We dive into important questions to ask and what options are available. Divorce is one of the most heartbreaking experiences in life that one can ever go through. Selling a house due to divorce is also one of the biggest logistical issues people face since it is usually always the biggest asset in the family. Although some couples stay amicable after their split, many times there is animosity or resentment, making important discussions very difficult. Deciding on what to do with your house during the process can add even more stress to the already difficult situation. Top 5 Questions to Ask Yourself: Where will the children live? Can either one of us afford the house on our own? If we both can afford it, who keeps it? If we sell, how much would we net, and what are the tax implications? Do we have time to list the property or do we want a quick sale? Generally, there are three options available when deciding what to do with the home: Buy out each other’s share of the house If you or your ex-partner want to keep the house, then you can purchase each other’s share. The one who keeps the home takes out a new mortgage or home equity line in order to extract equity. If you’re the one who’s keeping the house, you have to be sure that you are financially capable to pay and maintain the house on your own, or else you’ll be facing more problems down the line. The attorneys can help you determine what loan amount would be needed, what amount the other person would receive, and refer you to a good loan officer. The person not keeping the house would come off of title once the new loan is closed. Keep in mind: California is a Community Property state. That means if spouses purchased a property together during marriage, they have equal shares of ownership, thus the profits from a sale are divided equally. This is the easier scenario. But what if the house was purchased before marriage? When one spouse buys a property before marriage, it is generally that spouse’s sole and separate property. The situation becomes complicated when the spouse who is not on title helps pay the mortgage, contributes to improvements to the home, and lives there long enough. In this case, the presumption that only one spouse owned the house can be overturned with strong evidence that the spouses had an agreement they both owned it. Attorneys will be helpful in this situation. Continue to co-own the house Believe it or not, many divorced couples want to keep their family house for sentimental reasons, or if there are minor children. One downside is that if the remaining party falls behind the mortgage payments, both credit reports will be affected equally. The person who moved out carries a burden that the remaining spouse will continue to make payments. If co-owning the house, communication will need to be open and cooperative. Sell the house In most cases, it may be financially difficult for either party to maintain the house on their own. This is why for the majority of people, selling a house from divorce and dividing the proceeds is the best option. There are three ways to sell a house in divorce: 1) Court-Ordered Deferred Sale When selling a house in divorce in the Bay Area and there are children involved, the court may order a deferred, or temporary delay, of the sale. This is to lessen the effect of separation on the children. Stability is key for them. With a deferred sale, the court looks at whether the spouses can afford the payments. If so, the court will then consider the following (but not limited to): the length of time the children have lived in the home the children’s ages and grades in school the emotional impact moving homes would have on the children the financial ability of each spouse to obtain suitable housing the tax consequences a delayed sale would have on each party Once the court has approved a sale, the spouses must decide on whether to list the property or sell the house for cash to an investor and finalize the process. How to Sell a House Fast – The Insider’s Guide 2) Sell to an Investor Selling your house to an investor is the best option for you in situations like this. Investors buy houses fast in cash, regardless of its condition. They can also close the property in as quickly as seven days, so you and your ex partner can divide the proceeds right away. If the court required a deferred sale, or both parties are just ready to get the process over with, finding an investor to buy the house quickly might be a good option. 3) Real Estate Agent The last option would be to hire a real estate agent. However, with the commission and closing costs, the traditional selling route may not be the best option at this point in your life. Furthermore, with all the stresses and difficulties that you’ve been through with your divorce, the last thing that you probably want to do is to prepare your house for a sale, entertain potential buyers, and wait even longer for the buyer’s loan to close. As we discussed in previous articles, it is good to weigh the differences between selling to an investor or listing with an agent. If you and your ex-spouse have decided to sell your home because of divorce, call us at 877-210-6460 or fill out the form below. Skye Homes can offer you a fair, no-obligation estimate for your property. We buy houses all around the Bay Area regardless of condition, which means you don’t have to spend a dollar on repairs. Read more about how Skye Homes helps homeowners through this process.
Category: Mortgage
Selling a house with tenants in the Bay Area?
