We are a family-run company in Portland that buys houses all over the U.S.
People often don’t realize that there are multiple home buying companies across the country. Homeowners assume that if they are going to sell their home, they must do so through a real estate agent. But that is not true at all.
Selling your home to an investment company brings more benefits than waiting indefinitely for your real estate agent to find a buyer.
In this blog post, we’ll go over what to expect when working with a company that buys houses quickly for cash.
How You Can Sell Your House Fast
Homeowners who need to sell their home quickly in Portland ask us the same question, “How can I sell my home fast in Portland?.”
The answer is short and direct: “Better Off Home Buyers will buy it.“
What do I need to do for you to buy my house?
You have just taken the first step, which is to communicate with us. Next, we’ll do whatever is needed to finalize the purchase of your home in Portland. As a part of the process. After this first contact, At your most convenient time, we’ll set an appointment to see your property.
“I’m just looking for information, I haven’t set my house ready for sale yet, I haven’t even cleaned it, hahaha”
“No problem, we can arrange an appointment anytime you like, but you don’t need to have your house ready for visits, neither clean it, nor paint it, nor fix it either, haha ”
” The truth is that my house needs some repairs, but I need to sell it soon anyways”
” As I said before, it is not a problem for us, one of the ways we work is buying properties as-is. If you need to sell your house fast, we can visit it.
Now, during the Covid-19 epidemic, we take every precaution to protect your health, your family’s, and our own health.
We follow all the Portland, the State health protocols and the CDC recommendations.
“Thanks for saying that, my husband and I were concerned that if we hired a real estate agent, we would need to receive strangers at home. Honestly, I’m afraid of the spread of Coronavirus. On the other hand, we know that the house needs some arrangements, we can not afford it by now”.
“Well, we are more than happy to help you, after visiting your house I can make you an offer for the property. If you accept it, we will close in less than two weeks. You don’t need to repair your house or do anything at all. My team will take care of all.
“You say that you can close in two weeks, I know escrow takes 30 days or more, why are you offering to buy my house and close so quickly?”
“Good question, madam. The escrow’s duty is to be a trust to guarantee that the parties involved in the purchase of a property are not deceived.
Generally in a traditional house sale through a real estate agent, home buyers have applied for a mortgage loan. The approval of that loan takes a long time and lenders need the guarantee that their money will be represented in the purchased house value.
But in Better Off Home Buyers’ case, the situation is different because we have the money to buy houses. We don’t depend on mortgage loans or lenders.
By law, a title office intervention is needed, but because we own our money the whole process is reduced considerably, that is why I tell you that in less than two weeks we will close, We have had transactions that have been closed in 7 days and others up to 2 days.
In Better Off Home Buyers we buy all kinds of houses and in the conditions they are. Continually we are contacted by homeowners who present us with a large number of scenarios.
I remember the case of a Portland metro merchant who was going through a divorce and needed to sell a duplex house that was occupied by tenants.
“Even though my wife and I are divorcing, we agree to sell the duplex and distribute the money from the sale equally,” the client told me on the first day we spoke over the phone.
That situation made me sad because as a husband and family man, I can’t imagine myself going through such an experience.
But even a divorce is part of life circumstances, so with much professionalism, the Better Off Home Buyers team assisted this client and his ex-wife. We went to visit the property, it was a small building with two apartments one on top of the other, they were inhabited by nice people who allowed us to enter their homes to gather the information we needed.
In less than 24 hours we presented them with a written offer, they were initially dissatisfied with our proposal, because they wanted more money for the property. We explain what our purchase criteria are and with all due respect, we invite them to request a professional appraiser opinion or to consult other real estate investing companies.
Three weeks passed and one day the client called me back asking me if we could talk again about buying the duplex. He told me that sadly the divorce judgment had already come out, but that by mutual agreement the complex was still available for sale.
He told me that in the midst of all the stress they had, they had talked to other real estate investors that buy properties in Portland, but we were the ones who had offered more money for their duplex.
The client understood that we wanted to visit the duplex once again, not to take advantage of his situation or to lower our offer, but to be sure that in those three weeks the property had not suffered any damage. Once we completed the inspection, we confirmed that our offer was still standing and 6 days later we were signing the purchase-sale documents.
