Do you need to sell your house fast? In many markets around the country, including certain areas of Washington DC, Virginia and Maryland, house prices have started to edge up. This could be a good time to sell your home. Easy tips for a quick home sale include:

1. If home prices in your neighborhood are increasing, do not raise your list price. Having a lower priced home will cause your home to get all of the attention and could ultimately drive up the final sales price of your home through a bidding war. Your ultimate goal is to get the highest possible sales price, not the highest list price. Ideally, you want your home priced at or below other homes in the neighborhood – higher priced homes in a given neighborhood are usually the cause of selling the lower priced homes in the same neighborhood. An interested buyer may first see the higher priced home but will quickly revert to the better priced home.
2. Remain flexible as buyers make offers to purchase your home. Allowing certain concessions can be integral to getting your home sold fast.
3. De-clutter the home by removing all personal items, extra furniture and the not used or wanted. Removing clutter can include these areas: closets, cupboards, linen closets, bathrooms and kid’s bedrooms. Once decluttered, make sure everything remains organized and clutter free until your home sells.
4. Landscape and clean up the yard. If the season permits, plant flowers to bring color to your yard. Keep the lawn mowed and edged and the yard free of household items, such as kids toys and anything else that detracts from the aesthetic appeal of the yard. If you mow the lawn while the home is on the market make sure to remove the grass clippings.
5. Make necessary repairs and renovations to make your house show well. For a list of such repairs please read http://www.expresshomebuyers.com/improvements-to-make-to-help-sell-your-home.html.

If you are unable to do the above things or you are having trouble selling your home, call us today at 1-877-384-3737 or contact us to get an offer in hours from Express Homebuyers.

Don’t get in over your head with debt.
Keep an emergency fund of six months salary.
Live frugally.

For the person who is currently treading water in a sea of debt or who is saddled with a home that has declined significantly in value, this advice is hard to follow. Whether you bought too much house or fell behind on your bills due to job loss or illness, you may find yourself in precarious shape and bankruptcy seems like the only viable option.

Bankruptcy may reduce your debt, but it has great repercussions on your credit score, your ability to find a job, and your ability to obtain credit in the future. For some people, it may offer a clean slate, but bankruptcy revisions in 2005 made it more likely that you will still be responsible for paying a portion of your debt. You may have to sell your assets, including your home. While you are paying down your debt, you have the added stigma of the bankruptcy on your record. If possible, you should consider less destructive alternatives to bankruptcy.

Increase your income – In the ideal world, you might prevent bankruptcy by bringing more income into the household. You can take on a second job or more work, have a stay-at-home family member find a job, or tap into savings or 401ks (this is not usually a good idea, but it may be a better alternative to bankruptcy). In the current economy, increasing your income might be tough.

Reduce your monthly income requirements – By squeezing the fat from your budget, you may be able to redirect some income toward other obligations. The things you cut however – the cable TV, the lattes from the coffee shop, the eating out – may only put a couple hundred dollars back into circulation.

Work out the debt with creditors – Creditors may agree to reduce your payments or freeze your interest rates. If you take your problems to a consumer credit counselor, you may find help in negotiating with your credit card companies.

Dump the debt – If the big income drain for you is the house or car payment, shedding these assets may either put your finances in the black or at least stop the bleeding. If you see that you could manage without having to make these payments, proactively selling the house or car can prevent foreclosure or repossession.

What other ways can you avoid bankruptcy?

Are you ready to sell a home fast? Call us today at 1-888-835-4758 or have your client contact us to get an offer in hours from Express Homebuyers.

How do you do a short sale

The short sale process has a number of steps you must follow precisely. Since the process is time consuming, you must be prepared to wait for each step to complete.

