Sell Your House

How to Quickly Convert Your House into Cash

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

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.

Don’t Sell Your Home Before Checking Every Box off This Home Inspection Checklist

home inspection checklist

Selling your home fast and for a good price is the dream of all homeowners on the market. So what would you say if there was a process to turn that dream into reality?

Most houses go through a home inspection to determine their value. These inspections can be lengthy and produce a lower than desired selling price – but not if you’re ready for it.

Having a home inspection checklist will put you ahead of the game. You’ll know what to look for and how to head off any problems.

Let’s look at a home inspection checklist that will get your house sold fast and for more money!

1. Clear Inspection Areas

An inspector will want to have access to your entire home. To make the process quick and easy, clear the areas where they will need to go.

Unlock the attic and basement, clearing out any stored items. Make sure the mechanical room has easy access to the HVAC system and water heater. Then clear at least a 4-inch perimeter around your home so the inspector can see the foundation.

Cleaning and decluttering the house will also not only give easier access during an inspection, it will show how well you take care of your home.

2. Start with Your Own Walk Through

Before a home inspection, it’s a good idea to walk through and do an inspection of your own. If you don’t feel you can look for problems objectively, enlist the help of a trusted friend or family member.

Take note of any sights or smells that could raise a red flag to the inspector. Don’t be afraid to get picky with it. Anything you notice an inspector will to, so include it all.

Look for water stains, notice signs of insects and pests, check weather stripping, and write down issues with anything an inspector will look at.

3. Test Plumbing and Look for Mold

Plumbing and water damage are big red flags during a home inspection. So during your walkthrough, pay close attention to these areas.

Test every one of your plumbing fixtures. Flush all the toilets, make sure the drains in sinks and showers empty properly and be sure there are no leaky faucets.

Look for signs of leaks around the dishwasher, washing machine, refrigerator, around showers, and under sinks.

And while you’re checking these areas, look for any sign of mold or musty smells.

4. Check All Appliances and Electrical

If any of your major appliances will be staying with the house, you want to make sure they are all working as they should.

This means to do a test run of all your appliances, including those you don’t use very often. If something needs to be repaired or replaced, do it before the inspection. If everything checks out well, unload the dishwasher and laundry units to make it easy for the inspector to access.

Then test all electrical light switches and outlets in the house, making sure each is working and covered properly. You’ll also want to test the garage door opener and any ceiling fan functions.

5. Take Security and Safety Precautions

The safety and security of your home is a big deal during a home inspection and to any potential buyers.

Ensure all the smoke and carbon monoxide detectors work. Cap chimney entry points and gas lines. And make sure there is at least one fire extinguisher on each floor of the house.

Now is the time to also test all windows and doors. Make sure they open and close easily and that the locks work.

6. Perform Routine Maintenance Tasks

If you haven’t done it already, go ahead and complete all routine maintenance tasks before a home inspection. Any tasks left undone might look neglectful to the inspector, and they’ll wonder what else you may have neglected.

This includes changing out the filters on your furnace and air conditioning units. Cleaning the garbage disposal and kitchen range hood. And re-caulking any broken seals in the kitchen or bathroom.

7. Inspect the House Exterior

What’s on the outside of your home is just as important as what’s on the inside. So don’t forget to include your home’s exterior during your walkthrough.

Inspect your roof, looking for cracked or damaged shingles. Also look at the guttering, clearing out any leaves or debris that could be clogging your system. If there are any tree limbs too close to your roofline, get those trimmed back.

On the ground level, check for peeling paint, loose siding, and ensuring downspouts are pointing away from the house. Clean up the lawn and garden. Then be on the lookout for any standing pools of water or signs of a crumbling foundation.

8. Make Small Repairs

Once you have the completed list from your walkthrough, begin making all small repairs. These are projects that will be quick and easy for you to do on your own.

It includes replacing dead lightbulbs, patching holes in the walls, clearing out clogged drains, and replacing torn window screens.

If there are bigger projects in your house you’re not afraid to tackle, go ahead and do them yourself.

But for projects outside your expertise, consider whether you want to call in a professional. You’ll need to weigh out the pros and the cons on if the repair cost is worth it when determining how much you want for your house sell.

9. Gather Documents

One thing many people don’t think about when preparing a home inspection checklist is gathering the necessary paperwork.

These documents include all the warranties, receipts, and maintenance information for the house. That way, if the inspector has a question about when the HVAC was last serviced or how much longer the warranty on the roof is valid, you have the paperwork to back up your answers.

Plus, if you kept your receipts, it proves the age of the appliances and fixtures in the home.

Having all your paperwork in order leaves no question to the home’s condition and the care you put into it.

