There are times in life when you need to sell a home quickly. The downside is that many factors work against you, causing it to take months to complete the transaction.
Possible emergencies include:
If you need to sell a home quickly, don’t let the list scare you. It’s possible to get your home sold fast — you just need to be smart about it.
How fast you sell your home depends on several aspects. It also depends on how you are approaching the process, such as working with a real estate agent.
You don’t want to put a home on the market that needs little repairs. They worry that there are bigger issues looming that they can’t see.
For example, some “invisible” issues can include energy loss through drafty windows or mold damage hiding behind wallpaper.
If you’re selling it on the market, give yourself 30 days to clean out your home, make repairs, and repaint. You also need to interview at least 3 real estate agents because it allows you to:
Next, photos will need to be taken for your home and the property is put on the market for buyers. The quality of your photos is very important. They can make a big difference in attracting buyers to your home.
In fact, good quality photos can help your home sell 32% faster.
Keep in mind that the market doesn’t necessarily correspond to the weather. It more so ties into when people have the money to make a purchase.
For example, people have less money in December and January because of the holidays. Summer is a good time to move because kids are out of school, and first-time homebuyers are hunting around in the spring.
When you get the contract, there is usually at least 45-60 days to close — this is on top of the 30 days needed to make repairs and hire a real estate agent.
The closing contract used to take around 30 days but there are more and new rules. This has made the buying process even longer.
“Expect 3 months at a bare minimum to sell your home,” says O’Neil on working with real estate agents. “But it can take 5 or 6 months.”
The good news is that you have some control over how long the house is on the market. You can speed up the process by:
If you’re worried about selling your home quickly in Minnesota, cash buyers and home investors can be a wise choice for you.
Cash buyers are companies that can purchase your home as-is. They have funds immediately available to buy your house.
However, not all homes and circumstances are an ideal fit for cash buyers.
For example, homes that work well for Homestead Road are those that need repairs. The market should have some mobility within the neighborhood.
The best news is that we can close up the process in about 10 days — even if your home is less than perfect.
However, we don’t live in a perfect world. Even when you’re working with Homestead Road, there are a few circumstances that can slow the process:
Otherwise, you can count on approximately 10 days with Homestead Road. It’s mostly a waiting period of waiting for the title and loan processing.
Homestead Road works to buy your Minnesota house quickly. Even in a situation such as a divorce, we are here to make the process as smooth and fast as possible.
Preview line: Are you wondering how to sell a home quickly? We’ll show you one of the fastest options available, even if your home needs repairs.
Did you know that home inspections can help you save an average of $14,000?
With 8 in 10 buyers opting for an inspection, home inspections in Minnesota can alter your home buying or selling experience.
“An inspection is needed to find out the state of your home,” says My Lam, Inspection and Evaluation Expert at Homestead Road. It’s necessary to know what you are buying and selling, allowing you to prevent costly issues in the future.
From water intrusion issues to helping to determine property value, this is why home inspections in MN matter to your pocketbook.
From the perspective of a buyer, purchasing a home without an inspection is like buying a new car without taking it for a test drive.
With the seller, it’s the concept of selling a car without knowing what’s under the hood.
Home inspections are a preventative process to help deter issues such as roof leaks, foundational problems, and more. These are issues that can cost the buyer or the seller a substantial amount of money.
For example, a leaky roof can cause wood beams in the attic to rot. It can cost up to $1700 to replace carpenter framing.
Roofing, siding, windows, AC units, furnaces, kitchens, and bathrooms are high-ticket items when it comes to repairs or replacement.
In addition to saving money, several goals of home inspections include:
For the buyer, the process of the home inspection begins upon receipt of a purchase agreement. With the seller, it begins before the home is listed.
From there, evaluation takes place within the interior and exterior of the home.
A home inspector in MN will need access to your house and garage. Here at Homestead Road, we take the following approach:
Fun fact: In a high-rise condo, a room may be counted as a bedroom without a window. This is because no one will attempt to jump from that window to escape the fire.
If you’re doing a home inspection with Homestead Road, we make you a transparent offer at the end.
Are you worried whether your home will pass or fail an inspection?
A home inspector doesn’t pass or fail your home, but they describe its current condition. Its condition is ultimately why your inspection is “good” or “bad.”
The good news is you can improve the overall results of your inspection. This has a trickle-down effect of receiving a maximum offer on your home.
If you are worried about a property inspection, this is how you can prepare to get the best results possible.
