Are You Looking for Ways to Sell Your House Because the Common Place Methods Aren’t Working?

16-11-1-blog-82-house

Do you remember hearing about loan assumptions many years ago? Perhaps you have heard of the term but don’t really understand how it works.

Assuming a loan was a common practice back when the interest rates were high and rising.  Back then, someone applying for a loan might get a loan with a higher interest rate than that of the seller’s rate.  Besides that, the buyer would have to cover the equity in the home.

Today, interest rates are in the 3 and 4 percent range and they haven’t gone up in a long time so it may be better to go ahead and get your own loan instead of assuming the seller’s loan.   If the amount due on the mortgage is about the same as the value of the house, then it may be a good idea to assume a mortgage.

In the event you are thinking about assuming a mortgage, here are some things to consider before moving forward:

  • Apply for a loan outright and see what kind of interest rate you can get. If the difference in interest rate is at two percent or more and the interest rate is lower, go ahead and get your own loan.
  • Determine whether it is more cost effective you borrow the money directly from a mortgage company or bank. Many times the fees assessed by the bank are much higher than assuming a loan from the seller.
  • Obtain a mortgage statement from the seller’s lender. This will allow to you see how much is really owed on the house.

16-11-1-blog-82-mortgage-assumption-pix-rates

Pitfalls  of mortgage assumption:

  • Buyer can end up with inheriting the problems the seller has with the house
  • Seller can rid themselves of a house that is dead weight on their budget.
  • Sellers use mortgage assumptions when they are facing foreclosure and they aren’t having luck with the way most people sell their houses.

Things that make it a challenge to do a mortgage assumption

  • Banks don’t like them
  • Only VA, FHA and USDA loans can be handled in this way.
  • Most real estate professionals don’t encourage their sellers or buyers to use this method.
  • Not very popular because of its restrictive aspects

Wrapping up the important points about mortgage assumption.

  • To apply for a mortgage assumption you will have to go through the process of applying for the loan.
  • It can take as long as three months.
  • The bank may check to ensure that the buyer is giving the seller much of the equity in the house.
  • It may be best suited for a couple getting a divorce where one of the spouses gets the house. The spouse not getting the house will need their name taken off the mortgage.

If you discover an assumable loan won’t work for the buyers you are interested in buying your house and you still need to sell, contact Kinship Real Estate, your home buying friend when you need to sell fast.   We can make a fair cash offer or discuss other options so that you can sell your house as-is to us. We can close in less than 30 days. You don’t have to pay Realtors commissions.

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.

Advertisements

Do You Owe More Than Your House is Worth and Need to Sell?

16-10-31-blog-81-sub2-pix-keys

Did you think there was only one type of home loan or mortgage? Did you think there is only one way to sell your house? Are you upside down in terms of your mortgage? Does your house only have a small amount of equity?

Here you will find an explanation of selling your house subject to the existing mortgage. It is implemented most of the time when a seller has little equity or owns more than the house is worth.

The seller has a mortgage in place. The buyer agrees to make the mortgage payments on the existing mortgage and gets the deed to the property. The seller is still ultimately responsible for the mortgage. If the buyer does not pay the mortgage, the seller can take the property back. The buyer can lose house along with any equity they have acquired while paying on the mortgage. The seller still is ultimately responsible for the loan on the house.

Most mortgages have a due on sale clause which means that if the lien holder notices there is a sale, they can demand to be paid in full. Generally speaking, mortgage companies are interested in getting their payments. They typically do not enforce this aspect of the loan.

Why would someone want to sell their house through a subject to the existing mortgage? If the seller has very little equity or owes more than the house is worth, an investor can use this method to allow the seller to move on without having to continue to pay on the mortgage. This will allow the investor to buy a house without having to pay a large down payment. This ends up being a win win situation for the buyer and the seller.

16-10-31-blog-81-sub2-pix-house-floating

If you have a house that has little equity or you are upside down in terms of your mortgage and you want to sell your house, contact Kinship Real Estate, your home buying friend when you need to sell fast.   We can make a fair cash offer or discuss other options so that you can sell your house as-is to us. We can close in less than 30 days. You don’t have to pay Realtors commissions. 

