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Understanding the HUD-1 Statement When Selling a Home Fast

by bchandler on 4:56 pm

Over 4,000+ Homes Purchased Since 2003

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Understanding the HUD-1 Statement When Selling a Home Fast

The moment you decide to work with firms that make announcements like “https">We Buy Houses in Baltimore MD” and find the best one to work with, you’ll have to go through the home-selling journey that usually culminates during the settlement process. Although you’ll have to read and sign several documents to transfer your property to the buyer, one of the most important pieces in the paperwork is the HUD-1 settlement statement.

What is the HUD-1 Settlement Statement?

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This is a standard form that contains two columns and three pages that lists all the credits and fees for a buyer and seller. The HUD-1 is filled out by the settlement agent or “closer,” giving you one day to go over the form before closing the deal. To make sure that you understand its contents and the estimated settlement figures, the following are some salient points on HUD-1 settlement statement that you need to know.

Page 1 of the HUD-1

The topmost part of the form lists basic loan information which includes the type of loan, the loan number, and the mortgage insurance case number. From the 100 to 300 item series, you’ll see the gross amounts that you owe to the seller and other charges that you have to pay. The amounts due to the seller and other reductions are provided by the 400 to 600 item series on the right side of the form.

Page 2 of the HUD-1

The second page consists of the 700 to 1400 item series. This part of the HUD-1 itemizes the real estate broker fees, items required by your lender to be paid in advance, title fees, and additional and total settlement charges. With the many technical terms that you’ll encounter, it would be helpful if you take time to understand their implications.

Page 3 of the HUD-1

The third page has two important sections, namely the loan terms and the Good Faith Estimate (GFE). Meticulously go over their details and check for any discrepancies or changes that you were not aware of.

Take note that established companies like Express Homebuyers that make statements like “https">We buy houses in DC” always include the HUD-1 settlement statement before closing, allowing you a day or two to review it for errors or questionable charges. If you have any questions about your HUD-1, feel free to contact your settlement agent.

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Get Your Fair Cash Offer to Sell Your House, Fast!

or Call us at (877) 804-5252

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: expresshomebuyers@expresshomebuyers.com

Express Homebuyers is rated 4.6 stars on Google based on 39 reviews

Need to Sell Your Home? Spring into Action!

by bchandler on 12:13 pm

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Over 4,000+ Homes Purchased Since 2003

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Need to Sell Your Home? Spring into Action!

Spring has traditionally been a hot time for real estate sales. This year, due to the buyer’s tax credit, sales were expected to be higher than normal throughout the winter. However, Mother Nature interfered with the President’s plan, and instead of touring around for the ‘ideal home’ spots, prospective home buyers were busy clearing their driveway during the unusual Snowmageddon this year.

Spring has announced her arrival at the onset of the Cherry Blossom Festival, which is set to start on March 27. It’s a beautiful time to walk outdoors, and look out for that perfect dream home. With only a little more than a month to use the Home Buyer Tax Credit, buyers are making up for lost time. Prospective buyers with children are even more ideal. Many families like to time the acquisition of a new home to match their kids’ school schedules. Now wouldn’t it be so much more comfortable if you had the ‘SOLD’ sign on your porch even before school starts this year?

If you want to sell your home, this is the best time of the year to do so. But what if your home needs work that you can’t afford to do? What if you are delinquent on your payments and ready to fall into foreclosure? Or maybe you are underwater and can’t see the shore? You could easily miss prime time if you aren’t ready when buyers are!

Express Homebuyers offers an alternative worth your consideration. We buy homes as-is for cash, within DC, Maryland, and Virginia. What’s more, it all happens very quickly. Within two weeks, your transaction is complete. We then do the repairs and renovations needed to present your home to buyers – so the whole burden of preparing for a sale and finding a buyer is our problem, not yours!

Call us today at 1-(877) 804-5252 or check out our helpful https">website. We will make you an offer on your first call, provide free reports to help you make your selling decision, and even offer options to chat with one of our helpful consultants.

Get Your Fair Cash Offer to Sell Your House, Fast!

or Call us at (877) 804-5252

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: expresshomebuyers@expresshomebuyers.com

Cutting Down on Clutter

by bchandler on 4:23 pm

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Over 4,000+ Homes Purchased Since 2003

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Cutting Down on Clutter

Where Did All This Stuff Come From…?

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.

Get Your Fair Cash Offer to Sell Your House, Fast!

or Call us at (877) 804-5252

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: expresshomebuyers@expresshomebuyers.com

Understanding Short Sales

by bchandler on 10:30 am

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Over 4,000+ Homes Purchased Since 2003

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Understanding Short Sales

You’ve probably been hearing a lot about short sales in the past few months- chances are you know someone who’s been through the process. And if you’ve been hit as hard by the current recession as many have been and have a home you’re having trouble affording, you may be considering a short sale as a viable option.

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.

Get Your Fair Cash Offer to Sell Your House, Fast!

or Call us at (877) 804-5252

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: expresshomebuyers@expresshomebuyers.com

Fighting Foreclosure

by bchandler on 10:18 am

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Over 4,000+ Homes Purchased Since 2003

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Fighting Foreclosure

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.

Get Your Fair Cash Offer to Sell Your House, Fast!

or Call us at (877) 804-5252

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: expresshomebuyers@expresshomebuyers.com

A Peer Recommendation

by bchandler on 10:28 am

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Over 4,000+ Homes Purchased Since 2003

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A Peer Recommendation

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!

Get Your Fair Cash Offer to Sell Your House, Fast!

or Call us at (877) 804-5252

Corporate Office

6564 Loisdale Court, Suite 315
Springfield, VA 22150
Phone: (877) 804-5252
Email: expresshomebuyers@expresshomebuyers.com