PDX Renovations

Author: joseph

  • Can I Sell an Inherited House That Came with a Mortgage?

    So you inherited a house that you are not interested in keeping, but it does have a mortgage attached to it – what can you do?

     

    • Mortgages do not automatically pass into the name of the heir(s) – but they do require that payments continue to be made to keep the lender from foreclosing. You need to advise the lender of the following information to help be sure the loan doesn’t go into default, although this will not put the mortgage in your name.
      • The death of the owner along with a death certificate
      • The new ownership with a copy of whatever documentation the lender requires
      • Advise the lender that you are taking responsibility for the payments and give them your contact information so that all notices come directly to you
      • Ask the status of the loan and payments – if there have been shortfalls, what does the lender require to put the loan into good status?
      • Ask if you can put the loan directly into your name, or if you will you have to re-finance. A surviving spouse is more likely to be allowed to have the existing mortgage transferred into their own name. Otherwise it is common for lenders to require an heir to re-finance.

     

    • “Due on sale” clauses are to be expected on the mortgage – if the property is sold, the mortgage must be paid immediately, regardless of whose name it is in at the time.

     

    • The estate process may do two beneficial things for the mortgage – but be sure you know where you stand with each.
      • The will may direct the estate to pay off the mortgage! Other estate assets will be used if they are of sufficient value.
      • The mortgage may reduce the inheritance taxes, as it may be calculated against the value of the property.

     

    • Two more considerations affected by the mortgage are:
      • Make sure the title is clear so that you can sell. Not only must you confirm where you stand with the first-mortgage lender, you should do a title search (or have the estate do it) and find out if there are any other encumbrances on the property and what it will take to clear them. Surprises could emerge – second mortgages with another lender; HOA liens; etc.
      • A mortgage lender has almost always kept property taxes up to date, with only a partial year due at sale.  But know that inherited property is re-assessed at current market value for future property taxes.

     

    There are many steps to fulfill to proceed to a sale of inherited property carrying a mortgage. You need knowledgeable assistance and to be sure you cover all bases to make sure the sale is legal and proper, and leaves no further issues to hamper your final proceeds.

     

     

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    Question or Prompt for Response – open ended, relevant

    Could you afford an inherited house with a mortgage? What would you do if you inherit one?

     

    Call to Action

    Get an all-cash offer on your rundown house within an hour of our viewing  – find out about PDX http://bit.ly/W4S55u #pdx

  • 5 Signs Renting Your House is Not for You – Sell A Portland House?

    Are you beginning to regret your decision to become a landlord? Should you stick it out, continue to deal with the frustrations or should you sell the house?

     

    The Portland, Oregon and Phoenix, AZ markets have presented a lot of investment opportunities over recent years. Many investors decided to take advantage of below market values by snatching up rental property. Unfortunately, many discovered that this landlord business is not for them. Here are 5 signs that you may not be cut out for renting your house and that you should consider selling your Portland or Phoenix house.

     

    1. 1.    Your Cash Flow Isn’t Cutting It. Rentals can generate income, but they can also demand a lot of attention and a lot of continued investment. It seems like something is always in need of repair. Association dues continue to go up. Extended vacancies mean no money coming in. All this and other issues associated with renting can create a strain on finances and may result in a loss of money, rather than the hoped for gain in monthly income.

     

    1. The Neighborhood is Taking a Turn for the Worse. The housing bubble and the recession put a lot of financial pressure on people in the Portland and Phoenix area. Foreclosures, unemployment, underemployment have all added up to a pretty ugly scene. As a result, many neighborhoods experienced a disproportional drop in value. Vacant homes, the inability to keep up with routine maintenance and an influx of renters have hit some areas hard. If you own in a neighborhood that has seen significant depreciation, you may want to consider selling that Portland or Phoenix house, because it is not going to get any better soon.  It might get worse.

     

    1. You Can’t Wait for the Market to Rebound. If you have investment money tied up in a property that could be making a better return today, consider selling. The value of housing is not expected to return to former levels for another 5—10 years. For investors who were hoping to make a faster return on the property, this length of time is just too long to tie up funds. Selling now can free up equity that can be used for other investments or to cover daily living expenses.

     

    1. You Don’t Have the Time. Renting can be very time consuming. Advertising a property, interviewing applicants, maintaining a property can all demand a considerable amount of time. For a lot of folks, the time requirements are more demanding than they bargained for and may be taking away from quality family time.

     

    1. The Property has Serious Renovation Issues. Sometimes it just doesn’t pay to keep throwing good money at a problem property. Whether due to age, a negligent tenant or natural causes, knowing when to sell and move on can save unnecessary financial pressures.

     

    One way to sell a Portland or Phoenix house quickly and stop the financial bleeding is to sell to an experienced, local real estate investor. You can sell your Portland or Phoenix house quickly for cash with a real estate investor and avoid continued financial stress and strain.

     

    Are you considering selling your Portland or Phoenix house?

     

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property. 

     

  • Maximizing Your Quick Cash House Sale Benefits

    Selling your house for cash may sound like a good idea to you, but how can you maximize your quick cash sale benefits?

     

    Many homeowners are benefitting from house cash sales. In fact, in many markets, cash for home sales are reaching a very high percentage of sales. One can sell a Portland or Phoenix house quickly, for example, a trend that is growing. We’ve listed here ways to maximize the benefits of a quick cash sale.

     

    Forego the Renovations. Many real estate investors will buy your house for cash regardless of the property’s condition. You may be able to save a tidy sum by avoiding costly repairs, renovations and upgrades that may not add significantly to the value of your property by selling it “as is”. Selling “as is” also speeds up the sales cycle, putting money in your pocket now that you can use for other purposes immediately.

     

    Get the Best Price. Look at recent home sales in your area and understand the fair market value for your house in its current condition. Shop around for a fair price. Be wary of real estate investors who try to lowball you and pressure you into a sale. The ability to sell a Portland house fast, for example, has attracted some questionable investors to the Portland and Phoenix housing market. Look for an experienced, reputable real estate investment firm that knows the area and will offer you a fair price without undue pressure.

     

    Don’t Pay Unnecessary Fees. One advantage of a house cash sale is the ability to avoid fees and commissions associated with traditional real estate sales. You should not have to dig into your pocket for fees, and certainly not commissions, for a house cash sale. Select an offer from an experienced, local real estate investor that offers low or no fees.

     

    Get it in Writing. Protect yourself by getting a written contract with guaranteed payment. Read the fine print of the contract and clarify any questions before signing. If you are still unsure, consult an attorney.  Real estate deals involve a lot of money, so ensure you are protected. If a real estate investor offers you a deal without a contract or without clauses that protect your interests, walk away.

     

    Get Your Cash Now. House cash deals should be fast deals. A big advantage of a cash house deal is that you avoid the time associated with listing with a realtor, putting your house on the market and waiting for buyers to qualify for a loan. The cash you realize from a house cash sale can start working for you immediately. Whether you intend to use the cash to pay off debts or for other investment opportunities, the sooner you have it in the bank the better. Don’t accept a sale condition that requires a waiting period. Ensure you will receive your money at the time of sale.

     

    A house cash sale can provide the seller with distinct advantages. Paying attention to a few details can help maximize the benefits of a quick cash deal.

     

    Could you benefit from a quick cash house sale?

     

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property.