There are several reasons why you might want to sell your rental property. Some of your reasons might include: Selling a house is already a nerve-wracking process in itself, but adding tenants to the equation makes it even more complicated. 1. I need or want the cash. 2. My rental house is under-performing and I need to cut my losses. 3. I am relocating soon. 4. I am planning to buy a new house. 5. I am tired of dealing with tenants. 6. My tenants aren’t paying me! 7. I am doing a 1031 tax exchange. Whatever the reason you might have, you’re free to sell your rental property any time you wish. However, selling a house with sitting tenants is not as simple as selling a vacant house. If you plan to sell a rental house, the tenancy shouldn’t be affected. While you can terminate a month-to-month tenancy by giving the tenant 30 or 60 days’ advance written notice, you cannot terminate an ongoing lease simply because you want to sell the house. Typically, you have two options: Option 1: Wait for your lease agreement to expire. Since selling a house with tenants can be quite a tricky situation, most real estate experts advise homeowners to wait for the lease to expire before proceeding with the sale. Tenants can make or break a sale, so some just opt to wait it out and sell the house vacant. Although this option is not always practical for the your finances, waiting can be your best bet especially if you have disgruntled and difficult tenants. If your tenant only has a couple of months left on the lease and you really need to dispose of the house right away, then you can try to negotiate a settlement to get your tenant to vacate your house. However, your tenant is not obligated to agree to your terms. If the other party disagrees, you have no choice but to wait for the lease to expire. Tenants in the Bay Area are also privy to buyouts and the asking price usually isn’t cheap, especially in areas such as Berkeley and Oakland where rent control laws are strong. Option 2: Sell your house while the tenancy is still ongoing. If you have a good relationship with your tenants, selling your rental house while they’re still there can actually be beneficial for you. Selling a house with tenants in place is a practical idea if you rely on rental income to pay the monthly mortgage. Also, since the house is already furnished with your tenant’s belongings, you don’t have to spend and make an effort to stage it. Your tenants can even help you show the house to prospective buyers, provided you have given them proper notice in advance. On the downside, opting to sell a house with an ongoing lease will greatly limit your prospects. It’s difficult to find buyers that will let the tenants live in the property until their contract expires. Handling a month-to-month tenancy According to Landlordology, if your tenant is on a month-to-month agreement, all you need to do is give your tenant proper notice. This involves mailing or delivering a letter to your tenant 30 days before you’d like them out. The required notice period varies from state to state, so be sure to look up your state’s policy here. You don’t need a reason to terminate a month-to-month agreement, hence why it is called a “no cause” termination. You don’t have to tell the tenant why they need to vacate unless you want to. These are the easy situations. So, what’s the best way to sell my house with tenants? Professional real estate investors buy houses with tenants, so they can be your best option if you need to sell the house quickly. Selling to an investor such as Skye Homes should be the first thing you consider as many new or beginner landlords are not buying new property here right now because the numbers don’t make sense. We will buy your house with the tenant still occupying the home and will work with the tenant to either continue renting as-is or offer. If you can afford to do so, you may consider a tenant buyout, also known as “cash for keys” if comparable housing is available and they desire a move. Sometimes this can be difficult if they are behind on rent or if there is bad blood. If your tenant is on a month-to-month lease, you may decide to give them notice and list with an agent. If time is on your side and you want to pay real estate commissions, that may be your best bet. What Will Happen Once Your Tenanted House Has Been Sold? Once your rental house has been sold, your buyer now becomes the new landlord. Should the new owner wants to occupy the house or use it for other purposes, then they should work with the tenant in good faith. If you need to sell your rental house with tenants, give us a call at 877-210-6460 or fill-up the form below. We at Skye Homes can offer you a fair, no-obligation estimate for your property. We buy houses all around Bay area regardless if it has tenants or not. Learn more about how Skye Homes helps house sellers like you through this process.
