Selling Your Home Due to Bad Neighbors

It is often said that the most important factors when choosing a home to buy are “location, location, and location.” This axiom has become a worn-out cliché of the real estate industry, but it’s also very accurate.

When buying a home, savvy buyers will look to areas where values are improving, where school districts are good, and where parks and amenities are close by. Whether it is your first home or your dream home, finding the perfect property will involve some combination of these factors. Unfortunately, bad neighbors exist in every neighborhood and at every income level.

It doesn’t matter whether you live in a historic neighborhood, a brand new subdivision, or a gated community – bad neighbors can and do exist in many areas.

 

Signs of Bad Neighbors

Trash strewn about a front yard is often a telltale sign of bad neighbors

One of the first signs of trouble with neighbors starts with the curb appeal of their house. A front yard with weeds, long grass, and un-trimmed plants and trees is a sign that regular maintenance is not being done on the house. A pile of newspapers in the driveway or trash piled at the curb weeks or months before the bulk trash pickup date looks unsightly as well. Items such as burglar bars over the front windows not only look unappealing, but can give an impression to passers-by that this is a rough or bad neighborhood.

Sometimes, bad neighbors will do things that annoy you as a homeowner, but are not expressly prohibited by the law. This may include frequently having parties or get-togethers, frequent yard sales, or having cars parked along the street constantly. Other examples include parking boats, trailers, recreational vehicles, or old junk cars on the side of their property. While it is irritating to see these items that never move, they may not be in violation of City Code – leaving you little recourse as a homeowner on the same street or block. The same goes for actions such as frequent outdoor grilling, or playing loud music/using power tools before the city’s noise restrictions are in effect.

Then there are things your neighbors might do that are in clear violation of local ordinances – incessant barking dogs, green swimming pools that are a breeding ground for mosquitoes, or trailers/vehicles parked in the front yard. Cars with expired license plates are often prohibited from on-street parking in many areas.

 

The Impact of Bad Neighbors

Junk cars are not just unsightly, they can also bring down property values of surrounding homes

There are many ways that neighbors living in close proximity can get on each other’s nerves, from parking issues and noise complaints to unkempt yards and more. But what is the impact of these actions on the surrounding homes and their property values? As you might have guessed, a single “problem” home can impact the value of homes around it. A neighborhood with several problem homes can bring down property values in the entire area.

Bad neighbors are also a nuisance to live near, especially if your home is located directly next to or in front of their property. The issues of noise, appearance of their home, and issues related to parking can become frustrating in a hurry. This can reduce the desirability of your home to potential buyers, even if you are located in a prime area close to good schools, parks, and shopping centers.

 

What to Do about Bad Neighbors

When dealing with annoying neighbors, there is no guaranteed method of correcting their offending behavior. The first step should be talking to the neighbors about the issue, such as when they are getting their mail or walking their dog. You could kindly let them know that their junk car or messy front yard needs attention – and they may surprise you with a valid explanation such as a disability, injury, or financial hardship preventing them from resolving the issue.

If talking to the neighbors does not work, you may be able to report a City Code violation to your local town or municipality. Many local governments have a Code Enforcement unit that will conduct inspections and give fines for things like tall weeds, unregistered cars, and loud noises after a certain time (usually 9pm to 11pm in many areas).

As a final resort, you may consider moving houses to escape from bad neighbors. This is an extreme example, but many homeowners may feel they are out of options after dealing with irritating behavior from one or more neighbors. An obvious problem such as living next door to a hoarder house will present problems when selling the home through a traditional realtor.

Fortunately, there are companies such as BuyMyHome that will make a fast cash offer for your home, no matter what condition it is in. BuyMyHome specializes in helping homeowners escape the nightmare of a bad neighbor, without a lot of fuss. They have experienced experts who can take care of all of the closing costs and paperwork in record time compared to a traditional home selling process.

If you are fed up with your bad neighbors and want to see what your home might be worth, head over to BuyMyHome.com to get a fast cash offer today!

Selling a Home Due to Probate

It’s an unfortunate reality for every individual that one day, we will pass away. Some people arrange for the end of their life while they are alive, but many do not. This can create a complicated problem for your family, as it may result in your final assets going into probate.

The most commonly asked question about probate is: what is it? Probate is one way of distributing a person’s assets as declared in their will. If a person did not leave a will before their death, the State or jurisdiction they lived in will take over the task of finding the legal beneficiaries. Now that may sound scary, but probate can be more simply described as the legal process of what happens to your possessions after you pass away.