5 Reasons People Are Selling Their House
The novel COVID-19, unemployment, rallies of protest demonstrations, and lately, the wildfires are the perfect ingredients to wipe out the economy and cause a feeling of uncertainty and despondency across Oregon.
Many homeowners, individual landlords, and small business entrepreneurs have been hit the hardest during this period of the pandemic and by the actions taken by the local, health, and government authorities to deal with the crisis.
Reason 1. Disappointment
The main reason people contact our office is that they are tired of the current events in Portland. Months of rallies, sometimes violent demonstrations, have deeply impacted people. Actions taken by authorities have not helped prevent physical and emotional harm to Portlanders.
Many of the phone calls we received last month expressed that callers weren’t happy with the actual look of downtown Portland. Others said they fear for their safety and prefer to get out not just of Portland but Oregon entirely.
Reason 2. Lack Of Income
The unemployment caused by the crisis is an important reason people are selling their houses. With no income at all, it is difficult or impossible to comply with obligations. Though the Federal authorities came out with a temporary solution for struggling homeowners. Potentially, in the long run, the remedy will be worse than the illness,
Homeowners and individual landlords living paycheck to paycheck are feeling the tremendous impact of the lockdown. They say that they don’t believe they can recover 100% in a short time. Even if life in Portland returns to normal, they think it will take months for them to get back on their feet.
Owners of single-family homes or small multi-family units have informed us that they are struggling with the current situation because their tenants have lost their jobs and have stopped paying rent for several months.
Reason 3. Tenants
With millions of job losses since the pandemic began, paying the rent has been Taft for many. Same story for landlords who have mortgage payments, overhead, and obligations to meet. There is a lot of frustration on both sides.
Tenants are saying landlords are not doing enough like maintenance of the properties and are unresponsive when tenants request minor repairs. Landlords say tenants are taking advantage of the federal and local regulations to stop paying the rent, even if they can pay.
Recently, Better Off Home Buyers was able to help a landlord whose tenant stopped paying rent in May. Although this owner had a federally-backed mortgage loan, he decided to sell his property because he has estimated he will not be able to keep the property, he said.
Afzal Almasi is an immigrant established in Portland in 1991. After three decades, Mr. Almasi has purchased seven rental properties. Four of these houses have a mortgage loan insured by the Federal Government, two properties have conventional mortgage loans, and one is paid off.
Since the COVID-19 started, 5 of his tenants stopped paying rent, and the other two are current. Mr. Almasi says he has been trying to talk to his tenants to find out how they can work together to solve the paying-rent problem. But every time he wants to communicate with his tenants, they reject him. Once, because of the phone calls, two of his tenants threatened to hurt him.
Mr. Almasi is considering selling some of his rental homes because, in his opinion, he would not be able to survive until the eviction moratorium gets suspended. Without the rental income, the cost to hold the properties is too high. He said.
Reason 4. Working From Home
The new normal has brought changes in the way many people work. Due to compliance with the CDC social distancing regulations, a lot of companies were forced to close their facilities and to send their employees to work from home.
People have found out that from school teachers to CEOs, they can work from home and continue executing an excellent job. The pandemic has shown that remote working can be the future for a large workforce, especially those who just need an internet connection.
Homeowners working from home have found that they can continue working remotely and reduce expenses. Therefore, they are moving out to less expensive cities or small towns. In the process of buying a new home in a less expensive location, they are selling their current house. Some of them have contacted us because it is very convenient for them to sell their home to us, and not through a regular real estate agent.
Our buying house process in many cases takes up to 7 days. In the regular real estate market, the house selling time is more than 90 days. The costs of selling a house through a real estate agent are much more expensive than selling your house to us.
Reason 5. Rules And Regulations
The CARES Act and the Oregon and Portland regulations are instruments issued by the
Authorities to address the effects of the coronavirus on the economy. However, good intentions could turn the table against the homeowners. Federally-backed mortgage loans homeowners may require to apply for a 180 forbearance plan, which could be extended for another 180 days. At the end of the forbearance plan, they can negotiate with their bank the terms to repay the missing payments.
