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I Need To Sell My House Fast: What Are My Options? – how do i sell my house

Posted on 28 April 2011

how do i sell my house – I Need To Sell My House Fast: What Are My Options?

I Need To Sell My House Fast: What Are My Options?

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Home Page > Finance > Real Estate > I Need To Sell My House Fast: What Are My Options?

I Need To Sell My House Fast: What Are My Options?

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Posted: Jun 18, 2010 |Comments: 0
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“I need to sell my house fast.” These are words that some of us in the UK utter without a quick shudder at the thought of the time and bother involved in turning the notion into a reality. But if by “selling my home fast” you also mean selling quickly and possibly outright for cash, then your options grow considerably.

There are plenty of reasons why you may decide to sell your property for cash and quickly. Do these things scenarios apply to you?

1. I would like to purchase next property as a cash buyer but do not like the idea of getting a place to rent between selling my current property and securing my next.

2. I wish to put my property on the housing market; however, I do not like the idea of waiting up to 6 months for my property to sell through the traditional method, not the thought of having strangers visiting my property.

3. I would like to release the equity tied up in my property in order to pay off a loan or other debts, or to invest in a new business overseas.

4. I want to sell my home fast for cash to avoid property repossession, eviction or to clear my mortgage arrears.

5. I am worried about falling housing prices and want to sell now in order to lock in to the increased value of my property.

If any of the above statements describe your present condition, Houses for Cash UK has a simple solution for you. Here’s a few of the options if you wish to sell your house fast and without complications.

1. Real Estate Agent: Selling my property through the traditional route. I find a reliable estate agent that I trust, and who would not overvaluate the asking house price and thus cause needless delays in selling my house. I’m willing to pay the estate agent a commission of 2 to 3 percent, and submit myself to strangers walking through my house. I also hope that this estate agent would act quickly and not take the usual 6 months to complete the sale of my house.

2. Private Sale: I sell my house fast myself. This option could give me the greatest potential for selling my property at or near its market value, provided I have received an exact property valuation, have done my marketing homework, and have the time and sales presence to sell to a complete stranger. I do not have to pay estate agent fees; I sell my house fast as I wish because it is the only property on my list; and I do not mind paying legal fees if it means getting more for my property.

3. Private Property Cash Buyer: I sell my property fast for cash today! Houses For Cash UK gives me a free property valuation and makes a guaranteed cash offer on my property in as little as 24 hours. My benefits for selling my property to them include:

* A guaranteed fair and formal offer

* Free solicitor’s fees (if you are using the company’s recommended solicitor) or £500 toward my legal fees (if you appoint your own)

* No hidden charges when selling my property quickly

* A flexible house sale completion date to suit my situation

* Qualifying myself for a possible property cash buyer discount on the purchase of my next property.

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Shawn Cunningham is a freelance writer. She widely writes articles about sell my house fast. He prides himself in finding the best property specialist UK. He agrees that the best selling method are found at housesforcashuk.co.uk

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Tags: Buying, Foreclosure, Know, Need, Properties, Property

What you Need to Know to Buy Foreclosure Properties – buying foreclosure property

Posted on 21 March 2011

buying foreclosure property – What you Need to Know to Buy Foreclosure Properties

What you Need to Know to Buy Foreclosure Properties

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Home Page > Finance > Real Estate > What you Need to Know to Buy Foreclosure Properties

What you Need to Know to Buy Foreclosure Properties

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While thinking about purchasing foreclosure properties might feel a lot like thinking about building a spaceship, anything’s easy if you know how to do it . . . and you’re prepared.

The first step is to understand how the foreclosure works. A homeowner has to be in arrears on their mortgage payments long before the bank initiates foreclosure, a process that could take up to a year in some states. Once the property is formally in default, it’s offered at auction. Auctions are not for the squeamish. Not only will you be competing with professional investors (and even sometimes the bank), but if you should win the bid, you’ll be paying cash right then and right there on a house that you may not have had time to examine. Talk to a Realtor knowledgeable in auctions before you decide to bid.

If there are no bidders at the auction or the bank wins the bid, it becomes a real-estate-owned property (REO) and gets officially put on the market.

Another type of foreclosure property available is Department of Urban Housing & Development (HUD) homes. These are the result of FHA-financed loans defaulting and sometimes are not priced low enough to warrant the time and effort involved in renovating. But there can be some excellent deals, so don’t automatically exclude them.

However, before all of this takes place, before even the thought of defaulting on the mortgage is but a twinkle in the eye of the homeowner, you should secure your financing. The ideal offer on a foreclosed home incorporates the best of both financing and terms. Full price, cash, no inspections, closing in 5 or less days would make the banker tingle all over. But if you don’t have the cash you need to make that kind of offer, you’ll need to talk to a lender. Find a lender who has worked with investors and knows the ins and outs of investment financing.

I can say, though, that you can most likely forget about FHA or VA financing; because although they’ve lowered the standards a smidge regarding condition of a property, most foreclosed properties won’t meet even those standards. That’s because most foreclosed homes have been ridden hard and put away wet.

