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March 31, 2022
Inheriting a home in Maryland from a deceased relative can come with many emotions. On one hand, you’re honored to have been left something of value by your loved one. But on the other hand, you now have a property to deal with. And in many cases, inherited properties still have the belongings inside and need quite a bit of work.
For many people, it makes sense to convert the inherited property into cash. If this is what you’re looking to do, here’s a stress-free guide for getting the job done.
The Probate Process
Inheriting property from an estate is governed by a legal process called probate. If your loved one had a will, this can help skip most of the legal actions. If your loved one did not have a will, the estate typically goes to the next round of kin. Either way, estates usually go through a probate process to ensure that the person’s wishes are followed.
Keep in mind that each state has its own laws and practices governing probate. In the state of Maryland, probate is necessary for most estates. The state law requires that estates go through the probate process to ensure that all parts of the will are honored. If there is no will, state law will determine how the estate will be handled.
Types of Ownership
If a will names you as the beneficiary or new owner of the house, things are substantially simplified. As the sole owner, you don’t have to consult with any heirs about how to handle the Maryland property. You have the freedom to do as you wish.
However, more often than not, there are multiple beneficiaries listed. In this case, you and the other heirs will have to come to an agreement about what to do with the property. Do you agree to sell it and split the money? Does one person plan to buy everyone out and live in the house?
When you inherit property in Maryland, it can make your taxes tricky. Usually, you won’t owe taxes until you sell those assets. These capital gains taxes are then calculated using a stepped-up cost basis. This article goes into further detail about the different types of taxes – inheritance taxes, estate taxes and capital gains taxes.
Selling the Property
Usually, the hardest part about selling inherited property in Maryland is getting everyone to agree. At minimum, the executor needs permission from the heirs to sell. Meanwhile, the heirs need the executor to agree. As long as you can come to an agreement, you can move forward with selling the house. This can be done in the following ways:
- Sell the property with a realtor. The realtor will help with marketing and showing the home, but keep in mind that they charge 6 percent in commissions.
- Sell the property yourself. For Sale By Owner (FSBO) is cost-effective because you can avoid realtor commissions. However, you’ll be responsible for all aspects of the sale.
- Sell to a cash investor. Selling your inherited house for cash allows you to sell quickly – usually in two weeks or less. There are no commissions, and the property is sold as-is, meaning you’re not on the hook for repairs or updates.
Even if you’re not planning on selling your inherited house for cash, it’s helpful to get the facts and weigh your options before making a firm decision. Contact 4 Brothers Buy Houses for a free, no obligation cash offer!
March 27, 2022
Selling a Washington DC house can be a complicated process with a series of ups and downs. It’s exciting to accept an offer on your property, but it’s not so fun to be hit with a list of problems from the inspection. However, the process becomes even more complex when you owe more on your property than what it’s currently valued at.
Equity in a home is one of the biggest advantages a property owner has. It refers to the difference between what you owe on your mortgage and what your home is worth. If you come up short, it’s going to make the selling process a bit more difficult, unless you plan on coming up with the difference.
Fortunately, you do have options. Here are five ways to sell your home when you don’t have equity.
A realtor can assist you in the home selling process and get top dollar for your property, so that hopefully, you can close the gap between what you owe on the home and what you get for it. The problem with a realtor is that they charge around 6 percent in commissions, which eats into your profits. We only recommend this option if you can afford to pay the realtor and pay off your mortgage.
2. For Sale By Owner
Another option is to sell the house yourself, a process called For Sale By Owner or FSBO. In this case, you do not have to pay a realtor because YOU are essentially the realtor. But, there are downfalls to this method. Primarily, you are responsible for everything – the listing, the showings, the paperwork, etc. You might also take a smaller offer since you don’t have a realtor handling the marketing.
