Sell My House

How to Quickly Convert Your House into Cash

August 18, 2019 by Joe Ruben

You have probably come across statements like; “I want to sell my house quick,” and you never really know what you should tell them. Well, here are some tips that your friends can incorporate and sell homes for cash within a short period.

1. Use Real Estate Agents

Many homeowners make the error of selling their houses within a short period on their own. That is not possible. If you want to sell your house for cash, you have to involve experienced real estate agents. There are hundreds of documents that one needs to fill and get approvals from local authorities. Real estate agents are conversant with filling the papers, and they will do it without problems.

2. Price Accordingly

It is logic to sell my house quickly with the highest prices. It is evident that every person wants to make profits, and they will only be able to achieve that by selling their houses at the highest prices possible. However, that won’t work, and you could spend some time looking for buyers. The best alternative is to make sure that you price your property accordingly. Try and understand the price of other properties in the same area and you those prices as a benchmark to price your property.

3. Use Professional Photography

If you want to sell your house quick, you have to make sure that you attract potential buyers through the photos that you will be using. Keep in mind that every potential buyer is highly interested in the appearance of the house. No one will pay $248,000, which is the median price of a home, for a house that is not attractive. You can hire a professional photographer to capture your property at all angles so that it can be appealing to the buyers.

4. Use Online Platforms

Online platforms such as Facebook and Twitter will sell your house fast. Your real estate agent might be using online platforms to market your property, but that is not enough. You need to sell my house quick in online platforms where it can be seen by a large number of people. The good thing with Facebook and other social platforms is that you will not be required to pay to market your home.

Every time you are planning to sell your home for cash, there are different channels you can use and convert your property into cash quickly. You can use real estate agents because they have sufficient information about the market, and they will help you to sell your property without legal issues.

The Guide to Getting Cash for the House You Just Inherited

August 13, 2019 by Joe Ruben

How to Sell Your House Quick

If you have recently inherited a home, you are probably looking to sell your house fast. Receiving a home inheritance is nice, however, the home might be ugly, perhaps you are planning on moving, or it might just not be the right location for you. No matter, because we buy ugly houses.

There are a number of reasons you might need to sell your house for cash. You might be ending a relationship with someone (sadly, the average marriage today only lasts seven years), and need to divide assets equally. Whether you need to divide assets or simply sell an inherited home, we buy homes for cash, and here are some things you should know:=

A lot depends on if you are the sole person who has a claim on the inheritance of the home. If so, proceed however you wish. If not, there will usually be a single individual tasked with the sale of the property. Here are the first steps in either situation:

Know the Variables

There are many variables when selling homes for cash. First, what is the worth of the home? There are some online tools that can help you get a rough estimate on the worth of the home you have just inherited. You can start by comparing to similar homes in the area, though that isn’t always an accurate measurement of value. The condition of the home itself will play a large factor in the value of the house. Especially if you are looking to sell homes for cash.

Additionally, you will need to know what the outstanding mortgage on the home is. Just because you inherited the home, doesn’t mean that the house is clear of debt. There may still be money owed to a bank or financial institution. This is usually one of the most common reasons to quickly sell an inherited home because unless you are planning on living in it, the home turns into another monthly expense. Once the home is sold, you can use the cash to pay off the mortgage or loan, and then proceed to divide the remaining proceeds between those who had a claim on the inheritance. Be sure to check for other outstanding debts that may be on the home as well as any debt can stand between you and selling homes for cash.

The next variable to consider is how many people are inheriting the property. Depending on the nature of those inheriting, not everyone will be happy with selling the property. Or some might want to sell at a higher price later down the road. Be sure to designate a single person who will manage the process of selling the home and managing the estate sale. This will help end countless hours of back and forth arguments about what should be sold and at what price.

Understanding Taxes

Anytime you inherit a home or other valuable asset, there will be taxes to deal with. Determine how the sale of the home will impact you financially. You may be subject to taxes on proceeds and other capital gain taxes. One of the most common reasons for doing a homes for cash sale is so that you can immediately pay off any taxes that are incurred by the sale of the home. Be sure to check your states policies for inherited properties to understand exactly what taxes you will be responsible for. Typically, inherited properties do not qualify for home sale tax exclusion, unless you plan on living in the inherited home for at least two years. Make sure you understand the differences between an inheritance tax and estate taxes.

Cash Sale vs Broker or Realtor

When selling an inherited home, it can be a bit confusing as to the best method to sell. While some would argue that going through a broker is the best method, brokers come with extensive fees and commissions. Typically the best way to sell an inherited home is by the homes for cash method. This ensures that you quickly get all the cash from the sale of the home, which can be used to pay taxes, pay off any debts on the home, and then put the cash in your pocket.

