Category: Real Estate Property (page 1 of 1)

Sell My House Fast For Cash – Quick House Selling Process

If you are looking to sell your house fast for cash, you will find that the traditional method of selling your house through an estate agent can be a lengthy and problematic process. You would have to find a few agents to get comparisons, arrange for a valuation, paint & fix up your property, hold open days, show ‘browsers’ around, wait for an offer, negotiate a price, wait to see if the buyer can get a mortgage, wait if there is a chain involved, pay agent and lawyer fees, If sale fails – start again, all could be complete in 4 – 6 months if you’re lucky! You will also find that today’s UK housing market is not what it used to be, buyers are hard to find and most people that would like to buy are unable to get mortgages.

For information on Sell My House Fast in Milwaukee click here.

If you need a fast house sale for cash, then selling your house through estate agents is not the best way for you. An easier way to sell your house fast is to use property investors (cash buyers) who specialise in fast house sales. They offer to buy your house fast, no matter what condition it is in, so there would be no need to spend money painting or fixing up your property. One such company is Buy Sell Property Fast. They appreciate that everybody has different reasons for wanting a fast house sale, their services are tailored to meet your needs every step of the way.

One reason is that you may be selling your house fast to resolve your financial problems. If you are facing severe financial difficulty paying your mortgage, struggling to pay your household bills, car loans, your credit cards or other personal loans then specialist property investors can help stabilise your current financial position by quickly buying your house from you. This will help you avoid getting deeper into debt and also stop the threat of having your house repossessed.

Specialist property investors such as Buy Sell Property Fast can offer you a very fast property sale, usually within the course of a week or in extreme cases within 48 hours. This could allow you to repay and settle your outstanding mortgage and any loans that may have been secured on the property. Their legal team can confirm the sale of your property very quickly and put you back on track through financial stability.

You can also sell your house to them and then rent it back from them. It is very important to deal with this type of problem head on, don’t try to hide from it. If you take remedial action NOW, you can stop the repossession threat on your home.

Other reasons for wanting to sell your house fast include – Relocation or emigration, separation and divorce, bereavement, repossession, ill health, broken property chain or even a failed property investment.

How to Sell Your House Fast to the “We Buy Houses” Guys, Safely

If the current chaos in housing and the economy all of a sudden has you seeing little yellow signs and big billboards that say, “We Will Buy Your House” you probably need to sell a house fast and may be wondering who are these guys behind the signs and can they really do anything to help.

The signs have been around for probably three decades, but like everything else, you only see the things that are of immediate importance to you. While anyone can buy and sell houses in the United States most people only buy and sell the house they live in or expect to live in.

Buying houses without the expectation of living in them-as a business, really started to take off about 30 years ago when a number of seminar speakers crossed the county selling training in buying and selling homes for profit.

Like any business, you can expect a number of the people who buy houses to be skilled, honest professionals and others not so skilled and some-that you would want to avoid.

The bottom line is that some of these people can in fact help you sell a house quickly, sometimes in a few days, and solve problems. Others, I have found, will not even answer the phone or call you back, if you call and leave a message. Strange as it may seem, I have found that this reluctance to follow up on a lead happens in a number of areas in sales.

So the first thing I would suggest in selecting a House Buyer to deal with is call several, see who answers the phone, and see who comes out to your house and arrives when they agreed to arrive. Not high tech, but a good start.

Who am I to tell you how to sort through these guys? I happen to be one of them and have been doing creative real estate for two decades in Florida, was previously a stock broker and financial reporter for the Chicago Tribune. It is sort of like going to a hacker to find out how to make your computer operation safe.

And as one of them, let me assure you there are good, competent people, who are able to raise the money it takes to buy and are knowledgeable of the way real estate works where you live.

There are also, and always, waves of new people who are learning how to buy houses and some of the people who need to sell a house fast will be helping these newcomers learn the trade.

In addition to seeing if they answer the phone and actually arrive at the time agreed for an appointment, I would want to know how long the person has been buying houses and how well they do it. In the second installment of this series, we will look at methods of checking them out and in the third article we will be looking at phrases in the contract they offer you that you may want to avoid.

One of the biggest pluses that the best of these guys and gals will bring to the table to help you is that they have been taught that there are a number of ways to sell a house, methods that have been used in commercial real estate for years but that are rarely used in residential real estate.

