Stay in the Family Home After Divorce
Are you in the middle of a divorce and your spouse wants to sell the family home? Do you and the kids want to stay in the home but are not sure if that is possible. Would you like to find a solution that is easy, quick, and will give both parties what they need and want?
If this sounds a lot like the situation you are facing, then you should consider a Sell and Stay Program.
Divorces are difficult. You are not only physically separating from each other, there is a separation of marital assets, liabilities, and financial ties. Since the largest asset of most families largest is their home, finding a mutually acceptable way to deal with the home can quickly become an obstacle to an amicable and quick settlement. Even under the best of circumstances, the different needs and goals of the divorcing couple naturally create a flashpoint. Many times, one spouse wants to remain living in the home while the other spouse needs to sell the home to obtain the funds to start over.
Fortunately, there might be a win-win solution to this dilemma. In this article, we explain how a sell and stay leaseback program works, the advantages and disadvantages, and provide you with the information you need to decide if a sell and stay program is the rights solution for the divorcing couple.
What is a Sell and Stay Program?
A sell and stay leaseback program is only offered by a few real estate investment companies, like OutFactors. The program was created to offer a wide range of homeowners to simultaneously achieve two competing goals – to get the cash from selling the home while simultaneously remain living in the home after the sale. With a sell and stay leaseback program, the home is sold, the proceeds can be split between the divorcing couple, and one spouse remains living in the home with a sale and leaseback agreement. Under the terms of a sale and leaseback, a company that buys houses, like OutFactors, buys the home for a fair price and at the same time sign a long term lease with one spouse who will remain living in the home. This is a unique way to resolve the problem of what to do with the family home and ensure each spouse gets what they need and want.
What is the Approval Process?
The sell and stay leaseback program was created with the homeowner in mind. There is a super simple application process with very fast approvals. Best of all, with OutFactors, there are no credit or income qualifications.
How it Works
The program is simple but very effective in resolving a potential dispute between a divorcing couple over what to do with the family home. Here are some key features you should consider:
- The divorcing couple is paid the fair market value and sell the home as-is.
- Simultaneously with the home being transferred to the home cash buyer, one spouse is given a long term leaseback so they can remain living in the home.
- The leasing spouse is provided an option to repurchase the home in the future (if permitted by state law).
- If the home needs repairs, such as a new roof, the home cash buyer will complete all major repairs at their expense.
- Everything is put in writing using Texas approved contract and lease forms that are designed to be easy to read and understand. There will be no surprises.Pro Tip: A sell and stay leaseback program requires a fair amount of paperwork which will take 7 to 10 days to complete. If you are looking to settle the divorce quickly, do not wait until the last moment to initiate the sell and stay process.
Advantages of a Sell and Stay Program
There are many advantages to a sell and stay program including:
- The divorcing couple can receive a substantial amount of cash from the sale of the home.
- Both parties get what they want and need.
- You get your cash in 10 days or less.
- Since the mortgage is paid in full, there is no risk to your credit rating.
- You sell home as-is. All required major repairs are completed and paid for by the home cash buyer.
- All future real estate tax and insurance costs will be paid by the home cash buyer.
- You remain living in the home you love.
- There are no income or credit requirements.
A sell and stay program has many appealing benefits but as with everything, there are a few other things you need to take into consideration.
Disadvantages of a Sell and Stay Program
Here are some of the disadvantages you need to take into consideration:
- You will be paying rent to the home cash buyer.
- A lease security deposit is required.
- Changes to the property are restricted by what is allowed in the lease.
- If you fail to make the rent payments you may be evicted.
- In most cases, you will be required to perform minor home maintenance at your expense.
- If you fail to repurchase the home you will lose any increase in value.
Although there are some disadvantages, most people find them to be minor in comparison to all of the benefits of the program. There are very few options that provide a divorcing couple what they need and want, cash from the sale, and the ability for the one spouse to stay living in the home.
Is the Program Right for You?
This is a very popular program that creates a win-win for many divorcing couples but it is not for everyone. You should carefully consider your options before deciding a sell and stay program is right for you.
If you decide that the program is exactly what you were looking for, then we strongly recommend that you only work with experienced and reputable companies that buy houses, like OutFactors, who will answer all your questions and put everything in writing.
Want More Information?
Divorce can create many challenging issues, but with a sell and stay program what to do with the family home does not have to be one of them. The sell and stay program by OutFactors can get the funds needed to resolve competing financial needs while providing the comfort and security of knowing you can remain living in the family home. The people at OutFactors are super easy to speak to and will always treat you with the utmost respect. We are the cash for home buyer with the programs that can help your family!
If you have questions or would like additional information we invite you to OutFactors.com, and if you are ready to get your free no-obligation Sell and Stay offer click here.
539 West Commerce Street
Dallas, Texas 75208
How to Stay in the Family Home After Divorce | Leaseback | OutFactors — Dallas Fort Worth, Texas