Sell Your Home Quick by Using a Home Inspection Checklist

Take the stress out of selling your home. By using this home inspection checklist, you’ll be ready to rock that home inspection and sell your home fast!

Ready to get your home sold even faster? Contact us today! Five Boro Homes will call you back within 24 hours to get the process going.

Why You Should Sell Your Home: The Housing Market in 2019

housing market in 2019

Over 6 million homes were sold in the US last year.

That’s a lot of people upping shop and taking their real-estate elsewhere.

Sure, they’ll be selling for all sort of reasons. For fresh starts, new neighborhoods, better schools, proximity to loved ones, and so on and so forth. However, many will be making the most of a hot housing market.

It’s always tempting to sell up when you can guarantee many thousands of dollars more than you bought it for. Indeed, the market has been particularly good to sellers over the last few years.

But is that about to change? According to some, all that might be coming to an end. Obviously, you don’t want to lose money on a property. Is now a good time to get out while you can?

Keep reading to learn all about the housing market in 2019 and why now might be the best time to sell.

The Housing Market in 2019: 7 Reasons to Sell Up

Thinking of selling your home? Here’s why it might be a good call to sell as quickly as possible.

1. Less Demand for Housing

Supply and demand is the foundation of most financial matters.

If supply outweighs demand, then prices fall. And vice versa. If demand outweighs supply, prices rise.

This has been the case in the housing market over the last few years. Sellers have been spoiled. There haven’t been enough homes for buyers to get their hands on. As a result, new houses to market get bombarded with hopeful buyers. In bidding-war style, sellers have almost been guaranteed offers above the asking price.

However, for the first time in a while, the number of new houses for sale is starting to increase (yours could be the next one…). For now, there are still more buyers than houses. But that ratio is falling. Selling earlier gives you a better chance of ensuring a higher price for your home.

The longer you leave it, the more options a buyer has. And that means less money in your pocket.

2. Slowing Hikes to House Prices

House prices have soared over the last 10 years or so.

In March 2009, the average sale price of a home in the US was $259,800. In March of this year, it was $376,000. That’s an impressive increase of around $120,000 in ten years. However, this sort of growth can’t go on forever.

Indeed, since 2017, the tide has been slowly turning. House prices are still going up. They just aren’t rising at such an insane rate.

Coupled with more houses coming to market, expect house prices to plateau at some point soon. Again, getting out sooner rather than later ensures you get full value for your property.

3. But You Can Still Make Good Money

However, don’t be too alarmed by the falling prices.

The good news is that you still stand to gain a good sum for your home (if you act soon).

Indeed, falling prices will heighten demand. After all, more people will be able to afford to buy. Selling in 2019 is a sure-fire way to get the most money possible. Waiting too long may mean the value of your home falls from its current level.

4. Home Sales Peaked in 2017

The end of 2017 saw the highest number of existing houses sold in over a decade.

From there, sales-figures have shown a steady downward trend.

Fewer houses are being sold in 2019 than over the last year and a half. It signals a cooldown in real estate in general. The market was hot; now it’s less so. It is as good a time as ever to make the most of your strong position.

5. Increasing DOMs

We don’t mean the gym-related ‘delayed-onset muscle soreness’ kind of DOMs.

No, these sorts of DOMs refer to ‘days on the market’.

And they’ve been gradually going up for a little while now (even in places where the housing market is especially strong). In all honesty, growing DOMs is not a great sign. The longer a house is on the market, the less demand there is from buyers. Essentially, fewer new buyers are entering the marketplace.

All things considered, there are increasing numbers of houses available for sale, with the same number of people looking to buy. Suddenly, supply begins to outweigh demand. Which, as we know, means prices fall. Sellers suffer.

6. Declining Jobs, But Low Unemployment

The US is currently enjoying the lowest unemployment rate it has had in decades.

However, fewer jobs are being made available on the market. Simply, the labor market is pretty much at full employment. It’s becoming less possible to create more employment opportunities. That’s bad news in the long run for employment rates.

Remember, high employment means more people are willing to make large payments (such as for a house). After all, with money coming in it’s less of a risk. For now, the unemployment rate is remaining steady.

But with an increasingly saturated labor market, that might not last forever. Demand may dwindle. 2019 is a good time to leverage the current positive state of affairs.

7. Impending Recession

Unfortunately, recessions are happening at an increasing rate too.

Since the dark days of 2008, the US has enjoyed a (relatively) lengthy period of economic growth and prosperity. However, many economic experts are predicting that a recession is due in the near future. Some are betting on 2020. That’s next year!

If that’s the happen, then your ability to sell at your home’s current value simply won’t be possible. A paucity of money means fewer buyers and a general drop in house value.

