It’s normal to want to fight for what you acquired when you were married to your spouse. A house in Houston, Texas, is no small asset. Some people view it as a trophy for all the hardships they had to go through in life. So why would anyone want to sell in divorce? Here’s why:
- The mortgage will be expensive
While you were still married, you had some wiggle room to work with seeing as you and your partner were taking care of the financial responsibilities together. But now that a divorce is imminent, selling fast is the only way to avoid a foreclosure in the event you fail to pay the mortgage.
- Buying out the spouses share of equity is not an option
For starters, we all know how costly a divorce is in Houston, Texas. You’ll have to be in a really good position financially to be able to survive that and also buy out their share of equity. In a community property state, the courts will treat my home like an asset equally owned by both spouses. That means that you’ll have to pay 50% of the equity. Are you sure you have that amount in your bank account?
- The tax law might not favor you
Did you know the tax code changes could affect the homeownership benefits and deduction for alimony? A few years ago, married taxpayers were allowed to deduct interest on a million-dollar mortgage but now, you can only do so on a mortgage valued at $750,000.
- The upkeep is way costly than you imagined
Co-owing my house in divorce is a possibility but all that is easier in theory than in practice. You need space to figure things out and that’s not going to be easy if you keep on seeing your ex-spouse every now and then. Reach out to We Buy Fast Houston Houses for a deal and get over with it.
- It’s a hot real estate market
The original plan wasn’t to sell but now that you’ve been told that you’ll earn a fortune is you sell my home fast, why not sell the property and use the profits for a fresh start.
- You don’t want the responsibility of upgrading or repairing the house
The good thing about selling my home prior the divorce is, you won’t have to deal with all the expenses of preparing the property for the market alone. Your spouse will still be there. But once you’re divorced, there’s no law out there that says they have to help you out just because they used to share that space with you.
- The mortgage is upside-down
Is my home less than what you owe? Then why wait for the divorce to make things even more complicated? Sell now and pay what you can. The divorce will leave you at a worse position. Pick up your phone and start dialing We Buy Fast Houston Houses now. We buy homes as-is, so you don’t have to think about the repairs or upgrades.