Fix up your home to get the best price.

The recommendations run the gamut from fresh paint to a new kitchen.  Frontdoor.com suggests that you put up to 15% of your home’s value into improvements.  If you are selling your home to prevent foreclosure or for other financial reasons, putting a lot of money into the place may not be an option for you.  What you will want to do is invest your time and money in the improvements that will do the most good.  Ideally, you should get a home inspection so you know what problems your home might have.  Even if you do not have the resources to fix too much, you can work with your real estate agent to plan two things:

• Your course of action in making repairs with limited resources.
• The best selling price point for your home, given that you are unable to make the type of improvements needed to get the best price.

Need to move but have little cash to prepare your home for moving?

The common wisdom used to be that you could get a home equity loan to finance repairs.  With tightened credit requirements and falling home values, this is no longer good advice.  (Try for it, but it probably won’t work!)

Even if you have minimal funds to work with, there are a few things that will help you sell:

First, freshen up the home to make it look “cared for.” De-clutter all the rooms.  This step can both help your sale and help your moving plans.  If you throw out, sell, or give away what you don’t need or want to take to your new home, you will have less to move.  You can even start packing unused items in boxes, which you neatly stack in the garage or an out of the way place.

If you have lived in your home for a long time, the paint will probably need freshening up.  Repaint the rooms in neutral colors to please most buyers.  If you have wallpapered walls, at least make sure that all the seams and corners are glued down, unless you want to remove the old wallpaper and repaint.  Texture paint can do wonders on damaged walls.

Your carpeting is one thing that the buyers will notice immediately when they walk in. If it’s old, soiled, and rippled, it will deter most buyers.  Replace it if you can.  If you know the floors underneath are good hardwood, then you might want to at least have the carpeting removed.  If not, at least clean what you have.

Minor kitchen and bathroom remodels top the list of what will do the most to sell your home. If you can’t afford projects like this, make sure everything is clean, fix leaky faucets, re-grout tile where needed, and replace outdated light fixtures.

Outside your home, make sure bushes, plants, and lawns are neatly trimmed. Make any needed repairs to sidewalks, steps, railings, and porches.

When you are done, you home may not make it into House Beautiful, but if it is neat and clean, potential buyers are more likely to consider it. If it’s priced right, they are more likely to make an offer.

No money to fix your home? No time to do it?  Then perhaps you should consider the Express Homebuyers solution.  We will buy your home as is for cash.  You can work out most of the details in a phone call, receive a cash advance, and be on your way to your new home within a couple weeks.  Call 1-(877) 907-3232 or email info@expresshomebuyers.com.  We can answer your questions about a way to leave your troubled financial past behind you and move on to a better life.

Whether or not you’re planning to sell your house any time soon, it never hurts to get things in order.  Even the tidiest homeowners are amazed by how quickly houses can become inundated by the clutter and items they accumulate.
Here are some easy tips toward consistently maintaining order and balance in your home, and ensuring that come sale time you don’t find yourself waging the war against disorder for the first time.

You Need Discipline and a Game Plan

• Instead of dabbling and making gradual improvements here and there throughout the home, focus your efforts on one room at a time.  Don’t move onto another room until the task at hand has been thoroughly completed.
• Force yourself to stay disciplined, and adopt the “in and out” approach.  For every new item you add to a room, remove an older one.
• If you have kids, make the cleaning process fun for them (yes, it is possible).  Whether it’s by giving them incentives to keep their rooms tidy and their personal belongings out of public spaces, or showing them how rewarding the result can be give them a tangible reason(reward, privilege, bribe)  to observe these rules even when they haven’t been reminded to.
• Have a vision of what the room SHOULD look like before you tackle it.
• Use hangers to sort the clothes you wear the most from the ones you break out only on special occasions.  Needless to say, garments that are out of season should be kept separately (a sealed, moth-proof rack for your hangers can be a crucial investment for your basement/attic space).
• When considering whether or not to retire an item, force yourself to decide whether you really, REALLY need it.  If you have a hard time deciding, you know what to do.
• Treat your kitchen as a sacred area: the real estate that includes your stove, sink, refrigerator and countertops should be occupied by useful items only.