How Does a Breakup Affect the Home Selling Process?

June 13, 2019 by Joe Ruben

For many young couples, marriage is no longer essential before making big decisions like purchasing a home. However, purchasing a home with a significant other before you are legally married can present problems, especially after a breakup. On average, relationships between a millennial couple lasts for four years.

Unfortunately, four years isn’t exactly enough time to pay off a mortgage.

If you’re going through a breakup after buying a house with your significant other, you’ll probably want to sell your house fast. A quick Google search for “sell house for cash” might help a little, but there are some things you need to learn from the pros. We’ve gathered a list of things you need to consider when breaking off a relationship with a significant other when a home mortgage is involved.

Selling Your House for Cash After a Breakup

Depending on how you signed the paperwork for the home, one or both of you might be signed as responsible for paying down the home loan. In either event, the best option is usually to sell the home fast and to sell your house for cash. Here’s why.

It’s likely you were sharing expenses before. Utilities, internet, and the home mortgage are all going to add up. Unless you were counting on a breakup, you likely haven’t planned financially to be able to handle that extra burden. Additionally, if both of you are signed as owners on the home, you’ll both have partial equity in the home. This can become further complicated if one of you leaves and the other decides to take over the entire mortgage. While home equity can be negotiated, and you can buy out your ex from their equity, this is often a long process that ends up in bickering and more fighting.

When you sell your house for cash, it is easy to pay off the rest of the mortgage and then split the cash value of the home’s equity. Homes for cash is a great program for this as you don’t have to worry about closing fees and real estate agent costs. Fortunately, we buy houses for cash all the time and can help you out of sticky situations.

Let’s say you actually loved the home you had been living in. The good news is, if you were the sole signer or a co-signer on the home, you have probably been building good credit. With a good credit score, after your ex has been removed from the picture, you can often find another home that is just as nice (or nicer) for your new needs as a single person. In some cases, you might look for a home that has a few spare rooms that you can rent out to offset the mortgage cost.

What To Think About When You Sell

Here are a few other things you should keep in mind when selling your home for cash.

1. Take Care of all Utility Bills Beforehand

Often there is only one person listed on the utility bills, and utility companies require some sort of prior notice before discontinuing service. If you forget to handle utility bills in a timely manner, you may end up with several hundred dollars of extra charges, even after you sell the home.

2. Close-out Internet Contracts

Internet contracts are typically pretty easy to terminate, even if you to believe otherwise. Make sure you discontinue or pause your internet contract, telling the company you are in the process of a move. Moving is a legitimate reason to cancel an internet contract, and most internet companies will allow you to resume service at your new location at the same rate.

3. Take Care of Home Repairs

Taking care of all the little home repairs you have been putting off is important for getting the best home for cash valuation available. Do everything you can to fix leaky faucets, holes in walls, and other small issues.

Selling a house fast after a breakup is definitely a priority. At Five Boro Home Buyers, we understand that a quick, easy sale can make your life easier. So if you need to sell a house fast for cash, give us a call today.

Money Talks! This Is What Happens When Buyers Pay Cash for Homes

June 5, 2019 by Joe Ruben

When selling your home, most potential buyers will make an offer contingent on the mortgage financing they receive from a bank. However, some buyers may put a cash offer on your home if they have the funds to buy the property outright.

The share of buyers who offer cash for homes is substantial. And 32 percent of all residential sales in 2014 were cash.

While you still receive the money for your property, there are a few significant differences between selling for cash instead of a mortgage. Understanding the process behind a cash process can help you avoid any headaches or surprises during the sale.

What Are the Benefits of Accepting a Cash Offer For Your Home?

There are a few different reasons why someone would choose to pay cash for a house. The first and most obvious is that the buying process is much quicker. Since the buyer doesn’t need to secure financing and funding from a bank, the sale can close in a few days or weeks.

This doesn’t mean that you’re exchanging property for a briefcase though. You’ll want to make sure that you’re protected at all points of the sale, which is why you should be like 91 percent of all Americans and use a real estate agent. A real estate agent will make sure that you’re not getting low-balled and that the sale meets all legal requirements.

Also, most cash sales come from investors. This means that no one is going to be living in your home immediately, as the property is either fixed up or torn down and replaced. This means that a cash offer may save you time and effort, as you won’t have to make repairs or upgrades to the property before the sale closes.

Cash sales also mean that you can sometimes avoid the contingency clauses that come with mortgages and financing. These clauses allow the buyer to back out of an offer if their other house does not sell, if the inspection passes, and other “ifs.”

