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August 12, 2019If you are looking to sell your home, it is important that you understand dual agency relationships. A dual agency relationship can occur if the buyer and seller of the home each have an agent who is licensed under the same broker. This naturally presents a problem when it comes to conflict of interest. What is best for the buyer may not be what’s best for the seller, but the real estate agent, in this case, would represent both parties. In some cases, the sale is rather cut and dry and dual agency relationships aren’t a big issue. But either way, it is important to understand what that kind of relationship entails.
Dual Agency Relationships Must Be DisclosedDual agency relationships aren’t allowed in all 50 states. But the states that do allow them to require agents to disclose the relationship to both of their clients. Both parties must also accept the dual agency in order to complete the transaction. If either party declines to accept dual agency, the transaction cannot go through. You absolutely want to know if you are in a dual agency relationship before going any further with the real estate sale.
There Are Negatives Associated With Dual Agency That You Need To Know AboutEven if you don’t believe that a dual agency relationship will affect you, you need to be aware of the potential downsides. In a dual agency relationship, the agent must adhere to certain restrictions. These restrictions prevent the agent from providing advice on how much the buyer should offer. They also prevent the agent from advising a seller on whether to accept or reject an offer that has already been provided. In many cases, this prevents the agent from being able to provide the best possible advice to their real estate clients.
Is It Right For You?In most cases, a dual agency relationship probably isn’t the right move. That’s because, without the full range of advice from a real estate professional, many buyers and sellers make mistakes during the sale. Dual agency relationships may be advisable if you already know exactly what you want and don’t need much advice from a real estate professional. If you aren’t sure what you want or may need some advice during the process, then a dual agency probably isn’t a good idea. If you are looking to sell your property quickly without worrying about dual agency relationships, then give 4 Brothers Buy Houses a call. We’ll provide you with a free, no-obligation quote for your property today. You don’t have to worry about going through the traditional selling process where you spend weeks trying to find the right agent. Instead, you can get a quote immediately and decide if you want to sell your house for cash. If you are in the DC area and want to sell your property, contact 4 Brothers Buy Houses now!
July 29, 2019Interested in selling a property that requires some major repairs? Perhaps you need a bathroom renovation. Or maybe you need to completely repair the roof. Whatever the case may be, you can sell a property that needs major repairs, even though it may be a bit more difficult and time consuming. You may decide to renovate, but you should consider the costs and potential returns before making the final call. You could also decide to sell “as-is,” meaning that you won’t negotiate any potential repairs or renovations with prospective buyers during the sale. Here’s how you can sell a home that is in need of significant repairs.
Should You Renovate?The decision on whether or not to renovate has major financial implications. A successful renovation can improve the value of your home. But not all renovations bring the same return. The top five highest returns come from:
- Bathroom remodeling (average cost of $10,500, average return of 102%)
- Landscaping updates (average cost of around $5,000, average return of 100%)
- Kitchen remodeling (average cost of around $15,000, average return of 98.5%)
- Exterior improvements to the home, such as buying a new front door (average cost of about $7,250, average turn of 93.3%)
- Converting the attic into a bedroom (average cost of about $40,000, average return of 93.2%)
Options For Paying For Home RenovationsThe returns above might sound attractive, but the pricing can get expensive for some sellers, especially if they don’t have the cash on hand. Let’s talk about options for paying for a home renovation. Here are the typical options for receiving a loan for home renovations:
- Mortgage refinance
- Home equity line of credit
- Home equity loan
- Credit cards
- Borrowing from your 401k
Selling Your Home As-IsIf you want to sell your property immediately, then you should consider working with 4 Brothers Buy Houses. 4 Brothers Buy Houses will purchase your home for cash, and you won’t have to make any costly repairs or renovations to the property. Major renovations can cost tens of thousands of dollars, and there is no guarantee that you are going to get a positive return for your efforts. By selling to 4 Brothers Buy Houses, you can get value for your property right away, without the time, money, and frustration that goes along with home repairs. Get your free, no obligation quote today.
July 26, 2019Discovered that you have a property lien on your home? For some homeowners, this may come as a surprise. The good news is that you can still sell your property, even with a lien on it. The bad news is that a lien makes things more difficult, and it might take some negotiation with a buyer to get them to take on a property with a lien on it. Let’s explore what a lien is and how it affects the process of selling your home.
What Is A Lien?A property lien may be placed on your property in the event of an unpaid debt. Liens are different than personal debts. Personal debts are tied to you, specifically, regardless of where you are located or where you work. Property liens are tied to the property, and will remain even if the property is transferred to another party. Property liens are only removed once the debt has been paid. A property lien can be filed for a variety of reasons. Perhaps the most infamous type of lien is the tax lien, which the government can file after unpaid taxes. However, other creditors can file liens on your property as well, and they can even be filed for things such as failure to pay child support.