For conventional loans, the picture is quite different. Homeowners are at the bank or the lender’s willingness to help. Many private lenders are offering 3 or 6 months forbearance to those homeowners affected by the coronavirus. Requirements, regulations or the way banks would help their clients is not clear. Banks and lenders are free of applying rules without authorities’ supervision.
Ending 2020, and after the second quarter of 2021, Hundreds of thousands of foreclosures will fill the courts across America. Without a COVID-19 vaccine, it will not be easy to come back to normal.
Tax Tips for Selling Your Home
If you’re thinking of selling your Portland, Oregon home, it’s important to be aware of the tax rules. Not knowing can be detrimental, and you could end up having to come up with a lot more money out of pocket than you thought.
At Better Off House Buyers, we’re all about saving you money on the sale of your home. We have a few tax tips to share with you that might make the process a lot easier.
Tax Tip #1: You May be Exempt From Federal Taxes
Have you owned and lived in your home for two of the last five years prior to the sale? If so, then as much as $250,000 in profit may be exempt from taxes. If you’re married, that number doubles to $500,000. This is called a capital gains tax break.
In order to qualify for this exemption, you must have not excluded the gain on another home within the last two years. A tax professional is the best person to ask about this. They can advise you on your personal tax situation.
The $250K or $500K should be excluded from your taxable income. You may not even need to support the sale at all unless you receive a Form 1099-S in the mail. If you sell your home at a loss, you won’t be able to deduct it.
Of course, there are exceptions to every rule, and the same is true in this case. You may qualify for this exclusion of you received the house as a result of a divorce settlement.
Tax Tip #2: You May Fall Under Special Tax Circumstances
If you’re a homeowner, your situation is probably one of the following:
· You bought your house from someone else.
· You built your home yourself.
· You inherited your home from someone else.
You’ll need to determine the actual cost of your home before you can calculate your taxes. So if you bought the home yourself, the price you paid is the purchase price. This includes any closing costs, your down payment, and any debt that you took on. If you built your home or you contracted someone to have it built, the amount you paid, including your closing costs is the cost of your home.
But in the case of an inherited home, the rules are a little different. The cost of the home is what the fair market value of it was at the time of the previous owner’s death.
This information is important for you to have. You will need to report it on your next tax return.
Tax Tip #3: You May Qualify for a Reduced Exclusion
If you don’t qualify for the capital gains exclusion, you may find that you do qualify for a reduced exclusion. But this only applies if the living conditions of a qualified individual change. The term, qualified individual, may apply to yourself, your spouse, anyone who co-owns the house with you, or a resident of the home.
You may qualify for a reduced exclusion if any of the following applies to you:
· You moved because you got a new job AND the new job is at least 50 miles farther from your old home than your previous job was. You must have changed your employment situation while you were still living in the house you’re trying to sell.
· You have a qualified family member in your house who has some type of illness, disease or injury. You must sell your property because they need treatment or because a doctor recommended a change in residence.
· You’ve experienced circumstances that are out of the ordinary, but still life-altering. Some examples would be a divorce, the death of a family member, or employment changes.
Tax Tip #4: Always Keep Your Tax and Real Estate Documents Accessible
You’ll want to make sure you always have the documentation on your house handy, just in case you need them. You should include your closing statement as well. Many agents automatically mail their clients their closing statements after the sale of the house has gone through.
Tax Tip #5: Choose to Work With an Investor for the Sale of Your House
There’s a lot more to paperwork to keep track of when you sell your home through an agent. It can be hard to manage all of it, and a lot of people end up having to ask for copies, which can be difficult to obtain.
The best way to sell your house is to do so through an investor or a professional home buyer. At Better Off House Buyers, we simplify the selling process for you. Yes, you will still have a closing sheet, and you may need to pay taxes on the home. But every situation is different, and we can guide you in everything you need to do.
You’ll love how quick and easy our buying process is. In fact, you can have cash in hand for your house in as little as seven days in many cases.
What Happens When an Investment Company Buys Your House?
Selling your home to a real estate investment company is a quick transaction. A professional home buyer presents you with a written offer for your house and closes quickly. Which represents a huge benefit for a homeowner who needs to sell fast. Real estate investors companies also pay in cash, which can streamline the entire process.