When it comes time to sell your house fast, you will be more than rewarded for the work you have done on the front end. Of course, if you do decide to sell your house in the Maryland, Washington DC or Virginia area, give us a call. We can help.

What’s a Short Sale?

Let’s assume you understand the basics of the concept, and are familiar with the broad strokes: basically, a short sale is what occurs when a lender agrees to accept less than the amount owed against a home because there is no longer enough equity to sell and pay all costs of sale.  Put simply, if your payments are in arrears and it’s looking more and more like the lender won’t be able to recoup the full cost of the home, a short sale may be their best way of their getting something rather than nothing.

It Isn’t Perfect, But…

There’s no question that a short sale is far from an ideal outcome for anyone who owns a home.  If you find yourself in dire straits with either foreclosure or a short sale looming as your only two options, which do you choose?  Consider which does more damage to your credit?  Opinions on this topic vary, but the bottom line is, they both do a lot of harm.  Foreclosure typically knocks between 200 and 300 points off your score, while short sales have been known to trim your credit rating by anywhere from 100 to 300 points.  Bottom line: your credit will suffer either way, although you have a slightly better chance of losing less money and credit rating if you work with a real estate agent and negotiate a short sale.

It’s a Way to Protect Your Credit Rating.

We understand how hard it is for anyone to be facing these possibilities; if you’d like to know more about this process or have any other real estate questions answered, please don’t hesitate to reach out to us. Express Realty Services has a fully-staffed short sale department; we can help you work through every facet of your short-sale negotiation.

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.

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!

Some more numbers, and a bold claim

On the sales side of our operation, we continue to unload homes 3 times faster than the market average. Want some real numbers?  The last 3 homes we sold lasted 27, 7 and 0 days on the market, respectively (that “0” is not a typo; we actually sold the home before it even made it to listing). As the country’s largest home buying firm and the 8th best selling team in the Keller Williams organization nationwide, we are your go-to source for the best real estate deals in the DC Metro area, a region that includes Maryland and Northern Virginia. Because we work closely with the FDIC, Fannie Mae, Countrywide, Wells Fargo, Indy Mac and many others, we ensure that our level of access to foreclosed homes and REO’s is second to none. You can view our up-to-date inventory at www.ExpressHomebuyers.com/email and www.ExpressRs.com. We’ve said it before in this blog, but here it is again: now is the best time to buy a home in the next 30 years.  If you’d like to hear more about why we this, or if you’re interested in either seeing the homes we have available or selling one of your own, don’t hesitate to reach out to us.

The best advice we can give you here is to get in early, and put an offer down before the house you’re eying disappears or sits long enough to swell in price.  Here’s what we mean:

If you’ve done some research on our company, you may know that we tend to sell houses pretty quickly: this is due to our commitment to pricing houses reasonably, and the quality of the renovations we perform.  Below is the graphic we included in the recent post explaining homebuyer survey results:

As you can see, our houses sit on the market for considerably less time than the regional average.  What this chart does not show you, however, is that over 50% of the homes we move are actually sold before they’re ever listed.  How is this possible?  Easy; because we are first and foremost a homebuying operation, we’ve already bought the houses in question.

Although we hesitate to list the house before the renovation process has been completed, as the homeowner we have the luxury of arranging a showing anytime you want; in fact, people familiar with the quality of our work have even bought houses from us BEFORE the renovation process was complete, knowing the finished product would be of the same high caliber as every other home we move.  The buyers who walk away with our houses before they hit the market are those who get in touch as soon as they hear of our latest purchase; they’re the ones who keep in touch by phone, keep tabs on our website, and monitor the houses we’re working on at:

www.expresshomebuyers.com/email/greensheet.xls.

This is a great opportunity to gain valuable insight into the process of purchasing your first home.

May 16, 2009 10:00AM to Noon
Capitol Hill Presbyterian Church
201 Fourth Street SE Washington DC
Corner of 4th and Independence Ave. SE.

Located close to the Eastern Market or Capitol South metro stations. Please note that parking for the event is extremely limited.