How Can Foreclosure Affect Me? – What Sellers Need To Know
We are going to look at how foreclosure can affect you and how you can ease the trouble. Foreclosure Effects Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in California is of course the loss of the home to the bank. Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points. Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least. House Values In Your Community – Another one of the big foreclosure effects in San Jose California is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area. We mainly buy houses, but if selling your house isn’t in your best interest, then we can work to help you keep it. This is what sets us apart. How You Can Ease The Effects Of Foreclosure For the well-being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time-consuming, but there are people who can help you navigate your different options in the process. First… Call your bank and work with them: Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house. This is called a loan modification. If you just want out but you owe more on the house than it’s worth then the bank may allow you to do a short sale. Talk with a local real estate expert, like Skye Homes: We know the San Jose real estate market well and are very experienced in the foreclosure process here in California. Give us a call at and we can guide you toward the resources that can possibly help you. We have experienced staff members who have successfully negotiated dozens of loan modifications over a 15-year period. The best part is that our consultation is free and if we can’t help you then you don’t pay us a dime. Is your house worth saving? Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy San Jose houses for cash… and can look at your situation and make you a fair offer on your house. Just call us at or submit your information below. What’s worse for credit score — foreclosure, short sale or deed in lieu? With the above knowledge on foreclosure effects, you can guard yourself by calling us and we shall assist you in the shortest time possible to sell your house. Please note that our services and consultation extend beyond San Jose; we also help homeowners in San Francisco, Santa Clara, over in the East Bay such as Oakland, Vallejo, Concord or Pittsburg, and many other places.
Short Sale vs. Foreclosure – What’s the Difference?
Whether you’re a buyer or a borrower / seller, a short sale and foreclosure each present different advantages and difficulties. We break down what you need to know in each case. What Is A Foreclosure? According to Redfin, “A foreclosed home is one in which the owner is unable to make his mortgage loan payments and the bank repossessed the home.” If you stop making your house payments… your lender has the right to foreclose on your property so they can attempt to recoup their money that was lent to you. A home is typically foreclosed on when a borrower fails to make mortgage payments. The lending institution assumes ownership and possession of the property, evicting the borrower. These properties are then sold at auction or more traditional means utilizing the service of real estate agents. A foreclosure can damage the credit rating of a borrower, and make it very difficult to obtain a mortgage for many years. A foreclosure can work in different ways. Check out the foreclosure process information over here at the HUD Government website. What Is A Short Sale? In a short sale, the home is still owned by the borrower. The definition of a short sale is… “A sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt” (source: Wikipedia). In a short sale, the home is sold for less than the outstanding balance of the mortgage. The unpaid balance (known as the deficiency) may or may not still be owed by the borrower. This option typically takes some time, as a few different lending institutions may own the mortgage. Each lender has different procedures as well. All parties who have a stake in the property must agree to the terms of the sale, and a potential deal could fall through if even one lender doesn’t agree. Lenders do not typically approve a short sale unless the homeowner is experiencing some financial distress. Short Sale vs. Foreclosure – Your Options The main difference between the two is whether or not the home has equity. A foreclosure can happen no matter what the mortgage balance is (compared to the home’s value), a short sale happens when the lender cannot recuperate their funds from a normal sale. While both options can have ramifications, a short sale often has less of an impact on the borrowers creditworthiness. Borrowers who are foreclosed on are often ineligible to purchase another home for 5-7 years with a traditional mortgage, where under certain circumstances, a short sale borrower can purchase again sooner. Choosing between foreclosure and a short sale (or a 3rd option… selling your house fast ) is an easy choice for a borrower having trouble paying a mortgage on time. Sometimes, lenders are willing to work with borrowers to complete a short sale, to avoid the fees and time consuming process of conducting a foreclosure. Our suggestion is always this. Talk with your lender and discuss ways that they can work with you on your loan. We offer free consultation where we can help guide you in the right direction if you run into issues with your lender… just reach out to us on our contact page and we’ll discuss your situation. Attempt a short sale or other modification program your lender may have that forgives part of your loan, creates a new / more affordable monthly payment so you can get back on your feet, etc. If the bank isn’t willing to work with you very much… your best option may be to sell your house. Work with a local real estate house buyer service like Skye Homes to sell your house fast for an all-cash offer. If you’re interested, we can look at your situation and make you a fair offer on your house within 24 hours. Just fill out the form below. Foreclosure. Last resort is to let the house fall into foreclosure. This is the worst possible scenario. It’ll harm your credit and you could still be left with money owed to the bank even after the foreclosure is finished. We highly advise to NOT sit around and let the bank take your home. By knowing your options, you may be able to dodge a significant impact to your credit score, allowing you to purchase a new home when your situation improves. A foreclosure on your credit report makes that possibility extremely difficult for 5-7 years, so if you have the opportunity, a short sale can be the better option. Have a pending foreclosure? We’d like to make you a fair all-cash offer on your house. Give us a call anytime at or fill out the form on this website today! >>
Can I Sell My House While in Foreclosure?
