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September 15, 2022

My Pasadena MD Home Isn’t Selling. What are My Options?

Pasadena Maryland is a great place to live, with home prices increasing and more people moving to the area. Compared to some other parts of Maryland, Pasadena is quiet and has good schools, lots of parks and quick accessibility to restaurants and the Chesapeake Bay. Most sellers have had no trouble selling their homes. 

However, now that the market is cooling off, you might find that your house isn’t selling. This can be especially true if your house isn’t in the best condition. As buyers have more options and leverage, they’re not as willing to make offers on houses that need work. This means that you might have to address issues that you wouldn’t have had to last year. 

If your house in Pasadena MD isn’t selling, here are some of your options and the things you can do. 

Try to Understand the Problem

The best way to come up with a strategy for selling your house is by understanding why it’s not selling in the first place. Be objective. Most of the time, the pricing is the problem. Look at comparable homes in your area to determine if yours is priced accordingly. 

Some of the other reasons why your house might not be selling are: 

  • Poor curb appeal
  • Repairs and maintenance needed
  • Outdated kitchen and bathrooms 
  • Bad marketing and advertising 
  • Located in a changing neighborhood 

Lower the Price 

One of the first things you can do is lower the price. Be strategic about your pricing, as many people will use filters on their searches that could exclude your home. For example, if you lower your price to $452K, buyers who are capping their search at $450K won’t see your home. To get more buyers, it’s better to price it at $449K so it turns up in more searches. 

Focus on the Areas that Need Attention

Whether your home could benefit from improved curb appeal, new carpet or repainted walls, now is the time to address these issues. Pay attention to the feedback that potential buyers are leaving – most are honest about what they like and don’t like about the property. Focus on the areas that are turning people away, such as dirty carpets or old appliances. 

Try New Channels

If you’re currently working with a realtor, consider some other marketing channels that can help get your property in front of more eyes. Your online listing should be thorough and include professional photos, an online video tour and a descriptive listing. You can also post your property on social media or talk to your realtor about putting up a ‘for sale’ sign and hosting an open house. 

Sell Your House for Cash 

If you don’t have time to waste, consider selling your property for cash. 4 Brothers Buy Houses will pay cash for your property. We buy houses in as-is condition, meaning that we will not ask you to make any repairs or updates. All you need to do is move out! We waive the inspection and appraisal, and we cover most closing costs. 

To get a free cash offer for your Pasadena MD property, contact 4 Brothers Buy Houses today. We can close in just two weeks, and you can walk away with the full cash offer. 

September 8, 2022

Who Pays Overdue HOA Fees at Closing?

If you’re planning to sell a property that is part of a homeowners association, you’ll need to consider a few things. The HOA is an important part of the community, as it directly influences quality of life within the neighborhood. HOAs enforce rules in a subdivision, maintain grounds and manage recreational facilities. 

In exchange for taking care of a community, residents pay their HOA a fee each month. Average fees are around $350 a year, though this can vary widely depending on where you live, the size of the community and the responsibilities of your HOA. When it comes time to sell your property, your HOA fees will need to be paid up. If they’re not, this will make it more difficult to sell. 

Because many communities throughout MD, VA and Washington DC are part of an association, it’s important to know about these fees, what happens if you don’t pay them and whose responsibility they are at closing. 

What are Homeowners Association Fees? 

HOA fees, association dues, HOA assessments, etc. are all fees that homeowners must pay to the association for the services it provides. Only those who live in a homeowners association pay these dues. Whether you plan to buy or sell a house in an HOA, it’s important that you understand how these fees work. 

Here are some of the amenities that HOAs typically cover: 

  • Maintenance services 
  • Common area utilities 
  • Security expenses 
  • Insurance premiums
  • Property management 
  • Grounds management 
  • Gyms, lounges and pools
  • Parks, playgrounds and trails 

What Happens if You Don’t Pay HOA Fees? 

Each household is responsible for paying their HOA fees on time. If people stop paying, this will affect your community as a whole. Your HOA won’t meet its budget, and this can cause your neighborhood to degrade. For example, your swimming pool or playground might not get repaired.

Fortunately, HOAs usually don’t sit around and wait for this to happen. They fine homeowners and may even put a lien on the property. Even lawsuits are possible. This is why it’s important that you pay your HOA bill each month. 