This seminar will:
1. Suggest ways to improve your credit rating. Credit scores can be raised by as much as 100 points through our simple, legal, and no-hidden-costs method.
2. Explain how you can secure up to $18,000 in down payment assistance. No strings attached, and available to all qualified first-time home buyers. This is grant funding you won’t ever have to pay back if you occupy your home for a certain length of time.
3. Teach you to identify and target the best DC-area properties for your budget. Learn simple tricks and techniques to get the most value for your money.
4. Remove the mystery from the closing process. Learn to understand concepts such as deeds, closing costs, title and ownership.

This Home Buying seminar is unique in that you can pre-qualify, apply and view new home opportunities right on the spot. You won’t want to miss out!

Hosted by Express Realty Services – www.ExpressRS.com.
Featured Speakers:      Marc Hershkowitz – Realtor and Host
Kristine O’Neill – Senior Loan Officer, Virginia Heritage Bank Mortgage
Mark Schrader – Principal, Millennium Title
Steve Conover – Credit Guru, MyCreditABC.com

Seating is limited. Sign up today to reserve your spot or arrive early take advantage of our first-come-first-served seating.

Please contact Tina@ExpressHomebuyers.com or 703-752-1374 to make a reservation or for any further information you may require.

Recently, a blog on our work at Illinois Avenue caught our eye, and we posted this response (You can read the original at Concrete Jungle). Our response is listed here:

“Thanks for your post. We are always happy to clarify our business.

Couple of things. First, it’s easy to take the hard numbers at the beginning and end of a transaction and question the spread and the profit – particularly if one wants to question the profit makers. It is true express Homebuyers purchased the Illinois Avenue property shown here for $150,000, a price we determined after investigating the overall condition of the property, and what it would take to renovate it to our standards—which are top-of-the-market.

In terms of this property, we judged the total cost to renovate it to our standards could be well over $125 to $150 thousand dollars. Just this alone would justify a price equal to similar properties in the neighborhood. Atop our costs of renovation we have to add marketing, listing, commission for agents and a host of other small costs that whittle away the remaining margin.

Finally, the $374,955 is the asking price. It would be ideal if it sells for that, but like all other properties, our listed price survives or dies at the very real hands of the market.

Secondly, we don’t necessarily favor the term “flipping” when it comes to our work. House flippers notoriously buy properties cheap, perform minimal—if any –repair, and try to sell the property as quickly as they can. Our mission remains to add value to all the properties we sell and, in the process, help the individuals who need to sell their properties get a quick solution.

Harold, Express Homebuyers”

It’s not a flea market.

If you’ve ever gone to a street sale or marketplace, you know that haggling is part of the process.  The selling price is whatever you can get it lowered to, and half the fun is low-balling until you and the vendor reach an agreement.  This is not how the home market works.  Drastically overpricing a house isn’t a good policy; potential buyers will be scared off, and will skip over your listing until they find something within their price range.  Your best bet is to determine its market value, and set the price close to this number.

Know your surroundings.

Another good move is to take into account what comparable homes in the neighborhood have sold (or are selling) for; if the other two story townhouse across the street has already been appraised and priced, it might not be a good idea to list yours on the market for twice as much.  Still, use common sense when determining a price.  If your home is in better condition or has features that many of the other homes in the area lack, don’t be afraid to set the bar higher.  Hiring a professional can be useful in this case because they can provide you with a CMA, or Comparative Market Analysis, which evaluates your home against others in the area.

As you are probably well aware, we are the largest homebuying service in the greater DC area.  We buy and sell hundreds of homes every year, and can save you the time, frustration and cost of shopping your house for months on an increasingly stingy market.  If you’d like to talk to us about your home or would like to know more about how we operate, take a look at our website and feel free to give us a call when you’re ready.

Downsizing

This can have several meanings.  If funds are tight and spending needs to be reduced, a less expensive house can make all the difference.  The number many use as their cutoff point is 60%, as in they know it’s time to unload their home when mortgage payments eat up over 60% of their monthly paycheck.  Sometimes the decision to downsize isn’t made out of necessity, but for the sake of convenience.  If your family becomes smaller (when a child leaves for college, for example) it may be time to look for a home with fewer bedrooms and less overall space.

