We Buy Houses!

There’s a new F-word these days, and it isn’t the one you’re thinking of.  “Foreclosure” is the term those of us struggling to hold onto homes hate to hear. The worst-case scenario many people envision when they consider the effects of the current recession on their lives.  You’ve heard the horror stories: a major hit to your credit score (usually somewhere in the neighborhood of 200-300 points), and a 7-year impact on your credit report.

Important Steps to Avoid Foreclosure at All Costs

Let’s start by talking over a few ways to avoid having this happen to you.  We already wrote a bit about short sales, and their effect on your rating. Here are some other ways you can try to keep the possibility of foreclosure from becoming a reality.  The first and most basic is to keep in touch with your lender.  No one likes hearing bad news, and it can be easier to let unopened bills and late notices pile up in your trash than deal with the reality of your situation.  If you find yourself falling behind on your payments, contact your lender and discuss the possibility of modifying your loan (and negotiating one with a lower interest rate, for example).  Occasionally, you can ask for forbearance, a period during which the lender agrees to let you temporarily stop making payments until you have your situation sorted out.
Suppose you decide instead to move, most likely into a more affordable home or a rented apartment.  In the event that the amount of your mortgage exceeds the value of the house, consider a short sale.  Sometimes, you can simply turn your home over to the lender and cancel your remaining debt (a process called a “deed in lieu of foreclosure”), but like all of your other options if you’re at this critical stage, think it over carefully.

Whatever You Do, Act Now—Your Situation Won’t Fix Itself

Whatever your situation or plan for the future, we wish you the best of luck, and are always here to take any and all questions you may have.

As the top-selling Keller Williams real estate agency in the metro DC area, we make a point of knowing people and building our network, whether it’s maintaining a mutually-beneficial arrangement with a mortgage firm that can keep your payments reasonable, or keeping in touch with satisfied customers who are gracious enough to provide us with valuable referrals.

The Best Endorsements Come From Our Partners

Given how the business works, it’s always gratifying to get the approval of our peers, especially that of real estate professionals as highly regarded as Daryl Laster of the DC-based Lance Horsley Team.  A Chicago native with an MBA in Finance and Entrepreneurial Studies from the University of Illinois, Mr. Laster made his name in the restaurant industry before establishing himself in real estate.   A licensed realtor in the DC, MD and VA areas and an integral part of a company acknowledged by many as DC’s Loft Specialists, he had the following to say about his dealings with our firm:

A Peer Review

“Express Home Buyers is an absolute dream to work with.  Their renovations are truly impressive.  Renovations include high quality, hi-end materials and workmanship.  In my opinion, the project was a true renovation in that plumbing, electrical and structural repairs are done when needed, not lipstick on a sow as I often see.”
“Marc [Hershkowitz], as a listing agent for EHB, was equally delightful to work with.  My buyer has custom requests and Marc facilitated her requested with relative ease.  And of course, the buyer agent bonus was like whip cream & a cherry on my sundae.  Thanks again Marc for all!”

Thanks Mr. Laster

We are extremely grateful for all positive feedback and endorsements we receive, especially when they come from a realtor as accomplished as Mr. Laster.
If you’d like to understand why we enjoy excellent relationships with many of our industry peers, visit our website and browse the homes we have available.  We promise to provide you with the same high-level of service and professionalism that Mr. Laster refers to above!

In a down economy, people are looking to cut costs wherever they can.  Paying an agent 6% of your home’s selling price may not sound like a lot, but if your house lists for thousands, you can end up shelling out a decent amount.  There are plenty of FSBO Web sites that, for a nominal fee, give your home a decent amount of online exposure. Even after you factor in the $20 it’ll cost to put a sign up in your front yard and a few more for a classified listing in your local newspaper, and still saving a stack of money.  Taking matters into your own hands may seem like a good option, but before you decide to go the FSBO route, you should ask yourself a few questions and make sure this is an option you’re ready for.

1. What is the condition of the current title?
2. Are any deeds required from prior owners? (This is common when the previous owner financed the current seller.)
3. Are there unpaid liens or special assessments due for collection upon sale? (Municipal improvements like new sewer, paid over years, is typically due in full upon closing.)Have you checked the assessment and assessor’s records?
4. Did you complete proper disclosure forms per state law?
5. Are there factors that would make the property difficult to finance with typical lenders? (Examples are older homes, substantial acreage, private water and sewer, numerous out buildings…)
6. Have you obtained an updated Certificate of Occupancy?
7. Did you review existing financing to determine whether it can be assumed?
8. If yes to #8, have you contacted the lender to determine what to do to complete the transaction?
9. Do you know your equity in the property?
10. Is the property governed by a Home Owner’s Association? If yes, are there limitations on the property’s use that should be conveyed to potential buyers?
11. What factors will you use to set an asking price?
12. Did you leave room for negotiation in your asking price?
13. Do you have access to area comps (comparable properties)?
14. How familiar are you with the local property sales market?
15. Can you be unbiased about your home’s faults?
16. Will you attempt to add into the home’s market value either what you’ve “put into it” or “need out of it?”
17. Do you know which legal documents to prepare for a home sale?
18. Where can you obtain said documents?
19. Will you need assistance filling those documents out?

If any of this sounds confusing, we may be of use to you.  We know our way around the paperwork you’ll need to have handy, and have helped hundreds of people like you unload homes fast.  As the greater DC area’s largest home buying agency, we’re the people to talk to if you have a home you need sold.  Keep reading next week when we continue down the list.