Selling a Home Due to ProbateThings like cars, stocks and bonds, retirement funds, your home, and other personal assets are all considered to be part of a person’s estate. If a person left a will, it will be reviewed by a court to determine if the document is valid, and then the decedent’s assets will be distributed appropriately. If a person did not leave a will, the court will then appraise the value of the estate, pay off any outstanding debts and claims, and then distributing the remaining assets.

For most people, the most valuable asset they own is their house. If the homeowner dies suddenly or unexpectedly, they may not have specified what should happen to their home after death.

An all-too-common occurrence is that the home becomes the property of their next of kin, usually an immediate family member. Often times, the closest family member or relative already has a house, and does not want or need a second house. It is also quite common for the inherited house to need some work done. Anything from minor yard work and cleanup to major electrical, plumbing, or structural repairs.

Getting rid of an inherited house can be a challenge, especially if you live in a different state from your deceased family member or relative. It may sound crazy, but a person’s greatest asset can in face become a significant burden for their family members.

So what should you do if you inherit a house from a relative? There are a lot of factors to consider. You may or may not be in the same state as the house, and as a result may not be able to visit the property in person. The house may also need some repairs in order to make it ready to sell – assuming that is the route you want to go. At this point in your life, other constraints from work and family may prevent you from taking on a project house.

It can be difficult to find a realtor who specializes in selling these types of homes, and they may not give your listing the same amount of attention as their other listings. This is further complicated if the deceased relative lived in a different state such as Florida or Arizona, possibly in a different time zone from where you are located.

There is one option for selling an inherited home that you may not have heard of. Companies such as BuyMyHome specialize in purchasing distressed and unneeded properties and can offer a quick and painless alternative to the probate process or selling through a distant real estate agent. All it takes is a quick phone call or visit to BuyMyHome.com to receive a fast cash offer on your home. BuyMyHome takes care of everything and can offer fast closing times, allowing you to get on with your life instead of dealing with the court system.

To get a cash offer for your home, call 602-892-0353 today or visit www.buymyhome.com.

Dealing with Home Damage

As any homeowner will attest to, owning a home is a never-ending list of small maintenance items that must be done at regular intervals. From changing light bulbs and air filters to cleaning and other small repairs, the work can keep you busy for as long as you own the home.

While these chores are generally pretty easy, what do you do if your home is damaged in a significant way? Three of the most common ways that homes become damaged is from water, fire, and storms. Today we’re going to talk about some different ways to deal with serious home damage, including damage that renders the home uninhabitable.

Did you suffer home damage from a fire? Get a cash offer for your property.

Fire Damage

One of the most severe forms of home damage is caused by fire. According to the National Fire Prevention Association, more than 358,000 home structure fires occurred from 2010-2014, causing approximately $6.7 billion dollars in direct damage. The leading cause of fire damage was cooking equipment, followed by heating equipment (such as space heaters), electrical and lighting equipment, and smoking materials.

A flare-up in the kitchen or a portable space heater that gets knocked over and starts a fire are both common causes of home structure fires. These can also lead to secondary damage in the home from smoke, soot, as well as firefighting chemicals and water. Recovering from a partial or total home loss due to fire can be a difficult ordeal in working with fire investigators, insurance companies, and specialized contractors are experienced in fire damage remediation. It may take weeks or even months for the claims on your home to move forward and the repairs to be completed. In many cases, repairing the damage is prohibitively expensive for homeowners, and the best option is simply to move to a new home.

 

Water Damage

It’s no secret that much of southwestern Arizona including Phoenix and Tucson are in the desert. But what you may not know is that water is still a major factor in causing home damage in these cities. The first type of water damage is caused by the homeowner. An overflowing bathtub, leaky faucet, or poorly-vented bathroom can cause moisture to build up in the baseboards, walls, and beneath the flooring in your home. These conditions frequently lead to the formation of mold, which can be hazardous to your health.

Another type of water damage is caused by flooding. Believe it or not, many people purchase a home in a floodplain or near a dry wash without even realizing it. Though it does not rain often in the desert, when it does – the results are often dramatic. A flash flood can bring about a sweeping torrent of water in a matter of minutes, even in a wash that has not had more than a trickle of water for the past several years. Many Arizona homeowners do not have flood insurance, and find themselves unprepared when a sudden storm takes them by surprise.

 

Storm Damage

Following on the theme of weather, storm damage is also a leading cause of home damage in the desert southwest. Major metropolitan areas like Phoenix and Tucson are susceptible to monsoon storms and microbursts. These storms are brief but can be very intense, with high wind speeds. They can rip off shingles, clog pool pumps and filters, and knock down trees and Saguaro cactus.

