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January 8, 2023
When Should Retirees in Arlington VA Downsize Their Homes?
Are you thinking about downsizing your Arlington home now that you are retired? This could be a good option, as it can free up some cash and better accommodate your needs. If your current house has three levels and lots of stairs, for instance, it won’t be as easy to live in as a one-story house. Same with older homes. They need a lot of maintenance, whereas a newer build will not.
Making the decision to downsize is only half the battle, though. You then have to decide where you want to live. Some retirees in Arlington choose to leave behind the winter storms and settle in a warmer state like Florida or Arizona. Others stay in Virginia, but choose a senior living community or one-level home that’s easier to maintain.
Below are some factors to consider when downsizing your home. Downsizing is both an emotional and financial decision, so it’s important to look at things holistically. To help you, 4 Brothers Buy Houses offers free, no obligation cash offers. This way, you can determine how much you’ll get from selling your Arlington house for cash.
When to Downsize to a Smaller Home
Your home no longer fits your needs.
Many retirees consider a move when their home becomes filled with memories instead of people. While it can be hard to let the family home go, there’s also no need to keep a large property with a big yard. This is a lot to pay for and maintain. The money you save by moving to a smaller home can be used to pay for family vacations, taking care of grandchildren, traveling and more.
You are feeling overwhelmed with home maintenance.
Another sign it may be time to downsize is feeling overwhelmed with the maintenance your property needs. Over time, houses need a lot of work. From day-to-day maintenance like mowing the lawn and shoveling snow, to essential repairs and upgrades, the average homeowner spends thousands on home maintenance!
If your home has become too much to handle, it’s a definite sign that you’re ready for something smaller and more manageable. And if you buy a new house in Arlington, you can enjoy everything being new, which means far less work for you!
Your housing expenses are becoming unmanageable.
Once you’re on a fixed income, you’ll need to follow a strict budget. However, it’s possible that your home will become difficult to afford with rising taxes and insurance rates. Living in a smaller home can free up cash and make it easier to enjoy your life. Instead of paying a high mortgage, you can use this money for traveling, entertainment and maintaining your new home.
You are ready for something new.
Selling the family home can be difficult, but you are also facing a new chapter in your life. You likely bought your home when your family was young and you needed lots of space. But now, you need a house that is streamlined and easy to maintain. And, don’t be afraid to spoil yourself with upgrades like walk-in closets, a barrier-free shower, a large kitchen island for entertaining, a butler’s pantry and an open floor plan.
If you are thinking about downsizing your home in Arlington, contact 4 Brothers Buy Houses for a cash offer. We always pay a fair price for the houses we buy – and we can have everything done in about two weeks!
December 30, 2022
Reverse Mortgage vs Selling Your Maryland Home
Retirement is an exciting time in a person’s life, but there are also concerns over how to maintain the same lifestyle. Some older adults consider taking out a reverse mortgage so that they can stay in their home and/or sustain their same life. But is a reverse mortgage really the best option?
When considering whether or not to take out a reverse mortgage, there are pros and cons to be aware of. Let’s cover what they are, and why selling your house for cash in Maryland might be the better option.
What are the Pros to a Reverse Mortgage?
A reverse mortgage is a loan borrowed against the equity you have in your home. Instead of paying the bank each month to build up equity, the bank pays you in a series of installments. Reverse mortgages work well for paying off debt or covering home improvements.
The advantages to a reverse mortgage are:
- You can stay in your current home, though you will be responsible for maintaining the home and keeping current with property taxes and homeowners insurance.
- You can increase your cash flow in a variety of formats: a lump sum, monthly payments or a line of credit. This way, you can sustain your lifestyle, travel or pay your medical bills.
- You can make improvements around the home so that it’s more conducive to aging in place, or tackle projects that you didn’t get to years ago.
What are the Cons to a Reverse Mortgage?
Even though a reverse mortgage can give you additional income during your retirement years, there are some drawbacks to be aware of.
- You’re still responsible for maintaining the home, which can become more difficult as you age.
- There are several costs associated with taking out a reverse mortgage such as origination, appraisal, title and insurance fees. These fees can be rolled into your loan or paid out of pocket.
- The loan must be paid back. This typically happens when you go to sell your home – you can use the proceeds to pay back the lender.
When Selling Your Maryland Home is the Best Option
If you need extra cash and/or want to maintain your same lifestyle, selling your house for cash may be the better option. You won’t get to keep your home, but you can buy something that’s smaller and easier to maintain. Additionally, you don’t have to worry about using the money for repairs or maintenance, and you can even set money aside as an inheritance for your adult children.
4 Brothers Buy Houses buy homes throughout Maryland. We will provide you with a free, no obligation offer, and if you accept, we can close in about two weeks. We purchase homes as-is, so there is no need to worry about appraisals, inspections, repairs, closing fees and more. The transaction is direct and between you and us!
To get a free cash offer on your Maryland property, contact our cash buyers today! You can then see if a cash sale is the best option for your retirement.