Even though you can help improve inspection results, you can still sell your home as-is without spending additional money to fix it up.
Are you wondering how much you can sell your home for today?
We can provide you with a custom quote by contacting us now. It doesn’t cost a thing to schedule an appointment with us. Best of all, we don’t take a cut on commission like a real estate agent. You also close quickly and have cash in hand sooner than later.
Preview Description: Discover how home inspections in MN can make a difference in the buying and selling process, potentially leaving you with extra cash in hand and peace of mind.
So, you’ve inherited a home? If you want to sell your parent’s home fast, read on to find out everything you need to do to make the process simple and stress free.
Whether your parent has passed away, is downsizing, or is entering a senior care center, inheriting your parent’s home can be complicated. This is especially true if you don’t know what to do with the home or simply don’t want to deal with the burden of owning it.
Today we’re going to help guide those that have inherited a family home and want to be rid of it sooner than later. In fact, we’ve listed everything you need to do to sell your parent’s home fast.
Inheriting a home that you don’t want can be a pain. After all, you have your own life, are trying to deal with the death or incapacitation of a parent, and might not know a thing about real estate. That’s why we’ve outlined the things you should know and do to sell your parent’s fast.
When it comes to selling your parent’s house, it’s important to know that it might take longer than you expect. Of course, every situation is different. However, on average, it takes about 110 days to sell an elderly parent’s home. But this only if everything goes according to plan. And we all know this is not always the case.
That said, there are ways to speed up the process and ensure a smoother sale.
Knowing when you can sell your parent’s house after inheriting it will help keep your stress levels down and make the process of selling easier.
Here are the times you can sell an inherited home:
If you don’t want any hang-ups during the sales process, you must make sure bills related to the home are current. For example, the mortgage, utilities, and any maintenance bills must be paid before you finalize the sale of the home. Just because the owner of a home passes doesn’t mean the lender and other companies will forget about the bills that are due.
Another step to take once you’ve inherited a home is to gather all the financial documents related to home.
If you plan to distribute the estate to a buyer, you’ll need these documents on hand:
Once you’ve gathered the documents you need, take care to responsibly dispose of the rest. Identity thieves love to get their hands on the documents on those that have passed. Make sure to eliminate all documents with sensitive information on them. This will prevent any problems in the future when it comes time to finalize a sale and transfer ownership to your buyer.
It can be tough to go into someone else’s home and declutter. This is true even if the home belonged to your parents. In fact, trying to clear out your parent’s home, whether they have passed or not, can be emotionally taxing and time-consuming. Not to mention, it feels insensitive the basically throw out years of memories. But the truth is, you have to depersonalize the home if you want to attract buyers.
If you want to sell your parent’s home fast, consider hiring a professional to help you declutter the home. This might mean throwing out old items, donating items to a local thrift shop, or just storing items in a storage unit to be dealt with later.
If you decide to use a realtor to help sell your parent’s home fast, make sure you set the right price. Knowing the current market will help you entice high-quality buyers that will happily buy the property without much negotiation.
If you price too high, you risk having a home (that you don’t even want) on the market for longer than expected. If you price too low, you risk selling yourself short and not collecting the money you deserve.
It’s not recommended that you make a lot of renovations to your parent’s house if you end goal is to sell it quickly. Sure, upgrades can net you a higher purchase price and more profit in the end. But experts say that when you inherit a parent’s house, major renovations aren’t really helpful.
The circumstances surrounding an inherited home are not typically positive. This is not the time to take on major projects if you’re in a rush. Instead, make small cosmetic changes, such as adding a fresh coat of paint, cleaning the carpets, and performing minor landscaping cleanups. Then, put the house up for sale.
If you’re really in a time crunch, the easiest way to sell your parent’s house fast is to sell it as is to a company like Homestead Road.
Selling your newly inherited home as is to cash buyers like Homestead Road is beneficial for many reasons:
When you sell your parent’s house as is to Homestead Road, you don’t have to worry about a thing. We know that inheriting a home that you don’t want comes with complications you’d rather just avoid. That’s why we’re ready to offer you the best all-cash offer possible, no matter what condition the home is in. And to make things even better, we strive to provide the highest level of customer service during your trying time.
If you’ve recently inherited a parent’s home, and are ready to sell it without any added stress, get in touch with Homestead Road today and see how we can help. We guarantee to show you how easy it is to “Feel the Joy” that comes with selling your house as is, despite the reason behind having to sell.