Time to Wrap Up

There you have it: why, from looking at the housing market in 2019, now might be the right time to sell your home.

Sellers have enjoyed a prosperous last decade. The market has been hot, buyers have been plentiful, and homes have been in short supply. House prices have sky-rocketed.

But everything seems to point towards a turning of the tables. To avoid the disappointment of a missed opportunity now is arguably as good a time as any to sell.

Did you enjoy this piece? Are you now thinking of selling up? Call us now to see how we can make it happen.

How to Offload an Ugly House When It’s Very Thought Churns Your Stomach

ugly house

It’s time to sell your house, but there’s a problem: It’s ugly. Embarrassingly ugly.

Do you wonder who in their right mind would buy it? It’s stressing you out because you need it sold – like yesterday.

Good news is there are ways to sell an ugly house fast. Even better news, there are people in the market for a house exactly like yours.

Ready to get started? Let’s look at how you can offload your ugly house and get money for it fast.

Focus on the Positive

Even if your home is ugly, it’s bound to have features that potential buyers would love. Focusing the attention on why they should buy the house will help them see past the why not’s.

Does it have wood floors that are in good condition? Was the roof replaced recently? Are there two bathrooms when most of the homes in the area have one?

Point out these positive features in your listing and, if possible, take good pictures of them to show off. Making a good first impression will help bring buyers through the door.

Don’t Hide the Flaws

Honesty truly is the best policy, especially when you’re trying to sell an ugly house. While it’s tempting to only talk about the good and hide the bad, that plan will likely backfire later on.

Whether it be through a tour of the home or a house inspection, the bad will eventually show itself one way or the other.

If you didn’t disclose that information in the beginning, it will make you look shifty. The buyer may then wonder what else you’re hiding and choose to walk away.

Being transparent about the house will avoid surprises and any delays resulting from it.

The Right Price

If you know your ugly house is going to be tough to sell, why would you list it for top dollar? When it comes to setting the price, think about it from the buyer’s perspective.

A buyer will likely have to sink a bunch of money into the home to give it the renovation it needs. Even if it’s the ugly house in the most desirable neighborhood, that kind of home will not sell for the same price as others in the area.

Do research on what a reasonable price will be. For an ugly house, a reasonable price will sell faster than top dollar.

Do a Deep Cleaning

An ugly house doesn’t mean it has to be a dirty house. In fact, the cleaner it is, the more appealing it will be to potential buyers.

Roll up your sleeves and start scrubbing!

Shampoo the carpets and wipe down the walls. Get rid of any smells by cleaning with bleach. Wipe out the cabinets and make the windows sparkle.

Don’t forget about the exterior! Mow the lawn and trim any shrubbery. And if needed, a good power wash is always a good idea.

Don’t want to do the work yourself? Hire professionals or bride friends to help with the promise of a pizza party.

Declutter the House

When trying to sell an ugly house fast, buyers have got to be able to picture themselves living in the home. But that’s not going to happen if they can’t see past all your stuff.

Now’s the time to declutter the house. You’re moving anyway, so consider this as a head start on the moving process.

Rent a storage unit or moving pod and start filling it with things you don’t need on a daily basis. Remove bulky furniture and all your knickknacks. Depersonalize by packing up family photos and mementos.

Then get rid of all trash, both inside and out. The cleaner and more streamlined the home is, the faster it will sell.

Know Your Audience

Many buyers are looking for a move-in ready home. That alone is going to limit your buyers’ market. So instead, target those looking for a fixer-upper to sell your home fast.

Real estate investors and house flippers are looking for a home just like yours. They’re more likely to buy the home in as-is condition. And many times they’ll buy the house with cash for an even quicker sell.

With that in mind, use the right keywords in your listing to grab their attention. Words such as “Fixer-Upper”, “Investors Wanted!”, and “Sold As-Is” will do the trick.

Make Small Upgrades

Even the smallest new details of a home can make a big difference, especially in an ugly house. The best news is, it doesn’t have to break your budget.

A fresh coat of paint is cheap and easy to do. Update the fixtures in the bathrooms and kitchen or lay down new carpet.

Even making small repairs will make the place look better. Patch up any holes in the wall. Or fix that broken backdoor.

Upgrading the outdoors is an area any potential buyer will enjoy because they could see it as something checked off the list of what they’d have to do themselves. New flowers, added bushes, or planting a new tree for shade are all considered upgrades.

Consider a Facelift

If you want to go a little bigger then small upgrades, consider giving your home a fresh facelift with new siding. While it’s not the cheapest option, it will make a great first impression.

New siding will be attractive to all home buyers, even those looking to flip the house. It’s one less thing they’d have to do and that’s always a good selling point.

Plus, it will give your home a fresher, newer appearance, which might open the door to a few more potential buyers.