In fact, any remaining HOA debt is your personal liability. In most cases, you won’t be able to sell your property until the debt is cleared. Usually, this means using the money from your sale to pay the overdue fees. If the issue isn’t resolved before closing, the HOA can still attempt to collect their debts. 

Sell Your House – Even with Overdue HOA Fees

If you’re planning to sell your home in MD, VA or Washington DC, 4 Brothers Buy Houses can help. We have solutions for all types of real estate problems, including outstanding HOA fees. 

Because we pay cash for houses, you can use the cash from your sale to pay off these debts and walk away from your property free and clear. To discuss your options for selling a house with HOA debt, contact 4 Brothers Buy Houses today

September 1, 2022

Why Does the Maryland Housing Market Slow Down in the Fall?

The housing market in Maryland has slowed significantly over the last couple of months due to many factors, including rising house prices, increasing interest rates and low inventory. In July 2022, home prices in Maryland were up 5.4 percent compared to last year, selling for a median price of $407,800.

Currently, Maryland is a neutral market, which means it’s not a seller’s market or a buyer’s market. This is actually good news, considering that many areas are starting to see things shift toward the buyer. And, with limited inventory in the state, it’s possible that prices will go up even further. 

But there’s another thing that’s slowing down the market, and that’s the fall season. Historically, autumn is when the housing market cools off. Let’s learn why this is the case and why selling your Maryland property now might be the best fit. 

The Kids are Back in School 

The spring and summer are popular times to buy a home because the kids are either out of school or almost done with school. Families prefer not to change schools in the middle of the year, so they start looking at homes in the spring, with the goal to close sometime in the summer. This way, they can move their family into their new home and have time to settle in before the new school year starts. 

There’s Less Flex Time 

Another perk to buying a MD home in the summer is that people tend to have more flexible schedules. They’re more likely to take time off in the summer for vacations and family time. And some employees are naturally off in the summers, like teachers! With more free time in their schedules, prospective buyers have an easier time making it to showings and working with a realtor. 

The Weather is Not as Nice 

Maryland gets cold, rainy and snowy in the fall and winter, which means it’s not an ideal time to move. Summer may be hot, but there’s a far less chance of rain or snow during this time of year. Not to mention, the spring and summer are growing seasons, when trees and flowers are at their peak. This can help buyers see the best in their potential new neighborhoods. 

Harder to See the Neighborhood in Action 

More people are out in the spring and summer. Neighbors are working in their yards, kids are out riding bikes and families are walking their dogs. This makes it easier for prospective buyers to meet their new neighbors and get a feel for the community. Once fall hits and school is back in session, there are far less people out and about. 

Selling Your MD House in the Fall 

If you missed the mark and want to sell your house before winter hits, now is a great time to do so! It’s hard to know what the market will be like in a few months, and you can get a good price for your MD property today. 

4 Brothers Buy Houses will pay cash for your property. With our house buying services, you can eliminate an appraisal, inspection and home improvements. We buy properties as-is, and we take care of most closing costs. And, there are NO commissions or fees! Contact us today for your FREE cash offer

August 28, 2022

Arlington VA Housing Market Slowing Due to Economy

You may have noticed that the housing market in Arlington, Virginia is slowing down. A recent article reported that Virginia’s housing market is seeing the sharpest drop in sales since the beginning of the pandemic. Housing prices keep rising, however, because inventory is low. 

Being a buyer in today’s market isn’t easy. Interest rates are high, housing prices are high and there isn’t much inventory to choose from. Consider that in June 2021, nearly 17,000 homes in Virginia were sold. In June 2022, that number sat at just over 13,000. The Virginia Association of Realtors said this is the biggest drop since the pandemic. 

If you have a property to sell, you might be wondering if you should bite the bullet and list it now or wait. While only you can make this decision, it is important to weigh all of your options because the VA housing market is changing. By next year, you may have a limited buyer pool and a more difficult time selling your house. 

How Does the Economy Affect the Housing Market?

Home sales are directly tied to the economy’s health. As the economy rises and falls, so does the housing market. As the economy slows, the supply of money tends to become more restrictive. As money becomes harder to borrow, fewer buyers enter the housing market. 