Do you have a house that’s in foreclosure right now? Many people going through the foreclosure process want to get out from under that burdensome house and wonder if they can sell. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better. Selling Your Bay Area House In Foreclosure There are a lot of folks who have faced foreclosure in the past few years, though much less than during the crash. Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you. Working With Banks During The Foreclosure Process Always over-communicate with the bank (within reason). Call with updates and show them what you’re doing to get your property sold. Don’t miss deadlines. If anything will be late, call with advance notice. Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way. Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made. Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure. (We can help with loan modifications). Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you. How We Can Help If you’re looking to sell your house while in foreclosure fast, call us now. Are “We Buy Houses” Companies Credible? We specialize in helping homeowners in situations including foreclosure around the Bay Area get out of difficult situations and avoid foreclosure. In certain circumstances we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash. If you need to sell a Bay Area property we can help you. Give us a call at anytime or fill out the form over here today! >>
Understanding the Foreclosure Process in California
Understanding the foreclosure process in California is important if you find yourself having trouble making mortgage payments. We give you some background on foreclosures and what to do if you find yourself in this situation. What is foreclosure anyway? Foreclosure is the legal process that lenders use to take back property securing a loan, generally after the borrower stops making payments. Foreclosure is no fun. But just know that it’s not the end of the world. When you know how foreclosure in California works… it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible. The Basic Stages of A Foreclosure There’s a few stages that are important to any foreclosure process. Foreclosure works differently in different states around the country. The two ways different states use to foreclose upon a property are: judicial (in court) or non-judicial (out of court). California is a non-judicial state, although judicial foreclosures are allowed (but not common). In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed. Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment. Under Non-Judicial Foreclosure: The mortgage lender serves you with papers demanding payment, called a Notice of Default (NOD) and the courts are not required – although the process may be subject to judicial review. This is the “pre-foreclosure” period. The NOD is mailed to you and all interested parties. Three months after the NOD is filed, a bank can file a sale date, which is done through a trustee (the sale is called a trustee sale). You have until 5 days before the sale date to remedy all past due balances and accrued costs for the bank’s filings. If the default is not remedied, the trustee can then sell your property for the lender at a public auction (notice must be given). Anyone who has an interest in the property must be notified during either type of foreclosure. For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction. What Happens After A Foreclosure Auction? After a foreclosure is complete, the loan amount is paid off with the sale proceeds. Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower. A deficiency judgement is where the bank gets a judgement against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale. Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower. Here’s a great resource that lists the state by state deficiency judgement laws, since every state is different. Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate investment company like Skye Homes to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure. Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe. If you need to sell a property in the Bay Area, we can help you. We buy houses in the Bay Area like yours from people who need to sell fast. Give us a call anytime or fill out the form on this website today! >>
How to Avoid Foreclosure in the Bay Area
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose. Thankfully, there are a number of things that you can do to avoid foreclosure in the Bay Area. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home. So lets dive in on a couple quick tips on possibly how to avoid foreclosure in the Bay Area with your home. The Keys of How To Avoid Foreclosure: Don’t Abandon Ship Inability to pay the mortgage is a stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion. While it’s extremely stressful, you do have options: • Negotiate with your mortgage lender. Banks and other financial institutions are well aware that homeowners are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification. • Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements. We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over the Bay Area are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home. We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you. Give us a call anytime at or fill out the form on this website today! >>
What is a Pre-Foreclosure in the Bay Area?
With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process. So what is a pre-foreclosure in anyway? Many homeowners across America and the Bay Area are facing difficulties making their monthly mortgage payments. When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.” Banks and mortgage lenders typically provide three months for the homeowner to become current. Of course this number can vary by bank and situation sometimes. If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home. Pre-foreclosure Options for Borrowers If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender. This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic. You have options that can delay or even prevent losing your home: If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local the Bay Area mortgage broker… or contact us and we can connect you with a reputable one. You may be able to quickly sell your home to a real estate investor that’s reputable in the Bay Area like us at Skye Homes, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.We can buy your the Bay Area California area home quickly, often in just a week or two, will pay cash, and takes the stress out of trying to find a buyer. You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan. You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage. Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time. If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating. A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender. But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help. Ways We Can Help If You’re In Pre-Foreclosure We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help. We can help you with a loan modification– this is a service we provide through our partner network. We can buy your the Bay Area area house – We buy houses in the Bay Area and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >> You can ask us questions and we can provide you FREE guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch. If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation. Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources. Want To Discuss Your Pre-Foreclosure Options? Call Us at Or, Submit Your Info Here To Get A Cash Offer On Your House >>
Help, I’m Behind on my Mortgage Payments!
