It’s no doubt divorces can be are undoubtedly messy and can get very heavy on your wallets. Couples have to pay for lawyers, documentation and need to decide how they will split their assets – some of which can be sold for money.
The biggest asset that couples share is their house and if mortgages are handled correctly, both spouses can begin their new lives while being financially stable.
Couples that are splitting up have three options when it comes to their house:
- One spouse takes over all the house’s payments
- One spouse signs a quitclaim deed where they are still responsible for all the payments but do not have any rights over the house
- Couples can choose to sell their house and split the cash
Here’s what you need to know about the three options:
When your spouse wants to stay in the house and take over the payments
In a scenario where one spouse wants to continue living in the house while taking over all the payments, they will have to meet the requirements to qualify for refinancing with just their own income.
On the surface, this deal looks great but in the case, your spouse fails to make a payment, the mortgage company will hold both you and your spouse responsible – even if your name isn’t on the deed. As far as they are concerned, you both are liable for the monthly mortgage payments.
Signing a quitclaim deed
In case of a quitclaim deed, one spouse takes responsibility for the mortgage payments while they lose their right to the house. For example, a father might choose to move out of the house while letting his family stay in the family home.
The father can continue paying the mortgage to support his family but he doesn’t have rights over the house, his partner has the right to sell the house whenever they wish.
Selling a house during a divorce
Choosing to sell a house during divorce is by far the easiest option. When both partners have equity in the house, the process is even easier. By selling your house, both of you have sufficient finances to start over.
There is a process used when trying to sell a house during a divorce. You can either decide to work with an agent or a real estate agency to achieve your goals. You need to understand that working with a real estate agent comes with agent commission while working with us is fast and free. An agent will have to go through the normal process of listing your home on the market to get buyers while we make an instant cash offer for your home.
In case you need a faster option of selling your Jacksonville home during a divorce, you can consider Jax Cash Buyers your best option. Working with an agent can be a lengthy and stressful process.
Jax Cash Buyers is a Jacksonville based real estate company aimed at creating the best possible solutions for residents in and around Jacksonville, FL area. There’s no need to worry about the problems caused by an agent, no need to worry about spending extra cash on agent commission while trying to sell your home, it can all be done for free. You don’t have to spend extra cash on repairs and cleaning, we can make a fair cash offer that you won’t ever have to bother with your home.
Some Helpful Advice
- Getting a divorce and also selling a home can be really heartbreaking, as well as stressful.
- Having knowledge and understanding about what you can do with the home can make you breathe a sigh of relief.
- With the aid of a divorce attorney, you will get a better understanding of the available options, in order for you to make a decision that is well informed.
- You may want to consider putting the home up for sale on the real estate market, and that is a solution; however, it is burdensome and slow if you do not know what to do.
- When it comes to selling your home in a divorce, you should handle it without emotions, because it has become a business transaction. Hence, do not let personal vendetta make you lose focus and money.
- Because the sale of the home has become a business transaction, you both need an agent that will function as the go-between; hence the agent handles the communication you both.
- It is imperative that you get an agent that can be trusted by both parties. Most times the agent who sold the house in the first instance may be the right person, however, if it does not happen that way, then you may need to get your attorney to give you both recommendations, and thus pick the best.
- You cannot abandon the mortgage, and if the home was bought with the names of both parties, and loan too, then both spouses are saddled with the responsibility to clear the mortgage. If the mortgage is not paid during the home sale period, then their credit history will have issues.
- There is the tendency for the first impression of your home to want to discourage your prospects
- You need a company like Jax Cash Buyers to help you out, as they can take care of the whole process, and thus save you time.
If you are in Jacksonville and would like to get to us, just follow the below steps and we’ll get back to you in no time.
Here’s how it works:
- Step 1: Fill out our online form and provide us information about your property
- Step2: We’ll review the details and if you meet the buying criteria, we’ll get in touch with you and set an appointment.
- Step 3: Once we reach in agreement, we’ll prepare an official no-obligation offer
- Step 4: We’ll close at a reputable company. You’ll have cash in your hands in within a week’s time.
- Step 5: Receive your CASH OFFER NOW
If you are going through a divorce and want to sell your Jacksonville home, then we strongly recommend that you consider a local cash buyer, because we offer the best solutions in situations like this, and we can make the process really easy for you.
It’s so easy that you may find it too good to be true, but it is! Jax Cash Buyers are the key for Jacksonville homeowners. Get in touch with us at (904)513-0229 for more information; we’re happy to help in any way!