How to Sell Your Inherited House with Title Issues

You’ve taken the first steps and said, “sell my house.” You already know that you are in for a long haul. Whether you are going to try to sell the house on your own or pay the extra commissions and fees for a real estate agent, you are still looking at waiting six months to a year just to find a buyer. Now you are hit with another delay: you have title issues you weren’t aware of, and that could add days, weeks, or even months to the time it will take you to sell your Washington, DC house.

Does it really have to be such a frustrating hassle? Isn’t there an easier way to say, “sell my house” when it has title issues? There is an easy solution – but first, let’s take a look at what it means to have title issues with your house.

Title issues appear when the owner and seller of the house does not have the legal right to sell the property, or when there are defects that prevent the seller from being able to transfer the title of the home to the buyer.

There are a lot of reasons this could happen, and it isn’t as uncommon a problem as it may seem. For instance, if you inherited the house from a trust, you may be surprised to find out that one of the beneficiaries or co-owners listed on the title of the home is overseas or can’t be found. Without that co-owner’s signature, you can’t legally transfer the title of the home to the new buyer.

More commonly, wills, heirs, trusts, divorce decrees, liens for child support, past-due spousal support, fraud and forgery issues between spouses (when one spouse signs the signature of the other spouse on a document or deed without telling them), defective or outstanding tax records, liens (placed by a general contractor against a property), bankruptcy filings, or court judgments could all impact the title of the home and the seller’s ability to legally transfer the title.

All of these encumbrances can be resolved, but it can take days, weeks, or even months. You may not have the added time it takes to deal with the house, or the extra time and legal processes may cost you the sale you already had lined up.

What’s the alternative? Say, “sell my house” to a home buyer and fast-track your way out of those cumbersome and costly title issues. 8DayHomeSale has worked with many homeowners that were selling a house with title issues. Working in conjunction with our partners, we’ve helped many buyers clear their title issues and quickly get to closing.

We have the experience you need when selling a house with title issues. Work with us for a much faster and easier way to sell your home.

If you are hoping to say, “sell my house” in Washington, DC and are feeling trapped by title issues, call us at 8DayHomeSale today.

A Look at the Increase in Property Values in Washington, D.C.

If you’ve ever been to Washington DC, you’ll understand why thousands of people continue to flock there.  It’s a beautiful city, with a rich history and all the amenities residents could wish for. And for the first time in over a decade, property in the nation’s capital is selling as fast as it can be listed.  Property values are on the rise in Washington, D.C., and don’t show any sign of stopping.

High Demand

The reason for the increase in property values is simple: high demand and short supply.  There are more buyers looking for property than homeowners selling. When the demand is high, prices go up.  Even homes valued in the millions are selling quickly, a strong indicator of the desirability of the area. Houses and condos that are listed in the region are off the market in an average of 18 days.  With property selling so fast, buyers need to be ready to make an offer immediately, and many sellers are enjoying bidding wars, which can drive up their selling price significantly.

New Inventory

With so many buyers looking for a place to call home, new construction and development is expected to increase as well.  Developers can sell these new houses and condos at a premium, since many homeowners don’t want to have to deal with renovations and repairs.  Buyers in today’s market want their house to be move in ready, looking like the properties they see on T.V. and in magazines. These conditions in the D.C. real estate market are all coming together to create the perfect scene for increased property values.

Washington, D.C., and its surrounding areas, have long been one of the most stable real estate markets in the country.  The region continues to enjoy an influx of residents, and the rising property values reflect the high demand for housing, with no signs of slowing!

Buying/Selling Your House: 1031 Exchange

When you sell your house in the Maryland location, Virginia location, Washington DC location, or Baltimore location, any profits you make are subject to capital gains or recapture taxes.  To avoid paying those taxes, you can reinvest the profits in a new property under 1031 exchange.  To do this correctly, you’ll have to have a properly structured exchange.

There is a timeline for completing this exchange and you have just 45 days to find a property of similar or greater value than the one sold.  You only have 180 days total to complete the purchase of the new property.  This timeline is a bit tight if you want to take your time to shop around.

