The real estate market has started to steadily recover, but buyers are still showing a bit of caution. It isn’t impossible to sell your home quickly, but it takes a bit of education and effort. You need to go the extra mile.
If you’re wondering why your home isn’t selling, we’re here to help. Here are some of the most common reasons a home stays on the market:
A realtor can be the best or worst factor when you are trying to sell your home – a poor real estate agent can make it far more difficult to sell or buy properties, and may make the experience far more costly for you. But how do you know when a real estate agent is being dishonest or unprofessional, and how can you get rid of them and find an agent that knows what they are doing? Here are the facts you need to know.
How can you recognize a realtor who doesn’t have your best interests in mind? Here are several signs that your realtor relationship is in trouble.
The problem with dishonest or incompetent realtors is that you may not know the mess you’ve gotten yourself into until it is too late. If you have signed a realtor agreement, you may not be able to simply switch to another realtor at the drop of a hat. This is why the first stages of the real estate agent process, when you pick a realtor and sign agreements, is so important.
So, what should you look for in a realtor agreement? The most important safeguard is the cancellation clause. This is a clause in the contract that allows you to terminate the agreement, drop the agent, and find another. Typically the clause includes specific requirements or events that must be met for it to take effect, but some clauses allow sellers to drop an agent when they want.
If you are worried about the cancellation clause, do not hesitate to ask your realtor about it. The response you get may tell you a lot about how that realtor conducts business!
Typically a breach of contract is enough to invoke a cancellation clause – but what does a breach look like? This can vary based on location and the terms of the contract. Typically, if the contract is not properly executed it can be terminated. This refers to specifics on counter offers, signatures, dates, and more. If you are unsure about your contract, you may want to consult an attorney that specializes in real estate law for specific advice.
Also keep in mind that some agreements require termination fees for you to cancel the contract and find a new agent. The contract will specify how much these fees are, so don’t forget to find out how much a termination will cost you.
If you are tried of dealing with untrustworthy agents or want to make a switch, contact us at Saltlakehomesforcash.com. We can offer advice on selling your home and show you how to make the process as fast and comfortable as possible. Short on time? Just fill out our online contact form and we’ll get back to you!
Our economy is improving day by day, but the after-effects of 2008’s mortgage bubble are still being felt by many people. Every day people face the nightmare of foreclosure, damaged credit and difficulty buying a new home or car, or even maintaining a job. It is vital to know what to do and what not to do, should you fall behind on your mortgage.
When you are behind on your mortgage, it can be tempting to dodge those collection calls. After all, you are embarrassed, and frankly if you had the money you would be paying. However, this is the worst thing you can do. If you talk to your lender, you might find they are calling to offer you options to get straight without the damaging effects of being behind.
There are a lot of foreclosure scams out there that promise to fix all your problems if you sign your property over to a third party. Some claim this is a magic fix — that by handing over your house, you will no longer owe the money. Others promise to take over your payments. These claims are almost always scams. Never, ever sign your house over to a third party.
In fact, never let anyone take over your mortgage without express approval from your lender. Only your creditor has the ability to release you from liability, not a third-party miracle-working company.
There are a ton of scams out there designed to steal homes from those who are in a mortgage crisis. Be wary and keep your guard up. If something seems too good to be true, it probably is. Do not be afraid to ask questions and do your homework.
Paperwork can be blinding and scary, and for good reason. Contracts and agreements are often full of confusing legalese and are specifically designed to confuse the unwary. If you do not fully understand a document, don’t sign it! Never be afraid to have an own attorney or qualified real estate agent look over any paperwork. Question what you do not comprehend. Remember, ignorance is not a valid defense. Once you sign, a contract is binding.
Many people do not realize this, but removing the copper pipe from your home to make a quick buck can be viewed as a crime if not done under the right circumstances, such as after a renovation. Never think that you can simply strip your house to pay a debt. You could end up facing jail time.
Refinancing your home can be a great idea, but be careful it doesn’t get you further in trouble. Never, for example, refinance your home for more than it is currently worth, and never bow to pressure from a debt collector. Refinancing should be done because it is right for you, not because it is right for a collection agency.
There are many counseling organizations approved by the United States Department of Housing and Urban Development (HUD), which can provide you with information and help concerning home ownership, including what to do if you have trouble paying your mortgage.
You may be surprised to discover that there are options available to save the day. Many lenders will be willing to offer refinancing deals that can significantly lower your monthly payments. Compare the potential of refinance with the cost of your existing loans.
If you can get a lower rate, and a longer repayment term, you might find you are right back in the black. Furthermore, your lender will look very favorably upon you for contacting them immediately and will be far more willing to work with you than if you avoid their calls.
