Divorces are difficult. About forty to fifty percent of marriages ended in divorce last year, and the rate is even higher for subsequent marriages. If you are going through a divorce right now, you are probably wondering what happens to your Chicago property after the divorce.
Who Keeps The Property?
This is something you and your soon to be ex-partner will have to decide. One of you, or neither of you, will have ownership of the property. Most divorces will require the sale of the property because both parties want to keep it. 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. Selling directly to BAM Home Buyers might save you some time, and headaches.
Why Sell Direct?
Professional home buyers in Chicago, IL typically close faster than traditional home buyers. Traditional home purchases usually require qualifications from banks, mortgage underwriting time, property inspection time and the buyer may not end up qualifying in the end. 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!
Purchasing Homes As-Is
Professional home buyers in Chicago will usually purchase homes as-is. As a seller, this means you do not have to worry about repairs 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 home buyer is extremely straight forward. They will lay out 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.
When you decide to use a professional home buyer in Chicago, IL, 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.
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.