When you fall behind on the mortgage payment, it can feel like you’re drowning in debt. Likely, it is caused by another life issue such as job loss, divorce, or medical bills. One problem has led to another. There are a few options that can help you to avoid foreclosure and maybe even keep your house – even if you’re seriously behind in payments. 1. Making Home Affordable (MFA): If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA. With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced. MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it. There are also some restrictions, such as not being greater than 60 days past due. 2. Negotiate with your bank: Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced, or a temporary reduction in your payment. Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate. You have to work really hard to negotiate with a bank. Usually it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever be rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term. If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss. That sounds obvious, but for some reason bankers seem to forget it when saying no to someone in need of help. We can also help guide you through the process and take on a negotiator role for you. Call us for more information about this service. TIP: do not pay anyone up front for help with this! 3. Borrow money from a private investor or relative: If you have a relative that might be interested in helping, chances are you’ve reached out to them. If not, here is a creative way to get past the awkwardness or pride that may be standing in the way. Offer to have them become part owner in the home in exchange for helping you get the mortgage current. This works best if your repayment issue is temporary. If there is no resolution in sight, it’s probably not worth it to them. You would need to discuss if they will be entitled to half of your equity, or a different amount. Decide what their help and money is worth in relation to your equity. Create a promissory note (via attorney or google), and ask a title company to help you record the changes to the property. If you’re behind in your payments and need to sell fast, we can help. In certain circumstances, we may even be able to help you stay in your home. We work with homeowners in to find solutions to foreclosure problems. We’ll let you know how we can help. 4. Bankruptcy: This is usually the tool of last resort. If you’re behind on the mortgage payment or being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford. Give us a call now at or fill out the form on this website to get started.
When Should I Sell My House Fast for Cash?
Selling your house fast for cash is sometimes the quickest resolution when there’s a need to move or sell a home quickly. For starters, there’s the convenience and speed of sell. Fewer sales fall through and you can have money in your pocket just days after accepting a cash offer. For a homeowner in some type of financial distress, this can be a life-changing benefit. Combined with the benefit of avoiding costly repairs or real estate agent commissions, it’s no wonder more people than ever are typing “How to sell my house fast for cash” into Google search queries. In this blog post, Skye Homes – home buyers in the San Jose, CA area – outline some scenarios where selling a house fast for cash just makes more sense than going through a realtor. Selling a House With Bad Tenants While owning a rental property is a great source of additional income, it can be a nightmare if difficult tenants enter the equation. When a tenant makes a habit of missing rent payments, breaking rules, and mistreating or damaging the property, it can seem like a problem you can’t escape from. This is why a growing number of landlords are opting to sell a house fast for cash in response to nuisance tenants. While you should seek legal advice first, selling a home with a bad tenant is sometimes the easiest way to wipe your hands clean of the problem and move on. While you might get a slightly less than average offer, a cash home buyer is often willing to roll the dice. They generally have a means to cover the legal and administrative costs of evicting a difficult tenant in order to rehab the property and get a return on their investment. READ: Selling a House With Tenants in the Bay Area Selling an Inherited House When you inherit a home from your parents or grandparents, you have one of three choices. You could sell the house, move into it, or rent it out. If the home is in disrepair, or in dire need of costly updates, it may be something you just don’t want to deal with. Sure, you can avoid making necessary updates, and still put it up for sale below market price, but you’d be required to pay legal costs and real estate agent fees. This is why selling your house fast for cash might be more logical than needlessly dealing with the upkeep and paperwork of an inherited house. This fast sell ensures the home doesn’t sit uninhabited and vulnerable to vandalism or deterioration. Plus, it can be sold as-is, alleviating some headaches on your end. Selling to a cash home buyer minimizes out of pocket expenses and unloads the property sooner rather than later. READ: How to Sell an Inherited House in the Bay Area – The Easy Way Financial Problems Financial difficulty is actually the number one reason most homeowners sell to a cash buyer. When the bills are racking up, you’ve fallen behind on your