October 29, 2016

How Do You Sell A House to an Investor?

Many homeowners have at least a basic understanding of the way traditional home sales work: find a realtor, sign a listing contract, and hope for a buyer. However, many homeowners are surprised to learn how fast and simple it is to sell a house to an investor. Here’s an overview of the process:

Step 1: Contact an experienced real estate investor. If you’re reading this, and you have a house to sell in Northern Virginia or the Washington DC area, your work is done. (Click here to see a list of the communities where 4 Brothers Buy Houses buys homes.) If you live outside our areas, an Internet search can help you find an experienced investor in your area.

Step 2: Request a free, no-obligation quote. Investors gladly offer potential sellers a no-obligation quote, which contains the purchase price the investor is willing to pay for the house. When making quotes, 4 Brothers Buy Houses uses the same information real estate agents use when setting the sales price of the homes they list, which means you get the price your home is actually worth—not the hypothetical price a buyer might or might not be willing to pay.

Step 3: Accept the investor’s offer and sign a contract.If (and only if) you decide to accept the investors’ offer, the investor arranges for preparation and delivery of a home sale contract, deed, and any other required paperwork. Investors don’t ask you to make repairs, give credits against the purchase price, or gamble on approval of a loan.

Step 4: Sign the deed and other required documents. A deedis a document that transfers ownership of a home. To sell a house, the owner has to sign a variety of documents, including a contract of sale and a deed. When you sell to an investor, these documents are prepared for you—but you can hire a lawyer to represent you if you wish. In fact, 4 Brothers Buy Houses encourages sellers to hire a lawyer to review and explain the sales documents.

Step 5: Receive the purchase price . . . in cash! Like many investors, 4 Brothers Buy Houses pays cash for the homes we purchase. Sellers receive the purchase price at closing, which can occur in as little as ten days from the date the seller accepts the offer.No waiting on loan approvals, contingencies, or inspections.

That’s all there is to it! Selling to an investor is fast, simple, and secure—less costly than hiring a real estate agent and far less hassle than “For Sale By Owner.” If you have a house to sell, give 4 Brothers Buy Houses a call today, or click here to receive a quote online!

October 16, 2016

Signs It’s Time to Replace Your Roof

Old or defective roofs can cost a homeowner thousands of dollars in higher heating costs and property damage from leaks and other weather intrusions. Don’t ignore the warning signs. Check your roof’s condition regularly, and call a roofing specialist if you see indications that your roof needs repair or replacement, including:

• Properly functioning roofs don’t leak. If you notice water leaks in your ceilings or around the tops of walls, call a roofing specialist immediately. Roof leaks can be difficult to locate without professional help, and regular or repeated leaks are an indicator that your roof has passed its useful age.

• Cracked Tiles or Curling Shingles. Tile and shingle roofs are designed to lie flat, with overlapping areas that prevent water from penetrating into the sub-roof and the interior of the home. Significant cracking or curling of tiles and shingles weakens the roof and creates opportunities for leaking.

• Moss Growth or Significant Discoloration.Moss and airborne algaes often grow on old or damaged roofs, especially in damp climates or where overhanging trees prevent sunlight from reaching the roof. Both moss and algaes can damage shingles and other roofing surfaces, and significant growth can indicate it’s time to replace the roof.

• Missing Shingles, Tiles, or Roofing Granules.A roof should offer uniform protection against the elements. Older roofs begin to shed their shingles (often in pieces), and may lose their protective granular coatings. If you notice pieces of shingle, roofing granules, or tile chips in your gutters, or spot “bare” patches on the roof itself, call a professional immediately.

• Noticeable Sagging. It doesn’t take an expert to realize that a sagging roof is a sign of trouble. Whether sagging takes the form of localized divots or depressions in the roof or a “general sag” that covers the entire home,if you notice the sagging, it’s likely time for replacement.

Modern roofs are far more durable than they were decades ago, but even now, roofs are designed to last between 20 and 30 years (though ceramic tile may last longer). If you roof is more than 20 years old, you may want to arrange an inspection even if you don’t see any of these warning signs. Early identification of roofing problems can save tens of thousands of dollars in property damage.

Old or damaged roofs can also cause problems for home sellers – buyers pay attention to roof conditions, especially in the colder months. If you want to sell your house, but don’t want to repair or replace a damaged roof, consider selling directly to 4 Brothers Buy Houses – we buy homes in any condition, and don’t request repairs before we close. Click here for a no-obligation estimate and quote today.

October 10, 2016

What Credit Score Do You Need to Buy a Home?