Like-kind Property

Another restriction on the 1031 exchange is the type of property purchased.  You can’t sell your business property and buy a house, or vice versa.  The property that is sold must be of like-kind to the property purchased.  They don’t have to be exact though.  You could sell a business and buy a business, or sell land and buy an apartment complex.

Debt and Equity

The 1031 exchange needs to be 100% in order to defer the taxes.  This means that the equity or profit from selling the property needs to be reinvested 100%.  If you make $50,000 on the sale of your house, you need to put that full amount back into the new property.  If you owed $200,000 on the property, you need to replace that same amount of debt as well.  You are exchanging the equity and the debt of one property for another.

Hire a Professional

Unless tax law and real estate are areas you considered yourself to be an expert in, you may want to consult a professional when looking at a 1031 exchange.  There are risks involved and if not done properly, you’ll still have to pay the taxes you’re trying to defer.  This is a great option for many people selling and buying a home, but to find out if it’s right for you, take the time to really learn the ins and outs of 1031 exchanges.

How to Determine the Market Value of Your House

Pricing your home can be difficult. To figure out how much your house is worth before you list it, there are several things you can do. Here are our tips to calculate your asking price.

Search for Comparable Homes

House value are determined by the price similar properties recently sold for. Some real estate websites, such as Trulia, Zillow, and Realtor.com, make this information easy to find. Start with a search of your part of town or zip code and keep track of the price homes like yours sold for. Make sure the houses you check are comparable, meaning they have the same number of bedrooms, bathrooms, and are close in square footage and lot size. These sites do not always have the most accurate information so make sure to check other sources as well.

Call the Tax Assessment Office

The tax assessment office in your town or city will have records of what comparable homes recently sold for in your neighborhood or town. Using these records will give you a second set of numbers that are more reliable than what you may find online. Using both figures together, you can come up with a better estimate of the value of your home.

Get in Touch with a Realtor

Realtors are the market experts and will be able to help you price your home. They can either do it for you, or help you identify the key items to look or in your search and estimation. They’ll also be able to give you information on how the market is in your area. When there are more buyers than houses available, the price of listed homes will increase and vice versa. A realtor will know what to expect and help you set your price right.

If you’re ready to list your home for sale in the Maryland location, Virginia location, Baltimore location, or Washington DC location, or are just curious about how much it may be worth, you can make an informed estimate with just a little effort and time.

Best Ways to Prepare Your Home to Hit the Market

Selling a house takes plenty of work and time. Before listing your home for sale, put the time in to help it show at its best. There are lots of things you can do to get your house ready, but these four are the most important steps you NEED to take.

1. Remove Personal Touches

When a potential buyer comes into your home, they want to be able to see themselves and their family living there. Family photos and knick-knacks are distracting and shoppers will wondering what kind of people live there, not how they can make the house their own. De-clutter your space, including closets, and pack up anything that you don’t need. You want your house to look open and inviting.

2. Pack Up What You Want to Keep

If a buyer sees an antique chandelier or handmade ceramic sink in the house, they’ll think it’s part of the bargain. Things can get dicey if an offer is made and then those items are removed. Either tag big items as “not for sale” or pack up and replace what you can. You want to make sure you keep your great-grandmother’s vintage cabinet pulls and handles.

3. Clean, Clean, Clean!

A house for sale can never be too clean. Consider hiring professionals if you can, or put the work in yourself and do all those chores you may normally neglect. Wash your windows, wipe down door jambs and floorboards, and get under those appliances. While you’re at it, you can make minor repairs to cracks in the flooring, patching up small holes, and re-caulking if you need to. Some tasks like vacuuming and dusting should be done daily while the house is on the market.

4. Curb Appeal

The exterior of your home is the first thing potential buyers see. Cross the street and take an objective look at your house. Does it look appealing? You may need to touch up paint and clean up your landscaping. Clean the driveway, sidewalks, and windows. Pack up the kids’ toys and make sure you clean up after your pet everyday. Dress your house for the season, either with tasteful holiday decorations, or fresh flowers to give it that extra shine.

If you take these four steps, you’re home in the Maryland location, Virginia location, Washington DC location, and Baltimore location will show better and you’ll be more likely to get your house sold at the price you want. A little time now can pay off big later!

