What are the advantages and disadvantages of using traditional methods of selling my home after a divorce?
The answer to this question depends on many factors, but essentially boils down to how long you’re willing to – and can afford to – maintain ownership of the home. It also depends on how willing you are to deal with the hassles and headaches that go along with selling your home. In the aftermath of a divorce, you may not exactly feel up to preparing your home to be viewed by potential buyers, dealing with inspectors and appraisers, and having strangers traipsing through your home as you’re trying to get on with your life. It may be the case that a short sale is the best option for you in this circumstance.
Many couples believe that if they go through a Realtor, they will be able to sell their home at market value and walk away from the deal – and from one another – with greater financial security. Unfortunately, a good percentage of these couples end up in even worse financial shape. Often, their homes remain unsold for months or even years while they continue to pay the mortgage on a home in which one or both of them no longer live. In many cases, they end up selling their homes for well below market value, and on top of that, they have to pay closing costs, escrow fees, commissions to their real estate agents, and other costly expenses.
On the other hand, if you are not in a hurry to rid yourself of your home, you do stand a better chance of selling it at or close to its market value if you go through traditional channels. There is also the possibility that you will avoid such common snags as deals falling through at the last moment, and it will sell relatively quickly. If you do decide to sell your house using traditional methods, you would be well advised to hope for the best but be very prepared for the worst-case scenario to occur. Given the erratic state of the current housing market, it is important that you understand the risk that you would be taking.