Typically, the process of selling your Portland home to an investor like Better Off Home Buyers goes like this:
- Contact the real estate investment company. In this case, please fill out the information form on this page or dial the company phone number directly.
- Provide the information about your property to the best of your knowledge and belief.
- Set a time for the investor to come to see your house in person.
- Tour your home in the company of the Better Off Home Buyers representative.
- You will be presented with an offer for your house in less than 24 hours
- If you decide to accept the offer, Better Off Home Buyers will initiate the arrangements for the closing in the shortest time possible, 7 days or less.
The Benefits of Selling Your Home to a Professional Home Buyer
According to testimonials, there are many reasons why people choose to sell their homes to professional Portland home buyers. Homeowners are eager to reap the benefits, such as:
- Get cash fast. Depending on the circumstances you are dealing with, you may need to have cash on hand as soon as possible. For example, if you are going through a divorce, filing for bankruptcy, or facing foreclosure. Getting immediate cash for your home can be incredibly helpful.
- An effortless transaction. When you bought your home, you may have been lost under a mountain of paperwork. That is not something you should not worry about when selling to an investor. Better Off Home Buyers has highly experienced professionals in areas such as accounting, law, real estate, and excellent customer service practices.
- Savings. You may not have the time and the cash to repair your home to sell it on the Portland real estate market. Real estate agents require that you pay for your home improvements, hire a professional photographer, add your house on social media, hire a professional designer to advise you on how to present your home for sale. Schedule and manage visits to your house and pay for closing costs and the agent commissions.
By selling your home to a professional home buyer like Better Off Home Buyers, you will never incur the costs we have mentioned above. As a selling homeowner, you only need to focus on the next step in your personal life because Better Off Home Buyers will pay for your home in about 7 days.
- Avoiding a long process. If you’ve ever negotiated a living arrangement, then you know how difficult it can be. You know first hand, The time it takes, the costs, and the stress of the experience. But, by selling your Portland house to Better Off Home Buyers you don’t go over a complex proceeding. We can summarize the Better Off Home Buyers buying-home process as one, two, three.
One, you contact us by filling the form on this page or by dialing directly
Two, We will present you with a writing offer for your house.
Three, Cash in your hands in about 7 days.
If You are selling your Portland house, it may be that you just want to sell it, or you may be you are facing legal challenges. Or maybe you need to sell because you are accepting a new job in another city. For whatever reason you are selling your house in Portland, selling to an investor can help you start that new chapter of your life faster than a traditional real estate sale would do it.
Selling Your Home at a Fair Price
You deserve a fair price for your house, and you shouldn’t feel as though you have to settle for less. If your house is in poor condition, but you are in need to sell it quickly, you should expect to sell it below market value. However, a fair price is the result of formulas applied by a licensed appraisal when a property is inspected for value reasons. The price of a house also is determined by its location and the selling history of its neighborhood. Better Off Home Buyers have into account f the variables that influence a home price to make a win-win offer.
We Buy Tenant-Occupied Rental Houses
Recently, we worked with a homeowner who owned a rental property with tenants. When he had, have contacted us by phone for the first time. We asked him the usual questions regarding his property.
“How long have you been with your rental property?” Was one of the questions I asked
“I have owned this house for the past ten years. I’m still making mortgage payments,” he said.
“Ten years, you must be receiving income from that house. Why do you want to sell it?” I asked him
“I want to be honest with you, Scott,” he said. “Tenants currently occupy the house.”
“Well…that is not a problem for us, we can buy it,” I kindly replied.
“For me, that property has been a big problem. My tenants haven’t paid rent for the past 24 months,” he said.
“24 months, are they your relatives? What have you done to evict them?” I asked with surprise.
“No, Scott, the tenants are not from my family. I have done everything humanly possible and have used all the legal means to evict them, but nothing has been successful. They changed the locks and have denied me access to the house. I have offered them cash to relocate, but I have had no answers either. ” And his voice sounded desperate through my cell phone.
The client asked me if we would be willing to make a fair offer for the property in its condition. After we visited his home and made all the observations, we presented him with a cash offer for his home.