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.

How Can a Special Warranty Deed Potentially Save You Money?

16-10-30-blog-80-warranty-deed-pix

Is buying and selling real estate like a whole new world for you? Are you confused by many of the words used among real estate professionals?

Here you will find an explanation of the difference between a warranty deed and a special warranty deed and how the latter can potentially save you money.

Warranty  deeds are used to transfer title from the seller to the buyer. They are also a way for the seller to tell the buyer that the seller is providing a free and clear title with no hidden issues. In the event, something comes up like a judgment, tax lien or construction lien, the seller is responsible for paying those liens.

A general warranty deed is the most protection a buyer can get when purchasing property. A general warranty deed covers the whole time the property and buildings on the property have been recorded. Yes, that means even if there is an issue found 100 years ago, the seller is still responsible. If the seller cannot pay for the issues presented against the title, the seller must reimburse the buyer for their out of pocket expenses related to the property.

16-10-30-blog-80-warranty-deed-pix-save-money

A special warranty deed covers only the time frame the seller owned the property. For example, if the seller owned the property for 10 years, then the seller would be responsible only for issues with the title since the house was purchased. In this case, mortgage brokers and banks will require title insurance to cover any title issues outside of the time the seller has owned the property. By filing a special warranty deed, you save yourself from being responsible for title issues that happened before your purchased the house.

As with a quit claim deed, a warrant deed only focuses on who owns the house. It does not transfer the mortgage to the buyer. In the event of a divorce, one spouse may not want to let the other spouse have it. Signing a warranty deed or special warranty deed will not settle anything with the mortgage company. That will require the spouse getting the house to apply for a loan on their own.

If you are a seller, it would be best for you to do a special warranty deed and get title insurance. That way you won’t be responsible for anything that happened outside of the time frame you owned the house.

Contact Kinship Real Estate, your home buying friend when you need to sell fast.   We can make a fair cash offer or discuss other options so that you can sell your house as-is to us. We can close in less than 30 days. You don’t have to pay Realtors commissions. 

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.

Is a Quit Claim Deed Right for You?

16-10-29-blog-79-quick-claim-pix-2-people

Do you have property that you want to pass to another family member or someone you know and trust?

Perhaps you have a house and you just got married and you want to add their name to the title. Or you want to take your ex-husband or ex-wife off the title. Perhaps you want to pass your property to your children. Perhaps you want your sibling to have the property. Here you will find how the quit claim deed works and what it does.

When  When someone files a quit claim deed, they are giving up their rights to the property. They are not promising that the title is free and clear. If the recipient finds that there is a problem with the title after the quit claim deed has been signed over, the recipient of cannot sue the person giving them the property.

Quit claim deeds offer the least amount of protection. In essence, the person is giving their interest if any in a property to the recipient. They are not saying they own the property. They are not saying they own 100% of the property. The recipient can not sue the person giving them the quit claim deed.

In most cases, the recipient accepts a quit claim deed from someone they know and trust. Also, the recipient generally does not pay anything to the person issuing the quit claim deed. Traditionally, a quit claim deed is used to pass property to other family members such as parents to children, sibling to sibling or between spouses. Another situation is after a divorce the spouse not granted the house will typically issue a quit claim deed to the spouse who is keeping the house.

16-10-29-blog-79-quit-claim-pix-form

Sometimes there are simple issues with the title to property. There can be challenges with past issues on a title. If there is a problem with a title because someone neglected to follow through on every aspect of the sale of the property, a quit claim deed can be drafted and signed to clear up these annoyances on the title.

A quit claim deed is used if the person releasing the property is not certain that the title is clear. The person receiving the property cannot hold the person giving the property responsible later if there is an issue with the title.

In most cases, a quit claim deed is used when there is no mortgage. In this way there is a clean exchange from one person to another. If there is a mortgage, the quit claim deed does not release the person issuing the quit claim deed. It would be best if the person receiving the property through a quit claim deed refinance the mortgage before selling the property.