What Does the Cash For Homes Process Look Like?

When a buyer makes a cash offer on your home, they will contact your real estate agent. If you accept the offer, you will sign a contract stating your intention to sell your home to them.

They will then provide you and your agent with a letter or bank account statement that acts as proof of funds.

Title Search and Escrow

Then, you will have to choose a title search and escrow company. The title search will turn up any liens or other financial obligations that exist on your property that you need to pay before selling.

The escrow company will hold onto funds as the title search and other paperwork clears. They will also often issue the paperwork necessary to close the sale, though sometimes your real estate agent may do so.

To streamline the process, it’s a good idea to find a company that is able to do both the title search and fulfill the escrow requirements. This can save you time and close the sale faster, as there is no coordination necessary.

Inspections

A title search will usually take a few days. During this time, you should also have an inspector come in to examine your property to determine what, if any, repairs you need to complete before selling. However, if the buyer has expressed that they don’t need an inspection done, you can skip this step and save some money.

In some cases, you may not have to make the repairs but can instead choose to reduce the sale price of your home. This way, you are still effectively paying for the repairs but can close the sale faster if time is of the issue.

Closing the Sale

Once the title search has finished and you have made all necessary repairs, the sale can close. However, if your property does have liens on it, you will have to fulfill those financial obligations before completing the sale.

Depending on your financial situation, the closing process can involve a lot of paperwork but usually does not take very long.

You will have to complete a HUD-1 statement, which provides all of the financial information of the sale. You’ll need the information provided here for your taxes next year.

You will also need to sign the title and the title transfer documentation. If you still have a balance owing on the property, there will be a separate document that gives the escrow company permission to pay the owing balance with the proceeds of the sale.

A bill of sale will also include any agreements that you made with the buyer (like leaving appliances, skipping the inspection, or knocking the price down to avoid making the repairs yourself).

Once you sign all the documentation, the sale will close and the escrow company will pay off your mortgage and transfer you what remains – minus any costs or fees that they charge you.

With that, you’re done! You’ll have no further obligations to your old home and can use the proceeds to make a down payment on a new property.

Sell My Home for Cash

Selling your home for cash can benefit you substantially if time is of the essence for you. It’s also a good way to avoid the hoops and red tape that comes with accepting an offer from a buyer who is relying on financing for their funds.

If the benefits of accepting cash for homes fit your needs, and you are thinking about moving at any point soon, get in touch with us. We can help match you to cash buyers very quickly, reducing the amount of time that your home is on the market.

Should I Sell My House? – 9 Reasons You May Need to Sell It

May 20, 2019 by Joe Ruben

The average homeowner only spends six years in their home. Homeowners are no longer paying off their mortgage and staying in their home for 40 or 50 years — they don’t raise their family in one home and retire in the same place.

Why is that? Well, there are many different reasons.

If you buy a house and have to dip after only a few years, don’t feel bad. But you should know some legitimate reasons for selling your home, especially if you’re selling it years before your mortgage is completed.

Are you asking yourself, “should I sell my house?” Here are 10 common reasons to respond with a “yes.”

1. You Ended Up Hating Your House

One of the simplest and most common reasons for selling a home is you ended up hating your home.

Maybe you settled for a lower price, only to find you got what you paid for. Maybe you purchased your home that sits on a busy street or you’re stuck with some noisy neighbors.

Many homeowners try and tough it out. But if you’re unhappiness is affecting your health and you can get a good return on your home, save your sanity and sell your home.

2. Your Home Is Too Small

Many life changes can happen after you buy a home. You have kids, maybe a family member needs to move in, or you decide you need extra space that you don’t have. If your current home can’t accommodate the space you need, it’s time to upgrade.

This is a common situation that occurs with first-time homeowners. They settle on a cheaper and smaller home because they don’t think they need the extra space.

When life changes occur, they wished they forked over more cash and bought a larger house.

3. Homeowners Come Into More Money

This is also an issue that first-time homeowners experience. As mentioned previously, many first-time buyers settle for a cheaper home.

As you advance in your career, you’ll inevitably walk into more money. You may decide to upgrade to a larger and more expensive home.

If you already paid off your home, this decision is almost a no-brainer. But if you still have years left of mortgage payments to go, you can still sell your current home for a more luxurious one.

4. Change in Your Neighborhood

Neighborhoods change. An area that was once safe with the best schools and jobs in the county can go south several years later. If a once thriving area now makes you fear for your life, it’s time to pack up and move.

This is also an issue many homeowners are facing because of gentrification.

