It happens, and it’s certainly unpleasant, to say the least. We recognize how challenging and distressing it can be to navigate through a divorce. The last thing you want is to exacerbate the stress and inconvenience, particularly when it involves dividing your assets. One of your priorities during this time might be finding a Chicago home buyer, which could alleviate some of the burdens you’re facing.
Fortunately, there are various avenues available if you’re seeking a quick sale of your house amidst a divorce. Wouldn’t it be great to sell your house fast for cash? This could streamline the entire process and provide you with some much-needed funds to address debts and cover legal expenses. However, before making any decisions, it’s important to carefully consider your options. Lets discuss how you can sell a house fast during a divorce…
How to Sell Your House Quickly in a Divorce in Chicago
Option #1: Go Through a Real Estate Agent
Exploring the traditional route through a real estate agent is undoubtedly an option worth considering. Entrusting the process to an agent can alleviate the burden of showcasing your home and handling the massive amount of paperwork, leaving you with peace of mind. However, this approach comes with its share of challenges that can prolong the selling process.
Initially, you’ll need to invest in an appraisal, which adds to the growing list of expenses for the divorce. Then your agent may advise you to “fix up the house” or do some things to make it “show-able”. Depending on what those are, they may be expense and/or time consuming. Once you’re done with that, now you’ll need to showcase your property to potential buyers, another time-consuming endeavor. These showings often requiring multiple viewings before finding a suitable match. Even upon receiving an offer, the waiting game persists as buyers secure financing, extending the timeline further.
Moreover, the closing date typically falls within a range of 30 to 60 days after accepting an offer, elongating the process duration. In total, the entire procedure commonly spans a minimum of three months, subjecting you to prolonged uncertainty and logistical hurdles.
Option #2: Do a Short Sale
Another option is a short sale, which means someone is buying a house for less than the mortgage. A short sale involves an agreement with your bank or mortgage company that will allow the sale of the house for less than is owed on it. This route can sometimes be faster than going through an agent, but it, too, has drawbacks.
For one thing, it can negatively affect your credit. Credit-wise, the best you can do in a short sale is to get a “Not Paid as Agreed” notation on your credit report. But that’s a lot better than having to suffer a foreclosure, which can ruin your credit for seven years. Still, if you can arrange a short-sale agreement, you’ll soon be free and clear of the property. Typically someone is able to qualify and buy another house 5 to 7 years after a short sale hits their credit. Lenders don’t look very favorable on it, but they do understand the circumstances some sellers have to go thru.
Option #3: Work with a Company That Buys Houses for Cash in Chicago
Another option – and maybe the best one if you need to sell your house quickly in a divorce – is to try a Chicago cash home buyer. If you do this, you can expedite the whole process, get a fair value for your house, and avoid much of a headache.
The whole process of selling your home to such a company – for a fair cash offer – can take as little as seven days – just one week, not months. Again, the professional home buyer buying a house in Chicago pays cash, which means you don’t have to sit around waiting for a retail buyer to get a loan. Also, you won’t have to pay for any repairs to your house before you can sell it. The company will make and pay for all needed repairs. In addition, the reputable companies pay all closing costs.
If you need to sell your house quickly in a divorce in Chicago, you just might consider a cash home buyer in Chicago. It’s easy, It’s fast. You’ll get a fair cash offer.