Divorcing in Dallas, TX: An Expensive Endeavor
Industry: Real Estate
The Issues Of Divorce: Facing An Expensive Housing Market Situation In Dallas, TX
Dallas, TX (PRUnderground) December 28th, 2022
Divorce isn’t an easy situation to face. In this process, many things and people are involved; it can be an emotional rollercoaster and a daunting experience you want to move on from. However, once you’ve shared time and assets with your ex-partner, you can’t always simply walk away. This is especially true when it comes to your home.
In an expensive housing market like Dallas, TX, the family home is often one of the most significant assets to be divided in a divorce. Selling the house and splitting the proceeds can be complicated, time-consuming, and costly. It’s essential to be prepared for what lies ahead and to understand the options available to you clearly. Read on to find common issues commonly faced during a divorce.
The Uncertainty Of Balance
While you may expect your ex-spouse to cooperate in this process for it to go as smoothly as possible, it usually doesn’t work like that. You can be tempted to list your house in the market while your divorce process starts; however, it can be tricky if you still don’t know how much money you’ll have after the divorce.
The lack of stability will pressure both parties to find a fair settlement; this situation can be especially hard for the one with a lower income.
Back in the old days, when you got divorced, both parties could still be on the loan’s contract for the house. The spouse who did not keep the home could still get a new loan to buy a new home. Or, the parties would refinance to get the ex’s name off the mortgage. But today, many mortgage companies refuse to issue a loan for a new home if your name is still on a prior house that was transferred to your former spouse.
Refinancing your old house’s mortgage can be a way to get your name taken off the mortgage. However, this might not be good if interest rates go up. Another thing that can happen during a divorce is that one spouse may no longer be able to qualify for a mortgage on their own.
Lack Of Stability For Children
The most impacted by changing homes are children. Parents should prioritize assisting their children in adjusting to any potential move by keeping as much stability as feasible. The parents may keep the family home as a “nest” and rotate between it and their temporary residences, which is an increasingly popular option.
Then, if you’re selling the family home, concentrate on cooperating to get the highest possible price. After the house is sold, each parent may focus on finding a new place while knowing how much money they’ve made.
Cash Home Buyers: The Ultimate Solution For Homeowners
Dallas home buyers are a unique solution for anyone who wants to sell their home during a divorce. With cash buyers, you don’t have to go through the hassle and expense of traditional selling methods. You can sell your house “as-is” without making any repairs or improvements, and you don’t have to pay any real estate commissions.
A professional home-buying company in Dallas, TX, can make the selling process during a divorce much easier. With a cash offer on your house, you can move on with your life and put this difficult chapter behind you. Avoid the expensive housing market and choose smartly.