• Establish hardship, which makes the case to the lender that you can’t pay
• List and market the home, with the goal of obtaining a qualified offer
• Prepare a package of documents and submit them to the bank
• Wait for a short sale negotiator to be appointed to review the case
• Submit to a short sale appraisal/BPO
• Receive terms and conditions from the bank
• Negotiate with all parties on terms and conditions.
• Complete the closing process

Other help for housing woes

The many steps of short sale add a minimum of three to six months to the process of selling your house. Along the way, the bank can short-circuit the process at any point if it thinks your hardship is not severe enough or has hopes of making you pay to the original terms. Often, a real estate agent can help you prepare your case and negotiate for you throughout the process.

Some homeowners with loans secured through Fannie Mae or Freddie Mae may qualify for short sale help through the Making Home Affordable program. If the homeowner meets all the criteria and the lender agrees, the homeowner might walk away with $1,500 to help with relocation expenses and debt forgiveness of the balance.

What is your experience with short sales?

Are you ready to sell your home fast? Call us today at to get an offer in hours from Express Homebuyers. Are you ready to sell a home fast? Call us today at 1-888-835-4758 or have your client contact us to get an offer in hours from Express Homebuyers.

If you are you are having financial problems that lead to foreclosure or short sale, your credit report will tell the story long after you have moved on. What is the impact? Is there a difference in the impact of foreclosure vs. a short sale when you sell your home?

Recently, FICO, the company that produces the credit score used by many lenders to evaluate creditworthiness, offered some surprising answers to these questions – and added some new insights as well.

Bad news for high scorers

First, FICO sees little difference between a foreclosure and short sale. In either case, the lender received less than the balance of the loan, so the defaulting homeowner might lose from 85 to 160 points from his credit score. Why the range? The steepness of the fall depends on what the score was to start out. High scores lost more points than ones that started out low. A high 780 score would lose the 160 points, while a mid-range score of 720 would lose 130-150 points, and the low score of 680 would lose “only” 85-105 points.

The same pattern of dinging high credit scores more heavily than low ones prevails with late payments too. When 30 days late, a high score might lose 90-110 points, plus an extra 20 if they were 90 days late. Low scorers are zapped 60-80 points whether they were late by 30 days or 90.

Here’s the kicker. A borrower with a high score will not recover from a late payment for three years in comparison to only nine months for a someone with a lower credit score.

This information seems at odds with the advice of most housing counselors to pursue a short sale rather than letting the house go into foreclosure. FICO says that someone who underwent a short sale would be better off only if the lender did not report the shortfall – a difference of only 35 points.

So, why pursue a short sale instead of a foreclosure?

When you go to sell a home, a short sale offers more control over the process. They may feel depressed that they have to give up the house, but they have more of a sense of closure on a bad situation. They can plan their future more easily than with a foreclosure.

When they go to buy another home, they should be able to do so in 24 months at a good interest rate. This assumes that they have kept their payments current after the short sale.

Though most analysts claim that either default impacts the report the same, there is a difference by state as to the impact. Borrowers from some states have reported hits up to 300 points from foreclosures and 100 points from short sales.

With a short sale, the homeowner remains with the property until closing, just as in a normal sale. As a result, the home is not left vacant for long periods of time, which keeps the property values intact and reduces neighborhood vacancy rates. The lender does have to maintain the property or see the value further lessened by vandalism and theft.

Banks benefit too

The lender accepts less than loan value with a short sale, but is spared the extra legal costs of pursuing a foreclosure in court. According the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs $3,300; the figures for the cost of a short sale are not given, but the major costs include processing and loss on the loan, without the court costs and property maintenance.

Though both short sale and foreclosures have roughly the same impact on credit scores, a short sale has many advantages both to the seller and the lender when selling a home. Since short sales are a remedy that costs lenders less than foreclosure, some lenders may look more kindly on short sales. As short sale is considered by some to be the best way to help our country get past the housing crisis; a time may come when this philosophy might be reflected in the scores themselves.

Have you experienced a short sale or foreclosure? If so, what advice can you offer based upon your experience?
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Are you ready to sell your home fast? Call us today at 1-888-835-4758 or contact us to sell a home in hours from Express Homebuyers.

What are the steps to prevent foreclosure?