More trouble than it’s worth

If you’ve ever owned an old car, you’ve probably had the following conversation at least once:
“You should really get those brakes fixed.”
“No way, that repair would probably cost more than the whole car is worth at this point.”
This probably won’t literally be the case for your home, but a house that constantly needs repairs can be an incredible waste of time and money.  If your “things to fix” list keeps growing and you’re racking up serious expenses, consider scaling down to a more affordable renovated home, one whose issues have already been identified and corrected.

If you can relate to any of these circumstances and decide that selling your home is the right move, check out our website at www.expresshomebuyers.com, we’re happy to discuss your situation and assist you by either buying or helping you sell your home.

Actually, there are several different kinds.  Here, we’ll mention two of the most common.  The fixed rate mortgage (or FRM) has the same interest rate for the entire term (usually 30 years) of the mortgage.  The nice thing about this option is its consistency; there are no surprises, and you have a set amount of monthly interest to plan around.  With an adjustable rate (or ARM) you generally start off paying less per month with a lower interest rate than you if you had an FRM, but both will go up and down (sometimes more than once a year) along with the rise and fall of the financial index they’re linked to.  Examples of common financial indices are the Cost of Funds Index (or COFI), and Constant Maturity Treasury securities (CMT).

Where do I go to set up my mortgage?

There are several places you can go to get a loan and finance your home, including banks, mortgage companies, and credit unions.  There are even state government lending services out there.  As you choose which of these options is right for you, it helps to shop around and compare the different rates and prices before settling on the one that can provide you with the mortgage that makes the most sense for your situation.  A real estate agent can be a good person to discuss your options with; if you’ve chosen to purchase your home through us, this is a process we would also be happy to assist you with.  It’s important to remember that getting set up doesn’t happen overnight: the loan approval process typically takes 3 to 6 weeks.

Once I’ve chosen a lender and am good to go, what exactly does my mortgage include?

There are usually four parts to every loan.  The principal is the actual amount you borrowed, the interest is what you pay the lender for lending you the money in the first place, part of your monthly costs go toward homeowner’s insurance (in case of theft, a fire, or other damaging circumstances) and of course, property taxes for the city/county you live in.

We understand buying a home and setting up a mortgage can be an intimidating process, but the key to making a good decision is to understand your options.  Please feel free to contact us if you’d like to know more about buying, selling or financing home, we’re happy to help.

Scam #1 – The “Helping Hand” Company

We ran across this particular trap about two years ago – it came from the Better Business Bureau and it’s a doosie. These companies look like the “We Buy Wretched Houses” companies that pepper the landscape with flyers and get-out-of-your-mess-quick promises. You sit down with them, and they tell you they will buy your house for a specified period of time. Not only that, they promise you can continue to live in the house while you pay them much reduced rate with a promise that when you catch up on your finances, they will sell you the house back for very reasonable terms. They pick up your late payments and penalties, and you get back to regular payments.

Sounds pretty good.

What you are not aware of is the papers you sign include some non-traditional mortgage terms. The favorite of these helping hands companies is a binding rider that notes “a deed will be executed if you are 10 or more days late on a payment.” Translated, it means the company will take immediate possession of your house and any and all equity if you are 10 days late on any payment during the contracted time period.

Best Course of Action – Use You Head and Call In Professionals

If you need to sell your house fast, our advice is pretty straightforward: avoid doing really dumb things because you are in a state of personal financial panic. Here are the best steps we can suggest:

1. Work with Professionals
   Only deal with companies who have an established history of home buying.
2. Check them Out
   If you have any concerns about the buyer, don’t hesitate to check them out. We always ask our skeptical clients to check out the Better Business Bureau.
3. Always Know What You’re Signing
   Don’t be shy; ask for help! A lawyer or even your mortgage company can help you if you want professional advice from a third party. Never, ever sign a contract that you haven’t read – “oh, that’s just standard contract stuff” – or don’t fully understand.
4. Be Willing to Walk Away
   If you have any doubts about the buyer or the contract — or if it just doesn’t feel right — just walk.

Of Course, Call Us
Many times, people facing foreclosure call us just for advice. We’re glad to help, whether you choose to sell your house to us or not. We buy houses fast, we’re Better Business Bureau accredited. With Express Homebuyers you can sell your house quick, and be secure and comfortable doing it. We’ll introduce scam #2 from this week’s Washington Post next time.

