Inheriting a house can seem like a godsend in this economy. With a house, you have an additional asset to your name which you can sell and use the money to make your life a little bit better.

However, it’s a different case if your inheritance has a reverse mortgage. You’re not just inheriting a house; you’re inheriting a loan that you now need to pay off.

Even if the situation seems hopeless, there are ways to get out. For your burning questions of how to get out of a reverse mortgage and others like how to sell my house with a reverse mortgage, we’ve got all the answers for you.

How to Get Out of a Reverse Mortgage

Heirs of a reverse mortgaged house often find themselves having to deal with crazy amounts of payable loans. In times like this, you need to know how to get out of a reverse mortgage as fast as you can.

The best way to get out of this type of mortgage is to repay the loan balance in full. This will let you end the matter quick and move on with your life.

However, what if you don’t have the cash? Where can you get thousands of dollars overnight?

The most common solution to this problem is to sell the house and use the proceeds to pay off the loan. You can also refinance the loan into a conventional mortgage. This option is ideal if you plan on living in the mortgaged house for a long time.

Can You Sell a House with a Reverse Mortgage?

The short answer is yes, you can sell a house with a reverse mortgage. Although, the heart of the matter lies in the “how.”

You can hire a real estate agent to help you out, but keep in mind that this will require you to pay the agent a commission of about 6% of your total proceeds. This is huge especially when you have a loan to pay off.

You can also just sell your house privately. List your home for sale, price it, do all the marketing, do the necessary repairs and clean-ups to make them viable for purchase, and process all the required documents.

Alternatively, you can just sell your house to companies that buy a reverse mortgaged house.

Why Would Companies Want to Buy a Reverse Mortgaged House?

There are what we call real estate investors who are in the business of buying and selling homes. They’re the ones people call when they want to avoid the headaches and costs of dealing with realtors, homebuyers, and the tons of documents that need to be processed.

These real estate investors are buyers of homes with an impending foreclosure, hard-to-repair damages, and other less-than-ideal conditions.

This is the answer to how to sell my house with a reverse mortgage. These companies buy a reverse mortgaged house and resell or rent it out – whatever they decide to do with it. You, the seller, just have to sit back and relax.

Let the real estate investors do all the homework and paperwork for you. Wake up to a brand new start without the burden of a reverse mortgaged house holding you down.

When selling a house, the traditional route is to look for house buyers who are often families looking to settle down. It’s also common to encounter first time house buyers who are serious about finding their dream house.

However, as many house sellers will attest, there are a lot of challenges involved in selling homes to first time buyers, which often push them to just sell to a cash buyer. In this article, you will learn all about a cash buyer vs. first time home buyer.

The Real Deal about Selling to First Time Home Buyer

Selling to a first time home buyer can feel a lot like enticing your cat with food. You can do all you can to make the food seem appealing, make all conditions ideal for your cat to eat, but the final decision lies on the cat.

A first time home buyer can seem like an attractive target buyer if you want to sell your house, but you need to realize that these buyers are often emotional about their purchases. They will want a place to start a family in or one to grow old in. So they’re naturally investing a lot of time into thinking about their decision. This makes them:

Hesitant

When you show your house to a first time home buyer, you will often feel the hesitancy in every step. They’re taking it all in, but they’re not making any commitment. There’s no assurance of a sale.

Consider All Options

First time buyers will naturally be considering other houses, so you have a lot of competition going on. Your house better be in the best neighborhood, in tip-top shape, and the price should be within their means.

Expects You to Repair

Selling to first time home buyer won’t work if your house has a lot of damage and clutter. You are expected to pay for any repairs and renovations needed. You also need to clean up the entire house before setting up an appointment.

That’s a lot of things required of you for this target buyer, which makes us think that maybe it’s a whole lot simpler to just sell your home to a cash buyer. This is especially so if you are disabled or are in retirement.

Benefits of Selling Your Home to a Cash Buyer

There are a lot of benefits of selling your home to a cash buyer vs. first time home buyer, making it the number one option for some house owners. Here are some reasons:

You Won’t Have to Repair Anything

You can sell your house “as is.” No need to fret about a picky buyer who comments on a slightly discolored portion of a wall. Forget all of that with a cash buyer. Cash buyers buy even run-down houses.

There’s a Sure Sale

Once a cash buying company shows up at your door, you can expect a cash offer after you’ve shown them around. Say goodbye to guessing games. You will get an offer, and it’s up to you if you’ll accept it or not.

Should You Sell Your Home to a Cash Buyer?

Obviously, cash buyer vs. first time home buyer can differ from situation and the benefits can differ as well. You need to carefully choose to whom you will sell your house depending on your needs and how soon you need to sell your home. If you need to sell it ASAP to avoid foreclosure, bankruptcy, or any urgent matters like that, then it is in your best interest to sell your home to a cash buyer.

Homeowners who need to sell their properties quickly are turning more and more to real estate investors. These “We Buy Houses” businesses are booming mostly because of the uncertainty of the real estate market. With the promise of fast cash, sometimes within days, it is tempting to latch onto these offers. However, with adequate research, prospective sellers can avoid scams and find reputable home investment firms.

Better Business Bureau Accreditation

Accreditation through the Better Business Bureau (BBB) is an essential component of choosing a home investment company. This distinction means that the company is expected to operate with integrity in order to keep their accreditation. The BBB gives each company a rating based on their reliability and how well they interact with their existing customer base. Ratings are determined by years in business, customer complaints, transparency of business, and government sanctioned actions against business.