Dealing with an inherited house can be emotionally and financially draining no matter what condition it’s in. But there’s nothing worse than inheriting a house that you don’t want that’s also in need of dire repairs.
In fact, you might even be asking yourself if you can even sell an inherited house that needs major repairs.
While the answer to this question is a bit more complicated than a simple ‘Yes’ or ‘No,’ the truth is, it can be done. But only if you know how.
If you’ve recently inherited a house in Minnesota that has significant damage, and don’t want to keep it, read on to find out what you can do to sell it fast. After all, you don’t need the stress of an inherited house that needs more than a little TLC on your hands if you don’t want it.
If you want to sell a house in today’s market and make a profit, you need it to be as valuable as possible. That means there can’t be any damage. If there is damage, you’ll find yourself waiting a long time to secure a buyer, especially if you want to come out ahead.
The problem is repairing a damaged home is also going to cost you. After all, very few buyers are going to agree to foot the bill for the repairs, even if you give them a good deal on the home.
Because of this, people who inherit homes that need repairs often feel stuck and don’t know what to do.
On the one hand, they want to invest as little as possible into fixing it up because they want to sell it. Yet to sell it, most buyers are going to request repairs.
If this sounds like you, don’t lose hope. You have options if you’re looking to sell an inherited house with damage.
If you don’t want to sell your inherited home right away, but you know you don’t want to live in it, you can always lease it until you’re ready.
Of course, you’re going to have to perform some repairs if you want to lease it to tenants willing to pay rent to live there. But the cost of those repairs will be lower than if you were looking to sell for a profit.
That’s because you can get away with making minor repairs to a property and leasing it. But you can’t get away with making minor repairs and hope to make a huge profit selling a house that actually needs major repairs.
That said, the rental income could help offset some of these costs as you slowly begin fixing the things that need fixing in preparation for selling it later.
Working on repairs little by little while you lease your house helps increase the home’s value so you can sell it in the future for what you want it to be worth.
Unfortunately, many people don’t want to deal with the hassles that come with being a landlord. Landlords are responsible for tenant screening, lease agreements, maintenance requests, collecting rent, and much more. Not to mention, self-managing a home you’re not even attached to, that also needs repairs, is not a lot of fun. Even if you plan to sell it later.
Another option is to flip your inherited home and sell it for much more than if you left it in shambles.
Again, this will require that you invest some of your own hard-earned cash into a home that you’re not fond of. And while flipping a house does have the potential to generate a lot of money, you’re going to need to sell it fast.
You’re also going to have to avoid the following house flipping mistakes:
In the end, flipping and selling an inherited home is the middleman between the previous option (leasing the property) and the next option, which is selling the house as is for cash.
The last option you have when you’ve inherited a house that needs major repairs that you don’t want is to sell the house as is for cash. This means you won’t have to make any repairs to the house.
When you sell your house the traditional way using a real estate agent, the sale price will reflect the condition of the house. In other words, your house will be evaluated based on the amount of damage it has. Buyers want homes that are in supreme condition. Or, they want a home in need of repairs for a killer deal.
If you have an inherited home in need of repairs, you’ll find yourself on the losing end of either scenario.
However, if you have an inherited home and agree to sell it as is for a cash only offer, you’ll sell it fast and for the most money possible.
Selling your house as is comes with many benefits:
When you contact Homestead Road to find out how to sell an inherited home as is, you’ll quickly find why it’s the best solution to your problem. No matter the circumstances behind the inheritance, or the condition of the home, Homestead Road can help you.
Are you ready to sell your inherited home as is for an all cash offer? Get in touch with Homestead Road today and see what we can do for you.
We understand that figuring out what to do with an inherited home in need of repairs – that you don’t want – can be challenging. We also know that sometimes finding the quickest, least painful solution is often the best way out of a sticky situation. Because of this, we are dedicated to giving people facing difficult decisions a hassle-free way to sell their inherited homes.
So, request a no-obligation cash offer from Homestead Road for your inherited Minnesota house, so you can rest easy that this complex matter is behind you.
Job security is not something everyone can count on. After all, you can lose your job at any time for any number of reasons. And if you don’t have a steady paycheck coming in each month, you’ll quickly find yourself having trouble paying the bills, not to mention the mortgage.
Even if you’re collecting unemployment, there might not be enough money to cover your monthly expenses. Worse yet, those benefits will run out at some point, leaving you with no incoming money at all.
Let’s be honest.
No one wants to think about losing their home during tough financial times. But ignoring the issue and hoping it will work itself out is not going to help.