Chances Are You’re Reading This For One of Three or Four Good Reasons.

First, you may have fallen on hard times. If anything, the current economy has taken any shame out of this position. There are few of us who aren’t affected to a greater or lesser degree. Second, your house may be in a condition in which you can’t sell it unless you spend lots of money fixing it up – money you don’t have. Third, you may have inherited a house through a family event like a death or retirement. Finally, your house might be close to foreclosure, and you simply don’t know what to do next.

Here’s a Simple, Winning Strategy – Sell Your House Now. Then, Buy Another You Can Afford!

It is really that simple. If your situation is such that you need to get out of your present personal economic crisis, then stop trying to make the huge profit on your house you think you deserve. In any one of the four situations described above, you probably can’t.

But you can profit.

Many real estate investment companies (like ours) are in a position to buy your house outright very quickly. As part of the purchase plan, you will be required to pay off all the debt and difficulty associated with the property. But when you do, you will be free and clear of the house and its troubles when the dust settles.

Now, here’s what to do with the cash you have left.

Simple. Buy a House You Can Afford!

Take the proceeds from your selling off of your personal asset – your house – and use it as a down payment for a house you can afford. Now.

Interest rates are low, houses are at their lowest prices in years, and you are now free and clear of all the financial mess that got you here in the first place. What’s to stop you from buying a new house, and a new start?

Look for the Best Value You Can Find.

For us at Express Homebuyers, this is the fun part.

Our business is buying your previous house, and selling you another, similar home that we have fully renovated. Lots of the folks whose houses we buy turn around and buy one’s we have already remodeled. With new gourmet kitchens, granite counter tops, ceramic floors, and completely reconditioned bathrooms and bedrooms, our houses represent one of the best values on the home marketplace today. We buy houses in Prince Georges County, Montgomery County, Washington DC and Virginia.

We close on them pretty quickly, too – usually in under 30 days.

So, one month from today, you could be walking into a newly remodeled home instead of worrying about the one you’re in. And as a personal economic stimulus package, we think that’s pretty neat.

So, need to sell your house fast? Sell it now and improve your overall financial position. We buy houses like yours every day.

After all, at some level, it’s a home you’re selling. Here are a few things to look for in a company that buys houses:

1. Does the Company Have an Office?
Has the buyer told you where their offices are located? You might want to set up an appointment to meet them at their office. Make sure that they have a permanent office where you can reach them anytime. Don’t be put off by multiple phone numbers – house buying companies and real estate firms typically use many 800 numbers to track where their calls are originating. But DO make sure the company is solvent and answers the phone!

2. Do They Have a Staff?

If they are a well-established company, they will have experienced staff who will be able to guide you through every detail of the selling process and gladly be available to answer all your questions. Watch out for delayed voice mail responses in the evening to calls you made during normal business hours.

3. How will They Finance the Purchase?
We can’t emphasize this one enough: Most “homebuyers” are looking to sign a contract and immediately “flip” the house for a relatively small profit. AND THEY DON’T PAY YOU UNTIL THE HOUSE IS RESOLD! A reliable company will have the cash or an available line of credit to buy your house. Remember, if it is sold on contingency, you will have to wait to get paid. This doesn’t stop foreclosure, back taxes, forfeiture or liens. Don’t be shy; demand proof that they have the cash. Even more, ask them for a deposit of $5,000. If they are serious about buying your house they will provide it gladly.

4. Is the Company Accredited by the Better Business Bureau?
If not, why not? Call the Better Business Bureau at (202) 393-8000 or look for the company information at the Better Business Bureau website. If they are, this logo should appear on their website:

Click on it, and it will take you to their report. Checking with the Better Business Bureau will enable you to know if the company is reliable and give you some concrete history of their business.

5. Finally, Read the Contract Carefully?
Although we shouldn’t have to tell you this, let’s face it…we’re all in a hurry! Take your time. Selling your property is one of the most important decisions in your life. Don’t let the buyer pressure you. If you need more time to go over the contract demand it. Look for weasel clauses that are the big “outs” that nobody sees. These “outs” allow those snakes to slither out of your contract up until the last moment.