Homeowners who move to a hip and thriving area didn’t realize it was previously home to violence — and rising housing costs didn’t drive these people away.

5. Needs Too Much Maintenance

As homes age, they lose their power. Their roof becomes weak, the windows and doors are less insulated, the gutters need to be replaced, there are foundation issues and other common repairs or replacements need to be done.

Even if no serious repairs are required, some homes are old and outdated.

All of these repairs and redesigns cost money. Many homeowners decide they can save money by selling their home to a house flipper and use the money to buy a new home.

6. Move for Family Reasons

Maybe you had kids and want to move to a child-friendly area. Maybe your kids left the nest, moved out, and you want to be closer to them. Maybe a relative isn’t doing well and you want to be closer to them.

Or maybe, you don’t want to be near family at all.

Family reasons is a common reason to move out of a home early. The old saying is true — family comes first. No matter how many more mortgage payments you have left.

7. New Job

Even though the future of the workforce is remote work, there’s a chance you’ll have to relocate for a new and better job. If the position is too good to pass up, selling your current home is worth the sacrifice.

What if you didn’t get a new job, but live a little far from your current one? Work commutes are always stressful. If you can avoid rush hour traffic, don’t be afraid to sell your home and move closer to the office.

8. Different Priorities

Many people buy a home because that’s what they want at that moment. After a few years of home ownership, some people realize they have other priorities in life.

Some people don’t like the kind of responsibility that homeownership brings. They would rather rent or find another way to have a roof over their head.

Others decide to drop everything and pursue a hobby. This includes changing their lifestyle or even to travel and live on the open road.

9. Changes in Relationships

Every couple looks forward to buying a home together. This is what millennials are doing now. However, relationships are shorter and shorter with each generation.

The average millennial relationship lasts four years. And don’t think tying the knot will keep you two together. The average marriage today only lasts seven years.

If you and a partner are no longer together, don’t suffer under the same roof.

While usually only one partner leaves, don’t be surprised if you can’t take the burden of paying for the house yourself. Maybe you want to leave and start over.

Should I Sell My House? Here Are Your Options

Whether the kids moved out or you have new priorities in life, certain life events call for a home sale. Are you wondering, “should I sell my house?” If you fall under any of these reasons, selling your house is a good idea.

Are you not having luck selling your home? We offer cash for homes. Click here and see how it works.

From the Bottom Up: How to Fix Foundation Issues on a House to Sell It

March 25, 2019 by Joe Ruben

For homeowners thinking about selling a house, nothing puts a bigger dent in those plans than finding out your home has construction troubles.

The process of buying and selling a house is a complicated process. There are home inspections that must be done. Updates to appeal to buyers are also important. But what do you do if you find out there are foundation issues on a house? Will this lower the value of your home?

Is this the end of your selling dreams? Well keep reading and find out more!

Call a Professional to Check the Foundation

The most important part of dealing with home issues before putting it on the market is getting professional opinions.

Foundation issues can be detrimental to a home. Making sure you have it inspected by a professional will give you the peace of mind knowing any and all issues your home may be facing. If you’re worried that a damaged foundation may stop your home from selling, discuss all your options with your contractor on repairs.

Don’t Ever DIY Repairs

Secondly, never repair foundation issues yourself. The foundation is the most important part of any home.

You should always refrain from trying to fix these issues yourself. Always make sure you contact an inspector. A professional construction crew should be the only group that works on your home’s structural issues.

Get a Few Repair Quotes

It never hurts to shop around when trying to find a construction group that can repair your home’s foundation issues. If you think a quoted price is too high, get another crew in that may be able to provide a more competitive price point.

While repairs may lead to a price change in your home’s market value it’s still important to be up front about any issues the building may be facing. It’s also important to get those repairs done before placing the home on a market.

Being prepared for this sort of pitfall will help you in the long run. It may save you from some other, more complicated issues in the future as well.

Skipping Repairs Could Lead to Legal Troubles

Lastly, while skipping structural repairs may seem like a good idea at the time, it could lead to legal troubles in the future.

If you know your home is not structurally sound but still go through with a sale, you may be complicit in any damages the future owners may experience. Getting sued for damages after your old house experiences irreparable damage even after you sell it, could happen to you.

Don’t Ignore Foundation Issues on a House

If you think your home is damaged and that damage may hurt its chances of being sold, you may want to consider getting those repairs done quickly.

Foundation issues on a house can lead to structural damage. If it isn’t handled by a professional that home could haunt you, even after you sell it.

Selling a home can be a long, complicated affair. Luckily, our professional staff will be able to walk you through the process. Contact us today for more help and information.

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