But don’t worry, if you’ve lost your job and can’t pay the mortgage, you don’t have to panic about worst case scenarios just yet. There are several strategies that can help you, and we’re going to share them with you.
The first thing you should do if you find yourself behind on your mortgage payments is contact your lender. Again, ignoring the issue, phone calls, and letters will not help your situation. And if you reach out to your lender for help, you might find them to be more willing to work with you.
Here are some of the ways a lender can help:
The sooner you reach out to your lender, the better off you’ll be in the long run.
If your lender is unwilling to help, and your mortgage is insured through or guaranteed by a government agency, you can try getting help from them. Using an agency to help may afford you a lower interest rate, a loan extension, or even a lower loan principle.
Examples of agencies that offer help to those who lose their jobs and need help with mortgage payments include:
Many of these programs are designed to help those that are unemployed and can’t pay their mortgage.
You might not realize this, but some insurance policies will cover payments if you’ve lost your job and can’t pay the mortgage.
If you have mortgage protection, you can expect coverage for things like the mortgage, tax, and homeowner’s insurance payments. Of course, you will have to meet the criteria outlined in the policy. For instance, you will have had to have lost your job within a certain time period after buying your house. In addition, the payment amount covered, as well as the length of time benefits will last, will be there too.
This solution is only good for the short-term, as your mortgage insurance will only last so long. However, it’s a great way to get a little bit ahead if you find yourself in financial trouble.
There are some creative ways to earn extra cash on the side while you’re out of a job.
For example, you could have a garage sale and sell household items you no longer need. People are always on the hunt for a great deal. Getting rid of items you have stashed away in the attic, basement, or garage are perfect for freeing up space in your house and generating money.
For larger items, you can always run an auction on eBay or an ad on Craigslist, so you can make even more money.
Another creative strategy is to rent a room in your house. If you have a spare room in your house, consider renting it to a trusted friend or family member. From there, take the rent they pay each month and add it to your mortgage. This is especially helpful if you’ve had a loan modification and your payments have been lowered.
And remember, renting out a room in your house is a temporary solution. You only need to do it long enough to get yourself back on track with a job and recurring income.
Though this is not always the most welcome solution when you’ve lost your job and can’t pay the mortgage, sometimes filing for bankruptcy is the only way out.
Declaring bankruptcy is a serious financial decision and shouldn’t be taken lightly.
That said, there are two types of bankruptcy you can consider filing if you’re in desperate need of help:
If filing bankruptcy is something you’re considering, make sure to enlist the help of a professional.
If you’re in serious financial trouble because you’ve lost your job and can’t pay the mortgage, have a tax lien on your house, and don’t want to declare bankruptcy, you can always sell your house for fast cash.
Sometimes selling your MN home is a better option than losing it to foreclosure. And it sure beats bankruptcy.
In fact, selling your home as-is is beneficial because it:
Lastly, selling your home to a company, such as Homestead Road, removes the fear your home won’t sell because they’ll buy your house no matter the condition or circumstances.
Are you looking for an easy way to sell your home as-is after you’ve lost your job and can’t pay the mortgage? Get in touch with Homestead Road today and see how we can help.
At Homestead Road, we know that sometimes life can be tough, and that losing a job is an unexpected thing that happens to many people. We also know that sometimes the best way out of a situation like this is to sell your home as quickly as possible. Because of this, we strive to provide a transparent, no-pressure offer that will ease the tension unemployment and missed mortgage payments can bring to you and your family.
So, request a no-obligation cash offer from Homestead Road on your Minnesota home now, so you can focus on more important things like finding a new job.
July was not kind to Minnesota’s Carver and Scott Counties. With reports of extreme weather that rocked some people’s homes, it’s likely there was some costly damage.
Now, imagine if your home was caught up in this kind of bad weather.
Experts say that the average homeowner should set aside 1% of the purchase price of their property each year for routine maintenance and repairs. That alone can be a significant expense for anyone trying to make it out ahead each year.
But for someone trying to figure out how they’re going to pay for emergency repairs, the stress can be overwhelming.
That’s why today we’re going to take a look at the reality behind dealing with emergency repairs. Plus, we’re going to share with you some of the best ways to pay for those emergency repairs when they take you by surprise.
General home repairs have the potential to be some of the biggest expenses of the year. But until it actually happens to your home, you may not realize how costly the damage can be.