Just be careful not to overspend. Your home will still need a lot of renovations, even with the new siding. So you don’t want to spend more than what you could get back in the house sale.

Show Your Ugly House as a Diamond in the Rough

What you see as an ugly house, someone else sees as their future treasure. By using these tips, you can showcase your home to the right buyer and get it sold fast!

Want to get the process of selling your home started within the next 24 hours? Contact us today! Five Boro Homes will call you back to answer any of your questions and explain how we can get your house sold fast.

Sell Even Faster: Bring These Documents to Home Buyers to Speed up the Closing

home buyers

In 2016, 4% of home sales fell through after the sale was pending but before the sale closed.

Considering all of the work that goes into a home sale before the close, failing to close a deal is disheartening, to say the least. But there are steps you can take to help the home buyers along in the process.

Having all your paperwork in order at the time of closing will help close the deal faster. As such, you should be prepared with all the forms for selling a house before your closing meeting.

But what exactly are those closing documents? We’ll explain a bit about the more important ones below.

Residential Sales Contract With Home Buyers

Of all the paperwork in your home sale, the most important is the residential sales contract. Although this piece of paperwork is what initiates closing, it’s worth talking about.

The sales contract contains all the information related to the sale. That includes:

  • the purchase price
  • the date of purchase
  • the down payment amount
  • the date of possession
  • conditions (i.e. home inspection,financing)

When your purchase offer has been accepted and both you and the home buyers sign the residential sales contract, the contract is legally binding and you’ll enter into the closing phase of your home sale. The closing date is usually 30 to 60 days after the contract has been signed.

In this phase of the sale, your home sale is considered “pending”. During this time you’ll exchange things like the home inspection report and appraisal report. Then, you’ll need to prepare your documents for the closing meeting.

Closing Documents

To finalize your home sale, there will be a closing meeting. This meeting is hosted at a neutral third-party office. Whether the meeting takes place at an escrow company, a title company, or a mortgage lender will depend on the state in which you live.

If you have a sales agent, you may not be required to attend the closing meeting. However, the buyer and the agent are required to attend. There may also be a title company representative, real estate attorney, and loan officer present.

There are five important documents involved at the closing meeting. We’ll explain each in more detail below.

Closing Statement

The seller’s closing statement summarizes the amount of money you’ll receive from the home buyers. This number assesses and itemizes taxes, closing costs, and any other transaction fees. It lists all the fees and credits and tells you exactly how much you’re owed upon closing.

This document is the responsibility of the closing agent or title company. But to speed up the process during the closing meeting, you can ask for an advanced copy. Ask your agent to obtain a copy for you both to review and ensure the information is accurate.

Most Recent Property Tax Receipts

Your tax statement or property tax receipts will help you calculate the amount of taxes owed on your home at the time of the sale. The estate tax schedule of your geographic location will determine whether taxes are owed when you sell your home.

If the tax schedule in your municipality collects tax based on the following year, and your home is sold halfway through the year, you may be entitled to a refund. On the other hand, if the tax schedule in your municipality collects taxes based on the previous year, then you may owe taxes. You have to pay the taxes owed on your home to the point of the sale.

Make sure you have your property tax receipts and a good understanding of the municipal tax schedule where you live. This will help you figure out the taxes to be credited or charged on your closing statement.

1099-S Tax Form

In some cases, you may need to complete a 1099-S Tax Form for the IRS. This tax form indicates that you don’t qualify for a capital gains tax exclusion. The form tells the IRS you owe taxes on the sale of your home when it’s time to do your annual income taxes.

Title Search

The title search confirms the legal ownership of a property. It involves an examination of public records to find out what claims, if any, are on the property. The title search has to be finished before the title on the property can be given to the home buyers.

The title search must show that the seller is the owner of the property. As such, they have the sole right to sell the property to the home buyers. If there are any legal issues, such as a house lien, those will need to be dealt with prior to closing.

The Deed

Although the two are often confused, the deed is quite different from the title. Whereas the title search is a legal concept that defines ownership and, the deed is the physical document that transfers ownership to the home buyers.

The deed will have the names and information of both the seller and the home buyers. It will also have a detailed description of the property being sold. Once the deed is transferred to the home buyers, they legally own the property.

Sell Your Home Faster (And For Cash)

The process of selling your home is a long one that involves a lot of paperwork. After you sign the sales contract with the home buyers, you should start preparing the closing documents.

The closing documents include the closing statement, the title search, as well as the deed. But you’ll also need to prepare tax documents and ensure those are credited or charged on the closing statement. Having these items ready will help you sell your house faster.

And for the fastest kind of home sale, think about selling your home for cash. Contact us to learn more about how it works.