What Happens To Your Murfreesboro Property After A Divorce?


What happens to your Murfreesboro property after the divorce? If you are going through a divorce right now, you are probably wondering this exact question. Divorces are difficult. About 40% to 50% of marriages ended in divorce last year, and the rate is even higher for subsequent marriages.  

Who Keeps The Property?

This is something you and your soon to be ex-partner will have to decide. The court can decide who can live in the home and who pays the mortgage and upkeep of the home. I have seen on occasion the court awards the house to one person and the other spouse is handed the mortgage and all care of the home.

We all know how this is going to end! Yes, the person with the mortgage often decides no more and stops paying the monthly house payment. The owner of the house is notified they are in default and if all back payments are not brought current, the house is destined for foreclosure.

Some divorces will require the sale of the property because both parties want to keep it or the court orders the house to be sold to settle accounts. Usually, the couple decides to list the property and split the proceeds. Sometimes, however, the sale process drags on and on, especially if the property does not receive very many offers from being listed with an agent.

Another consideration of the divorce is the mortgage. Yes, the house may be deeded to one party but unless the mortgage note is changed to reflect this, both parties are still on the note and held accountable if they both originated the mortgage. After the divorce, both ex’s are still liable for the mortgage in this case. One solution is to refinance the loan in one person’s name and the deed must reflect the one owner.

Another solution is to sell the property and pay off the existing mortgage.

When two people originate a mortgage, both people remain “jointly and severally” liable for the loan.  Regardless of any mutual agreement between the parties or even a court decision, the lender still holds both parties who originally signed the note liable and can come after both or either if there is a default. Some people may not become aware of this type of problem until years later when they might want to sell the property.  A situation like this involves legal rights and a person should consider legal advice.

Deeding one’s rights to the property conveys title but it doesn’t affect the note. Selling directly to a local real estate investor like Southern Homes Investments might save you some time, and headaches. To read more about timelines and expectations while selling a house during a divorce, see our article “Selling Your Home During a Divorce.” 

Why Sell Direct?

Professional home buyers in Murfreesboro TN typically close faster than traditional home buyers. Traditional home purchases usually require loan pre-approval and approval from banks, mortgage underwriting time, property inspections, an appraisal, and the buyer may not end up qualifying in the end or walk. When you sell property through traditional real estate agents, the usual commission is 3% per side, so if you sell your home for $300,000, you would have to pay $18,000 in commissions alone! Additionally, you will have your closing costs and buyer’s title insurance to pay and possibly the buyer’s closing costs if they ask for it in the contract. That $18,000 is now $21,000 to $28,000.

Price Your House Correctly

Some key points from our article “How To Sell a House During a Divorce” are price the home to sell, delegate responsibility, and keep your emotions in check which might be next to impossible. When a house priced correctly, it does sell faster. On the open market that is still 30 to 60 days minimum.

Delegate Responsibility

When responsibility is delegated each spouse knows exactly who is taking care of projects for the house. One spouse may keep the mortgage paid in a timely manner to prevent being late on house payments and possibly notice of default and pre-foreclosure. Another spouse might be tasked with handling repairs, the house cleaned, and the lawns cut. By delegating tasks, the house continues to operate and prepare for the sale.

Table the Emotions

Maybe the hardest part about the divorce is keeping the emotions in check. Emotions are running extreme already because of the nasty process of divorcing. Losing control of emotions can cause poor judgment and think irrationally. You and your ex have a house to sell. Putting emotions aside, get the memory laded house sold! Your life will be so much better to get all of this behind you as you start a new future.

Purchasing Homes As-Is

Professional home buyers in Murfreesboro will usually purchase homes as-is. As a seller, this means you do not have to worry about repairs nor cleaning before closing or any other additional expenses you were not planning on. There are some companies that do not require inspections which makes it a truly as-is transaction.

Lower Risk Transactions

Selling to a professional investor is extremely straight forward. They will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you didn’t know you didn’t disclose or something they don’t like about the home or the neighborhood. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Professional home buyers already know the state of the property, and they are willing to take on that risk. Your property after a divorce is done!

No Showings

When you decide to use a professional home buyer in Murfreesboro TN, you will not have to worry about going through a roller coaster of emotions. There are no frustrating, middle-of-dinner phone calls asking if you are available to show your home. You don’t have to worry about leaving your home spotless every day before heading to work, just in case there is a showing while you’re gone. You don’t have to worry about possibly running into a buyer’s agent or their clients or dealing with them asking you questions that you really shouldn’t answer anyway. You also don’t have to worry about buyers arguing with you over which furniture you are taking and what you are leaving. Trust me it happens! If they see something they really like, the buyer may ask for it. They will probably ask you to pay for a home warranty plan for one year, that’s $500 to $600.

Move Out Time

Professional home buyers are in it for the investment. They are not expecting to move into the home on the day of closing. Most home buyers will allow a move-out timeframe after closing to allow you to relocate at your own pace. This is extremely helpful, especially with such quick closing timeframes. Also, you may not even have to clean the home when you leave. You can simply pack your personal items and furniture you want to keep and leave the rest allowing you to sell my house fast Murfreesboro TN. The property after a divorce is now a thing of the past.

Give Southern Homes Investments a call today at 615-500-4466 or send us a message to discuss selling your property directly to us so you do not have to wonder what happens to your Murfreesboro property after a divorce. We would like to talk to you or someone you may know going through a divorce especially since we buy houses Murfreesboro Tn. If you would like to know more about us please visit us online at SouthernHomesInvestments.com.

Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.

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