PDX Renovations

Tag: #renovations

  • Inherited a House? Top Strategies for Selling Your House Fast

    Inherited a House? Top Strategies for Selling Your House Fast

    Selling Your House Fast

    So you’ve inherited a house, only to discover it isn’t the windfall it may have initially seemed. In fact, due to the mortgage and disrepair, you realize you need to sell this new burden as quickly as possible! 

    • If you are in Portland or Phoenix, I have designed my company, PDX Renovations, for situations just like yours – this is first on my list of fast-sell options.
      • We pay cash for houses as-is, properties like yours. We understand this property is beyond your expertise and cash resources.
      • Instead of you possibly becoming entangled in a drawn-out nightmare of a preparation and sales process you never asked for, to begin with, you can take the cash and move on.
      • We can succeed in this business because we are seasoned experts, have lower costs, and know how to avoid pitfalls. That’s why we can make cash offers to bail out others who find themselves with unfortunate house situations on their hands.
    • Hire an auction company to auction your property. This can be a complex process, and your house is not guaranteed to sell. Just a few points to know –
      • Back taxes owed transfer to the buyer. Bidders know this and will adjust their top price accordingly.
      • Mortgages are almost always contractually required to be settled on the sale of the property. If the auction proceeds are less than needed to settle the mortgage, you will still owe the balance – but not own the house. (And the lender will be very unhappy!)
      • Reserve price – You can set a price below which you will not sell, known as the “reserve price”, so you can avoid selling for less than required to settle a mortgage and other liens. But if you set a reserve and it isn’t met, your property may not sell.
    • Search online for reputable cash-house-buyers. I can’t begin giving you adequate advice on screen cash-house-buyers in one paragraph! But if you can find one, it can be a quick solution.
    • A reputable real-estate wholesaler can quickly arrange an as-is sale of a problem property for a reasonable fee. Wholesalers put together deals for a property in a short time (sometimes a week or two, sometimes only a few days) and take away a profit of usually of a few thousand, sometimes less than a real estate commission.
    • What about a do-it-yourself project – if you fixed and sold the house yourself, could you possibly realize more in the end? In all honesty, it is unlikely. There are high risks of unanticipated delays and unexpected costs that can run into the thousands. Flipping properties for fast sales is an arena fraught with peril for first-timers.

    There is a way out of an inherited house dilemma when you need to sell your house fast if you follow my recommendation to use reputable, seasoned professionals.  Before you make a final decision, contact us and get an honest assessment of your best options. 

  • 4 Pitfalls When You Need to Sell an Inherited House Fast

    My blog post “Top Strategies for Selling An Inherited House Fast” outlines the go-to options for a fast sale if you find an inherited house comes with burdens you don’t want to handle.  But don’t be in such a hurry that you charge right into disaster! Beware of these 4 pitfalls when you need to sell an inherited house fast.

    • Is the title clear?  The estate and/or yourself should pay the fee to do a title search. You must know what you are dealing with to be sure you make the right decisions about a sale.
      • Mortgages (first and second)
      • Property taxes
      • Liens
      • Inheritance divisions and/or squabbles
      • People living in the house, with or without a lease
    • Squattors – What, squattors??? You may be thinking “How could squattors be a problem? It was my late grandmother’s house with just a cousin living with her! Also my nephew moved in shortly after Grandma passed away.” Or perhaps there was an un-related caretaker who has not vacated? Anyone in occupancy, family or otherwise, with or without a lease or other agreement, almost certainly has legal rights that can compromise a sale.
    • Visible or hidden defects in the house can become high-cost issues when you try to sell. You may not have discovered them yet, but be assured a prospective buyer’s property inspection certainly will. Do your own due diligence on the property condition so you can make informed decisions.
    • You don’t know how to find reputable cash buyers to help you out of this mess, and you are frankly afraid of the auction process. Do some exploring with your local real estate professional’s organization to find recommendations for fix-and-flip buyers who will do an honest job.

    These are just 4 of the pitfalls that can cause the most grief when you need to sell an inherited house quickly. Get expert help and be informed so you can deal with the issues, not be run over by them!

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  • Top 5 Challenges When You Want to Sell Your Inherited House

    Top 5 Challenges When You Want to Sell Your Inherited House

    Sell Your Inherited Houses

    While many types of inheritances are primarily beneficial – cash accounts; jewelry; other fully-paid-for assets –  a house may come with extra challenges to disposition, from tax liens to mortgages to general disrepair.

    Sell Your Inherited House now – Read Our in-depth Post.

    Want to sell? Be aware of these 5 challenges of selling an inherited house.

    • General disrepair is a common hazard of inherited houses. Before you can sell or rent your home, deficiencies must be addressed – or be prepared to adjust the sale price to sell it as-is. Even if you decide to move in yourself you’ll want to fix these issues, as may be required to bring it up to code.
      • Structural issues; leaks; fragile railings; sagging decks and porches; electrical hazards; peeling drywall are just the beginning of endless potential problems that are costly to address. That’s before we look at the condition of the yard and the property generally – and has anyone taken a peak in the attic?
      • Appliances, the electrical system, heating & air – all may be older and in various states of repair. A home-buyer can be counted on to have them at the top of his/her list of demands for price concessions or replacement before agreeing to a contract.
    • Most inherited houses need significant updating for marketability.
      • Flooring, cabinets, paint, and wallpaper are likely to be out-of-date and/or worn and therefore make your inherited house less desirable to home shoppers.  The same goes for kitchen counters, decks and porches, landscaping, and more.
      • The exterior may need sprucing up as well, from paint and repair to fresh landscaping.
    • Property taxes could cause a problem for a sale if they have fallen behind – or if you can’t afford to keep them current.
    • Mortgage payments can be a similar issue in a sale if the late owner had financial problems toward the end. Regardless of the payment status when the owner passed away, if someone doesn’t continue making the payments, the lender will foreclose on the house as it would on any other property.
    • A shortage of sufficient cash to keep up with maintenance, taxes, mortgage and the other natural expenses of any house may lead you to decide you must sell as soon as possible – and unfortunately may also be the biggest problem to closing a traditional home-buyer sale.  You may need significant cash to prepare the property and possibly to release claims from past-due taxes or mortgage payments.

    At first glance, it may seem that a quick sale of your home is the way out of problems that came with an inherited house. But these 5 challenges (among others) can mean you need to explore your options thoroughly. Keep an open mind as to what creative solutions are in your long-term best interests.

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