Coincidentally, in those days, the court ruled in his favor for a pending eviction lawsuit, then with the eviction date looming, the tenants finally vacated.
When we were able to see inside the property for the first time, it was worse than we expected. The tenants had made holes in the walls, garbage, rodent feces, and clothing to the knee covered. Because of this situation, the owner agreed to a slight reduction in price based on the unexpected cost to repair and decontaminate the place.
Then, according to our process, we closed the deal and gave him cash in 7 days.
The client told us that he could better use his money in other endeavors and no longer want to be a landlord.
Unfortunately, these situations are frequent because of the Oregon landlord and tenant laws, which heavily burdened t\landlords.
If you find yourself in a similar situation, we can offer assistance and buy the property that bad tenants have turned into garbage.
If you want to sell your occupied property, we can accommodate this as well. We will buy your rental house and inherit your tenants (paying or non-paying rent). Then, we will ask them for the house keys and offer them some cash to help them move out of the house.
We Buy Condemned Houses in Portland, OR
Perhaps you own a condemned house in Portland, Oregon. The weight of the debt can almost seem crushing at times, and yet, you haven’t been able to sell the property. A lot of homeowners run into this situation. You don’t want to invest any more money into it, but selling it can be a challenge.
What is a Condemned House?
Houses get condemned because the government steps in and deems them uninhabitable. They have seized the property, and it is considered to be unsafe. Please note that it takes more than just vacating a property to call it condemned. There could be many reasons, such as:
· The house has unsanitary living conditions.
· The house’s infrastructure needs work or it is failing.
· There has been significant structural damage done to the house that has never been fixed.
· The house could have black mold or other, similar problems.
· The house could have serious damage from termites or other pests.
A lot of houses become unsanitary because of tenants. Poor maintenance can cause houses to fall into disrepair, and if left too long, it can be expensive to fix any problems.
But there are additional reasons why houses get condemned too. It can happen after renovations if the house is inspected and there are violations found. Plumbing problems that aren’t fixed can result in the house being condemned, or it may not have anything to do with the house at all.
Local government officials have been known to condemn houses to suit their own plans as well. For example, let’s say they want to do construction on your street, or maybe the government has made plans to do improvements in the community. Both of these can result in homes being condemned.
What Happens When a House is Condemned?
Most houses are vacated before they are condemned, but that is not always the case. If your house is condemned, you or the people who live there will be forced to evacuate because it’s no longer deemed safe. If the house isn’t sold, the government may seize control of it, leaving you unable to make any of your money back on a sale.
Owning a condemned house can be incredibly stressful. Not only do have you to bear the weight of the financial burden, but you also have to worry about a long legal battle. The best thing you can do is to sell your house as soon as possible, but that can be challenging when it’s condemned or about to be condemned.
Selling Your House With a Real Estate Agent
The first thing most people do when they’re getting ready to sell a house is to contact a local real estate agent. There’s nothing wrong with that if the house is sound and you’re fairly certain of a relatively quick sale. But in the case of selling a condemned house, a real estate agent is probably not the best way to go.
Real estate agents can be great at selling houses that are move-in ready. But it’s more challenging with a house that needs some work. A lot of prospective home buyers will only consider houses that need little to no work. In order to sell a house that needs renovations or that has serious construction problems, it’s best to opt for an investor.
Selling Your Condemned Home to an Investor
When you sell your home to an investor instead of working with a real estate agent, the process will be entirely different. A professional home buyer won’t be concerned about whether or not your home has been condemned. Their focus will be on how much work it will take to restore it.
You’ll find that if you do choose to work with an investor, it will be an entirely different experience. You won’t have to wait as long to close, and many of them will be able to pay you in cash on the spot.
The last thing you want to do is be tied down with a condemned property. With every passing day, your house is losing value, which means that it’s important to act quickly. Once you no longer have to worry about selling your home, you’ll be amazed at the burden that gets lifted off your shoulders.
We’ll Make You a Cash Offer
Do you own an ugly house in Portland, OR? Are you trying to sell it, but you’re having difficulty getting prospective buyers to even consider it? This is a challenge that a lot of people face. They often end up stuck because they know the house needs work, but they don’t want to invest the time or money.