What is the Typical Realtor House Sale Timeline?

Are you thinking about moving and selling your house in the Maryland location, Virginia location, or Washington DC location? Selling your home with a realtor can be a process! – but it doesn’t have to be a mystery! That’s why we’ve complied a step-by-step timeline for selling your home with a realtor.

2 Months before Listing

Hire a real estate agent. Choosing a good real estate agent is so important in selling your home easily and quickly. A good realtor will be your guide through the process. They’ll be help you ensure you have all the documents and paperwork you need to list and close your home before it goes on the market!

6 Weeks before Listing

Check out your local housing market to get an idea of what your market is like. Maybe go to some open houses to get staging ideas. This is also the perfect time to make those essential kitchen appliance upgrades, cosmetic fixes, and other repairs before your house goes on the market. Repainting or cleaning your walls can give your home a major facelift and make it seem brighter and larger!

2 Weeks before Listing

Start decluttering and cleaning! Potential buyers can visualize themselves in your home if your home isn’t crowded or dirty Empty cabinets and closets, pack decorations, move out furniture – basically anything you can live without while your home is on the market should be packed up.

1 Week before Listing

Once your house is clutter-free and clean, your agent will arrange for photos to be taken and an attractive description written!

Listing Day and Closing Day

Now your agent will list your home on several real estate online platforms! It’s your job to make sure your home is presentable for showing at all times and your agent will work with potential buyers until you have an offer that you agree to. Once you’ve agreed to an offer, your realtor and your title/escrow company will help you transition ownership to the buyer.

Alternatively, you can sell your house to an investor like 8 Day Home Sale. We clean out your house for you and let you choose your own closing.

“We’ll Buy Your House If We Can’t Sell It!” The Biggest Scam in Real Estate Marketing?

You’ve seen it everywhere. On the signs along the road or in advertisements you find in your mailbox or hanging on your door: “We’ll Sell Your House in 60 Days or We’ll Buy It Ourselves!” “Guaranteed Sale – I’ll Sell Your Home Quick or Buy It Myself!” “Sell Your House in 90 Days Guaranteed!”

Is it real or just a scam?

The real estate agents who promise to sell your house within a certain amount of days do sell your home in the perscribed time. However, it’s all the fine print you have to worry about.

You must agree to many concessions, including many expensive upfront costs. In most of these “Guaranteed Sale” deals, you must agree to pay a high realtor commission, a home inspection, a professional home staging, a home warranty, and possibly other concessions. You also must agree to lower the sales price of your home after it’s been on the market for a certain period.

This “deal” is actually only a deal for the realtor, not you.

To sell your home so easily and quickly, you’ll have to agree to let the agent sell your house below market value. Because your home is below market value, it’s likely you’ll get a flood of offers. And, if your home still doesn’t sell, your realtor will purchase your home at an even lower price, stipulated in the agreement you signed, then resell it at market value, making the profit that you could’ve made with a more invested realtor! The most important thing to look for when trying to sell your house is a realtor who will be on your side, trying to get YOU the best deal!

“Guaranteed Sale” realtors are only looking for the best deal for themselves. Don’t fall for this real estate trick! We see this a lot in the Maryland location, Virginia location, and Washington DC location.

Pros and Cons of Renovating Your House before You Sell

To renovate or not to renovate. That is the question homeowners are asking themselves in the Maryland location, Virginia location, and Washington DC location before putting their house on the market!

You want to make it attractive to potential buyers, but you don’t want to spend unnecessary expense either. Whether you want to renovate your home before selling, or just put it on the market as-is is a choice that should be considered carefully!

Renovating before you sell PROS

  • Increases market value

Especially if the home you’re trying to sell has been around a while, renovation can give it a more up-to-date look, increasing its value and its attraction to potential buyers.

  • Provides a ready-made home

People searching for a new home have mostly likely seen tens or even hundreds of homes already. A renovation could be just what your home needs to stand out from the crowd. Making a few tasteful renovations can help potential buyers envision themselves living in your home.

