Divorces are never easy. They’re almost always messy to some degree. Courts need to consider children, marital assets, and other factors to arrive at a fair settlement. One of the most significant assets that a married couple share is their home. In the Pittsburgh area, that asset can be upwards of $200,000-$300,000 for the average property, and even more, if you live in one of the best areas within the city. Further complicating the situation, there are many times when you need to sell your house fast in Pittsburgh during a divorce as quickly as possible. You don’t want to have a real estate agent and buyers asking a bunch of questions, requesting information, etc. You want to get an offer, have an inspection, and sell your home now.
How do you sell your house fast in the Pittsburgh area, and under what conditions would you want to do so? Read on to learn all about homes and divorces in Pennsylvania.
The Home and Divorce: What Happens?
Due to its sentimentality and financial value, the home is often one of the stickier points of a divorce settlement. The divorce process is rarely as simple as letting one spouse live there or selling the property whenever feasible. More often than not, people have a joint mortgage and have joint ownership of the property. Both spouses work, contribute to the mortgage, and any divorce settlement needs to be fair to both spouses and the bank.
So what happens to your home in a divorce? According to one prominent Pennsylvania divorce attorney, there are a few options. The first option (which is also the preferred one) is to sell it. You sell the home, pay off the loan, and split the proceeds 50/50. It’s simple, clean, and efficient.
However, for sentimental reasons, one spouse might want to remain in the home and take over the payments. That can work but usually requires the spouse to re-qualify for the mortgage on their own merits. If two incomes qualified you for the home in the first place, that single income might not be enough. If the spouse can be eligible, they can assume the deed and mortgage payments, and free the now ex-spouse from their contractual obligations.
Many people can’t qualify, so they “skirt” the system by silently taking over the payments. Even though it’s borderline fraud, some people may not feel the need to notify the bank of the change in marital status. Instead, they’ll keep paying the mortgage as-is. This course of action is almost always a lousy idea. The reason is that if your ex misses any payments, you’re on the hook for the loan. The bank doesn’t care who lives there, but rather whose names are on the loan documents. Unless you change them, that will include you! So you may find yourself on the hook for payments down the road.
Even if your spouse is entirely reliable, it’s still a bad idea. Having your name on one mortgage can make it tough to obtain a second one since, technically speaking, you could be responsible for the first one at any given point in time. Not being able to get a mortgage makes it hard to rebuild your life.
Sell Your House Fast Pittsburgh: Why That’s Always the Best Option
Given the potential for problems with one spouse living in the home, if they “can’t” sell the property, some people get creative. They might rent it out or let it go to foreclosure. Both of those options are awful for different reasons. Renting it out means you need to be in communication with your ex continually. Letting it go to foreclosure can destroy your credit.
The best option is to sell your house fast Pittsburgh during a divorce. The quicker you get cash in your hand, the quicker you’ll pay off the mortgage, split the proceeds, and finalize the divorce. Put another way, the quicker you can sell your house, the faster you can have your ex out of your life for good!
What’s the best way to sell my house fast Pittsburgh? You might be surprised to learn that using a traditional real estate agent is not the quickest way. To sell your home using an agent, you’d need to perform repairs, fix up the place, and have them do the photos and the listing. Then, once that’s all done, it goes up on the market, and you wait a couple of months at least until you get an offer. Once you get an offer, you and your ex will need to sign all the necessary paperwork to get the money and close out the loan.
That’s not very fast at all. Do you want to communicate with your ex-spouse and have this aspect of the divorce looming for at least 3-4 months?
We didn’t think so!
How to Sell Your House Fast Pittsburgh: A Cash Buyer Is the Best Choice
Fortunately, there is a way to sell your home, guaranteed, in as little as a week or two. A cash investor can write you a fair offer for your home, and close very quickly. Since they don’t have to obtain financing, they don’t have to work with banks. In turn, they can get you the cash you need at the speed you want it.
Is your old home in need of repairs? No problem! A cash investor will still buy it. Do you need to pay off your loan? No problem! You can use the proceeds of your sale to pay off the mortgage.
The best part is that you’ll need as little contact as possible with your ex since the sales process is so quick.
Want to Sell Your House Fast Pittsburgh?
If spending less time worrying about your divorce and selling your home, guaranteed, sound appealing to you, contact us! We’d love to schedule a time to come out, see your property, and write you a no-obligation all-cash offer. If you and your soon-to-be ex-spouse accept the offer, our team at Cash For Homes Pittsburgh can get the closing process started and finished in a fraction of the time that it would take to complete if y5ou used a real estate agent.
The best part is that once you sell your house fast in Pittsburgh, you can leave that part of your life behind, begin fresh, and enjoy the extra money!