To help put things into perspective, we’ve rounded up some of the most expensive emergency repairs MN homeowners have to deal with:
As you can see, many emergency repair issues can plague your home at any time. And that’s not including weather-related emergency repairs like:
So, the question remains, how are you going to pay for emergency home repairs when they catch you by surprise?
One way to fund an emergency repair is to look at your existing monthly payments and put off the ones you can so you can pay for the damage.
Of course, this only works if skipping or delaying a payment doesn’t come with major penalties. Sometimes missing an important payment can lead to fees, fines, and credit dings. Not to mention, missing payments makes it harder for you to make major purchases in the future.
If you can’t delay any monthly debt payments, you might need to use a credit card to pay for the emergency repairs.
According to the Report on the Economic Well-Being of U.S. Households in 2015, 38% of people that don’t have enough cash on hand to cover a minor repair ($400), use a credit card instead.
Although it might seem like a good idea at first, using a credit card to pay for an emergency repair ends up costing you a lot more in the long run.
Example – a $5,000 credit card charge with a 15% interest rate will cost you $2,895 dollars in interest and take 79 months to pay off if you only pay $100 a month. That’s more than half the original charge in interest alone!
You can pick from three standard types of lender options when you need money fast:
All three ways of securing cash to pay for emergency home repairs might work as a short-term solution. But you should know these strategies usually end up costing you more in the long run.
Anyone that owns a home should have homeowner’s insurance to help cover the cost of emergencies. In fact, most lenders require it.
That said, your homeowner’s insurance will only cover some repair costs depending on the type of policy you have. For example, some natural disasters like flooding, are not automatically covered under some homeowner’s insurance policies.
And even if the damage is covered under your homeowner’s insurance policy, it might not be enough. That means you’ll need additional funds to make repairs.
If you’re the victim of extreme property damage and cannot figure out any way to pay for the repairs (or simply don’t want to), you always have the option of selling your damaged home as-is for cash.
When you sell your house as-is using a company like Homestead Road, you enjoy the following perks:
Sometimes, when your home is damaged beyond what you feel is repairable (or affordable), getting rid of it is the best solution.
If this sounds like something you’d be interested in doing, contact Homestead Road today and get a quote on how much you can sell your house for as-is.
We want you to “Feel the Joy” after selling your house to our friendly team of experts. We are dedicated to making it easier for you to move on after a damaged home threatens to ruin you financially. From no-pressure sales appointments to renovating your house to look like new, our team strives to provide stellar customer service and relief from unexpected circumstances.
Have you noticed those “We Buy Houses for Cash” signs on the side of the road? They offer to buy your house as-is for cash and close in days.
So how does it all work?
First, let’s go through the common types of all-cash buyers who may be interested in purchasing your home.
Investors who buy homes with the intention of remodeling them and re-selling them for a profit are known as “house flippers.” These buyers are often interested in homes that are typically in need of repairs and updates to make them more functional for buyers in today’s market.
Buy-and-hold investors generally purchase homes with the intention to turn them into rental properties.
Individual buy-and-hold investors are often motivated to use these properties as streams of passive income.
Institutional buy-and-hold investors, however, usually acquire multiple properties per year. As a result, these buyers are often able to offer more incentivizing terms to close the deal, such as higher cash offers, flexible closing dates, and the ability to leave unwanted personal belongings behind.
One of the most time-consuming parts of selling a house is waiting on banks to approve and process loans. All-cash purchases, on the other hand, are able to close quickly because they don’t involve lenders at all.
Contingencies are very common in housing contracts. Contingencies clauses serve to protect buyers and allow them to “back out” of a sale if certain conditions are not met, such as:
All-cash home buyers often are ready to purchase the house as-is. This means you don’t need to spend the extra time or money to hire contractors to fix up your damaged house. You also don’t need to worry about staging the house since cash home buyers often aren’t interested in the cosmetics of the house, but rather the overall structure.
You also don’t need to go through the hassle of hiring a real estate agent, prepping the house for showing or for a photographer to take pictures for the listing.
While some of the top benefits of selling your house for cash to a company are the minimal time and effort you required by you, it is important that you do some homework before choosing a company to sell to.
While many legitimate cash offer companies exist, it’s important to also keep in mind that, unfortunately, scammers do exist and may try to take advantage of your desire to sell your house quickly. Therefore, it’s critical that you research the company you’re about to sell to first.
Selling your home to an all-cash buyer is a great option for many homeowners, especially those who don’t have the time or the ability to fix up and list the home themselves.
If you’re interested in learning more about how to sell your home for cash, contact the specialists at Homestead Road today!