I learned the use of these creative methods the hard way twenty some years ago when I lived on the East Coast of Florida and unbeknownst to me had bought a house in an area where a garbage burning incinerator was planned. It was to be built about a mile from where my house was and when I was ready to sell the house to move to the Tampa Bay area, I could not sell.

Everyone knew of the plans when I was ready to sell and no one wanted any of the houses in my area. I finally left the house with a real estate agent and moved while bearing the cost of two homes.

While a lot of real estate agents do not like creative real estate, my agent was knowledgeable and suggested a way to sell my house for cash. We were scarred, but after thinking about it we sold and it worked out fine.

There was a risk in what I did then and a risk in any creative answer to a real estate sales problem, but my experience was what eventually sent me into the We Buy Houses business and in the next several articles we will tell you how it may help you and discuss the risks.

Deed in Lieu of Foreclosure – Can I Give My House Back to the Bank?

Foreclosure rates are continuing to climb. Nevada and California have posted the highest foreclosures, based on per capita and total, respectively. Other statistics show that in Detroit, there is one foreclosure for every 51 households. Such a startling number is five times the national average. In times like these, many people resort to asking the obvious question: can I simply give my home back to the bank? Such a return is called a “Deed in Lieu of Foreclosure.” While it sounds like an excellent get-out-of-debt-free card, most banks have a tendency to say, “No give backs!”

If you do have equity in your house, it would be wise to list the property and go for the quick sale. Across the country, houses are being listed well below market price and many are not selling. Depending on your situation, you may have a “long winded” quick sale. This is the case for a California couple who listed their home $100,000 below appraisal price. They then lowered it three times to $200,000 below appraisal. Six months later, they are still waiting for their first bite.

Before you say all of your farewells to the neighborhood, look into a “Deed in Lieu Foreclosure.” And though a lender will most likely decline if the property is worth less than what is owed, it’s worth a shot.

In terms of the technicalities, there must be a total consideration equal to or exceeding the fair market value of the property being returned to the lender when any settlement agreement is entered into to. Again, most lenders are not interested in a property that is worth less than what is owed-or if more is owed on the property than the actual fair market value of it.

A “Deed in Lieu of Foreclosure” can be slightly beneficial on a credit report, depending on your point of view. The status of the loan will be closed and the “deed” will be identified. Compared to the credit score torpedo of a foreclosure, a “Deed in Lieu of Foreclosure” is less damaging than a foreclosure to credit reports.

One major upside to the whole process is that it will be over sooner than later. It will be done and dealt with and the foreclosure will be behind you. Your credit report will have fewer late payments listed. With all of this in mind, it will easier for you to bounce back from this trying experience.

If a foreclosure is all but inevitable, giving the house back to the bank is an idea that should definitely be considered. The house is practically out of your hands anyways; why not place yourself in a better position to recover emotionally and financially. The idea is to make the damage as minimal as possible.

Two Advantages Are: 
1)You are released from some, if not all, of the debt of your defaulted loan. 
2)You avoid the public scrutiny involving newspaper listings, legal notices posted on your front door for all to see, an intimidating court appearance and a formal sheriff eviction.

The Down Side Of Foreclosure

Giving your house back to the bank to effectively stop the foreclosure process is a means to an unfortunate end.

1099C Cancellation of Debt

Here is some fine print for you. If you borrow money from a lender for a home and you give that home back as a “Deed in lieu of a Foreclosure,” the lender may cancel some or all of your debt. If that occurs, you may have to claim that amount as income for tax purposes.

When you initially borrowed the money from the lender, you were obligated to claim the given amount as income because you agreed to pay that amount back. However, you are no longer contractually bound to repay the amount and the original loan sum is reportable as you are no longer making payments. The lender is also obligated to report the forgiven loan amount to both you and the IRS in what is called a 1099C form, or a Cancellation of Debt.

Here’s a straightforward illustration of a situation involving a 1099C. You borrow $15,000 from a lender and you default after paying $5,000. If your lender cannot collect the remaining $10,000 from you and it is cancelled, it becomes your taxable income. 
There is an exception to every rule. Cancellation of debt income is not always taxable.

Debts forgiven due to bankruptcy are not considered taxable income to the financial circumstances.

Also, you cannot deduct the loss if from the foreclosure or sale or sale of your property you lose money.

A “Deed in Lieu of Foreclosure” will not save your home but it will help you move on and rebuild your life. It’s not the end of the world; rather, it’s both an end and a new beginning. And the “deed” is less damaging than a foreclosure to your credit report.