You may think it’s only the tenant who has a hard time making the payment, but as a real estate investor or landlord, there may be times when it’s hard to pay the mortgage on your end as well. Here are some things you can do to avoid facing difficulty with your mortgage each month. Keep your properties full. While it may sound overly simplified, this is the most obvious method for ensuring you’ve got rent money coming in each month to cover your property mortgage payments. Don’t allow yourself to get slack on advertising for new tenants. And don’t put off screening applicants or filling your properties because you get busy or overworked. Recognize filling your vacancies as a major aspect of your REI business success and deal with it quickly and efficiently every time. Do your best to find quality tenants. While you want to keep your properties full, finding good quality tenants is key. By “good” it means they pay their rent on time, keep the property maintained and don’t abuse the lease. By using background and credit checks, you can find the best tenants available and thereby do what’s possible to keep your rental fees coming in regularly, which will help you pay the mortgage when it comes due. Look for long-term tenants. Don’t assume that quality tenants will necessarily be long-term ones. Some good renters may know they can’t stay over a few months at most. They may be students or working a temporary job. They may just be living in an area waiting to move or retire somewhere else. Whatever the situation, opt for long-term renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility. Keep the property well maintained. If you want good tenants, long-term tenants and tenants who pay their rent on time, do your part to keep them. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Respond to your tenants’ calls quickly, or if you can’t be sure they know you’ll be unavailable for awhile. Being a good landlord will go a long in way in developing lasting relationships with your tenants, which will in turn, help you keep them in your property longer. Often a tenant and landlord relationship can turn an average tenant into a great one simply because they want to keep that relationship intact. Even in a good economy, it’s important to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to an REI professional as it does to the average renter. These simple tips can help as you work to develop lasting, long-term, rent paying tenants to keep your properties bringing in the income you need every month.
Category: Services
I’m Behind on My Mortgage! How Can I Stop Foreclosure?
Foreclosure notifications arriving at your ?house If you’re behind on payments, here’s how you can stop the proceedings. Buying a house is one of the biggest milestones one can ever make in their lifetime. It’s a dream that almost everyone wants to achieve at some point. However, it can quickly turn into a nightmare once you fail to keep up with your mortgage payments. Nothing is worse than investing so much money and memories on something, only to find out in the end that it will be taken away from you. If you are falling behind on your house mortgage payments due to financial reasons, the best thing that you can do is to step back and assess your options. Sure, facing a looming foreclosure is a scary reality, but there are still ways to stop it right on its tracks. One of the best ways to get out of a looming foreclosure is to sell your house as quickly as possible. You can still safely sell your house up until the foreclosure is completed. Typically, foreclosures take years to complete, however, others can happen as fast as five months. Your goal is to sell your home before your lender company takes action against you. “I have no money to hire a real estate agent.” Traditionally, you have to hire a real estate agent to help you sell your house. Your house will be listed to the open market and once the sale has been closed, a small percentage will go to your agent’s commission. The problem here lies when your home sells for less than the amount you owe. You will end up losing both your house and all your remaining savings if you go with the traditional sale route. In addition, selling your house with a help of an agent can take a lot of time. Remember, the goal is to stop your foreclosure by selling your house as quickly as possible. “How can I sell my house fast?” You probably have seen “We buy houses in cash,” “We buy houses fast,” or “Sell your house fast for cash,” signs around your town or perhaps while surfing the Internet. Investors or quick sale companies offer to buy your house in cash, albeit usually at a discount from the total market value of your property. Unlike real estate agents, they don’t charge commissions, and best of all, they are able to close sales as early as seven days. Falling behind your monthly mortgage payments can be very devastating. Unfortunately, stressing over the thought of your foreclosure won’t make your situation any better. If you find yourself facing an imminent foreclosure, always remember that there is a way to stop it from happening. You just have to act on it quickly because if you don’t, then you are guaranteed to make your situation worse. The good thing is that you don’t have to go through this ordeal alone. We can offer to buy your house in cash and help you move on from your foreclosure nightmare. To read more about how to sell your house fast, go here. More than just buying houses, we can also work with you to modify your loan or do a short sale. It just depends on what your goals are. Give us a call at 877-210-6460 or fill up the form below to get started.