These storms can make national news, such as an October 2010 hailstorm that damaged more than 150,000 homes in Phoenix. According to the Arizona Republic, frozen ice as large as 2 inches in diameter rained down from the sky, damaging thousands of roofs, as well as cars, windshields, and other property.

 

How to Deal with Home Damage

Home damage covers a wide spectrum, from a small patch of mold in a bathroom to a hail-damaged roof to a complete and total loss due to fire or flood. If you find yourself in the unenviable situation of having a damaged home, how do you deal with it? Should you get the home repaired or start fresh somewhere else? Can a damaged home ever really be the same, and do you want to live with the memories of what may have been a traumatic event?

Often times, the best case is to sell the home. But who would want to buy a home that needs so much work? Investment companies such as Phoenix-based BuyMyHome are a lifeline for homeowners seeking to sell their damaged, distressed, or dilapidated house in a hurry.

BuyMyHome makes cash offers for houses that are sold in “As-Is” condition. With over a decade of experience in the industry, the experts at BuyMyHome have the experience to evaluate your home, make an offer, and have a quick closing time with the least amount of hassle possible. To learn more about getting a fast cash offer for your damaged home, call 602-892-0353 or visit BuyMyHome.com today.

Source: http://www.nfpa.org/news-and-research/fire-statistics-and-reports/fire-statistics/fires-by-property-type/residential/home-structure-fires

What Are Your Options When Facing Foreclosure?

At the height of the financial crisis in 2010, nearly 3 million homeowners went into foreclosure, according to a report from ATTOM Data Solutions who studies the U.S. housing market. While the country is on the road to recovery, there are still many families struggling to make ends meet when it comes to their mortgage payments.

We’re Not Out of the Woods Yet

The number of foreclosures has been falling since 2010, but you may be surprised to learn that there were still over 900,000 homeowners who went through a foreclosure in 2016. That’s approximately 0.7% of all housing units in the United States.

Why Foreclosure Is Such a Big Deal

No matter what type of mortgage you have, they all work the same way: the homeowner agrees to pay back the money they borrowed from the lender in full. But what happens if you are unable to do that? After enough time has elapsed, the home may go into foreclosure.

Foreclosure means that the bank or mortgage lender takes possession of the house and puts it up for sale (or auction) to try and recover some of the money that was lent out to buy the house. The homeowners will be forced to move out prior to the home being sold. The most obvious downside to having your home foreclosed on is that you no longer get to live in it.

While the loss of a primary residence can be disastrous for a family, there are other negative effects of foreclosure as well. Having a foreclosure on your Credit Report can severely affect your ability to buy a different home, as well as your ability to qualify for a rental property. Other lenders and property management companies may refuse to offer you credit after reviewing your credit history, or may charge a higher interest rate due to being a greater risk. It may take several years to restore your credit following a foreclosure.

Causes of Foreclosure

We can see that having a home foreclosed on by a bank is a very bad situation. But how does a homeowner get themselves into trouble in the first place? There are a number of situations that might cause a person to fall behind on their mortgage. Let’s talk about some common scenarios that can cause people to lose their homes. Usually it is not due to one single cause, but the result of multiple factors such as:

  • Job loss
  • Unexpected injury or disability
  • Unforeseen medical expenses
  • Death of spouse or partner
  • Divorce
  • Living a high consumption lifestyle
  • Having a high amount of consumer debt and/or student loans
  • Having little to no emergency savings fund

If more than one of these things happen within a short period of time, you may find yourself struggling to make the mortgage payment in addition to your regular living expenses. If you are already several months behind, you may be dangerously close to foreclosure. If you have made incomplete payments or stopped making payments entirely, the lender may consider you to be in default on the home loan.

Different Options for Avoiding Foreclosure

What should you do if you find yourself behind on mortgage payments and no options in sight? Whether you are one month or several months behind on mortgage payments, it is very important to consider all of your options before making a big decision. Let’s talk about some of the different choices out there.

Reinstatement – If you pay back the amount owed, you may be reinstated. This often comes with fines and fees though – plus you still have to come up with the money somehow.

Forbearance – If your lending company is kind, they may allow forbearance, where you can make smaller payments or no payments at all for a specific period of time while you get caught up. This is best as a temporary solution.

Another solution many homeowners don’t think of is selling their home to a private company. Organizations such as BuyMyHome can make a cash offer on your house, with fast closing times and no hassle for you! This can get you out of a tough situation with a minimal amount of stress.

Life can throw a curveball at us when we least expect it. If you are behind on your house payments or worried about losing your home to foreclosure, you may consider selling the property to BuyMyHome or following some of the other options listed above. Remember to stay positive and that you can find a way out and turn things around!