Think about it. Although they know that it’s their fault, the bottom line is that the former homeowners are still out on the street . . . and there might be just a little resentment directed towards the bank. In laymen’s terms, they could really trash the place. Not uncommon is food strewn about the house, burns on what’s left of the carpet, holes in the walls and even feces outside the commode. Add to all that the fact that the electricity has no doubt been shut off, rendering the A/C ineffective, and what you have is a really unpleasant combo! Even more damaging (though significantly less repulsive!) is if the bank isn’t able to winterize the home in time and the plumbing sits inactive through the winter. Water expands as it freezes and can burst a pipe quicker than an unvented potato in the microwave. Keep all of that in mind when you’re viewing the property. Some homes just need a really big dumpster!

Once your financing is in order, you should find a Realtor experienced in foreclosure sales. They’ve got the skills and paperwork necessary to walk you through the process. And your Realtor will be able to put you on an MLS search, precluding the need to pay for online services.

It’s essential, in order to compete with professional investors, to be able to view a home and put an offer on it on the same day that it becomes available. If it’s a good deal, which means the current price and future value supports the amount of money needed for repairs, it’ll be gone quickly. In fact, many times the agent will put on the listing that “all offers will be submitted to the bank M-F” and “may take several days for a response.” Not necessarily so. Yes, bankers work banking hours, but if you’re proffering the ultimate offer, they’ll verbally accept as soon as the agent can get ahold of them. Of course, a verbal contract is only as good as the integrity of all the parties involved . . . so get signatures ASAP.

Walking through the home beforehand is important, very important. You don’t want to buy it for a song only to find out that it needs ,000 in structural support piers or thousands of dollars in mold remediation. There will always be surprises, but you want to minimize what you can when you can.

Once you’ve found the home and decide to make an offer, meet with your Realtor. He or she will write the offer up for you. If a property is fresh on the market, you’ll want to get as close as you can to the perfect offer. The results of the research initiated by your Realtor will determine the direction your offer should take. For instance, it will be unlikely that you will have to pay full price if a property has been on the market for several months.

If a foreclosed home has been sitting on the market awhile, it’s either in a less-than-desirable neighborhood or it’s overpriced. Period. It may not be overpriced for the neighborhood, but it’s overpriced for the amount of money needed to bring it to a marketable condition.

The first thing to address is your earnest money deposit. Whether you’re offering cash or not, you’ll be required to submit an earnest money deposit, usually a percentage of the total amount offered. Some banks will demand a forfeiture of the earnest money after a certain number of days, whether you follow through with buying the property or not, so have any inspections within that time frame.

Foreclosure properties are mostly sold as-is, which means that you can have inspections, but the bank will not make any repairs (the exception being termite treatment, and even then the bank might put a monetary cap on it). Many buyers waive the right to inspections in order to make their offer more appealing, but I always encourage inspections in one form or another, either a licensed home inspector or licensed contractor. You want that “out.” Better to risk the deal by indicating that you want inspections than to learn of major issues after you close. Ideally, you’ll want to bring the licensed professional to the property before you write the offer.

You’ll also be required to sign a multi-page Addendum of some sort releasing the bank from any liability associated with the home. I’ve seen some as short as two pages and others as long as 30. And every single page essentially says the same thing. “We know nothing about the property, make no representations about the property, and are not liable for anything at all ever related in any way to the property. Ever. You are.” If you’re the type to bristle at inequality, this’ll make your hair stand on end. Not only is it completely biased, but to add insult to injury, you may be required to sign something stating that it does not show partiality! If you want the house, suck it up. There are few areas to negotiate on the Addendum, and if you can find them, more power to you! But one thing that’s steadfast with regard to the Addendum: if there’s a conflict between the Sales Contract and the Addendum, the Addendum will win every time. So read the Addendum carefully, as will your Realtor. Just grit your teeth and you’ll get through it.

Some Addendums require that you close with the bank’s closing agent. That’s not so bad, because if you do, many will pay the title insurance for you and your lender. Title insurance is a one-time fee protecting you (and your lender) from losing your shirt should something come up to make the sale invalid after closing. You won’t get to keep the house, but you’ll be financially reimbursed, if nothing else.

Closing a foreclosure home is no more difficult that closing a “normal” property. Sign papers. You own it. All done.

Always remember, though, that doing the work on the front end will help minimize surprises on the back end. View the property, have inspections, plan accordingly.

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Lisa Buth is a Realtor at RE/MAX Action First in Louisville, Kentucky. She was licensed to sell real estate in 2003 and holds a certification as a New Home Specialist. Lisa feels that in every business, particularly the real estate industry, it’s important to demonstrate honesty, integrity and professionalism. She likes to spend time with her family, fish and write . . . in that order. Visit Lisa’s website at www.ButhHomes.com.

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Do I need a lawyer during my foreclosure period if I am not interested in keeping the property
Do i need a lawyer during my foreclosure process if i do not want to keep the property
What should i know before buying a house?

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Lisa Buth is a Realtor at RE/MAX Action First in Louisville, Kentucky. She was licensed to sell real estate in 2003 and holds a certification as a New Home Specialist. Lisa feels that in every business, particularly the real estate industry, it’s important to demonstrate honesty, integrity and professionalism. She likes to spend time with her family, fish and write . . . in that order. Visit Lisa’s website at www.ButhHomes.com.

More Buying Foreclosure Property Articles

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What you Need to Know to Buy Foreclosure Properties – buying foreclosure property

Posted on 17 March 2011