Obviously, We Meet these Criteria.
We are in this business to make money, true. But we also strive constantly to provide a safe haven for people who need to sell their houses fast. We know our customers want to deal with trustworthy, reputable people. That’s how we’ve managed to stay in business reputably since 2003. Need to sell your house fast?

Give a shout.

Should You Sell Your House to a Homebuying Company?

Okay, so you’ve investigated all your options, and foreclosure looks imminent. Unfortunately, today that’s not an uncommon occurrence. But knowing you are part of an increasing group isn’t really helpful. Neither are signs hung all over the neighborhood offering to buy your house in a hurry – like this:

Ugly House Buyers

If you are like most homeowners facing foreclosure, you need to make a decision quickly after having reviewed all your options. And selling your home to a company may be the best option for you. Here are some of the advantages:

• Quick closing: A good homebuying company can buy your house in just a few days. They’re experts at it, and know exactly what to expect.
• Cash: Often, these companies have the cash on hand to buy your house outright. Having the cash on hand is a huge advantage, particularly if you need to pay off many of the debts associated with your house or present financial condition.
• Few, if any, closing costs: Or hidden fees and commissions. Most reputable homebuying companies will handle, and pay for, all the closing costs; note, they can not pay mandatory local transfer taxes and fees. Those will still be your responsibilities at the point of sale. However, a good homebuying company will help you with those by making sure you have enough cash on hand at closing to cover these.
• A Positive Ending:If you are like a lot of people in your position, you may have reconciled yourself to a negative – if not ruinous – end to your housing issue. It doesn’t have to be that way. Working with a good homebuying company can turn what appears to be a major financial problem into a positive position.

Let’s be honest, though: you can’t sell your house and expect to avoid the expenses you have on that house. The real advantage here is to get quick cash for the equity you have in the house so you can pay off the mortgage, back taxes, liens, and any other debt associated with the property. You may not get rich, but you’ll have a better chance to get back on your feet with your credit rating intact.

Be Careful. They’re Everywhere!

Wow. We’ve gone from real estate management to selling your house to an unknown company in just four blog posts. That can be pretty scary. How do you know if you’re getting a good deal? If the company is reputable?  What can go wrong?

As you can tell from the number of signs you see on the highway, there are homebuyers everywhere. In our next blog, we’re going to share some tips on what to look for in a homebuying company, and how to find out and avoid some of the major pitfalls if you want to sell your house fast, or sell your house for cash.

But here’s a hint: Check if they’re Better Business Bureau accredited. If not, caveat emptor; buyer beware! You might be tempted to say: “Buy my house, now.” But proceed with caution; not all homebuyers are the same.

Unabashed Advertising

We buy houses fast. And, we’re Better Business Bureau accredited. Since 2003, Express Homebuyers has been buying, refurbishing and selling properties in the Washington DC metro area. If you want to have us buy your house, or know of someone who could benefit from our services, contact us at 1-(877) 907-3232.

Sell Your House Fast…Through a Realtor?

After Bankruptcy or Making Up Your Payments in a Lump Sum, another alternative to avoiding foreclosure is to contact a Realtor to help sell your home conventionally. It’s the most solid alternative for selling your house, but you have to take your special circumstances into consideration.

As you are all too well aware in the present financial crisis, there are many homes on the market. Maybe even on your street! These may have been on the market for months, and these homeowners are going to face the taxes, fees and commissions that go along with selling your home through a Realtor. If you have the luxury of that kind of time and expense – say you have very high equity to regain – then a Realtor-assisted sale may be the option for you.

Realtors may have the best of intentions for you. However, bear in mind that they don’t control the sale -  like being able to assure you that their buyer actually has the ability to complete the sale. Well over half of home closings are delayed due to various reasons, such as financing issues on the buyer’s side. For example, if your closing is scheduled for October 31st and your home is set to be foreclosed on November 5th, but the closing is delayed for two weeks due to issues beyond your or your Realtor’s control, you will be forced to wait.

Normally, you can wait it out and finish the deal later. But facing foreclosure, you may risk losing your home.

Next time, we’re going to discuss our own value proposition, selling your home for cash to a Better Business Bureau-certified company like Express Homebuyers. You can sell your house fast.

Happy New Year!