3 Different Options for Selling Your Home

There are a lot of reasons why a person would decide to sell their home. Maybe they want to be closer to work or family, maybe they don’t like the neighborhood anymore, or maybe they simply need a to downsize or upgrade their current house. But once you have made the decision to move, where do you begin? In this post, we’re going to discuss three different options for selling your home. So let’s get to it!

3 Options for Selling Your Home1). Hire a Professional Realtor

One of the most common ways to sell a home is to contact a local real estate agent in your area and ask for their help in selling your home. There are both pros and cons to this method, which we will discuss below.

Pros of Selling Through a Real Estate Agent

One positive aspect of hiring a realtor is that they bring a lot of expertise about home sales to the table. They will be able to perform an in-depth analysis of competing properties in your area, and provide an accurate estimate of the market value for your home. Don’t be surprised if this value is different from the estimated value shown on popular real estate websites such as Zillow®!

Realtors are also experienced in advertising and promoting your home for sale. They will photograph and list the home online, as well as print up flyers and may even host an “Open House” event to show the home to prospective buyers.

Finally, going through a realtor will save you the trouble of having to find a reliable Title Company, Notary, and other agencies as they likely already have preferred partners they work with.

Cons of Selling Through a Real Estate Agent

While there are several advantages to selling your home through a licensed realtor, there are also a few disadvantages you should be aware of. First and foremost, it is standard practice for the seller to pay between 5% to 6% of the home’s selling price in commission fees, which are split between the buyer’s agent and the seller’s agent. Many sellers do not rejoice in handing over a large check for these services.

Another disadvantage to selling through a real estate agent is that the traditional process of listing, advertising, and selling a home can take a long time. While many realtors indicate fast turn times of 30, 60, or 90 days, the time is never guaranteed. You might find your home sitting on the market for 180 days or more, meanwhile you are still responsible for the mortgage payments!

Finally, real estate agents will want to clean up a property in order to show it to prospective buyers. If you are still living in the home or you are selling a rental property that is occupied by tenants, you may not be comfortable with the idea of strangers touring your home!

2). Sell It Yourself Without a Realtor

A second option for selling your home is to simply do it yourself! There is no law that requires you to hire a realtor when selling a home (though some states may require a real estate lawyer or attorney to review the documents first).  Let’s explore some of the positives and negatives of this approach.

Pros of For Sale By Owner

The most obvious advantage of selling your own home is the money you will save by not paying commissions to a real estate agent. The savings can be significant! For example, a 5% commission on a $250,000 house is $12,500 – that’s money in your pocket if you choose to sell the home yourself!

Cons of For Sale By Owner

While selling your own home may sound appealing, it is not for the faint of heart. You need the energy, time, and knowledge to pull it off successfully. During the process, you may be surprised at how much work is actually involved, and the feeling of “I should have just hired a realtor” is quite common.

Selling your own home requires a lot of work, such as researching and pricing your own home, and being able to negotiate with potential buyers. You are also responsible for doing your own marketing and promotion. Generally, FSBO home sellers are not able to list their own properties on the local Multiple Listing Service (MLS) website, which severely limits their exposure to potential buyers.

Finally, selling your own home requires you to be extremely knowledgeable of the laws that govern real estate transactions. There are countless small details such as state-required disclosure notices, requirements for who must sign the papers, who can handle the actual transaction, not to mention finding a reputable Title Company, Notary Service, and a Real Estate Attorney to review the final documents.

3). Sell It to a Private Real Estate Company

One of the most popular options in recent years is selling your home to a private real estate company. We’ll  look at some of the pros and cons of this approach.

Pros of Selling Your Home to a Private Company

Private real estate companies will often specialize in certain types of home sales such as foreclosures, bankruptcy, divorce, inheritance, or other situations that necessitate a quick sale. They will be respectful of your situation and work with you to make sure the transaction goes as smoothly as possible.

Another key advantage is that the process can happen very, very quickly! Private companies are backed by investors who can make a cash offer for your home in days instead of weeks or months. A fast closing time is one of the biggest advantages that sellers look for, and this is pretty much as fast as it gets.

Finally, the whole process of selling to a private company is very convenient and easy. There are no walk-throughs, no open houses and flyers, no commission fees, and no hassle!

Cons of Selling to a Private Company

There are relatively few disadvantages of selling your home for cash. While it’s possible that going through a realtor or doing an FSBO sale could net you a few thousand dollars more than the cash offer, many sellers find the extra time and hassle involved to not be worth it.

If you are looking to sell a home in the Phoenix, Arizona area, consider going with BuyMyHome, a local home buyer that is able to make cash offers for virtually any type of property, including those in “as is” condition or needing repairs. Contact us today at: 602-883-4767.