It is not  required that record the quit claim deed with the county, but it is a good idea. In this way, everything is on the up and up. Make sure everyone involved signs the document. Once everyone involved has added their signature, the quit claim deed should be recorded and copies should be distributed to everyone involved.

 

Quit claim deeds are not suitable for most situations when transferring property especially when the people exchanging the payment. If you are unsure about whether you should use the quit claim, contact a real estate attorney.

Contact Kinship Real Estate, your home buying friend when you need to sell fast.   We can make a fair cash offer or discuss other options so that you can sell your house as-is to us. We can close in less than 30 days. You don’t have to pay Realtors commissions.

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.

15 Suggestions on Moving with Children

16-10-23-blog-77-moving-w-kids-pix-kids

You don’t move often. Your children may have lived in that same house their whole life. You want to make the move as smooth as possible.

General suggestions to help make the transition easier.

  • Tell the children you will be moving.
  • Keep the daily routine of bedtime, bath time, story time and homework. Add in the packing around the daily activities.
  • Find the new school.  Bring the necessary documents to get your children  enrolled.
  • Allow the children to walk through the house and choose the room they want. Allow them to choose the color if you can paint their room.
  • Give the children the opportunity to say good-bye to their friends and hello to their new ones.
  • Read books about moving. This will help them cope with the transition.

The moving  process simplified

Making the Decision to Move

  • If you have met with a big life event like death or divorce, put off the move.
  • You may have no choice because you experienced a job change or financial issues.
  • Your emotional state affects your children. Don’t let them see your concerns or negative feelings.

Discussing the Move with Kids

  • Talk to your children about the move. Tell them facts about the house, the neighborhood and the schools. If they appear disappointed in the move acknowledge and move anyway.
  • Include them when you go look at the houses and take them to the new school if it is open.

Moving with Toddlers and Pre-schoolers

  • Bring the furniture from the old house and arrange it in a similar way in the new bedroom.
  • Explain that you are packing their toys not throwing them away.

Moving with School-Aged Children

  • Some say the best time to move is the summer not interfering with their school schedule.
  • Other people say moving mid year gives the children ready access to new friends.

16-10-23-blog-77-moving-w-kids-pix-school

Moving with Teens

  • This may be difficult for teenagers because they have friendships they want to keep. They may baulk at the thought of moving.
  • Explain this is preparing them to life after high school when they will move several times through college and work.

Contact Kinship Real Estate, your home buying friend when you need to sell fast.  We can make a fair cash offer or discuss other options so that you can sell your house to us. We buy houses as-is. We can close in less than 30 days. You don’t have to pay Realtors commissions. 

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.

Is Houston Your Next City to Call Home?

16-10-23-blog-78-houston-top-10-pix-houston

You can choose where you want to live. Have you considered Houston as the next city to call home? Here are some interesting reasons to find a home in H-Town and settle down.

In a comparison  of the cost of living in 260 cities in the USA, Houston was just below the average of all of them. Houston is the fourth largest city in America, yet the cost of housing is well below other smaller cities.

Houston   or H-Town  has a unique combination that is good for our wallet and may be just the city you are looking for to call home.

Houston has the best of both worlds – high paying jobs and low cost of living. This leaves money for you to be able to eat out quite a bit.

Houston housing costs are about average for over 300 cities in America.

After 2008, Houston could boast as being among the cheapest places to buy homes. In fact, Houston housing costs are about average for over 300 cities in America. Recently, the home prices had been creeping up in price. Now with the price of gas going down, the housing prices are reflecting that trend and are seeing a slight downturn.

Houston brags as not having any state income tax. However, the property taxes can be a bit higher than other states. Luckily, the sales tax is only 8.25%.

Houston can claim bragging rights on having 24 Fortune 500 companies with headquarters in the city. Phillips 66 tops the list ranked as number 30. Most of the top 500 companies are oil & gas related businesses; however, we do have well known entities such as the world’s largest medical center called the Texas Medical Center, HP and AT&T.

Houston’s public transportation is improving. If you don’t have reliable transportation, you should consider living close to a bus route. Be sure to call or go online to check the schedule because some bus routes are commuter routes. Buses on these routes don’t run all day long.

