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.
Selling your house under normal circumstances is challenging to say the least. Even if you have all the time in the world and it’s a perfect seller’s market, it can be tough to sell your house.
Now, imagine you’re in a hurry to sell your home because you’ve lost your job, have gotten divorced, or just find yourself in a lot of debt.
Your stress level is sure to skyrocket.
Worse yet, what if you’re trying to sell a house with a tax lien on it?
Can this even be done?
If you find yourself with a tax lien on your house, and you’re trying to figure out how to sell it, read on.
Today we’re going to take a look at what a tax lien is and discuss how to go about trying to sell a house with a tax lien on it.
If you fall behind on your taxes and owe a significant amount to the IRS, they’ll establish a tax lien on some or all of your assets.
This is their way of trying to get back what you owe them. You can either pay them what you owe in taxes, or they’ll seize the assets they’ve placed liens on, which may include your house.
Liens are a way for lenders or other entities like the IRS to ensure people pay up when they’re supposed to. When people don’t make good on what they owe, they place liens on your assets as a warning.
If you fail to pay what you owe, these entities will eventually take away the assets with liens on them to settle your debts.
Take a look at a few facts about tax liens on your house you should be aware of:
If your house has a tax lien on it, it will be difficult to sell for many reasons. To start, there are not a lot of experienced real estate agents out there prepared to negotiate the sale of a house with a tax lien.
In addition, mortgage companies and buyers don’t like the idea of tax liens. And if by chance you can convince the lender and buyer to sell/purchase your house, you risk staying in a financial crisis, even after closing.
Of course, this is not to say it can’t be done. Because yes, you can sell your house with a tax lien on it. But you’ll need the help of an expert. And at the very least should be knowledgeable about how to go about the selling process.
Although your best bet when it comes to selling your MN home with a tax lien on it is to clear up the lien before selling, that’s not your only option.
That said, here are the steps you should take when trying to sell a house with a tax lien on it.
The first thing you’ll want to do is evaluate the tax lien that’s on your house, so you know how much financial trouble you’re in.
There’s a chance you might have more than one type of lien on your property:
Knowing which type of liens you have against your property will help you devise a plan of action for settling them and selling your house.
The best way to check for liens on your property is to request a copy of your home’s title.
From there, you’ll have several options for settling the tax lien on your property, either before or after you sell your house:
If none of these options work for you, move on to the next step, which is hire a professional to help.
If your MN home has a tax lien on it, you can help from experts in two ways.
The first is to contact people experienced in negotiating with creditors and entities placing liens on property.
An expert can help you with what to say to the IRS while trying to negotiate a deal. Now, the IRS is not known for making deals; one way or another they will get their money. However, an expert might be able to help take some of the financial burden off you by setting up a reasonable and long-term payment plan.
In addition, an expert in dealing with property liens may be able to convince the IRS that once your MN home is sold, the proceeds from the sale will cover your debt. If the IRS is confident they’ll get their money, they’re likely to be more lenient on you by releasing the lien on your house.
The second option is to sell your house “as is,” tax liens and all. Many real estate agents and buyers will see your tax lien as a problem. As a result, sometimes the only option you have is to sell your property “as is” to a qualified company with expertise in dealing with troubled properties that need to be sold quickly.
If you find yourself wanting to sell your house with a tax lien on it, and don’t want to deal with inexperienced real estate agents or scared buyers, contact Homestead Road for a quote on your home.
We understand that sometimes life happens and taxes, or other debts, can’t get paid on time. We also know that sometimes selling your house as fast as possible is the only solution.
We’ll assess your home and present a reasonable and fair all-cash offer that you can agree to immediately. There’s no need to clean your home or make repairs. Simply let us see your home, and we’ll give you the best offer possible, knowing that there’s a tax lien on it.
Of course, if the sale goes through, you’ll either need to pay off your tax debt with any leftover money or have a payment plan in place before closing. The IRS will not remove a tax lien and let you transfer ownership of your home from yourself to us without a plan in place, which includes a lien release.
However, we won’t run away when you present us a home that has a tax lien on it. After all, we know what it takes to get the liens released. And at the very least, we know that after buying your property, the lien will be gone and you’ll be on your way to making good on your taxes, so you can move forward with your life.
So can you sell a home with a tax lien on it in MN? With experts by your side helping you along the way, absolutely.
Selling your home with a tax lien on it can be a long and complex process. But with Homestead Road it doesn’t have to be.
So, get in touch with us today and see how we can help you get out of your troubled financial situation and moving forward towards bigger and better things.