The good news is that at Better Off House Buyers, we’re always in the market for ugly houses. You may not have a desire to invest, and that’s OK! We do want to invest in your home, and not only that, but we want to give you a fair price for it.
· It has serious structural problems, such as a cracked foundation.
· It’s located in a bad neighborhood or one where crime is prevalent.
· The house’s location is inconvenient for the owners.
· It may be located in an area that has a lot of floods, or that experiences other types of weather damage.
· The owners may have to make high mortgage payments.
What is an Ugly House?
A lot of people think that the term, ugly house, refers to one that has serious cosmetic issues. But there is actually a lot more to it than that. It could mean that the house isn’t in good condition, but it could also mean that the owners are facing an ugly situation that is causing them to have to sell.
Here’s a quick list to help you determine if your house is an ugly house:
Why do People Sell Their Ugly Houses?
There could be a lot of reasons why a person might want to sell an ugly house. For example:
· Maybe they’re planning to retire or they’re downsizing.
· They may be planning to relocate.
· They may have suffered a job loss.
· They may be getting divorced.
· They may need to quickly liquidate their assets.
· They could be facing a foreclosure.
The majority of people who sell their ugly houses simply are not in a position to do the needed work on them. They need a way to get out from under their homes so they can move on.
Do Real Estate Agents Sell Ugly Houses?
There are a few different ways to sell an ugly house. Most people will start by calling up a real estate agent. They’ll make an appointment with the agent and then go through all the steps to get their houses listed traditionally. But the problem with this approach is that these homes are usually priced much higher than they should be.
There are real estate agents that do sell ugly houses. But that doesn’t mean they do it easily. It can be really challenging to sell this type of property. It is destined to be a journey that involves plenty of price changes and adjustments. Also, new prospective buyers may have gotten approved for loans that require a lot of updates to the house before the deal is finalized.
A real estate agent guides you through the process of selling your house starting with:
- A visit to your property before signing a representation agreement, which states that only the real estate agent is allowed to sell your property. If not, 15% of the sale must be paid to him as a fine. On the visit, your house price sale is determined by comparing other properties within the same neighborhood, which is called “Comparative Value.”
- A preliminary analysis of the house conditions and location will be determinant to make a list of the recommendations that the real estate agent will demand you execute. These recommendations may go from deep cleaning of the place to major repairs to make the house attractive to potential buyers.
- If the property is in physical-favorable conditions for sale. On behalf of your real estate agent, an appraisal will show up to value your house (you must pay for this service), after the appraisal process, paperwork will kick off the house sale. Then, the house will be registered in the MLS (Multiple Listing Service) lists.
- The real estate agent makes the necessary publicity to show your house in all possible means. He or she may suggest you use social networks to do the same. You may add the sale of your house without forgetting to put the links and your real estate agent information so those interested in your property can communicate with him.
- After that effort, be patient waiting for potential buyers to appear and schedule the appointments for a physical or virtual visit. Today with the coronavirus is important to take precautions to protect everyone’s health. Many homeowners do not feel safe bringing strangers into their homes. Similarly, many buyers have been reluctant to go out for fear of contagion.
- Receive a written offer and after you accept it, proceed to the paperwork to close the deal, and then, you will receive the money for the sale of your house. Generally, this entire process takes 90 to 180 days, if all goes well. The Better Off Home Buyers buying homes process takes between 2 to 30 days on average.
- 8% of your house sale goes to pay for commissions and closing expenses. Remember, this money is paid from your pocket. Plus, payments and expenses that you have had to make repairs, cleaning, advertising, taxes, and so on.
This traditional real estate transaction could take 90 to 180 days. There have been multiple cases where all the experience of a real estate agent is not enough, and it has been necessary to withdraw the properties from the market or sell them up to 25% less than the original listing price.
We Buy Abandoned Houses
If you own an abandoned house in Portland, Oregon, it’s possible that you’ve given up on even trying to sell it. Maybe it’s just sitting there, an eyesore to those around it. But because you don’t know what to do with it, you keep putting the situation off.
There’s never been a better time to sell your abandoned house than now, and there are a lot of reasons to get it done. In addition to giving you your peace of mind back, selling your abandoned house will help you avoid any legal problems as well.