mortgage, and the bank is threatening to foreclose the house, there’s a sense of urgency to hit a reset button. Most of the aforementioned “Sell my house fast for cash” internet searches can be attributed to homeowners suddenly finding themselves in over their heads. Perhaps they have costly home repairs they cannot afford or they just can’t get current on their mortgage. Selling their home to a cash buyer enables them to start over fast and hopefully regain their financial footing. READ: How to Avoid Foreclosure in the Bay Area Selling a House During a Divorce Going through a divorce is an emotionally trying time. Not only can it be a time of heartache, but also a time of animosity, anger, or resentment. The burden of selling a home during this process only complicates things. Not only is a house the biggest asset most couples acquire together, but it also holds sentimental value to one or both parties. Additionally, one partner has likely moved out. They’re looking to cover their new living expenses while the mortgage, property taxes, and insurance all need to be paid as well. There’s a need for both parties to move quickly. Selling your house while still married by law can save significant money when it comes to capital gains tax. Working with a cash home buyer is another way to save money. There’s no closing costs or realtor commissions, which means some of the transaction can be pocketed once the mortgage is paid off. Ending a divorce with some type of cash reserve is important considering the hefty legal fees involved. A home can sit on the market for an average of 65 to 70 days. This prolongs the time a troubled couple must work together to agree on things like repairs, a contractor, a realtor, and listing price. Selling directly to a cash buyer gives you and your spouse a means to walk away from the house in as little as one week. Just make sure to discuss the process with your divorce attorney. READ: Selling Your House While Divorcing in the Bay Area Selling a Home Due to Relocation The need to relocate to another part of the country or even the world is another reason for someone to research how to “Sell my house fast for cash” online. Depending on the circumstances, someone may only have just one month to sell their home and move far away. READ: How to Sale a House for Job Relocation Looking to Sell Your House Fast For Cash in Bay Area? – Let’s Chat! If you find yourself in any of these situations, Skye Homes helps you skip the stress of dealing with contractors and real estate agents by buying your house directly from you. Contact us today via our online form below or by calling/texting 510-220-0712.
7 Things to Consider When You Inherit a House in Bay Area
Inheriting a house can be a blessing to some and a burden to others. While many people decide to move into the home they’ve inherited, others aren’t sure what to do. They’re already processing the emotions of grieving the loss of a loved one. It’s a difficult time as it is. Let alone figuring out what to do with this property you’ve now acquired. Do you rent it out? Do you sell and part with a piece of your family’s history? Skye Homes – cash home buyers in the San Francisco Bay area – get a lot of calls from people who have inherited a house and are wondering what to do next. Although we’re home cash buyers in the Bay area, we can also help you determine the best option for your situation. Here are 7 things to consider if you have to decide between keeping or selling an inherited house. Is the Mortgage Paid Off? If it Isn’t, You Have to Pay It Did the person you inherited the property from have a mortgage at the time of their death? If they paid it off and there’s no current mortgage, that’s great! If there’s still a mortgage on the house, it’s your responsibility to pay it. Especially if you intend to move in or rent it out. Some banks may have you assume the loan. Others will require you to refinance into a new loan. It could be problematic if you don’t qualify for a new loan. READ: What Happens If I Inherit a Property With a Mortgage If You Want to Rent It Out, Be Prepared for Extra Responsibilities Many people who inherit a house see an opportunity to rent it out for extra income. Keeping your inherited home as an investment property is a great idea IF you’re prepared to deal with tenants and the hassles of managing the property. If property management, maintenance, and rent collection aren’t your thing, you could look into hiring professionals to handle those tasks. If you’re unwilling to hire anyone for those services, consider cashing out now by selling your inherited house. READ: How Hard Is It to Manage Rental Properties With No Property Manager? If You Want Top Dollar on the Market, You’ve Got to Put Money Into It If you’re going to put your home on the market, it’s rare to inherit a property that’s been perfectly maintained and updated. It’s usually a home that’s seen some better days – maybe a few decades ago. You’re going to have to pay for repairs or updates to get your asking price. If you don’t want to deal with renovations or repairs, remember, we buy houses in the San Francisco Bay area in “as-is” condition. READ: What Renovations Will Pay Off When I Sell? Your House Can Be on the Market for Awhile There no telling how long it will take to sell an inherited home. Not everyone is in a situation where they can wait weeks, months, or even a year sometimes. If you put the house on the market, you also