses, papers to sign, and legal situations to navigate in both situations, having to do them simultaneously can be challenging.
You may not have considered selling your home to cash home buyers in Virginia Beach, but it may be the type of sale perfect for your situation. Outlined below are a few reasons why a cash sale is an excellent option during divorce and how it can benefit you:
Avoid Real Estate Fees
We know that you are likely already paying a good chunk of change in legal fees during this period, and you likely aren’t eager to add another professional to pay. Selling to a company that buys houses in Virginia Beach allows you to bypass a real estate agent and sell directly to the buyer. With an average commission of 5% and an average home price of $320,000 in the area, a real estate agent can take an average of $16,000 for your home sale.
Dodge the Hassle of Refinancing
Often, a couple will choose to refinance their home when encountering divorce. This can be tricky to navigate, as you and your previous partner will likely have different financial situations after the divorce. Refinancing can also take a bit of time, so if you find yourself searching “sell my house fast Virginia Beach,” refinancing is likely not the best choice for you.
Expedite Division of Assets
Homes can be a tricky thing to handle in a divorce. The question of who gets to maintain ownership of the home, whether it will stay under both of your names, and whether one of you gets to live in it or not can all be things that draw out court proceedings and negotiations. Additionally, if you choose to retain joint ownership of the home, the conditions of your divorce may require that if you sell the home in the future, both of you need to agree, and the profit needs to be split, which means that the divorce isn’t truly behind you for a while.
If you sell your home for cash before or during your divorce, you may have an easier time dividing up the home’s value. Once you have sold your home to a cash buyer, you can take the funds and more easily divide them between you and your ex. This process is much easier to handle between the both of you, your lawyers, and the courts, rather than the physical asset of the house itself.
Improve Your Financial Start
Selling your home during a divorce can allow you and your ex to leave the divorce with few to no strings attached and start your independent financial futures on the right foot. Without a home that is jointly owned between you and with some money in your pocket from a cash sale, you can both leave the divorce with the ability to start your finances fresh.
Get Quick Cash to Pay Legal Fees
Divorce lawyers can charge hundreds of dollars an hour for their services, and when divorces get drawn out, the fees can end up costing a figurative arm and a leg. If you are worried about being able to afford your legal fees, selling your home for cash can help ease your worries. Since this type of home sale goes through quickly and gives you cash directly, it can help you cover the costs of your lawyer and the divorce.
Kickstart the Move-Out Process
If you or your ex have been dragging your feet at the thought of dividing up what is in the house, packing it all up, and moving it out, selling your home before or during the divorce may help jumpstart the process. A little push to help you divide and pack away your things can help you leave the divorce behind you more quickly once it has gone through because you will have already packed your things and moved on.
Simplify the Process and Start Fresh
Change is always difficult. When it comes to selling your home, the emotional value of the property can make it difficult to let go of. In divorce, changing financial situations and lifestyles can be overwhelming. Thankfully, when experiencing both challenges at the same time, there are options to help you get through these tough times quickly. A cash home sale in Virginia Beach allows you to avoid costly fees, pay legal fees, put some money in your pocket, and move on with a fresh start and a brighter financial future.