Even when you’re glad it’s over, there are many aspects to divorce that make it difficult. One of them is selling the family home on Long Island. Most couples want to get rid of their property fast but don’t know how to. They think that going through a real estate agent is the only option they have.
However, the truth is that there are actually two options that will help you get rid of your Long Island house quickly post-divorce. The first option is called a short sale.
A short sale is the sale of a property for less than what is owed on it. You don’t just go in and decide you’re going to have a short sale. The lender that you owe mortgage payments to has to approve it.
Do you qualify for a short sale? That depends on whether you are able to prove to the lender that your house is worth less than the amount owed on the mortgage and that you are faced with long-term financial hardship, thus making it impossible for you to make mortgage payments anymore. Proving either point can be tricky, and this is the reason why we recommend that you enlist the help of professionals who specialize in short sales and quickly selling houses in general.
If you do qualify, you will need to be prepared to volunteer information which may be used against you. But if you are ready, prepare to write your lender a letter explaining briefly why selling the house will benefit you both. There is no need to be overly dramatic here. When you write “divorce” in your letter, the lenders will know that you are facing economic hardship.
Take note, though, in some states you could be sued by your lender for the amount equivalent to the difference in the sales proceeds and the amount still owed on the mortgage.
Getting Cash Offers From Long Island Home Buyers
Aside from a short sale, another option for selling the house quickly on Long Island is through all-in cash offers by real estate investors like us at Abstract Home Solutions. The good thing about this option is that the sale is clean. You walk away with cash in your bank a few days after closing the sale. And there are no commissions, transfer taxes, closing costs and other expenses associated with selling and transferring property. The buyer assumes all the costs.
The disadvantage, though, is that you will be selling your home at lower than the market value. Typically, you will need to sell for five percent less than what it’s worth on the market. Five percent may not seem like much but when you consider the price of your home, it’s a lot.
If you’re in no hurry to sell your home, you should consider enlisting a real estate to sell for you. Take note that while you will be getting a higher amount of money for your home, you will need to wait months or even a year before you sell your home. And prior to that, you will need to parade your home to different people.