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.
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 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.
May 15, 2022
Disclosure Obligations When Selling Your Washington DC House As-Is
When selling a house in Washington D.C., there are certain things you must disclose to the buyers, even if you’re selling the property as-is. While disclosure documents are standard in all states, the requirements do vary.
For example, in Washington D.C., buyers cannot waive their rights to receive a disclosure document. Fortunately, the D.C. Disclosure Statement includes all disclosures that sellers must make, including physical and environmental factors.
Let’s learn more about what disclosures a seller must make when selling their house in D.C.
Washington D.C.’s Seller Disclosure Code
Under the D.C. code, the seller of a residential property with no more than four units must give prospective buyers a property disclosure statement. Even if the seller has a real estate agent or broker, it is still their responsibility to fill out the disclosure statement.
The D.C. Disclosure Statement covers a number of items. It’s important that sellers fill out this form to the best of their knowledge and in good faith. Hiring an inspector can help uncover issues that the seller may not be aware of.
What Types of Things Must Sellers Disclose in Washington D.C.?
If you are planning to sell your D.C. property, it’s important to know what to disclose so that you’re not held liable later on. Even if you are selling your house as-is, you still need to fill out this form to the best of your knowledge. Selling a property as-is means that you’re not responsible for repairs or improvements. But you are still responsible for disclosing information regarding your property.
The D.C. Disclosure Document will ask about your property’s features and their condition, such as the roof, chimney, insulation, windows, HVAC system and appliances. It will also ask about exterior or environmental issues like drainage, property damage and wood-destroying pests. Toxic substances are also a concern, so you’ll need to list the presence of radon, asbestos or formaldehyde.
Additional disclosures you may have to make are:
- Death in the home related to a violent crime
- Neighborhood nuisances like landfills or airports
- Homeowners’ association (HOA) information
- Repair history
- Water damage
- Missing items
- Historic district location
Sell Your Washington D.C. House As-Is
4 Brothers Buy Houses will pay cash for your Washington D.C. property. While you will have to fill out a Disclosure Document, the findings will not scare us away! Because we buy houses as-is, we will not ask you to make any repairs or improvements. It’s a clean transaction between you and our cash buyers.
To get a free cash offer on your Washington D.C. house, contact 4 Brothers Buy Houses today!
April 16, 2022
Is Mortgage Forbearance in Washington DC Right for You?
Mortgage forbearance in Washington DC is when your lender allows you to temporarily pay less on your mortgage or pause your mortgage payments due to a hardship. Forbearance does not erase or reduce the amount that you owe on your mortgage, but it does make it easier to work through your hardship at the moment. This way, you do not have to go into foreclosure.
If you are currently going through a difficult time and can no longer afford your mortgage payments, it’s important to consider all of your options, including forbearance.
What is Mortgage Forbearance, Exactly?
Forbearance allows borrowers to pause or lower their monthly mortgage payments while dealing with a short-term crisis, such as a job loss or illness. This helps borrowers avoid delinquency and foreclosure. However, it’s important to know that mortgage forbearance in Washington DC is only a temporary situation.
The great thing about mortgage forbearance is that it does not show up on your credit report. Your lender will still report you as current on your loan, even though you won’t be making your full payments. Borrowers also don’t have to pay any extra interest. Both the amount of interest and interest rate stay the same.
How Can You Request Forbearance in Washington DC?
If you’re facing a hardship, get in touch with your lender right away. Do not stop making your payments without talking to them first. Ask your mortgage lender about forbearance, as well as any other options that may be available to you.
Forbearance is a rather complicated process. Your lender may require that you request assistance within a certain amount of time after the crisis. And, if you are approved, your mortgage payments will depend on several factors such as the type of loan you have and your servicer.
The three options your lender may offer you are:
- Paused payments, paid during the existing mortgage. In this case, your servicer will allow you to stop making payments on your mortgage for about six months. After this time, you have to pay everything back.
- Paused payments, paid at the end of mortgage. If you’re worried about getting one big bill, you can also work with your lender to pay everything back at the end of the loan. You can also take out a separate loan. This option allows you to pause payments for 12 months.
- Reduced payments. This option reduces your monthly payments by half for three months. After the three months, you have a year to pay back the reduction.
Alternatives to Forbearance
Forbearance is a great option if you want to keep your home, and you’re confident that you’ll be able to pay back the missed payments. For example, if you lost your job but will be finding something comparable right away, forbearance will give you the flexibility you need.
However, if your situation is not temporary, you may want to consider other options. Loan modification, for example, changes the original mortgage terms permanently. You don’t skip payments, but rather pay less to make them more manageable.
Another option is to sell your Washington DC house for cash. You can do this even with a forbearance plan in place. When you sell your home as-is, you get to keep the full offer. You are not responsible for making repairs or improvements, and you can use the money to help your current situation.
