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The good news: U.S divorce rates are at a 40 year low.
The bad news: They still happen often.
A divorce can be one of life's most stressful events. It puts a mental, physical and emotional strain on you that is difficult to manage. Quite often, your house is the most valuable asset you own. Not to mention, it provides a place for your family to live.
Before selling your house, please speak with your lawyer and make sure it is the right move for you. When the time is ready, consider the options you have below.
The clearest option when going through a divorce is to sell the house through an agent. However, if you owe more than house is worth or it is not in ideal showing condition, it may be difficult to get the price you want, especially after commissions.
Real estate agent commissions are expensive and the process is lengthy. You have to deal with picky buyers, wait for them to obtain a loan, and constantly show your property to people who won't wind up buying it, causing a major disruption to your already hectic schedule.
While a short sale isn't ideal, it may seem like the only option you have. A short sale occurs when a seller tries to avoid foreclosure by admitting to the bank that they can no longer afford the mortgage.
Much of the willingness of the bank to work with you on the short sale depends on your credit score to begin with. If you are starting with a less than ideal score, the bank is less likely to work with you.
If the house is in both you and your spouse's name, your credit scores will both be affected. The process can also span many months and cause a lot of undue stress.
If you or your partner agree to let go of the house, the person keeping it can choose to refinance. This can only happen if the person keeping it has good credit and can afford the payments and maintenance of the house themselves.
Foreclosure and Bankruptcy are two things you definitely want to avoid in Philadelphia. Not only will your credit be ruined for a long time, but you will likely receive little to nothing in return for giving up the house you worked so hard for!
Property Buyer Connect specializes in buying Philly houses for cash. Give us a call and we can work with you to see if this is the best option - it may not always be! There is no obligation and no silly sales tactics. If it doesn't make sense for you to sell for cash, no problem!
If your house is in the Philadelphia area we could make you a cash offer in a matter of days. We can always work with you on the closing process - anywhere from a few days to a few weeks if you need the extra time!
If you need to sell your Philadelphia area house fast and would like to get a no-obligation cash offer, call us now at 215-399-0050. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.
Give us a call at 215-399-0050 or fill out the form below to get started. We look forward to talking with you1
Your options for selling your house during divorce in Philadelphia