Currently, we are starting to see this happen. Inflation, housing prices and mortgage rates are high, putting many people out of the market. Unfortunately, this could cause home sales to dry up. This is a concern, especially as more experts are predicting another recession within the next 18 months. 

Why Now is a Great Time to Sell Your Arlington, VA House 

If you have a property in Arlington to sell, now might be the best time to move forward. 4 Brothers Buy Houses purchases undesirable or distressed properties. We pay cash and take houses in any condition. Because we do not use bank financing, we can typically close in about two weeks. 

Also, our cash buyers purchase properties in their current condition, which means you will not be required to make any improvements or repairs. You can even leave your belongings in the house, which is great if you’re hoping to sell a rental or investment property. 

By selling to our cash buyers in Arlington, VA today, you can take advantage of a still-desirable housing market and erase the worry of inspections, appraisals, showings, realtor commissions and closing costs. Get in touch with 4 Brothers Buy Houses to get a free cash offer on your property. There is no obligation to continue, so see what our cash buyers have to offer you today!

August 15, 2022

Increasing Mortgage Rates and How They’re Affecting the D.C. Housing Market

Remember when mortgage rates were at their lowest point in 2020 and 2021? As a response to the coronavirus pandemic, the 30-year fixed rate fell to 3 percent for the first time and kept falling to a new record low of just 2.65 percent in January 2021. Fast forward to today, and interest rates are looking very different. They continue to increase, with the average 30-year fixed rate at 5 percent at the time of this writing. 

Let’s talk more about why mortgage rates are increasing in the D.C. area, how long we can expect them to trend in this direction and how the housing market will be impacted.

How Interest Rates Affect the Housing Market

Mortgage loans come in two main forms – fixed rate and adjustable rate. The interest rate is the amount charged by a lender to a borrower to use their assets. There are a number of factors that affect interest rates, such as the state of the economy. 

A country’s central bank sets the interest rate – in the U.S. it’s the Federal Reserve Board – and each bank uses this to set their APRs (annual percentage rates). Central banks tend to raise their interest rates when inflation is high because it helps bring inflation back down. High interest rates discourage borrowing and reduce consumer demand. 

Since inflation is increasing, the cost of everything is going up, and this includes mortgage rates. Even though interest rates are high right now, they are actually a good deal by comparison. The long-term average for a 30-year mortgage in Washington D.C. is around 7 percent. 

D.C. Mortgage Rate Predictions for 2023 

Some experts predict that mortgage rates will hover around 5 percent next year, while others say they expect rates to reach 6.7 percent by 2023 and 8.2 percent by 2025. If the latter does happen, it will be the first time that the average 30-year rate moves past 8 percent since 2000. 

Ongoing inflation is a huge concern for consumers and investors alike. The market is unpredictable, and there are many external influences that are affecting the U.S. economy, including the Ukraine/Russia conflict. 

Hopefully, mortgage rates won’t go up to 8 percent in the next few years, but it’s safe to say that they won’t be falling, either. Therefore, if you’re in the market to purchase a house or sell yours, now might be the best time to make these decisions. Otherwise, you could be working under much different circumstances. 

With Rising Mortgage Rates and Inflation – NOW is a Great Time to Sell Your D.C. House! 

Things are quickly changing in D.C.’s housing market. The market is slowing down and giving buyers more control, gradually shifting over to a buyer’s market. Consider that 40 percent of listings currently on the market in the D.C. area have undergone a price reduction. 

If you have a property that you want to get rid of, now is probably the time to do so. We will be moving into the winter months before you know it, and the market cools down considerably at this time. Right now, you can likely sell your Washington D.C. house for more money, in a shorter amount of time and with fewer buyer demands.

4 Brothers Buy Houses will pay cash for your D.C. house. We use our own money – no financing – which helps the process move quickly. We can start the closing paperwork once you accept our offer, and you don’t have to worry about appraisals, inspections, home improvements, repairs, closing costs or realtor commissions. 

Contact our team of cash buyers in Washington DC today to get a free cash offer on your house. It’s no obligation, so see if the numbers work for you!

August 2, 2022

I’ve Fallen Behind on My Payments. Can I Still Sell My Washington DC House?