Seek help early – Avoiding the problem will not make it go away. The earlier you seek help, the more options you have.

Face the facts – Open your mail and respond to correspondence from your lender. If you are in a home that you can no longer afford, realistically assess whether you need to move on.

Muster your resources – Sell what don’t need that has value–a car, jewelry, household goods, etc. Try to find a second job, prioritize your spending, and see whether your family or friends will lend you money. This may seem obvious, but your effort will show your good faith to the lender.

Contact your lender – If you alert your lender of a problem, they might have programs to help, including “forbearance” (that gives you time to make up the payment, forgiveness of payment, a repayment plan, or loan notification).

Consider outside help – Housing counselors approved by HUD can review your situation at no cost, help you consider your options, and even negotiate with your lender. They can direct you to federal, state, or local programs. You can get started by calling the Homeowner’s HOPE™ Hotline at 888-995-HOPE and tell them “I need help selling my home and avoiding foreclosure!”

Look for programs that can help. Making Home Affordable, the main federal attempt to prevent foreclosure, may be the first program that comes to mind to help you obtain a loan modification if you meet the criteria. Since its inception in 2009, the program has expanded. It can address second mortgages, underwater situations, and more. Within D.C , the Homesavers Program can help unemployed homeowners. Maryland has its Hope Initiative, while Virginia has an Emergency Homeowners Loan Program, among other services.

Avoid scammers – Housing counseling to avoid foreclosure is free, but many private companies have sprung up claiming they can help you. Often these companies request high upfront fees, may take the title to your home, and don’t do as they promise. Always work through a certified housing counselor.

Need or want to move on? Here are your alternatives:

Selling my home – If your home is in good condition, and your Realtor® feels that it would command a good price in view of comparative sales figures in the neighborhood, you might consider trying a conventional sale. This might net you enough money to pay back any past debt to your lender or at least relieve you of a payment that is too high.

Consider a short sale – If your home is worth less than you owe, a short sale might be the way to go if your lender will negotiate. This will impact your credit, but not as much as a foreclosure. The process also offers you more control over your situation and saves your lender the much-higher costs of foreclosure.

Consider a deed in lieu – You can also deed the home back to the lender in return for cancellation of the mortgage. The lender will cancel the foreclosure and might even let you stay in the home until you find a place to move.

Sell my home to a third party – Companies that buy houses are equipped to move quickly to prevent your home from slipping into foreclosure.

With the help of your counselor, you may realize that you are too far behind on your payments, the home needs too much work, the payments are too high, or your home has lost too much value. Your housing counselor can help you make the transition, but you will have to give up your home. This may be hard, but will stop the foreclosure and you will then be able to move on to the next stage of your life.

If you have worked with a housing counselor, what was your experience?
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I want to sell my house fast. I can call EHB today at 1-888-835-4758 or tell us “I need help selling my home!” in hours from Express Homebuyers.

Buyers should not expect to buy a million dollar house for $10,000, but they know they have the chance to get a lot of house for their money. You must deliver if you want your home to be the one they buy.

Deliver the basics

While some buyers consider “as-is” foreclosures that are sometimes filthy, stripped of pipes and fixtures, and broken down, most want a clean new home. Make decluttering and thorough cleaning the first order of business, followed by some freshening up with new paint, fixing leaky faucets, and making other minor repairs.

Anticipate any big problems

You might not be able to make a lot of costly improvements before you sell a home, but you should have a home inspection to get a pro’s view of what your home needs. This “heads up” usually costs between $200 – 400 and gives you the choice to replace or repair whatever the inspector finds or disclose the problems to potential buyers.

Make it marketable

In a buyer’s market, your home is in competition with many others. Especially if it’s in a development where many homes are similar, the home that offers the most benefits stands the best chance of selling fast. If your home looks dated, consider making some renovations to the kitchen or bathroom. You won’t recoup all of your investment but you will likely see about 70%. If you live in an upscale neighborhood, you might have to put in appropriate upgrades using premium materials to remain competitive.