It may not seem the best time to continue our discussion about avoiding foreclosure, but let’s face it, more of us than ever before are reaching what seems to be the point of no return. However, as we mentioned last time, you can take very positive steps to avoid foreclosure without sacrificing your credit or, finally, your ability to buy a home.

We discussed bankruptcy as your first option in our last blog. Now let’s look at another option that just might work for you as well.

Option 2: Make Up Your Payments in a Lump Sum or Installments.

You might be surprised at how much your lender wants to work with you to avoid foreclosure. You see, they stand to lose as much, if not more than you if they have to sell your property at auction. For them, it’s not a very good roll of the dice.

The truth is, they are very willing to work with you. The most common reason lenders don’t work with homeowners facing foreclosure is that the homeowner never asks before it’s too late.

Let’s look at some options.

If you are able to prove to the lender that you can make the payments you have missed plus make your current payments over a period of time (up to 24 months), it may be possible to keep your home. This option requires significant negotiation and discussions with your lender, but look on the up side. You get to keep your home. It’s worth it, don’t you think?

Keep in mind that you will be charged late fees, modification fees and other fees once an agreement is reached. Also, you may be subject to new, higher payments once you’ve renegotiated the terms of your loan. But if you are in the middle of a short-term cash crunch – layoff, hospital bills, emergency – this might be your best option.

If the cash crunch you are in is long term, this option simply may not be possible. the only way you can find out is by contacting your lender. Before you seek this option, be sure you have the cash on hand to pay the up-front fees as well as the patience and persistence to work with the lender.

The upside, you may be able to keep your house. The downside is that this option can be expensive, not to mention time consuming.

Obviously, we’re in the home buying business where we buy houses, fast. We’ll discuss that option in a later post. What is important today is to understand that you can work with your lender to avoid foreclosure. A counter-intuitive statistic is that most financially-pressed families pay off their credit card payments and let their mortgage payments lapse. Yet, when you think about it, what’s more important, your home or your credit rating?

Talk to your lender, today. See if this option works for you. If not, stay tuned.

It is a tough time. More people today are facing financial decisions they never thought they’d face. An unfortunate, real situation for many of us can be summed up in a single devastating word: Foreclosure. Figuring out how to pay your mortgage much less the rest of your bills can be overwhelming. Whatever the reason, whether you are one or five mortgage payments behind, foreclosure is looming, and you may feel there is no way out.

Don’t underestimate the seriousness of your situation: foreclosure can permanently damage your credit and prevent you from ever being able to buy a home again. You need to exercise one of your options before the bank forecloses on your home and jeopardizes your chances of owning another home in the future!

Option One: Declare Bankruptcy

Declaring bankruptcy is viable option for avoiding foreclosure. But use it only as a last resort. Although you can exclude your home from a bankruptcy filing, you should only pursue it if you know that you will be able to keep up with your future mortgage payments. Otherwise you’re just postponing the inevitable, and the longer you wait, the less money you will walk away with from your property.

Declaring bankruptcy can be costly—legal fees and negotiated settlements can strip you of much needed cash during the process of filing. When declaring bankruptcy you will have the option to declare either Chapter 7, 11 or 13 bankruptcy. These refer to different parts of the bankruptcy law which relate to your degree of debt and your need to renegotiate with lenders. Your bankruptcy attorney will help you determine whether you can truly walk away from all your debts, or only some of them. However, be warned that because you can only declare bankruptcy every so many years, certain future debts might not be eligible even for bankruptcy protection.

So, is it for you? Many homeowners find that declaring bankruptcy is not an “easy way out” and does not eventually save them from foreclosure. A bankruptcy will be reported on your credit report for up to 10 years, depending on how you file. The bankruptcy will also be reported in the financial section of the newspaper—it’s a requirement from the bankruptcy court. By declaring bankruptcy, it will be very difficult to get a loan in the future for a car, home or education, or even getting a credit card.

Before you exercise the bankruptcy option, you might ask, “How can I sell my home fast?” or “How can I sell my house for cash?” Consider selling to one of the many companies that buy houses like us, Express Homebuyers. It’s a viable alternative that can prevent bankruptcy, salvage your credit, and prevent foreclosure.