The simple dos and don’ts of mortgages basically involve playing it smart and straight. Avoid scams and pitfalls and work with your lender to get right. If you would like advice about dealing with your own mortgage problems, we can help. Contact Salt Lake Homes for Cash for more information today!
Falling behind on your mortgage is a scary proposition — and if you live in Utah, the rapid, court free foreclosure process may make it difficult to hold onto your home, your most valuable asset. Fortunately, there are plenty of options to explore that can allow you to avoid the heartache and financial damage caused by a foreclosure. Learning about your options can help you find the best solution for you and your family — and get a fresh financial start as well.
Knowing the mortgage type you have is a key part of determining how to handle your mortgage and home and what to expect from your lender. Depending on the type of loan you have, you may be able to refinance, get a forbearance or deferral or come up with a short term repayment plan designed to help you catch up if you are behind on payments. Most mortgages fall into one of these categories:
This is the loan type you most likely think of when you hear the word “mortgage”. In a traditional fixed rate loan, your principal and interest payment remains the same over the course of the mortgage, though the escrow rises over time. Fixed rate mortgages can be for 10, 15, 30 or 40 years.
With this loan type, the interest rate can vary over the life of the loan; your payments may go up or down each year based on current interest rates. An ARM is often considered a good option for consumers who need a short term solution or who plan to refinance after a year or two. There is an element of risk involved as interest rates – and therefore the mortgage payment – – can rise without warning.
A hybrid ARM combines the best of both worlds, as the interest is generally fixed at the front end or first few years of the loan and adjustable toward the end of the loan.
Every state sets its own rules regarding foreclosure, and some states require lenders to sue homeowners who are behind on payments in court to foreclose. Utah is considered a non-judicial state, which means that your lender can opt to sue you in court to foreclose, but they don’t have to. Once you are behind by 30 days or more, your lender can file a Notice of Default to begin the non-judicial process. Most lenders simply meet the following guidelines and foreclosure happens automatically, without court involvement, in about 4 months:
Since Utah has such a rapid foreclosure process and your lender is not required to sue you in court, you must act quickly if you are behind. Calling your lender is the first step in the process and creating and keeping an open line of communication will help. The longer you wait to call your lender, the fewer options you will have.
Depending on your lender, your loan type and your situation, you may qualify for one or more options. You can try one or more options at the same time to increase your chance of success; since Utah has such a short foreclosure timeline, it is imperative that you act quickly to save your home.
HAMP is a federal program that can help you catch up and resume making payments on your home, if you meet the guidelines. You can apply for a HAMP modification if you have experienced financial hardship, opened your mortgage prior to 2009, are in danger of falling behind on payments or in danger of foreclosure and if your mortgage loan amount is under the $730,000 limit. While HAMP is a beneficial program and has helped many homeowners, the application and approval process can take some time; begin the HAMP process right away if you are concerned about foreclosure.
If you are far behind and in danger of going into default, you have the option of getting reinstated by making a payment to catch up. If you can borrow from another source, this may work for you in lieu of a modification or repayment plan.
You may be able to work with your lender to come up with a repayment plan to allow you to catch up. During repayment, you’ll pay your regular mortgage payment plus a portion of the amount you are behind, so your payments will increase for the next 3, 6 or 9 months. If you have the income to afford the temporarily higher payments and were behind because of a short term problem like a job loss, repayment is a great option for you. Pursuing a repayment plan while trying other options at the same time can help you find a solution quickly.
If you can’t catch up and are not eligible for a HAMP modification, you should still attempt to find a solution. While every lender is different, the following processes may work for your loan:
Forbearance allows you to take a break from paying your mortgage, or forgives your already missed payments, allowing you to become current again. The obvious benefit is that you reset the clock and become current without paying any extra money. While forbearance is an ideal option for the homeowner, many lenders refuse to grant forbearance, opting instead for repayment or foreclosure.
HAMP is just one of the mortgage modifications available to you. You can speak to your lender about your options, seek out other lenders to fully refinance your loan or look for modification programs that suit your personal history and credit profile.
If you have an FHA loan you may be eligible for modification under this FDA specific loan. Other guaranteed loans, like the USDA loan may be modified as well.
Chapter 13 bankruptcy helps stressed homeowners in two ways. When you file for bankruptcy protection, the pending sale of your home is cancelled and you have the time to make repayments. If you are sure you can afford the regular payments and intend to stay in your home, chapter 13 can be a good option, provided you file quickly.
You may be able to work out a short sale with your lender if you owe more money than your home is worth. A short sale gives you the opportunity to sell your home for less than you owe and avid foreclosure. This is a good option if your home has dropped drastically in value and won’t sell for what you owe on it.
