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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

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Life After a Foreclosure

by bchandler on 11:23 am

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Life After a Foreclosure

When you buy a home, you don’t plan on losing it through foreclosure or having to sell your home through a short sale. Ending your home ownership experience this way is emotionally painful, plus hard on your credit. On a positive note, though, you have a chance to start fresh to rebuild your life. There are several major challenges presented by foreclosure.

Dealing with a sense of loss. Losing your home can lead to a feeling of failure and cause stresses in your family. You may feel that life is out of control, especially if you stay until the sheriff comes to evict you. A housing counselor may be able to help through some of feelings, while helping you forge a concrete plan for your future.

Finding a new place to live. You may qualify for relocation assistance to help you put a deposit on a new place or pay for some moving expenses, but without help, relocating can be costly. Some landlords may be reluctant to rent to you after foreclosure or may want a larger security deposit. Depending on were you live, the rent may not be much less than the mortgage, although your overall expenses will probably be less.

Owing a balance and taxes. If you default on your mortgage, and your home is sold for less than the mortgage balance, your lender can come after you for the remaining balance in many states. Even if you win that battle, the IRS might send you a 1099c because it considers your forgiven balance as taxable income. You will have to prove that you are insolvent in order to take advantage of recent laws to absorb homeowners of tax liability.

Coping with your finances. If the mortgage was the main financial obligation you had that put your finances out of whack, you have a chance to live within your income when that is gone. If you have many other financial obligations you cannot pay, you may need to take further action like declaring bankruptcy, although that is a last resort. In any case, you will have a lower credit score as a result of the foreclosure.

While being in financial trouble with your home is not fun, one way to lessen the blow, if you have equity, is to sell your home to a reputable company which buys houses. This process will relieve you of your mortgage debt within a week and perhaps even offer you some upfront cash to help you get settled. You will still have to leave your home, but you will be able to move on our own terms.

Question for Comments:

What do you regard as the worst aftermath of foreclosure?

Are you ready to sell a home fast? Call us today at 1-(877) 804-5252 or have your client contact us to get an offer in hours from Express Homebuyers.

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

7 Mistakes People Make When Trying to Sell their House – Part 1

by bchandler on 4:57 pm

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7 Mistakes People Make When Trying to Sell their House – Part 1

This is the first post in a four blog series. For a heads-up on mistakes to avoid while selling a house, visit: Part 2 and Part 3.

Selling a house can be an easy task. It’s the one-size-fits-all approach that could mislead you from doing what’s right for your property. Your property is unique and though you want to gauge your market, your area and your neighborhood, it isn’t always wise to do exactly what every other seller on your street is doing!

Here are some questions that you need to answer to check if you’re doing the right things for your house:

Clear away clutter and depersonalize your home to attract more buyers and sell your house fast.

1. Overestimating the Value

Know what home buyers are looking for. Do your own research. Often sellers look at other houses on their street, and set the home price on structural similarities. A three-bedroom-two-bath home with a hot tub Jacuzzi in the master bathroom and a fully upgraded kitchen is bound to sell for a higher price than a regular three-bedroom-two-bath.

If you decide to sell your house as is, you want to take some of common factors into consideration. Some critical features that buyers have been looking for include: location, neighborhood and community, structural design and size, number of bedrooms/bathrooms, special amenities, availability of schools, privacy and other facilities. Some things are not in your control, but there are areas that can we worked upon.

2. Underestimating the Competition

Your property may be one-of-a-kind, but if a buyer has come to see your house, chances are that they will also check out the other available houses on your street. It’s not a bad idea to go out and investigate all the comparable prices of houses in your area and neighborhood. It’s time well-invested.

Is your house a cut above the rest? — How Unique is your House?

Better still; hire an appraiser who would have done your homework for you. They will be able to point out problem areas or asset depreciators that have come in the way of a good sale. Sometimes, just fixing or upgrading a few things in your house could raise its value by a huge amount.

Have you been trying to sell your house for a while now? Think you need professional help to sell yours fast? https">Express Homebuyers is here for that very reason does just that! In the past five years we’ve sold over 800 homes within the DC metro area. We can help you list your house for sale. If we can’t sell your house in 60 days, we guarantee to buy it from you, no matter what the condition.

Just call us at (877) 804-5252 or visit our https">website to chat with a representative.

This series will be continued. For more insight on what mistakes to avoid while selling your house, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

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

Preparing Your Home for Sale on a Very Tight Budget

by bchandler on 2:59 pm

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Preparing Your Home for Sale on a Very Tight Budget

When you go to sell your home, you may very aware of what real estate agents always say:

Fix up your home to get the best price.

The recommendations run the gamut from fresh paint to a new kitchen. http" target="_blank" rel="noopener noreferrer">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 http" target="_blank" rel="noopener noreferrer">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.

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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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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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