I need to sell my house due to divorce
There are several reasons why you might need to sell your home fast, divorce being one of the most common. A traditional sale might be too slow, in which case a cash buyer company might be a good option for you.
Sadly, around 42% of marriages in England and Wales end in divorce. In 2017, the most recent year that statistics are available for, 102,007 couples divorced. I like to think a lot of these are blissfully amicable but I'm sure that most are probably not!
If, sadly, your marriage has come to an end, the last thing either party wants is to continue the deep and involved financial relationship that comes from owning a home together. With the average house sale taking 12-18 weeks, once you've found a buyer which can be a lengthy process in itself, putting your house on the market with an estate isn't always the quickest way to get the transaction done in a timely manner. If you're both keen to sever the financial relationship and move on with your lives, selling to a cash buyer might be a good option for you. A cash buyer can have the funds in your account within 28 days or even quicker if necessary, meaning no unnecessary hold ups or even having to stay in the same house for a prolonged period.
There are several ways people can deal with their property when getting divorced. The main ones being;
- Buying your partner out. This can be a good option if one partner wants to keep the house and can afford to buy their partner out and the other is happy to take the money and leave. This would normally happen by the person staying remortgaging to both pay off any existing mortgage, plus their partner's share of the equity in the property, so the person leaving walks away with the same amount as if they'd sold the house, unless a different figure is agreed if there are other factors, of course.
- Selling and moving out straight away. Maybe you can't stand the sight of each other or just need to get out straight away! In this case you want the house sold asap. Getting a guaranteed cash offer with the money in your bank in just 28 days or less, might be a good option for you in this scenario.
- Selling later. It might be that you get along and are happy to stay put until the house sells via the traditional estate agency route, or you'll both want to move out and let the property out.
At OfferPal, we can get you cash offers on your property for you to compare within a few hours. They will be from reliable cash buyer companies who can have the money in your bank within 28 days. They won't pay full market value, but if speed and moving on is more important to you than achieving full market value, then it's a great option to look at!