If you’re behind on your mortgage payments and you don’t see your situation improving, you might be wondering if you can sell your house in Washington DC. This will relieve you of your mortgage payment, and you can either rent or move in with someone while you improve your financial situation.

Let’s learn more about selling your house when you’re behind on your payments and the benefits of doing a cash sale. 

Can I Sell My Washington DC House if I’m in Foreclosure? 

The foreclosure process typically begins once you fall several months behind on your mortgage payments. In Washington DC, the servicer can’t officially begin the foreclosure process until you’re 120 days past due, though there are a few exceptions. This 120-period is meant to give homeowners in Washington DC a chance to catch up on their payments. 

The best time to sell your house is when you’re in pre-foreclosure. Once you’re in foreclosure, it’s only a matter of time before the bank has the legal ability to reclaim your house and sell it to recoup their money – and you’ll be forced to vacate. But you can sell your home any time before redemption. 

The benefit of selling your house when you’re in pre-foreclosure is that you have more time. You can make small improvements and work with a realtor to sell your home, or you can sell the property for cash. If you wait until foreclosure officially begins, you’ll be working against the clock. 

Knowing What Your Property is Worth 

If you’re behind on your mortgage payments, but your house is worth more than what you owe on the loan, you’re in a good spot. You can sell the house and use the profits to pay off the loan. Things get trickier when you owe more on the house than what it’s worth, something called an underwater mortgage

In this case, you may want to sell your Washington DC house in a short sale. You will end up “short” when paying back the lender, but they will have already agreed to accept this. Getting your bank to agree isn’t easy, however. Lenders lose money in short sales, so this is not an ideal solution. That being said, some lenders will take a short sale over a foreclosure, so they may agree to it. 

Other Options to Consider 

As long as you can sell your home for more than what it’s worth, this is what you’ll want to move forward with. Find out how much you own on the loan, along with any fees. Then you can work with a real estate agent and/or cash buyer in Washington DC to determine how much you’ll get for your property. 

What makes a cash sale ideal is that the process is quick, there is no need to make improvements or repairs and most costs are eliminated – inspections, appraisals and closing costs. 

Other options you can look into include: 

To get a free cash offer on your Washington DC property, contact 4 Brothers Buy Houses. We buy houses as-is, and we often work with people to stop foreclosure. Find out what we can do to help you today! 

July 28, 2022

Everything You Need to Know About Washington DC Real Estate Taxes

DISCLAIMER: Our blog posts are intended for educational purposes only. They are not to be used as financial, tax, legal or real estate advice. Please contact a tax professional, real estate attorney or other professional for clarity on your specific situation. 

Many people forget about real estate property taxes when selling their home in Washington DC. But this is something that you’ll definitely want to consider since they can impact your monthly mortgage payment or any gains on the sale of your property. 

If you’re planning to sell your house in Washington DC, it’s important to familiarize yourself with local real estate taxes, property taxes and capital gains. This way, if you do have to pay any of these taxes at the time of closing, you’ll know what they’re for. 

Here’s everything you need to know about real estate taxes in DC. 

Different Types of Taxes, Explained 

When you’re a homeowner in Washington DC, you’re responsible for paying taxes. Taxes are the primary source of revenue for governments, and they are used to fund things like streets, schools, emergency services and welfare programs. 

Here are the different taxes that homeowners might pay: 

  • Property tax. Property tax is a major source of revenue for Washington DC. According to this article, property taxes in DC average 4.6 percent of income, making it one of the places with the highest taxes. 
  • Capital gains tax. A capital gain happens when you sell an asset for a higher price than you bought it for. However, most people do not have to pay capital gains tax. Unless you made gains above $250,000 for a single person or $500,000 for a married couple, you don’t have to worry.  
  • Real estate tax. Real estate tax and property tax are essentially the same thing. Most people refer to real estate taxes as property taxes. However, property taxes can include other assets such as vehicles, boats, RVs, planes and motorcycles. 

Do You Have to Pay Taxes When You Sell Your Washington DC House? 

Taxes might be on your mind if you’re planning to sell your DC home. But you’ll be glad to know that you’re unlikely to make enough money to incur a tax burden. Capital gains taxes are applied to the amount of gains you made, and unless those gains are $250,000 (single person) or $500,000 (married couple), you don’t owe anything.