If you’re struggling to pay the mortgage on your Minnesota home, you may feel overwhelmed with what to do next.
For instance, you could lease your home to tenants, but that means becoming a landlord. Or, you could let your house go into foreclosure, but that has long-lasting consequences.
Perhaps you’ll decide to sell your house before you lose it. But that too is not always an easy process. After all, selling your house traditionally involves real estate agents, multiple buyers, an escrow company, and the title company.
So, what are you to do when you can’t make the payments on your home anymore?
If leasing your property or foreclosure are out of the question, you should consider selling your MN house to a cash buyer.
Not sure this is the solution for you? Read on to find out what it takes to sell your house to an all-cash buyer and why this might be the option for you.
You might think that an all-cash offer on a home is when someone hands over a lump of cash for your property. But that’s not exactly right.
In fact, it’s illegal to hand over actual cash in the United States for a piece of property.
Instead, an all-cash deal on a piece of real estate is when someone buys the property without using financing.
To close on the deal, the buyer will pay for the property by sending the funds electronically or using a cashier’s check.
All-cash offers usually have a shorter timeline than traditional home offers because there is no need for financing.
Here’s a quick look at process an all-cash offer follows:
Now that you know what an all-cash offer on your home entails, it’s time to look at the benefits of this kind of transaction.
The process of selling your MN house to a cash buyer is similar to the process of selling your home to someone who needs financing. However, the timelines have the potential to be very different.
For instance, it’s estimated that to close on an all-cash offer, the entire process can take as few as two weeks to finish. On the other hand, more traditional closing timelines will take at least 30 days, and can last upwards of 60 days or more.
In addition, finding a buyer that wants to submit an all-cash offer can be quicker than dealing with a real estate agent and buyers that need financing. Plus, you don’t have to wait for banks to approve interested buyers once they decide they want to buy from you.
There’s nothing worse than thinking you have a buyer for your home, only to have the loan fall through at the last minute.
If you’re in the process of losing your home due to foreclosure, timing is everything. The faster you can close the deal on your home, the less money you stand to lose.
Selling your MN house to a cash buyer means you bypass the fees that come with a traditional sale. This means any profit you make from the sale is yours to keep.
Some of these fees that cut into your profit include:
This can make a big difference if you’re in financial trouble and need a quick way out of your home. After all, when the sale on your home is complete, you’re going to need money to move forward with your life.
As we mentioned above, there is always the possibility that a potential buyer will not be approved for the loan they originally pre-qualified for.
Even pre-approved buyers have to undergo additional scrutiny when it comes to their credit, income, and debt status. And in the end, the bank may decide your buyer isn’t qualified for the loan to pay for your home.
If this happens, you have to start the entire process all over again, which can hurt your chances of avoiding a foreclosure.
When you sell your home to an all-cash buyer, once you verify with the bank that the money is available, and a contract is in place, everything is good.
Sure, anything can happen when you’re selling your house. This is especially true if your find yourself in a financial crunch and desperate to get your home off your hands.
However, selling your house the traditional way leaves lots of room for the sale to fall through at the last minute.
For example, a buyer needing financing may be denied a home loan even after the pre-approval process.
But more importantly, since the process takes longer to finalize, your buyer has more time to change their mind and often will because:
Selling your house to an all-cash buyer doesn’t involve all those miscellaneous factors, making backing out at the last minute harder to do.
One of the most significant benefits of selling your MN house to a cash buyer is the fact you can sell it as-is.
Buyers wanting to purchase homes with cash as-is are not bothered if the home has damage, needs remodeling, or is headed towards foreclosure. In fact, all-cash buyers are usually after the homes that are harder to sell by traditional means.
If you decide to sell your home for all-cash, you’ll probably get less for it than if you used a real estate agent and buyer needing financing.
But, when you look at the context, the benefits far outweigh the lower sale price:
Lastly, selling your house for all-cash is one of the most stress-free ways to get a problem property off your hands quickly.
If you need to sell your Minnesota house quickly because of a looming foreclosure, contact the cash home buyers of Homestead Road to help. We understand the stress that comes with needing to sell a home fast. We also know that dealing with a traditional sale is not always the best option.
With Homestead Road’s all-cash, as-is offers, we buy the property quickly, fairly, and without you having to do a single thing but agree. In fact, we make it easy for you to bypass the trouble that comes with selling a house you’re about to lose, so you can pick up and move forward, headache free.
“Applying these simple tips will help give you a happier home for the holidays!” While there might be some costs to prepare your home for the holidays, it can give you peace of mind that comes from knowing a task has been done correctly, and your home will be comfortable for your guests!