Can I sell my house back to the bank?

Posted on June 5, 2009 by Admin

Can you sell your house back to the bank?

The short answer is no.  The bank does not want your house.  They want to loan money, they are not in the business of owning real estate and they are not looking to buy your house.  If you need to sell your house fast, contact a we buy houses investor in your area.

If you are thinking about selling your house back to the bank, you’re probably behind on your payments and facing foreclosure or the value of your house is less than what you owe to the bank.  In either case, you have options available to you.  Contact a local real estate agent or investor that can talk to you about your foreclosure options.

One option is a deed in leiu of foreclosure.  Basically the bank will accept the property back.  Most times these are hard to do and most banks are not willing to take the property back.  Again, they do not want your house.

Another option is a short sale.  A short sale is when the bank allows you to sell your house for less than you owe.  Depending on your state and your specific situation, you could owe money to the bank after the sale.  Talk with a local real estate attorney that is familiar with your state’s laws.   If you are interested in an Arizona short sale, contact us to discuss your situation.  We have a team of attornies, real estate agents, and investors that can guide you through the process.

If you are unable to get a short sale completed, you have the option of letting the house go into foreclosure, filing bankruptcy, renting out the house, or continuing to make the payments as long as you can.  The choice is yours but before making a decision, make sure you get all the facts.

Posted in Arizona Short Sale, Sell My House, Sell My House Quickly, We Buy Houses | Tagged , , | Leave a comment

How to sell my house fast

Posted on June 4, 2009 by Admin

8 home selling tips from MSN Money.

  • Hire a top-notch sales agent.
  • Price it right. The No. 1 thing that will sell a house quickly is price.
  • Create an adjustable sales plan.
  • Clear out the clutter.
  • Offer incentives. Incentives can help shorten the sales cycle, but be careful. Agents are divided on how much they help.”I think it can be a fine line between wanting to sell a house quickly and having it look like it’s a fire sale,” Greenwood says. Roulac, however, believes that adding premiums can help speed a house sale. A popular incentive offered purchasers is closing-cost help. You also can encourage your sales agent: Offer a higher commission for a speedy sale or give your broker show tickets, a meal at a fine restaurant or some other perk if the property moves quickly.
  • Don’t get distracted.
  • Ask for company help. If you’re relocating because of a job change or company transfer, you may be eligible for home-sale help from your employer or a relocation company representing your employer.
  • Rent it.

Our take on these home selling tips

If you’re looking to sell your house fast, it’s not good advice to rent out your house.  Renters will distract buyers and impact the cleanliness and clutter in your house.

If you have the time and cash to list your house with a real estate agent and offer incentives, that is a good path to take.  Choosing to list your house with an agent is a long term contract and provides not guarantees that you will sell your house.

To guarantee that you get an offer, contact a real estate buyer or a we buy houses company in your local market.  You will get a cash offer, typically within 48 hours and many times you can have your house sold in 10 days or less.

Posted in Sell My House, We Buy Houses | Tagged , , | Leave a comment

Can I sell my house for less than I owe?

Posted on June 1, 2009 by Admin

Can You Really Sell for LESS Than You Owe?

The short answer is Maybe.  Selling your house for less than you owe on your mortgage is not a simple task.  As you can imagine, your lender is not too eager to let you sell your house for less than you owe because they are in the business of lending money to make more money, not lose money.  When the bank allows you to sell your house for less than you owe, that is called a short sale.  Despite the name, short sales are not a way to sell your house fast.

So, why is the answer “maybe” and not Yes or No?

The answer is Maybe because the lender(s) MAY BE willing to accept a reduced amount when you sell. Why would they agree to that? They might agree if you, as the owner of the property, can prove a “hardship” that is so bad, the lender will be willing to settle for less than the current loan amount. You must have a legitimate hardship. Maybe you’ve experienced major medical problems, a divorce, a job loss, maybe a death in the family, or major financial problems; there are many situations that may qualify as a hardship.  Or maybe your payment adjusted and the value of your house has declined.

Who can I contact about a short sale?

Typically in every market there are real estate agents and real estate investors that specialize in short sales.  It is a very time consuming and tedious process to complete a short sale, so contacting a professional is in your best interest.  In most cases, the services of the agent or investor are free to you, the homeowner.  If you look in your local classifieds under “We Buy Houses” in the real estate services section, you can find investors that are looking to buy and negotiate a short sale on your behalf.  Contact us about your Arizona short sale.

Posted in Sell My House | Tagged , , | Leave a comment

Should I sell my house now?

Posted on May 29, 2009 by Admin

Choosing the right time to sell your house

If you can choose when to sell, it’s best to do it in a “seller’s market” — when the number of available homes is low in relation to the number of buyers. Here are some indicators that the market is good for sellers:

  • Mortgage interest rates are low, allowing buyers to finance larger mortgages.
  • The economic climate of your region is healthy and people feel confident about the future.
  • There’s a jump in house buying activity, as often occurs in the spring.
  • Your area is considered especially attractive — because of the schools, low crime rate, weather, proximity to a major city, or other factors such as employment opportunities.

Of course, not everyone gets to choose when to sell. If you have to move immediately — for example, because of financial reasons, a divorce, a job move, or an imperative health concern — and you don’t have any of the advantages listed above — you may have to settle for a lower price in order to make a quick sale.  Another option would be to contact a local professional real estate buyer.  Real estate buyer and investors are looking to buy houses in sellers markets and buyers markets and can be especially helpful when you need to sell your house fast.  Just look search online for “We Buy Houses” in your local area, craigslist.org, or try your local newspaper classified ads.

In most areas of the country, now is not a sellers market.  Prices are dropping, mortgages are hard to qualify for and foreclosures are at an all time high.  For most people, if you can stay in your house and weather the storm, this is not the time to sell your house.

Posted in Sell My House, Sell My House Quickly | Tagged , | Leave a comment

How can I sell my house quickly in today’s real estate market?

Posted on May 27, 2009 by Admin

Tips to Sell Your House Quickly

In many areas of the country, it’s very hard to sell your house fast.   There seems to be a glut of homes for sale, and fewer buyers willing to buy them.  You might have plenty of “lookers”, but no one willing to make you a reasonable offer. This may be due to mortgage interest rates, or simply due to the nature of real estate, which tends to have spikes and cooling off periods.

Be Creative, set your house apart from the rest

There are several creative options you can do to help sell your home quickly. You can offer to pay certain closing costs which the buyer would normally pay, such as closing costs. You can offer to “pay down” the interest rate on their loan. You might offer to pay for the buyer’s moving fees, or offer a gift card to a local home improvement store. You could agree to pay for the inspection report. Be creative. You could offer a flat screen television or leather furniture.  While these expenses may run from a few hundred to several thousand dollars, they may save you money in the long run. Not having to reduce your asking price significantly, and selling your house quickly, will equate to a bigger savings to you.

Location, Location, Location…emphasize the selling points of your location

Additionally, if you know of any planned improvements for your area, be sure to point those out. If buyers have children, point out any advantages of your local school system, or special schools which may also operate in the area.  Find out what the buyers interests are, and point out how those interests can be enjoyed in your area.

Contact a professional

Alternatively, to sell your house quickly, contact a local real estate investor.  Real estate investors, we buy houses companies, are looking to buy houses and do not require long closing periods, inspections, repairs, or any fees.  Many investors can give you an offer within 48 hours and close within 10 days.

Posted in Sell My House, Sell My House Quickly | Tagged | Leave a comment