While there are plenty of legitimate lenders and programs available to you if you are behind and facing foreclosure, there are individuals who will take advantage of you at this difficult time. Watch out for these common mortgage scams and protect yourself and your most valuable investment:
Designed to rob you of your home’s equity, an unscrupulous lender “helps” you by offering you a loan that you can’t afford, then forecloses promptly when you miss a payment.
A lender may offer you one appealing interest rate and loan payment – but when it is time to sign the papers, a much higher rate, huge added fees and bigger monthly payments are revealed.
A person or individual pretends to take over your mortgage and then rent your home back to you – you’ll end up paying your monthly payment to the scammer and getting even further behind.
An attorney or counselor offers to defend you in court and prolong your mortgage – for a monthly fee. You end up paying a hefty fee each month, and the counselor or legal team does nothing to repair your mortgage situation.
If you are sure you can’t make your monthly payments, have decided you can’t afford your home, or simply want to avoid foreclosure, we will give you a fair cash offer for your home. A quick cash sale allows you to get rid of the stress you’ve been facing, eliminate your mortgage and free you from a tough situation.
Unlike a traditional realtor, we don’t charge a commission – and we pay all closing costs. When you decide to sell your home for cash, you’ll be dealing with a local, Utah based company; we’ll handle all the paperwork and have everything you need sent to you. Since you are not dealing with a mortgage company or bank, we can help you resolve your mortgage and home issues with ease, allow you to get out from under an oppressive payment or loan and get the freedom you need to start over.
If you are tired of struggling with high monthly payments and are ready to break free, we can help you get a fresh start. Contact Salt Lake Homes for Cash, and let us know what we can do for you.
Inheriting a home with your siblings may seem like a great way to make some cash, but there are generally a high number of unanticipated difficulties and headaches to consider. All of you need to agree on what to do with the property, for example, or big issues and a lot of fighting can arise.
There may be back taxes on the house, and these will need to be paid to ensure the county does not try to take the home or sell it for the taxes that are owed. Going forward, taxes will have to be paid every year. If all of the siblings own an equal share of the house, they should be paying equal shares of the taxes. Siblings who don’t want to do this (or can’t afford it), may want to sell their share to the other siblings so they aren’t obligated for anything related to the house any longer.
If there are title problems or liens, those also have to be cleared up before the ownership of the house is actually transferred. Consider all your options, so you and your siblings can make the right choice for everyone involved.
One of the choices you and your siblings can consider is renting the house out. If the rental market in your area is strong, this can be an excellent way to get some cash coming in. Of course, one of you will need to manage the property and do maintenance on it, or you’ll need to hire a property management company to handle those things for you.
Screening tenants, handling evictions, and keeping the property ensured the right way are all very important, and they can be time-consuming and stressful. Unless all of the siblings are on board with renting the house out, it may be better to move on to a different choice everyone can be happy with.
If you want to keep the house to rent, live in, or otherwise use in some way, you may be able to buy out your siblings. To do that, you would need to know the amount the house was worth, if there were any liens or back taxes on it, and the number of siblings to divide the sales price between. Then, you would offer your siblings this option.
Provided they all agreed to having their portion bought out, you could pay them their shares and have the title transferred into your name only. Then you would own the house by yourself, and could do whatever you wanted to with it. However, not all your siblings might agree to the buyout, and that would mean the potential for a fight over ownership.
The probate process is often the best choice for a house that you’re inheriting with your siblings. It requires that the will be read, and that a judge determine who gets what. If the will was not created correctly, or if the person who owned the house died without a will, you may find that you’re not inheriting the home with your siblings the way you expected to. It’s better to have that knowledge before too many other decisions about the house are made.
Often, siblings who inherit a house together just sell it. Then they split the money. There are many ways to sell, including selling to www.SaltLakeHomesForCash.com. When selling to a company that buys houses, you and your siblings will be given a cash offer. The price is fair, and the home can be sold and close much faster than would be seen with a traditional sale. That relieves all of you of the responsibility of managing the house and caring for it, allowing you to move on with your lives.
You got the keys and moved into your home. When suddenly, the unthinkable happens! You’re laid off your job, or maybe you had to come up with a large sum of money for a medical expense. Many situations that happen to numerous people every day can lead homeowners to fall behind on their mortgage payments. If you are unable to make the payments on your home on-time, you may be faced with a foreclosure.
Foreclosure happens when a homeowner defaults on their home loan payments, tyoically this leads to the property being seized by the bank or sold at auction. Usually a notice will be filed after missing 3-4 house payments.
You don’t have to hold your breath waiting to see what the highest bidder will offer you at auction, Salt Lake Homes for Cash will buy your Utah home today. Not only will we make you a fair offer, we will pay all the closing costs. Contact us today to see what we can do to help you avoid the negative mark that foreclosure puts on your credit report.