 

 

Locally Owned and Operated In Albuquerque

Prospective sellers should avoid using “We Buy Houses” companies that are based in another state or worse yet, another country. Sellers should have the opportunity to meet face to face with potential investors. Local companies will also have a high familiarity with local real estate markets and able to provide comparable home sale information.

Member of the Local Chamber of Commerce

A local chamber of commerce has similar goals as the BBB: protect consumers from companies with unsavory business practices. In a 2012 survey conducted by The Schapiro Group, two-thirds of customers reported that they found active members of a local chamber of commerce to be trustworthy in participating in good business practices. Local chambers of commerce screen their members in order to maintain a positive community image. Real estate investment companies must provide reputable care to their customers in order to be accepted into the organization.

Look For Online Reviews

Online reviews of a company will give sellers insight into whether they can trust the business before handing over their deeds. Although a single negative review shouldn’t deter sellers, red flags are raised if multiple reviewers have written negatively about the company. Sellers need to look at more than one source for reviews as well. Browse online review websites and social media platforms such as Yelp, 5 Star Reviews on Facebook, and Google Plus.

Ask For References

Before choosing a real estate investor, sellers need to ask the company for a list of references. The references can be past home sellers or the title company that the investor uses.  Years in business need to be taken into consideration as well. Receiving referrals from friends and family members who have used the “We Buy Houses” company can also steer customers to a reliable company.

Shop Around But Don’t Be Greedy

A reputable company will not be pushy over signing the dotted line. Although the agency may promise up and down that they are offering the best deal, sellers can’t be sure unless they compare offers from multiple vendors.

Investor Or Company Provides A Simple Contract

Although “We Buy Houses” negotiations are meant to be quick and painless, the information given to the seller over the phone after the home inspection isn’t always accurate. The contract may show completely different terms. Prospective home sellers need to have every aspect of the sale spelled out on paper before signing on the dotted line.

Consumers may turn to “We Buy Houses” companies for fast closings, but they should not skimp out on the research. There’s always a risk of fraud when dealing with cash real estate transactions. Avoid scams by reviewing all paperwork thoroughly before signing over the property.

Free, All Cash, No Obligation Offer For Albuquerque Home Sellers

Many seniors have found themselves ready to move to an assisted living facility or perhaps downsize to a smaller home or apartment. Problems arise when they encounter difficulties selling their current home. The following information provides the best ways for a senior citizen to sell a home.

 

Best Ways To Prepare To Sell A Home

There are a few steps to take to make sure a home has the best chance of selling as quickly as possible.

• Make the Necessary Repairs – It’s much easier to sell a house that doesn’t need any major repairs. Most people would rather pay a little bit more and buy a house that is ready to move into than to have to worry about making repairs, even at a reduced price.
• Remove Clutter – Seniors have had many years to accumulate a lot of items. Everything from pictures of children and grandchildren to knick-knacks received through the years often fill counter tops, shelves, and tables. While these items may be precious to the owner, having excessive personal items can make the home appear messy and disorganized.
• Price the House Competitively – Trying to make even a little bit of money on a home by over-pricing will simply make the house more difficult to sell. Seniors may factor in what price they “need’ to get when selling a home as opposed to the true market value of the home.

Looking for a hassle free way to sell your house?  We buy Albuquerque houses while offering flexible solutions.

• Is your house vacant? In need of repairs? Is it just plain ugly? No problem! No job is too large!
• Must sell your house quick? Need to move? Relocating? Job loss? We can buy it in a matter of DAYS!
• Facing foreclosure? Behind on payments? No problem! Foreclosures are our specialty.
• Considering bankruptcy? Owe liens? Title problem? We know creative ways to solve these problems.
• No equity? Trouble selling? Divorce? No problem! We are here to buy your property.
• Need to settle an estate sale? Death of a loved one? We will help put this behind you quickly.
• Tired of being a landlord? Bad tenants? Eviction troubles? We will solve your problems.
• Don’t want to move, but in a financial bind? We have rent-to-own and equity sharing programs that help you to stay!

Claim Your Free Offer Today And We’ll Pay Closing Costs

Tips For When a Home Hasn’t Sold

Here’s a short list of tips and strategies for homes that have been sitting on the market for more than 30 days.

• Rent Out Your Home – Renting out a home doesn’t necessarily mean the owner has to move out. If the home is large enough either the upstairs or the downstairs can be rented out. The home could also be turned into a duplex. This way the owner can stay in the home while obtaining an income from a renter.
• Take Out a New Mortgage – There are several options available here.  If it can be afforded, an individual may want to take out a home equity loan.  If paying a higher monthly rate isn’t possible it may be a good idea to renegotiate a loan modification plan.
• Postpone Selling the Home – If a home is on the market during the winter months, especially the month of December, selling can be extremely difficult. This could also mean taking new, high quality photos of the home and writing a compelling home description when putting the house back on the market.
• Find a Good Real Estate Agent – It may be a matter of finding a real estate agent that understands the needs and issues related to senior citizens. Certain agents may have experience with the Housing for Older Persons Act as well as a variety of senior housing options that are available.

When it comes to selling a house there are no guarantees and market conditions can change without warning. Following these few tips, however, can help seniors prepare their home to make it more marketable. If the house isn’t selling there are still several options available.