3. Short Sale
A more reasonable option for selling a home without equity is a short sale. It’s also the most commonly used method. In a short sale, the lender must agree to accept a loss on the sale. You’ll still list the home and sell it to a buyer, typically in as-is condition, but you won’t make any profits. And, because you are unable to pay back the loan in full, you’ll get a ding on your credit report.
4. Real Estate Investor
If you want to get rid of your Washington DC property quickly, preserve your credit and avoid realtor fees, another option is to sell the house to a real estate investor. Investors or investment groups have no problem purchasing properties with limited or no equity. They will even take houses in rundown condition. You will still be responsible for paying off the loan, but you’ll have cash from the investor to help you with this.
5. 4 Brothers Buy Houses
At 4 Brothers Buy Houses, we purchase properties in Washington DC using our own cash. Due to this, we can skip over some of the bank-related formalities such as inspections and appraisals. We also pick up most closing costs and take houses in as-is condition. If you are currently in a position where you want to sell your home but you don’t have equity, we can help. Contact us today for your free cash offer.
March 17, 2022
When you go to sell your house in Franconia VA, you’ll receive a lot of objective feedback you may not have been prepared for. This is the house you’ve lived in for years, maybe decades, and you’ve come to love most things about it. But now you have realtors and/or prospective buyers pointing out things like old tile, a worn roof and those unsightly power lines.
The difference between power lines and an old roof or flooring is that you can’t remove them. Aesthetics aren’t the only problem with power lines, however. They can also lower your property value by 10 to 40 percent.
Why Do Power Lines Lower Property Values?
The main reason why homes near power lines sell for less is because these structures are not aesthetically pleasing. People don’t like to look out the windows and see power lines, plus they can block views. Some people also report hearing a low humming noise when trying to relax in their backyard.
There is also some concern over how safe it is to live near power lines. While research has not proven any definite links between the proximity of power lines and medical issues, researchers continue to look for possible health risks. Understandably, some home buyers in Franconia will not feel comfortable buying a home near power lines.
How Much Do Power Lines Lower Property Values in Franconia VA?
How much power lines reduce property values in Franconia depends on many factors, including how close the lines are to your home, whether they hang over the backyard and whether they obstruct your views. On average, proximity to power lines can lower your property’s value by 10 to 40 percent.
If you plan on selling your house in Franconia, you might assume it will be a hard sell. And while it may be more difficult in some cases, keep in mind that homes near power lines are often more affordable and have less competition. For someone looking for a reasonably priced home that won’t end up in a bidding war, your Franconia house might be the one!
4 Brothers Buy Houses Purchases Properties in Franconia – and Power Lines Won’t Bother Us!
4 Brothers Buy Houses purchase homes all over Virginia. We don’t have any problems buying properties that are located near power lines. We take houses in any condition as well, so you don’t have to worry about paying for repairs or house staging. Contact our cash house buyers today to get your free cash offer.
March 10, 2022
You’ve probably heard a lot about Maryland being a seller’s market, but what exactly does this mean? And how does it compare to a buyer’s market, which we could be facing in the near future?
If you’re planning on selling your Riverdale MD house, it’s a good idea to know what’s going on in your local market. Let’s look at both types of markets, what causes each and how to navigate them with ease.
What is a Seller’s Market?
A seller’s market is when the demand for homes exceeds the supply. When this happens, home sellers typically have the upper hand because things are competitive and they’re receiving multiple offers.
Homes in a seller’s market tend to sell quickly, and often at or above asking price. There’s also less pushback from buyers because they know that they have to act fast, bid high and request little.
There are many factors that lead to a seller’s market, such as:
- Rapid population growth
- Job market growth in the area
- Decreased housing
What is a Buyer’s Market?
A buyer’s market happens when the supply of homes exceeds the demand. This type of market favors home buyers instead of home sellers. Because there is less competition, a buyer’s market typically results in lower home prices and more demanding buyers.