How to Sell an Inherited House
Inheriting a house can either be a wonderful experience or a troublesome inconvenience. We discuss the issues you may face and how we can make it a smooth process. Ideally, inheriting a property from a loved one should be a positive thing, but oftentimes it can present itself as a difficult burden. From unpaid debts and taxes to maintenance and repairs, you will now be in charge of all the problems that come with the property. If you’ve just inherited a house and you have no desire to move in or rent it out, selling it seems to be the only practical option left. Selling an inherited house is by no means a simple thing to do. It is not as straight forward as selling a house you own yourself because you have to deal with all the legal and financial technicalities involved in the process. If you’re planning to sell your inherited house, you must first verify your ownership and check the current status of the house. It’s also best to consult an accountant or a lawyer to figure out the issues related to the financial obligations that come with your inheritance. Once you’ve ironed out all the technicalities, all you have to do now is to wait for the property to go through probate (if applicable). You need to legalize your ownership first before you may sell the property. Once the property goes through the probate process, you may now start selling your newly acquired house. Cleaning up and preparing your inherited house for sale can be very emotionally challenging. Letting go of personal belongings that hold many precious memories for you and your loved ones is never easy. This is actually the most common reason why a lot of people wait a while before dealing with their inherited properties. The emotional aspect of selling a house is what makes the process difficult. If your inherited property has an outstanding mortgage or other financial liabilities, being able to sell it as quick as possible can help you pay if off right away and avoid foreclosure. Title liens are not something that most family members share with each other, so this can be an unexpected issue as well. How We Can Help While it’s common to sell an inherited house with the help of a real estate agent, selling it to an investor may be more beneficial in some situations, and almost always the least stressful way. It is important to understand what value and assistance you are receiving from whichever option you choose. Does the agent or investor offer you anything above just the basic service? Skye Homes differentiate itself by offering value-added services that go beyond the call of duty. We can help with packing or moving services, estate sale coordination, and working directly with a buyer puts you in control of the time frame. Additionally, when working with us you don’t have to worry about fixing or cleaning the house up, and you don’t have to pay real estate commissions. We will arrange and manage any necessary services through our Trusted Partner Network, and in many cases, you will not pay for any of it. For example, we can plan and host the estate sale, you will receive all profits, and we donate all remaining items that did not sell. We can also help resolve title issues, illegal deeds, probate and any other messy issues that come to light. So if you need to sell an inherited house, give us a call at 877-210-6460 for a fair no-obligation estimate. Or fill-up the form below to get started. We help homeowners across the Bay Area with inherited properties. Keep in mind that we buy houses in any condition, so don’t let that stop you from contacting us.
Selling A House From Divorce
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.
Selling a House With a Mold Problem
Here’s How We Can Help You Sell A House With Mold. Selling a house with a mold problem is a tricky situation. Most home buyers, if not all, will avoid your house like the plague once they find out that there’s a mold infestation going on. Besides, there’s no point in buying a house with mold when you can find an equally good deal, or even a better deal without such problems, right? What’s the Big Deal About Mold? Mold can be found almost anywhere. It can thrive in any environment as long as moisture and oxygen are present. It usually doesn’t pose a problem in small amounts, but if you fail to stop its growth it can quickly develop into a much more serious issue. Studies have shown that about 50 to 100 common indoor mold types have the potential for creating serious health hazards. This is why selling a house with mold is not something to take lightly. How Can You Tell if You Have Mold in Your House? If you see discolored patches or speckled growth on walls or furniture, then you are probably noticing the beginning stages of a mold problem. An earthy or musty odor is also a positive indication that you have mold in your house. If your house has a history of water damage, then you may find more mold growth underneath floors and behind walls. Can You Sell a House As-Is With Mold? Yes, you can still sell a house with mold, but here’s the catch – you must disclose it. Hiding mold issues can bring more problems down the line and could even lead to legal consequences. Some states, including California, require home sellers to disclose information about mold. Failure to do so can make you liable for any issues that may arise post-sale. Know Your Options If you have the time and resources, fixing the mold issue prior to listing the property is one solution. But removing mold and repairing whatever damage it has caused can cost a lot of time and money. If you need to sell your house fast and you don’t have enough resources to spend, selling your house as-is to investors is probably the most practical option. Investors will take into account the cost of mold removal and repair. That’s where Skye Homes come in. We can buy your house directly and take care of the problem. We also help when there are other reasons your house won’t sell. Need to sell your mold-infested home fast? Give us a call at 877-210-6460 or fill out the form below. Skye Homes can offer you a fair, no-obligation estimate for your house. We buy houses all around the Bay Area regardless of condition, which means you don’t have to spend on mold removal and repairs.
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.