Get a Cash Offer from 4 Brothers Buy Houses
4 Brothers Buy Houses purchase properties throughout Washington DC. We pay cash for homes and buy them as-is, with the whole process taking about two weeks. We even cover most cloning costs. Contact our cash house buyers today and see how much we’ll pay for your home!
April 3, 2022
How Do Sellers in Virginia Benefit from an ‘As Is’ Home Sale?
Thinking about selling your Virginia house but don’t care to go through the hassle of cleaning, organizing and staging the property? You certainly aren’t alone. More people are choosing to sell their properties as-is, meaning in their current condition, with no upgrades or improvements. But is this really the right fit for you?
Let’s look at some of the ways that sellers can benefit from selling a property as-is.
Avoid having to make repairs and improvements.
Not all homes being sold as-is in Virginia are in poor condition. Sometimes, the homeowner no longer has the money to maintain the property. No matter what condition your home is in, selling as-is relieves you of making repairs, improvements and upgrades. The buyers will know what to expect upfront, though expect to price your property competitively.
Prepare for a quick closing.
Selling a home the traditional way can drag on for months. Aside from bank-related hurdles, the buyers might be asking for certain things to be fixed or changed. But in as-is home sale, the process tends to move much faster. As-is sellers are motivated to sell and won’t be spending time and money making repairs – and buyers won’t be asking for them!
Fewer concerns over the home inspection.
A home inspection may still be requested by the buyer so that they can be made aware of any major issues. Otherwise, an as-is sale clears the seller of having to make any repairs after the inspection. If the thought of having a home inspection is making your stomach turn, it’s probably best to sell your Virginia home as-is.
Spend your time and money elsewhere.
If you have other things going on in your life right now, you don’t need to be worrying about preparing a house for sale. Selling as-is frees up your time and money. You’re not responsible for getting the property move-in ready, and you don’t have to worry about paying for home staging services. This also ends up saving you plenty of stress!
Attract different types of buyers.
If you don’t mind working with a cash buyer in Virginia, for example, you’re a perfect candidate to sell your property as-is. As-is home sales draw in different types of buyers – cash investors, real estate agents, house flippers and more. And in many cases, these types of buyers can be easier to work with than traditional buyers because they already have the money!
Keep in mind that selling a Virginia house as-is does not excuse you from disclosing known-issues about the property. Selling as-is only protects you from defects that you were not aware of. Some of the issues you will have to legally disclose to the buyers include mold, structural defects, foundation issues, a faulty roof and asbestos.
4 Brothers Buy Houses purchases properties all over Virginia. We buy them in as-is condition and never request anything from the seller. Contact us today to get a free, no obligation cash offer on your house and see what you can be walking away with in just a couple of short weeks!
March 10, 2022
The Difference Between a Buyer’s Market and a Seller’s Market
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!
February 28, 2022
How to Stop Foreclosure in Capitol Heights MD at the Last Minute
Life is unpredictable, especially now during a pandemic. At any time, a financial downfall can happen and cause you to fall behind on your mortgage payments. If you are in this position, it might seem like you have no options. But rest assured that you do. The key is to communicate with your mortgage company about your situation, as well as stay open to various ideas and opportunities.
Here are some quick ways that you can stop foreclosure in Capitol Heights MD at the last minute.
File for Bankruptcy
If you’re hoping to buy time and keep your house in Capitol Heights, you can file for Chapter 7 bankruptcy. You can stay in your home without having to make mortgage payments during the bankruptcy process. You can then work out something with the lender or save up money for a new place.
While bankruptcy is an effective solution for getting out of debt, it does have its drawbacks. It will hurt your credit, and you’ll have to wait at least two years before taking out another mortgage.
Modify Your Loan
Another option you may have is to modify your loan. However, be aware that this option is highly dependent on your lender. If your lender does agree to a loan modification, you’ll pay less each month toward your mortgage, making your payments more affordable.
Obtain a Deed in Lieu of Foreclosure
A deed in lieu of foreclosure gives the lender ownership of your property through a short sale process. Lenders tend to be hesitant to agree to this option because buyers can sue later on, claiming that they didn’t under the process. Also, a deed in lieu of foreclosure will hurt your credit. But, it’s still an option you may want to consider.
Sell Your House Quickly
For many people, selling their house in Capitol Heights quickly is the best way to stop foreclosure. They can sell their house as-is and get enough money to repay the outstanding balance on the loan. Their credit stays intact, allowing them to purchase a new property or rent in the meantime.
When you need to sell your home quickly, the best option is a cash home buying company. 4 Brothers Buy Houses purchase homes all over Maryland. We will buy your property as-is, which means you are not responsible for making any repairs or updates.
Because we are buying your house with our own money, you don’t need to work with a real estate agent, stage and show the home or wait for financing. We’ll do a quick inspection and make a fair cash offer. If you accept, we can close in about two weeks.
If your Capitol Heights home is currently in foreclosure, know that you do have options. Get in touch with 4 Brothers Buy Houses and let’s solve your real estate challenges!