Add the sizzle, not just the steak

Your buyer might have seen your home on the internet, but the first couple seconds he sees it in person tells him whether to come in or keep on driving. A manicured yard with colorful plants, intact driveways and sidewalks, and well-maintained siding invites the buyer inside. Once he’s in, a well-staged home can make him interested in seeing more. If your home has special features, the buyer might not be willing to pay more for them, but they could help the buyer decide that your home is “the one.”

Price it right

A home will sell if the buyer sees it as a good value in the neighborhood. Regardless of how much you paid five years ago or how many upgrades you made, buyers won’t pay top dollar if comparable sale prices won’t support it.

Paying attention to these things can help you sell a home in a buyer’s market. A good real estate agent can offer you some great tips on remodeling ROI, staging, and pricing that will help you seal the deal.

What tips do you have for prepping a house for a quick sale?
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Are you ready to sell your home fast? Call us today at 1-888-835-4758 or contact us to get an offer in hours from Express Homebuyers.

Mortgage – The legal documents that oblige you to pay for the property over a certain length of time constitute your mortgage. The property itself secures the loan. When you sell your house you must pay off the mortgage. The new owner will obtain his own financing.

Title – A title is a listing of the history of owners, debts, and other information related to your house. Title is produced by researching the documents recorded in the land records of your county. If you have multiple liens and mortgages on your property, selling a home and transferring the title to new owners can be complex.

Disclosures – You must state the condition of the property as you know it. The regulations about what must be disclosed vary by state, but issues such as water damage or a leaky roof should usually be mentioned to potential buyers. If you are not in a position to repair problems, you should at least put them on the table so the buyer can decide whether he/she wants to take them on.

Price – The amount of value in terms of money at which property is offered for sale or is exchanged for at a sale. Often, there is a discrepancy between the price which the house is listed and the selling price. Setting the price at a level that considers its value and those of comparable properties in the neighborhood can bridge the gap.

Appraisal – A third party evaluator examines the property to determine that the price is in line with comparable properties. If the appraisal comes in too low, the lender will either refuse to write the loan or request that the buyer contribute more downpayment.

Equity – The amount of financial interest the homeowner invests in the property is considered equity. Equity can be calculated by subtracting your martgage balance from the crrent market value of the home. If the value of your home has decreased, you could be in a negative equity position. The amount of equity you have might influence your decision to sell a home.

Underwater mortgage – If you owe more on your home than it is currently worth, your mortgage is considered “underwater.” If you sell a home for less than you owe, you may have to pay your lender the difference.

Short sale – If the lender agrees to accept less than the amount owed on the mortgage, the property can be sold at short sale. The process can be lengthy; in addition to the normal negotiation between yourself and the buyer, the lender determines what amount they will accept.

Foreclosure – If the borrower can’t pay the mortgage, the lender can begin court proceedings to rescind his interest in the property. If the property is sold at auction, the proceeds are applied towards the mortgage.

Deficiency judgment – If the proceeds from a sale are less than the amount due on the mortgage, the lender can aim to collect the balance of the debt in certain states. For any short pay, the lender will send a 1099 to the IRS for the borrower to claim as income.

Though selling your home can be complex, your Realtor® speaks the language. The real estate word you really want to hear is “SOLD.” Although you can try to sell the home yourself (a FSBO sale), a qualified agent can help you price your home or even help you prepare for a short sale to avoid foreclosure if your equity is low. Another option is to sell your home fast through a reputable home buying company.

Do you think sellers should be obliged to disclose defects in their property?
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Are you ready to sell a home fast? Call us today at 1-888-835-4758 or contact us to get an offer in hours from Express Homebuyers.

It’s been quite some time since prices of homes in Prince William County have increased from the previous year. Although they have increased from 2010, since April 2007, the median and average sales prices have declined approximately 30-40%. Prince William was one of the hardest hit areas in the country in terms of value declines. Fortunately, the real estate Market in Prince William County seems to be stabilizing.