Why Are Liens Such A Hassle?Having a lien on your home often means that any type of home sale will run into lengthy delays. That is because the prospective home buyer isn’t just considering taking on the property, they are also going to be responsible for taking on the lien. In most cases, real estate agents recommend that you pay off any lien on the property before bringing the property to the market. In some instances, you may be able to pay off relatively small liens with the equity in your home after the event of a sale. However, if the lien amount is greater than your home equity, you may not be able to sell the property and cover the lien.
Selling A Home With A Property LienIf you’ve decided to sell a home with a property lien, you typically have two options–negotiate with the buyer, or negotiate with the lien issuing party. Convincing the buyer to take on the lien often isn’t a realistic option. But there are some scenarios where buyers will consider taking on a home with a lien, usually in regards to distressed properties. Negotiating with the issuing party is usually a better option. In a lot of cases, the lien can be removed by paying a portion of the debt, or by starting a payment plan to pay it off incrementally. If you need to sell a property with a lien fast, then 4 Brothers Buy Houses can help. 4 Brothers Buy Houses will purchase your property immediately for cash, so that you can walk away from your lien. Get a free, no obligation quote today and learn more about how you can avoid the lengthy process of negotiating with your lien issuer.
July 25, 2019Moving because of a job transfer? This can be a stressful process that thousands of Americans have deal with each year. Transfers usually present a number of logistical problems for families–deciding what to do with your belongings, figuring out which schools to send your children to, and choosing what to do with your home. Generally, you have several options when it comes to your property. You can rent it out, sell your home with a real estate agent, or sell to an investor. Each option has its pros and cons, so let’s take a look at which choice will best fit your family’s specific needs.
Rent Out Your HomeIf you decide to keep your home, renting it out may be the best possible option. Renting out your property can bring in consistent income month to month. However, there are also a number of expenses that come with being a landlord, and sometimes the hassle simply isn’t worth it. It is important to remember you will be subject to tenant and leasing laws in your state, and violations can come with stiff financial penalties. You’ll also be required to keep up with repairs and property taxes, which can add up over time. If a tenant decides not to pay, you’ll have to go through the eviction process, which can take months and cost you thousands of dollars.
Sell Your Home With An AgentSelling your home the traditional way is a solid option if you have the time to wait. In some markets, you selling your home can take months, and it could require fairly expensive repairs or renovations in order to get full value for your property. Selling with an agent can reduce some of the pitfalls of navigating the process alone, but it isn’t always the best option if you need the cash quickly for a move. Sometimes, families want to sell their property as quickly as possible so that they can move on. Which brings us to our last option.
Sell Your Home To 4 Brothers Buy HousesIf you are looking to get out from under your property quickly, you may want to consider selling to 4 Brothers Buy Houses. 4 Brothers Buy Houses will purchase your home immediately, meaning you don’t have to deal with the hassle of a traditional home sale. You won’t need to handle repairs, hire a real estate agent, or showcase your home to prospective buyers. This option is best for families who are looking to move right away and start fresh, without having ties to their old property. Renting out your old property could mean dealing with difficult tenants, paying for expensive repairs, and an additional tax burden. Selling your home with a real estate agent could drag on for months, and you may still need to make repairs or handle landscaping. 4 Brothers Buy Houses will purchase your home right away. Get a free, no obligation quote for your property today.
July 24, 2019Foreclosure is a process that no homeowner wants to go through. But the reality is that sometimes, financial hardship can cause missed mortgage payments. If you fall too far behind, your home is at risk of foreclosure. Foreclosures don’t only cost you your home, they are also incredibly damaging to your credit. It is possible to avoid foreclosure, even if you are currently at risk. Here are some of the steps that you can take to avoid losing it all.
Consider Your Options For Getting Back Into Good StandingHomeowners at risk of foreclosure have several options for getting back into good standing with their mortgage company:
- Reinstatement: This involves paying back the past due amount in a lump sum. This lump sum payment must be made by a specific date.
- Short Refinance: In this process, your mortgage company may decide to forgive a small part of your debt. The rest of your debt will be refinanced into a new loan.
- Special Forbearance: This is typically only granted in special circumstances, such as a medical emergency. In a special forbearance, you may get your payments lowered or suspended on a temporary basis. Your lender must agree to these terms, and generally only offers special forbearance if they believe the issue is temporary.
- Mortgage Modification: In a mortgage modification (also called loan modification) you can work with your lender to refinance and change the terms of your loan. You may be able to extend the term.