You might hope that selling a home will leave more money in your pockets, but there are costs of selling a house that can make that difficult.
Probably more than you expect.
If you’re interested in selling your home soon, be prepared for the following expenses.
Real estate commissions are one of the biggest expenses for sellers. Averaging about 6% of the home sale price, this fee is paid to both the buyer’s agent and the seller’s agent and it averages about 6 percent of the sale price.
While there are some discount agents who may be willing to negotiate their commission fees, most experienced realtors will not.
Home inspectors identify structural problems in the home and serve to protect the buyer from major maintenance issues upon moving in.
This cost is often paid by the buyer, however, it’s not uncommon for buyers to ask sellers to cover the cost.
In order to get top dollar for your home, it’s best to make repairs to the home before putting it on the market.
Depending on the age and state of your house, those repairs can range from minimal to major updates.
These updates include, but aren’t limited to:
Sellers also have to keep in mind that a home inspector may find additional items which need to be repaired prior to the home sale.
According to a landscaping study conducted by Virginia Tech, curb appeal can impact a home’s selling price by as much as 12 percent. Further, a well-manicured yard could also help the house sell quicker.
A complete yard of landscaping can cost hundreds of dollars. But even for sellers who aren’t ready to invest that much into the exterior of the home, the yard must at least be mowed routinely while the house is on the market. This can easily cost $100-$200 while the home is listed.
It’s important to remember that you will need to continue to cover the cost of utilities while your home is on the market, even if you aren’t currently living there, including gas, electric, and water.
Lights will be required for evening or rainy day showings. Running water will also be required for showings.
Additionally, having lights on in a vacant home may help deter criminal activity.
Staged homes have been proven to help homes sell quicker. Good staging helps accentuate the home’s features and can help potential buyers envision themselves living in the space comfortably and functionally.
The average home staging costs $675, according to a recent survey from the National Association of Realtors.
You may need to pay an attorney to help prepare and oversee the home’s sale, including closing documents. Depending on the firm, this fee can vary greatly.
Closing costs typically include:
These expenses are typically covered by the buyer, but once again, occasionally buyers will ask sellers to cover the closing costs as a condition of the home purchase.
Further, there are fees on the money in escrow, which is typically split between the buyer and seller.
Additionally, you will have to pay prorated amounts on your home’s recurring fees, such as HOA fees and your property taxes.
If you still have a mortgage on your house, the proceeds from the sale will go toward paying off your mortgage. Not only will you still have to pay some of the interest on that loan, but you may also incur a prepayment penalty for early payoff.
Your profits will be what is left over after all fees and costs are deducted.
If you’re ready to sell your house but don’t want to deal with the financial burden of prepping, listing, and maintaining it, consider selling your house as-is to a cash buyer like Homestead Road.
Discover how much you can save on closing costs and other home-selling expenses by contacting us today!
Are you looking to sell a house that’s behind on taxes, but don’t know where to start?
If you owe the IRS income or property taxes, the government can impose a tax lien on your property. The lien will only be enforceable once the government officially records that you’re overdue on your taxes.
Nonetheless, it makes selling the property nearly impossible.
Once you receive a Notice and Demand for Payment from the government, you’re on the hook for your overdue taxes. Until those taxes are paid, the lien will remain on your house and you will not be able to sell.
That’s because you have to settle all delinquent taxes before you sell or refinance your home.
That said, there are some options available for those looking to sell a house that’s behind on taxes.
Read on to discover what happens when you fail to pay your taxes and how to save the home so you can sell.
There are many reasons why people fall behind on their taxes:
No matter why you’ve fallen behind on your taxes, the county can place a lien on your property if you haven’t paid your bill. In fact, the taxing authority can even go so far as to initiate a tax sale of your property to satisfy the taxes you owe.
When this happens, one of four things can happen:
The problem with all of these options is twofold. To start, lenders don’t like to enforce any of these options when there is still a mortgage attached to the property. That’s because they don’t want to lose any money during a tax sale. That’s why many lenders will advance the amount due in property taxes and tack on what they’ve covered to the mortgage for the homeowner to pay.
Second, none of these options gives you the option to sell your home fast. And if you haven’t been paying your taxes, chances are you don’t have the money to pay back your lender, even with an advancement. This is especially true when they charge you additional fees and fines for fronting you the money in the first place.
That’s why if you’re in a situation where you need to sell a house that’s behind on taxes, you need to understand your options.