  • Decreases reasons to not buy

Potential home buyers may feel overwhelmed by the amount of homes on the market, so, to narrow down their search, they are often critical of the smallest defects. By offering coveted updates, a newly-renovated home has less chance of being dismissed.

Renovating before you sell CONS

  • Time sucking

Renovations take time. If you don’t have time to oversee renovations, or you need to sell your home fast, renovating may not be the best choice.

  • More expensive

Renovating your home can quickly become costly, which may reduce your overall ROI.

  • Takes longer to be market-ready

Even though renovated homes tend to sell faster than non-renovated ones, renovations make it longer before you can put your house on the market. And sometimes that means you have to live in a home-turned-construction-site while the renovations are taking place!

8 Day Home Sale buys houses “as is” for a fair price. If you are looking to sell, talk to us first.

 

 

Sell Your House FAST with These 6 Tips

Perhaps the realtor just put the “For Sale” sign in your front yard this afternoon, or maybe you are just mulling over the idea of selling your house. Either way, consider these 6 timely tips to sell your house…FAST!

  1. Curb appeal. First impressions mean everything to a prospective buyer. Your front yard, including your entryway, is the very first thing a possible buyer is going to see, and it needs to look attractive. Make sure your lawn is mowed and plant fresh flowers around the entryway. Make it look inviting. If you are scratching your head, just ask your neighbors to offer suggestions. They’ve been staring at your house for a long time and those fresh eyes can give you ideas.
  2. Fresh coat of paint. Each room in your house should have a neutral color. Those old, bold colors have got to go. They may look nice to you, but a prospective buyer will have a different view. Paint those rooms with a neutral color and let the buyer’s imagination take over.
  3. Clean. Clean. The new owner won’t want a house that needs carpets cleaned, bathrooms cleaned, etc. They want a house that is ready to be moved right into and they don’t want to imagine 2 weeks of cleaning. Again, ask neighbors over to see where they think the house is dirty and needs cleaning.
  4. Smell the cinnamon! Grab a bunch of air fresheners of exactly the same scent and put one in every room. Cinnamon works well because it reminds people of warm family times. You want to make use of all of the senses.
  5. Big TV. One of the best tips I’ve used through the years is to buy a brand new, big screen TV, leave it in the box, and put a large sign on it: Housewarming gift to the new owner! Put it in the living room, still in the box. This tip will really help to sell your house fast!
  6. 40 days. Tell your realtor you want to sell your house in 40 days. They will recommend a price that will fit your local market. You want to sell your house fast, and 40 days is a fairly common time frame for correctly priced houses.

If you are looking to sell your house fast in the Maryland location, Virginia location, or Washington DC location, contact us.

How to Sell a Vacant Lot

While selling a home can be a challenge in any market, selling a vacant lot or piece of land in the Virginia location, Maryland location, or Washington DC location can be even more difficult.  With a vacant lot, you can’t showcase a beautiful home, and the buyers are different. For these reasons, different aspects like size, location, zoning, and the neighborhood are much more important. Choosing the best method to sell can also be tricky. Here are our tips for selling land without a home.

Know What the Buyers Want

Since you can’t have an open house, your land needs to look its absolute best. Buyers will want to know about the size, condition, zoning, and location of your property. Each buyer will have a different plan for the plot of land they purchase so keep that in mind too.

List on an MLS?

Multiple listings services are tried and true tools used by sellers and buyers alike. They are the go-to tool for many real estate agents and are a great way to sell a home. Selling land, on the other hand, can be a little trickier. Like we mentioned, you can’t post any pictures of gorgeous kitchens or spacious living rooms when all you have is a vacant lot. The MLS might not always garner you the most money and you’ll have to pay a listing agent.

Close Fast and Easy with an Investor

If you want to sell your land fast, you should consider contacting investors in the area. Chances are there is a speculative investor in your area willing to buy your land now. If your land is in a prime neighborhood, your odds of selling quickly increase. Keep in mind, that investors typically offer low prices on the land they buy because they want to flip it or have other plans. On the plus side, they usually won’t require any financing, however.

Whichever method you choose to sell your land, patience is important. If the land is in a great location, you’ll have more success, but if you price your property right, buyers are sure to come.