While the number of houses sold declined a significant amount and sellers in general are getting a lower sold price, percentage wise, compared to their original list price, they are still getting nearly 97% of list price – another sign of a healthy Market.

In terms of supply, in March, 2011 there were 484 homes sold. When you divide this into the number of active listings it signifies roughly a 3 month supply of houses. This amount of supply is much better than a typical healthy market defined by a 5-6 month supply. Active listings were up roughly 13% while new listings and pending contracts both declined from a year ago. Contact us to sell your house in Prince William County, Virginia.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

April brought mixed results to the real estate market in Montgomery County, Maryland. People looking to sell their house saw a drop of nearly 22% in total houses sold. The average and median sale prices rose slightly from the previous year but declined slightly from March 2011.

The big drop in April was the number of houses sold. Home sales in Montgomery County were down nearly 22% from the previous year. Houses were on the market 29% longer in April, but are still selling quickly relative to other regions.

There is a 5 month supply of houses for sale in Montgomery County, a slight decrease from the previous month.

New listings in Montgomery County were down significantly. This is likely due to legal battles between the U.S. government and bank that have slowed the release of REO properties (Real Estate Owned) – what the bank calls properties that are taken back through the foreclosure process.

Montgomery County is still a healthy market in terms of sales prices and supply, but buyers are becoming less active with a 23% decline in pending contracts from the previous year. We can help sell your house fast in Montgomery County, Maryland.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

Prices of homes in Prince Georges County have, once again, significantly declined from the previous year. The median sold price dropped by nearly 18% while the average sold price declined by over 14%. Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years. In April 2007, the median and average sales prices were $331,000 and $349,000 respectively. This represents a 49% decline in average sales price and a 52% decline in median sales price. These drastic value declines have most likely never been seen before in the United States.

The number of homes sold decreased by nearly 19% and sellers in general are getting a lower sold price, percentage wise, compared to their original list price.

In terms of supply, in March, 2011 there were 730 homes sold. When you divide this into the number of active listings, this signifies an almost 7 month supply of houses. This has decreased by 2 months from March and is much closer to what is considered a “healthy market” as defined by a 5-6 month supply. Active listings have increased due to fewer pending sales – signifying that buyers have become less active. New listings have decreased a dramatic 20% in Prince Georges County. Contact us if you need to sell your house fast in Prince Georges County – we can help!

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

People who are looking to sell their home in Fairfax County, Virginia will be happy to know that average and median sales are up both from March and from a year ago. Even more impressive is that the average sales price has increased by 20% since April 2009.

Houses in Fairfax County were on the market 32% longer in April, but houses are still selling quickly relative to other markets.
There is a 3 month supply of houses for sale in Fairfax County, with a little over 1,000 homes on the market. This is a slight decrease from March.

New listings in Fairfax County as down significantly, likely due to legal battles between the U.S. government and banks. The conflict has slowed the release of REO properties (Real Estate Owned) – what the bank calls properties that are taken back through the foreclosure process.

All these numbers indicate that Fairfax County’s real estate market is very healthy, even with a 25% drop in April sales. We can help you sell your house fast in this dynamic market.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

Homeowners in the District of Columbia will be happy to know the average and median sales prices are up significantly from last year and last month. This is good news for anyone planning to sell their home now.

On the down side, it is taking more time to sell a home in the District, approximately 24 percent longer. The number of homes sold in DC decreased by the same percentage over the past year—24 percent—and slightly more in the past month.

There is a lower supply of homes on the market. Based on March unit sales of 555 homes, there is a four-month supply in D.C., down from six months.

The District of Columbia is still a fairly healthy real estate market. Though active listings and new listings are both down, it is most likely because of legal battles between the US government and banks stalling the release of foreclosed properties. Pending sales, which show the amount of buyer activity, increased slightly from March, but are still down about 16 percent from a year ago.

FYI: REO—Real Estate Owned—what a bank calls the properties they take back through the foreclosure process.

We can help sell your house fast in Washington DC – contact us today!

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.