If you can’t afford to pay your delinquent taxes, but want to sell your house, here are your best options:
As a homeowner that’s delinquent on property taxes, you have the option of objecting to the taxing authority’s assessment.
You can claim one of two things when you object:
If you win the objection, your tax liability will be reduced. Although you’ll still have to pay off the remainder if you want to sell, a reduced bill makes things a lot easier.
Every state has a way to reduce or defer taxes owed to the IRS. There are several factors, such as age, disability, and income level that play a role in whether you’ll qualify for a reduction. You might even qualify for a deferment if you have experienced a financial hardship, although this doesn’t work if your taxes are already late.
Lastly, you might be able to strike a compromise with the taxing authority to waive penalties or accrued interest so you can pay back what you owe faster.
Again, you cannot sell your house that’s behind on taxes until what you owe has been paid. However, these options make paying off your debt a lot easier, so you can sell faster.
If you’re having trouble paying your property taxes, the IRS may be willing to work with you to get the property sold without paying the lien in full.
Further, the IRS may be willing to subordinate itself (or put itself behind) other creditors and let you sell you close on the sale of your house.
The IRS figures that if you can successfully sell your house, you’ll pay back at least a portion of what you owe them. And something is better than nothing when it comes to debt collection.
Keep in mind, if you get approval for subordination, you’ll still owe on any other liens that have been placed on other assets. That said, you’ll have been able to sell your house with a clear title, which is a step in the right direction.
Filing for Chapter 13 bankruptcy is a good way to help wipe away all your debt, including your property taxes. With a Chapter 13 bankruptcy filing, you can propose to the IRS a payment plan that will let you pay off what you owe on your terms.
With your proposal, you can even consider submitting an Offer in Compromise. If the IRS accepts your offer, you’ll be able to pay less than you owe and have the remainder forgiven.
Once the debt is paid, you can then sell your house and start over debt free.
Up until now, we’ve made the claim that you cannot sell your house if you are behind on your taxes. While this is still true, there is a way to sell your house with a clear title, and pay your taxes in full, if the market allows.
If you can sell your property for more than the mortgage is worth and collect enough profit to cover closing costs and the property taxes you owe, you’ll be in the clear.
Of course, this is not always as easy as it sounds. After all, if everyone could just sell their house for a huge profit and satisfy their debts, they would.
That’s why getting help with selling your Minnesota home fast is sometimes necessary.
If you need a way to sell a house that’s behind on taxes and are in a financial situation that won’t allow you to pay the debt over time, contact Homestead Road for a quote on your home.
We can evaluate your home and offer a fair, all-cash offer for your house, so you can pay off your mortgage and start paying back your property taxes. Our process takes into consideration that sometimes life gets hard. And the last thing you need is a hassle from those trying to buy your house.
When you sell your home to us, we guarantee it’ll be quick, easy to understand, and require no work on your part. You won’t even need to make any repairs or clean up. We’ll buy your home as-is and let you reclaim your life and move forward.
So, what are you waiting for?
Contact us today and see how we can help you get from under delinquent property taxes and a home you want to sell. Trust us, you’ll feel a lot better when you can put this behind you.
Is your MN house damaged beyond repair? Are you ready to start fresh in a new home, but don’t have the time, money or patience to renovate? Are you on the verge of a foreclosure and want to sell your damaged house for cash, but don’t have the funds to fix it up?
If this sounds like you, you might want to consider selling your damaged home for cash in MN.
It’s easy to think that nothing bad will ever happen to the home you buy. It’s also easy to think that you’ll always have money to pay your mortgage and bills.
But the truth is, sometimes life has different plans for us and we find ourselves needing to sell our homes quickly – without making any repairs.
Whether it be fire, weather-related, vandalism, or even natural aging, houses are susceptible to all kinds of damage. And when you realize your home is in desperate need of some TLC, it can be overwhelming. This is especially true if you’ve decided selling your house and moving is your only answer.
If you’re in a position where you have to sell your house right now, but can’t afford to deal with repairs, keep reading to find out how you can sell a damaged house for cash in MN.
But first, let’s take a look at the most common ways your home can be damaged and helpful prevention tips you can use on your next home.
According to a study performed by Travelers Insurance, here are the main ways your home can be damaged.
Wind is the most common source of damage that happens to people’s homes. Strong gusts of wind can uproot trees, damage roofs, tear down walls, and send patio furniture flying through windows.
Prevention: Prune trees and brushes, strengthen the structure of your home, replace the roof when needed, and store outside furniture on windy days.