What is an Abandoned House?
Abandoned houses are those that are left vacant by the owner. It’s possible that they were facing foreclosure or bankruptcy. Some homeowners have legal or financial reasons for abandoning their homes. These houses tend to be run down and in need of serious cosmetic and structural renovations.
But regardless of the reason, the house was abandoned, leaving it that way can be a serious problem. It keeps the homeowner in debt longer, and they may also find that they have to face legal consequences as a result.
Legal Challenges Facing Abandoned Home Owners
If you own an abandoned house, every day that you ignore it brings you closer to legal issues. If the house is situated within a neighborhood association, they could step in. This might mean receiving letters from them with warnings to do something about the house. They may also report the home to the local authorities to encourage them to step in.
Your city may already be taking the steps to have the house condemned. This is an extensive legal process, and it can result in the government taking control of the property. If this happens, the house might get torn down or sold to a private buyer. But when the government sells your home, you don’t get the money from the sale. They keep it and use it within the local community.
Abandoned Houses Cause Problems For Everyone
Abandoned houses are a real problem in Portland, Oregon, but not just for the homeowners. When there is an abandoned house within a neighborhood, it drives the value of the homes around it down. But there are other issues surrounding these types of properties as well.
Abandoned houses are viewed as public safety hazards and crime magnets, in addition to being eyesores. In many communities, empty homes are invaded by squatters, and getting them out can be a challenge that takes months or even years.
Finally, we all know that poor living conditions can lead to health problems. But the same is also true for those who live in areas where there are many abandoned houses. These areas tend to have higher rates of mental illness, chronic illnesses or diseases.
In light of this information, it’s wise for you to consider selling your abandoned house. But don’t worry because there are ways for you to sell it quickly.
Should You Call a Real Estate Agent or a Home Buying Professional?
You could sell your home through a real estate agent, and this is the place many homeowners start. Some people easily sell their homes this way, but the vast majority of sellers find that it can be difficult. It can also be a long process that seems as though it will never end.
But when you work with a Portland home buying professional, you’ll find that it’s easy to sell your abandoned house. Not only that, but in most cases, you’ll have cash in hand relatively quickly. Investors are not concerned about the condition of your home. Their goal is to turn your home into a thing of beauty that will, once again, be a lovely part of your neighborhood.
How to Sell a Jointly Inherited House
Perhaps you have inherited a house from your parents or grandparents in Portland, OR. You’d love to sell it, but there’s a problem – the house was jointly inherited. Your sibling owns it just as much as you do, but the two of you can’t agree on what to do with it. This is a problem that a lot of families face, and it can be challenging to know how to proceed.
What to Know About Inherited Property
A lot of people have the best of intentions when they leave their homes to their children or grandchildren after they pass away. They want nothing more than to pass on their legacy. But it can be tricky to get everyone to agree with what should be done with the house. One sibling may have the desire to live in the home while the others retain ownership of it. Another sibling might want to avoid having to pay taxes on the home and sell it quickly. There is also the possibility of renting the home out while all of the siblings retain ownership.
But regardless of what the family wants to do with the house, it’s important to remember that the will’s instructions have to be followed. The deceased should have included clear directions about how the property was to be managed in the will. Those directions need to be followed during the probate process.
How this process works out for you and your siblings is very subjective. Quite often, you can all come to an agreement about what to do with the house. But when that’s not possible, you may have to take the matter to court.
Understanding Partition Sales and Buy-Outs
A partition sale is when the court divides the property into portions that represent each person’s interest in the home. Once that is done, the court will either force the sale of the home, or they will auction it off. The resulting proceeds are split between the heirs.
We always try to tell sellers that it’s best to avoid partition sales if at all possible. A forced sale or auction typically results in a reduced sale price for the house. There may also be excessive legal fees that need to be paid, which can leave very little money left over.
If one owner wants to keep the house and another wants to sell it, a buy out is another option. This allows one owner to purchase the others’ shares in the property. This is a much better solution than a partition sale because everyone gets what they want. It also avoids them having to go to court.
Should You Consider Selling to an Investor?