There are a few other qualifications you’ll need to meet to avoid paying taxes. You can only take the capital gains exemption if the house has been your primary residence for at least two years. And, you must be the home’s owner. If you were living in your parents’ home, you would not be exempt. 

Now, if you are planning to sell a second home, it is not entitled to the capital gains exclusion. This is because it doesn’t meet the IRS definition of a primary residence. If you want to avoid capital gains taxes on a second property, you’ll need to rent it out, perform a 1031 exchange or use it as your primary residence. 

Get a FREE Cash Offer on Your DC Property Today! 

4 Brothers Buy Houses pays cash for houses in Washington DC. We help homeowners solve their real estate challenges – and we can help you solve yours! We’ll waive your appraisal, inspection and most closing costs. And because we buy houses as-is, you’re not responsible for any repairs or improvements. Contact our cash buyers today to get your free cash offer. 

July 18, 2022

What to Expect from the VA Probate Process – and Your Options for Selling

DISCLAIMER: Our blog posts are intended for educational purposes only. They are not to be used as financial, tax, legal or real estate advice. Please contact a tax professional, real estate attorney or other professional for clarity on your specific situation. 

Probate in Virginia is a court-supervised legal process that happens when someone dies. The purpose of probate is to give someone, usually the surviving spouse or another close family member, authority to gather and distribute the deceased person’s assets. And one of those assets is their house. 

If you are currently dealing with a Virginia house in probate, it’s helpful to understand the process and your options for selling, if you choose to do so. Many executors decide that it’s best to sell their loved one’s house because they don’t have the time or money to maintain it. Selling the property allows them to liquidate this asset and distribute it to the heirs. 

Let’s learn more about the VA probate process and your options for selling. 

Is Probate Required in Virginia? 

The short answer is yes, probate is required in the state of Virginia. However, there are instances where probate may not be required, such as if the estate is placed in a revocable living trust with named beneficiaries. 

Not everything needs to go through probate. Things like retirement accounts, life insurance policies, securities and stocks don’t need to go through probate because there are named beneficiaries. But property like houses and cars often do. 

How Long Does the Probate Process Take in VA? 

Probate is a long process, so plan to be patient. A small estate may only need four to six months, while larger estates will take more time. If there are delays, probate for a large estate can last for years. 

Fortunately, there are ways you can help speed up this process. Having a will, updating beneficiaries and signing a self-proving affidavit are all ways to make things move faster. And while there is no deadline for filing probate after a person dies in Virginia, sooner is typically best.

Can I Sell a House During Probate in VA? 

Yes, you can sell a Virginia property while in probate. However, you’ll need to be aware of how the proceeds from the sale will be distributed. For example, after the house is sold and the proceeds are applied to the probate cost and estate debts, any remaining profits will be split among the beneficiaries. 

Due to the way the profits are split, some executors find it best to sell the house for cash. They don’t have to pay realtor commissions, make repairs or pay closing costs. And, the process is quick, usually taking about two weeks from start to finish. 

The benefits of selling a house for cash in probate are: 

  • No realtor fees or commissions
  • Most closing costs covered 
  • No repairs or home improvements – house is sold as-is
  • Quick closing – usually in about two weeks 
  • No appraisal, inspections or showings 
  • Leave the belongings if you wish! 

If you are thinking about selling a VA house for cash in probate, contact 4 Brothers Buy Houses. We frequently work with people in probate, and we can help determine the best options for you and your family!

July 10, 2022

My Hyattsville MD House Has an Auction Date. Can I Stop Foreclosure?

Foreclosure isn’t a quick process. In Maryland, the process typically takes about 90 days. But this timeline can take much longer depending on how backed up the courts are. However, when you receive an auction date for your MD house, you’re racing against the clock. The good news is that you still have time to prevent foreclosure, even if the auction date is just weeks away. 

Stopping Foreclosure in Hyattsville MD 

Foreclosure in Maryland is not unusual. Maryland is the seventh most expensive state in the United States, with housing prices 66 percent higher than the national average. A typical single-family home in the Hyattsville area is around $350,000. And even though the average household income in Hyattsville is $93,527, the area still has a poverty rate of 10.33 percent

If you are struggling to pay your mortgage in MD, you are not alone. But keep in mind that you do have options. You do not have to let your house go into foreclosure. 