Non-weather related water damage can wreak havoc on your MN home. And the repairs can become very costly. The most common culprits of non-weather related home damage include dishwasher, washing machine, and toilet leaks.
Prevention: Know where all sources of water to your home originate from and inspect them regularly for leaks. If you plan to be away from your home for a long time, turn off the main water valve.
Hail can happen in all parts of the country, so avoiding it is nearly impossible. That said, if you live in an area that experiences a lot of hail, you can expect damage like broken windows, damaged siding, and ruined landscaping.
Prevention: Remove weak branches that may break and damage the exterior of your home or break the windows. Also, invest in hail-resistant roofing, use storm shutters, and shelter outside furniture.
Heavy rains and flooding can cause a lot of damage to both the exterior and interior of your home. For instance, you might have roof damage, interior flooding, floor damage, mold growth, and more.
Prevention: Inspect your roof, replace old and worn shingles, clean rain gutters, and direct downspouts away from your home.
According to the FBI, a property crime occurs in the United States every 3.9 seconds. This includes burglary, larceny-theft, and motor vehicle theft. When these things happen to your MN home, there’s always a chance that serious damage will be done in the process.
Prevention: Use motion sensor lights outside, install a security system (with a camera), dead bolt doors, and always lock all points of entry, including windows. Also, if you’re going on vacation, have someone keep an eye on your home.
Though fire didn’t make the top list of things causing damage in Travelers’ report, it did rank as the number one most expensive type of damage. Electrical issues, improper cooking, and even wildfires have the potential to ruin your home.
Of course, these 6 sources are not the only types of damage that can wreck your home. They just happen to be some of the most serious causes of damage that plague homeowners.
In fact, an aging home with nothing in particular wrong with it might end up costing you a lot in repairs when you try to sell:
In the end, no matter what kind of damage your MN house has, it has the potential to be very expensive to repair. And if you’re in a situation where you need to sell your house fast, you most likely can’t afford to fix the damage.
That’s why finding someone to sell your damaged house for cash in MN is such as appealing solution.
If you want to sell you damaged house as-is for cash, start by identifying your target buyers. Your target buyers will be people that are looking to buy homes that are in need of renovation. They will be okay with paying cash.
Flippers are those that buy homes with the intention of fixing them up and selling them for a profit. They understand that the homes they’re buying will need repairs and may be severely damaged. Because of this, they don’t expect you to make any repairs. They are also willing to pay cash for your home.
The key to making the most money possible when selling to a flipper is to know the true value of your home before negotiations start. Just because your house has damage, doesn’t mean you should undervalue it.
Selling your house at an auction is a great idea if you’re looking to sell fast. Homes sold at auctions can go for as much as 75% of the market value.
If you’re worried about your dilapidated home not appealing to traditional homebuyers, don’t be. Auctions bring in all types of buyers looking for a deal. And the best part is, everything sold at auction must be paid for quickly and in cash.
Deal hunters are those that want to live in a very specific location but can’t afford the average listing price in their desired area. So, they look for deals on homes that may need some renovations located in the area they like.
Deal hunters know that they’ll need to invest a lot of time and money into a damaged house that’s being sold at a low price. However, spreading the cost of repairs over time is often more affordable than the upfront costs of buying an expensive house.
People who hunt for real estate deals also know that over time, as they repair the home, it will increase in value and appreciate.
Much like deal hunters, remodelers are those that want to live in a specific location. The difference is, they can afford to buy a home that isn’t in need of repairs in the area they like. However, they prefer to get a deal and remodel according to their vision.
Remodelers know that prime real estate can be competitive. On the other hand, damaged homes are not for every buyer. With a damaged home, the competition is lower, the purchase price is lower, and the freedom to remodel is there.
There are many real estate companies in the business of buying houses as-is for cash. For instance, at Homestead Road, we aim to buy homes that are in need of repair that have the potential for restoration.
We believe that a home that was once great can be great again. All it needs is a little bit of extra attention.
The type of people that will benefit from services such as ours include the following:
If you want to sell your damaged home for cash in MN, contact us today and see how we can help. We guarantee the highest all cash offer, the quickest turnaround, and the least amount of stress possible.
We will provide a free, no obligation assessment of your home, offer you an all cash price, and have you sign a few documents if you agree. From there, you’ll be able to move forward with your life, never having to worry about your damaged home again. And you can rest assured that the home you sell to us will be remodeled and sold to a family that needs a place to call home.