Buying a home is exciting, whether you’re a first-time buyer or a seasoned homeowner looking to upsize, downgrade, or relocate. However, many would-be buyers struggle with the decision to purchase a home due to concerns about credit scores and how to qualify for a purchase money loan (sometimes called a mortgageloan).

People are often afraid to ask how high a credit rating they need to qualify for a home loan, even though it’s a common question. The answer varies, depending on the type of loan a buyer needs (and other personal factors, including employment status, income history, assets owned, and available funds to put toward a down payment), but here are some general guidelines you can use to determine whether your credit score qualifies you for the loan you need to buy a home:

• Know Your Credit Score Before You Apply. Always know your credit score before applying for a loan. If you don’t know your credit score, obtain a copy on your own, or ask a licensed mortgage broker or banker for help.

• Conventional Loans (Fannie Mae-Backed): 620 Minimum Credit Score. Although exceptions do exist, new conventional loans backed, insured, or underwritten by Fannie Mae (the U.S. Federal National Mortgage Association) typically require borrowers to have a credit score of 620 or higher; like other types of loans, exceptions may exist where borrowers have the funds to increase the down payment, qualify for special programs, or in other loan-specific circumstances.

• FHA Loans: 580 Minimum Credit Score. FHA loans are available to buyers with a minimum credit score of 580 who can provide a down payment equal to at least 3.5% of the purchase price; however, applicants with lower credit scores may also qualify for FHA loans if they can provide a down payment of at least 10% of the purchase price.

• Better Credit Scores May Help You Obtain Better Loan Terms. Generally speaking, the higher your credit rating, the better the interest rate and other terms a lender or bank will give you on a loan. While other factors also impact your eligibility and ability to qualify for a home purchase loan, buyers should strive to maintain as high a credit score as possible when planning to apply for a loan or purchase a home.

Personal and family income, investments and savings, and debt-to-income ratios also play a role in loan eligibility and amounts, as doa variety of other factors. Contact an experienced banker or mortgage loan expert for an individual evaluation of your personal situation and your ability to qualify for a loan.

Disclaimer: Your ability to qualify for a loan may vary, even with the credit scores listed above. While these guidelines are helpful, you should never rely on this or any other online article to make decisions about home loans or other financial situations. This article is not, and should not be taken as, financial advice, an offer to make a loan or a representation about whether any person can or will qualify for a loan or purchase money financing.

October 4, 2016

Five Reasons to Sell Your Home in Autumn

Many homeowners consider fall a “difficult” time to sell a home, and many people believe that homes sell better during the spring or summer seasons. While home sales often peak in the warmer months, that doesn’t mean you “can’t,” or “shouldn’t” list your home for sale in other seasons. In fact, here are some excellent reasons to list your home for sale now:

• Better Visibility in the Market.Statistically, fewer homes go on the market during the autumn and winter months, which means that every new listing gets more attention from realtors and potential buyers. Placing your home on the market when inventory is lower gives you a definite advantage where visibility is concerned!

• Faster Closing Times. While no one can guarantee the speed at which an escrow will close, selling your home in the autumn often means that mortgage and escrow companies have fewer active deals in progress—freeing up more time for escrow and mortgage officers to work on your sale. Fewer deals in progress translates to fewer (or shorter) delays, which can speed up the pace at which your deal closes, or at least reduce the chance of delays.

• More Attention from Realtors. Real estate agents, like everyone else, have only so many available hours in a working day. Listing your home for sale in the autumn, when fewer properties are on the market, may earn you more attention from your listing agent—and from buyers’ agents too.

• Letting the Holiday Spirit Work For You. People love the holidays, and listing your home for sale in the autumn lets you take advantage of that holiday spirit, by staging your home in ways that reflect the season. Holiday snacks at open houses, autumn colors in the yard, and tasteful seasonal staging can help put buyers in a festive mood.

• A Higher Percentage of Serious Buyers. With the weather turning cold and children back in school, fewer people have the time or inclination to visit open houses or make showing appointments on a whim. Buyers actively looking for homes in the autumn and winter are generally serious about buying—often before the end of the year—and listing your home in the autumn can help you take advantage of these motivated buyers.

Listing your home in the autumn carries some serious advantages—but only for sellers who take the time to price, stage, and prepare the house for sale in a proper manner. As at any time of year, overpriced homes and those in need of serious work may linger on the market. If you need to sell your home in the autumn, you may also want to consider contacting an investor like 4 Brothers Buy Houses, who can purchase your home for cash without all the hassle of staging, hiring a real estate agent, and scheduling showings and open houses. Curious? Click here to receive a no-obligation quote and more details today.