Some of the factors that contribute to a buyer’s market are:
- Increased construction of new homes
- Loss of jobs in the area
- More people putting their homes up for sale
How to Navigate the Two Markets as a Home Seller in Riverdale MD
If you’re planning to sell your Riverdale house in the near future, you will most likely face a seller’s market, which is great news for you! There remains a shortage of homes on the market, and interest rates are still low, which means many people are still house hunting. But, it is possible that things may start to tilt in the buyer’s favor, so it’s important to prepare for both markets.
Selling in a seller’s market
Because this market favors you, the seller, there’s not much you need to do. Review all offers on a certain day and time and accept the ‘best offer’ (not necessarily the highest). You may also want to consider a cash offer because it’s quick and competitive.
Selling in a buyer’s market
If you have no choice but to sell in a buyer’s market, you’ll need to make your house most appealing. Some of the ways you can do this are by:
- Offering to pay the closing costs
- Offering to pay for repairs
- Pricing the house strategically
- Being flexible
To avoid working with difficult home buyers, consider selling your house to 4 Brothers Buy Houses. We are a cash home buying company that buys properties all over Maryland. We don’t charge any fees or commissions, and we’ll pick up most closing costs. Contact us today for a free cash offer on your home! The process will work the same whether it’s a buyer’s market or a seller’s market!
March 5, 2022
If you plan on selling your Temple Hills property soon, you’ve probably thought about how much you can sell it for. While you can use online home value estimators like Zillow or Redfin, most of these tools aren’t completely accurate. They’re a good starting point, but they’re not final.
So what is the best way to determine how much your home is worth? By conducting a Comparative Market Analysis or CMA.
What is a Comparative Market Analysis?
A CMA is a method that determines your home’s value based on what other homes in the area have sold for. It’s used by real estate agents to assess what a home is worth. To create a CMA, realtors find comparable properties (comps) in the area and compare them to your property.
For example, you’re not going to compare your 4-bedroom, 2-bathroom house in Temple Hills to a 3-bedroom, 1-bathroom house in Harlow Heights. Instead, you’re going to compare your home to similar properties. Some of the features to look for include when the home was sold, how close in proximity it is and what features both properties have.
How Can You Get a Comparative Market Analysis?
While realtors usually provide a CMA for free, you can also do one on your own, or you can purchase a report online. The accuracy of the CMA relies heavily on the comps you choose. Different comps will give you different results. That’s why it’s very important that you pick properties that are very similar to yours, and look at things objectively.
If you plan on doing your own CMA, here are the steps to follow.
Make a list of your property’s features.
Start by identifying your home’s features such as its:
- School district
- Number of bedrooms
- Number of bathrooms
- Square footage
- Year built
- Lot size
- Specific features (3-car garage, swimming pool)
Assess your neighborhood.
Where your home is located plays a major role in its value. Properties that have good school districts and close proximity to shopping tend to have a higher value than those located near power lines or train tracks.
Evaluate your home’s condition.
Take note of upgrades you’ve made to your Temple Hills house, as well as things that may need to be updated in the near future. Consider both the interior and exterior of the property.
Gather comparable properties.
With the proper information in tow, you can start gathering comparable properties in your area. You can use a tool like Trulia or Redfin to find these results. Use the filter of “recently sold” to identify comps in your area. The homes you compare yours to should have the same:
- Number of bedrooms and bathrooms
- Number of stories
- Square footage (or similar)
- Location (within a quarter mile from your property)
- Features and upgrades (or similar)
- Zip code and school district
- Built around the same time
Calculate the price.
Most realtors will compare your property to three others, but you can do more if you’d like. The more, the better. Calculate each comps’ price per square foot (divide sales price by square footage). Then determine the average price per square foot for all the comps. Multiply this number by your property’s square footage.
All in all, a CMA is a helpful tool that will help you determine how much your home is worth. You can then decide how you want to sell your home – with a realtor, on your own or with a home buying company like 4 Brothers Buy Houses. We offer competitive cash offers on all properties throughout Maryland. Call to get your FREE cash offer on your Temple Hills house!