have to remember that you’re responsible for the payment of utilities, homeowners insurance, property taxes, lawn care/maintenance, or any existing mortgage until the house is sold. This is why you need to move swiftly when inheriting a house. Selling directly to a real estate investor is often your quickest option to unload the property in “as is” condition. Otherwise, significant costs can accrue and the home sits vacant at risk of being vandalized. READ: This Is How Long It’s Going to Take To Sell Your Home Property Ownership Is Expensive Like we mentioned earlier, inherited homes are rarely in stellar condition. Most inherited houses are in need of major improvements. If you opt to either move into the home or rent it out, have a property inspector give you a rundown of the home’s overall condition. It’s important to know how old the roof or furnace is. It’s important to know everything is structurally sound. Property ownership comes with surprises. Surprises can wreak havoc on your bank account or credit line. READ: Why Owning a Home Is More Expensive Than You Think What’s the Market Like? If the area has rising property values, it might be best to hold onto the inherited house for a little while. While it’s certainly understandable that you’d be more inclined to sell if you really need to unload the property or need the money now, investing in real estate is fun. It can also be pretty lucrative. Sometimes a little pause or hesitation will actually reap you a bigger reward if you truly know how to read the market. READ: 8 Neighborhood Features That Increase Your Home’s Value The Taxman Cometh & The Taxman Taketh Away Don’t forget to seek the advice of an attorney when it comes to your inheritance and taxes. Potential property and income tax implications need to be discussed prior to deciding if you’re going to move in, rent, or sell. READ: Tax Consequences When Selling a House I Inherited in the Bay Area Want a Cash Offer On Your Inherited House? Let’s Chat! It’s important to weigh all of your options when deciding what to do when you inherit a house. If you’ve inherited a home in the Bay area, Skye Homes will be more than happy to share our knowledge of the market with you. We’ll assess the property’s condition. We’ll then help you determine the “as is” cash value, the highest sales price the market will bear, and the projected value and costs of maintaining the home as an investment property. Call or text us at 510-220-0712 or submit the form at the bottom of this page and we’ll call you!
What Happens When You Inherit a House?
Inheriting a house is one of the few big surprises that life brings us sometimes. But what happens when you inherit a house in California? As much as you may want to keep an inherited house, sometimes you may be forced to consider putting it up for sale. Well, selling an inherited house can be a demanding task, but definitely not impossible! With the right information and assistance from Skye Homes, you should have no problems selling your inherited house. So where does the difficulty come from in selling an inherited house? There are a number of factors that should be taken into consideration when planning to sell an inherited house in California. Some of these factors include… • Dealing with the emotional aspect of selling a loved one’s home • The financial cost of making the necessary updates intended to attract buyers • Dealing with potential costly liens and other hidden challenges First thing, get ready for a rollercoaster of emotions Selling a loved one’s house can be such an emotionally draining activity… This really cannot be stressed enough. The activity may involve removing his or her stuff, depersonalizing everything even more. When our emotions get carried away, we often don’t make the best business decisions. Times like that are when you need people with experience buying and selling probate homes in California to help walk you calmly through the whole process. Negotiating and managing the selling process And other times, one might have to deal with expensive liens or other problems that don’t become apparent right away. Regarding these things, disagreements among your siblings might arise about the selling price of the house. Apart from that, you will have to meet the financial cost needed for making the required updates to make potential buyers aware of and (hopefully) interested in your inherited house. There are also legal and taxation aspects of the sale that you must understand to make the sale successful. Tax Consequences When Selling an Inherited House These are the major problems that potential inherited house sellers have to deal with. Unless you are a professional in this area, the process can be tiring and daunting. Now you know what happens when you inherit a house. This explains why you need to seek the help of real estate professionals who have had experience helping people sell their inherited houses. If you are considering selling your California inherited house now or in the next few days or months, then you are better off speaking to one of our real estate experts. He or she will come in handy extremely to help make the process as simplified as possible. Give Skye Homes a call now at . As a matter of fact, some of our real estate investors will be more than willing to buy your house if it meets their expectations. We’ll Buy Your Inherited House In 7 Days Or Less: Fill out the short form below to see if your house qualifies.