Chapter 13 Bankruptcy

One option you have is to file bankruptcy in Maryland. Unlike Chapter 7 bankruptcy, you do not have to sell your house in Chapter 13 bankruptcy. This form of bankruptcy allows you to keep your home and avoid foreclosure while stopping creditors from pursuing debts against you. 

However, filing bankruptcy is always a last resort. It’s a long process that can negatively impact your credit score by 200 points or more. A Chapter 13 bankruptcy also stays on your credit report for seven years and can make it difficult to get new financing. 

Negotiate with Your Lender 

You should always be in communication with your lender. The more open and honest you are with them, the more they can help you. That being said, your lender’s goal is to get their money. 

Try to negotiate with your lender and see what options you have, such as loan modification, refinancing or forbearance. Your lender may even agree to accept a deed-in-lieu arrangement. Although you won’t get to keep your house, it does prevent foreclosure. 

Pay the Balance 

This is probably an unlikely situation, since you would have paid your delinquent mortgage by now if you had the money. But it’s still something to consider, as a loan from a family member or an unexpected inheritance could bring the financial windfall you’re in need of. 

You can also sell your Hyattsville house for cash, which would give you money to pay off your delinquent mortgage. As long as the lender accepts the payment, the foreclosure process stops and you can continue making your regular mortgage payments. 

Sell Hyattsville MD House for Cash Before Auction Date 

Since a traditional sale can take months, selling isn’t a feasible option to stop foreclosure if there’s already an auction date. But you can complete a cash sale. With this arrangement, a cash buyer purchases your house using their own money. No bank financing is needed.

4 Brothers Buy Houses can usually complete a cash home sale in two weeks. We also waive the inspection, appraisal and most closing costs. Each situation is unique, so it’s important to find out if a cash sale is in your benefit. Contact us today to learn more about selling your Hyattsville MD house for cash! 

July 1, 2022

Can I Sell My Washington DC House While in Forbearance?

Forbearance is when your mortgage lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You are not off the hook for these payments. You will have to pay the reduction or paused payments later on. 

The purpose of forbearance is to help homeowners deal with financial hardship. Unfortunately, not all hardships are temporary. Some go on much longer than expected. If you have found yourself in this situation, you may be wondering if you can sell your Washington DC house while in forbearance. 

Yes, You Can Sell Your Washington DC House in Forbearance

4 Brothers Buy Houses works with people who are in forbearance. Not only can we help you sell your house, but also we can sell it fast. This is important, as you might not be able to find a buyer in a short amount of time. 

Also, we do recommend looking at all of your options, as one might work out better than another. For instance, if you want to stay in your house, you can work with your lender to refinance your mortgage or modify your loan. But if you want to sell your house and start fresh, selling to our cash buyers in Washington DC may be worth it. 

What are the Benefits of a Cash Sale in Forbearance? 

Many people don’t consider a cash sale in forbearance, but it can be a great alternative to a traditional sale. It’s cheaper, faster and easier, which are all great perks for you! Below are some of the benefits of selling your Washington DC property to 4 Brothers Buy Houses: 

  • Work with local buyers. Our house buying company is not a national company that will pressure you into selling your house. We are local buyers who live and work in the area. We care about our customers and help them work through their real estate challenges. 
  • Avoid selling costs. Selling a house is not cheap. A traditional sale involves many costs, including realtor commissions, marketing fees, repairs, showings, closing costs and more. You can avoid all of this with a cash sale. We even waive most appraisals and inspections!
  • Sell quickly. Most cash sales take about two weeks or so. This means that you could be closing on your DC house within the month! If your hardship is extended and you need to relieve yourself of your mortgage payments, a cash sale will help you out. 

Get a Free Cash Offer on Your DC House 

It is possible to sell your Washington DC house for cash while the mortgage is in forbearance. You may have to work out an agreement with the lender and use your profits to pay off your debts, but this will help you get the fresh start you’re looking for. To find out how much 4 Brothers Buy Houses will buy your house for, contact our cash buyers today