What makes Houston unique is there is no zoning outside of the HOAs. You can be in a residential neighborhood and find a huge wholesale nursery.

Art displays and museums are easy to get to and easy on your budget. Some of the places where they display art and some are free.

Zomato reports there are 98 different cuisines available in Houston. This same number can be found in New York City,

Houston is knows for some of the best BBQ and sauces in the nation. The BBQ restaurants smoke almost everything

H-Town has countless restaurants with a combination of Mexican Food and food appealing to a more Anglo palate.

A study conducted by Rice University documented that Houston is the most diverse city in America beating out Los Angeles and New York City.

Houston is home to over 100 spoken languages. As mayor, Anise Parker, required that city services be provided in English, Spanish, Vietnamese, Chinese, Arabic and Urdu.

The Houston Livestock Show and Rodeo began in 1931 and is now the world’s largest rodeo becoming a place for people to enjoy rodeo events, costumes, animals housed in a separate building and a carnival.

16-10-23-blog-78-houston-top-10-pix-rodeo

Houston has been preserving what green space it can, but there is never enough. Well, don’t worry because there are lakes and national parks along with the beaches along the Gulf of Mexico less than two hours drive away in pretty much every direction.

Contact Kinship Real Estate, your home buying friend when you need to sell fast.   We can make a fair cash offer or discuss other options so that you can sell your house to us. We buy houses as-is so that ??????. We can close in less than 30 days. You don’t have to pay Realtors commissions.

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.

Health and Housing: Poor Living Conditions Can Lead to Poor Health

16-10-21-blog-76-housing-health-pix-ceiling

Who knew that when your house has fallen in disrepair, you and your family could develop health issues. This blog post covers a variety of attributes that can cause a variety of health concerns.

Housing quality  Housing quality is one of the four main attributes that can affect your health.

We can benefit from living in a house that is clean, dry, safe, good air flow, no pests, well maintained and in a safe environment. This can help us not get hurt, not become asthmatic, not develop cancer, not have breathing and heart issues and have good mental health. Of course, if our house has issues, the opposite if true. We may end up with cancer, breathing problems, heart problems and other things listed above.

Where we  Where we live says a lot about who we are. Housing is usually the biggest chunk of our budget. The physical condition of the home is one of three factors that determines the affects on the people living there.

Infectious Diseases

Many people living in one house can result in passing tuberculosis and respiratory infections to other people living in cramped quarters.

People living may experience the spread of infectious diseases in houses with these types of issues found in the list below:

  • Lack of safe drinking water
  • No hot water
  • Problems with trash
  • Insects or rats
  • Not enough places to store food

Chronic Diseases

Leaks in the walls or pipes running under the houses can be a great place for mites, roaches, mold and respiratory viruses leading to respiratory diseases. Damp and moldy houses can give rise to:

  • Asthma
  • Other chronic breathing issues
  • Headaches, fever, nausea, vomiting and sore throats

If your house has old, dirty carpeting, it could be a place where dust, allergens and toxic chemicals abide. If your house exhibits these unfavorable aspects they may cause allergies, respiratory, nerve and blood illnesses.

Insects and other pests can cause issues for the people living in the house. The presence of cockroaches can cause children with asthma to be admitted to the hospital. Mice may cause asthma to flare up and lead to death. Water in the house via leaky pipes provides water for them to drink. Lack of storage containers or ways to seal off food, leads to open bags of cereal or other food provides a way for the pests to eat.

16-10-21-blog-76-housing-health-pix-mouseIf you are unable to afford the house and need to sell because you barely have enough money for the mortgage and make the repairs, don’t continue jeopardizing your health.

This is where Kinship Real Estate can help. We are your home buying friend when you need to sell fast.  Contact Kinship Real Estate.  We can make a fair cash offer or discuss other options so that you can sell your house to us. We buy houses as-is so that the so ou can get out of the house that may be causing health problems for your family. We can close in less than 30 days. You don’t have to pay Realtors commissions. 

Kinship Real Estate is positioned to help you make the sale of your house potentially seamless. Feel free to contact us. If we can’t help your directly, we may just be able to refer you to resources that can help you.

Check the list below for the various ways to connect with us.