It can be really stressful to have to go through the sale of a house when you are in the grieving process. You’ve just lost someone close to you and it can be a hard process to go through; especially during this painful time. It’s easy to get overwhelmed by everything that needs to be done in order to get a house ready for sale. That is why a lot of people turn to investors during these situations.
An investor is someone who will purchase the property from you with cash and without a long waiting period. They likely have renovations for the home in mind, which frees you from having to do them yourself. In some cases, you can get cash for your home in as little as a few days.
Selling to an investor is a process that is designed to be quick and easy. If you have recently inherited a house and you are joint owners with your siblings, it’s definitely an option to consider.
What if a Sibling is Living in the Home and Refuses to Move?
This can be a very difficult situation to navigate through. There are a few things you can do:
· Approach the sibling about a buy-out. They should be willing to pay you and any other owners your share of the house if they do not want to move.
· Consider making this a rental situation. To do this, you will need to sell the house to a real estate investor landlord. The deal you make has to be contingent upon keeping your sibling as a tenant.
· Go to court and have the sale forced.
Selling A Probate House
Probate is a legal process whereby a court oversees the distribution of assets left by a deceased person. Assets are anything a person owns with value, such as real and personal property and cash.
After all the steps for selling a probate property have been taken, the court in Portland will handle proceeds being split between beneficiaries.
There are two types of probate sales. When a property is passed to a probate court in Portland, it’s assigned an administrator to manage the sale. In certain cases, the administrator is granted the authority to process a probate sale with no court confirmation, which means the sale would proceed just like any other non-probate sale. In this case, Better Off Home Buyers can make an offer for the house if the administrator accepts it, the deal is closed in a short time.
In the second type of probate sales, the Portland court needs to confirm the sale before it’s finalized, which means that once we make an offer, the house is only sold after the court confirmation.
Appointment Of Executor or An Administrator
In Portland If there is no appointed heir when the owner passes, the property is turned over to the courts, then the closest relative will be appointed as the executor to sell the property.
An executor can be appointed in a will by the decedent, or the closest relative will be appointed as an administrator by the court or other relatives.
Once the estate goes through probate, the court gives the executor of the will the authority to act on the property. This means the Administrator can begin to allocate assets and settle any debts on the property.
If you are the executor and you have siblings who share in the inheritance of the property, you’ll need the permission of your siblings and the courts to sell.
Selling a Probate Property
The Executor or Administrator is the person who has the authority to list and sell the property; the sale cannot proceed until that person has been identified.
The administrator could contact a real estate agent to assist him in selling the house.
Or opt to talk to a professional house buyer who can pay in cash for the property immediately
Better Off Home Buyers has a lot of experience buying probate properties in Portland.
Our team is well knowledged in all aspects of real estate and legal probate properties procedures.
In many cases, a person is notified of being a recipient heir of an inherited house that is located in another city or state far away from his actual residence. Distance, time, and money could be a problem to take care of a probate house. Selling fast the property is likely the best move in a case like this.
Benefits of Selling a Probate Property to Us
When a real estate property gets passed on to an heir, the beneficiary usually has three options to choose from – live in it, rent it or sell it. Most people are usually uncertain of what steps to take, which makes the task of figuring out what to do a bit overwhelming.
We suggest that inheritors wait it out for a while before making any decisions, especially if they are still grieving. Waiting 6 to 10 weeks to make a move ensures the beneficiary time to think it through in order to make an informed decision.
A probate estate property may require maintenance and repairs which most inheritors are not able or willing to keep up with.
This makes it difficult for them to live in or rent out of the house. This is why most people opt to sell the property. However, selling property the traditional way can be tough and time-consuming.
This is where Better Off Home Buyers comes in handy.
Time is Money
Selling your home with a real estate agent is a time-consuming process and it may take months before you find a good buyer. Buyers are also likely to demand an inspection that will not only consume more time but also be costly as you’ll be the one foot the bill.
An investor like us, on the other hand, is ready to buy your home in cash and we close a lot faster.
You Don’t Need to Put More Money into the House
If you decide to sell your home to a traditional buyer, chances are that they will require the house to be in the best condition. You might find yourself having to replace the floor, roofing, and other areas of the property.
The fact that yours is a deceased estate property means that you likely don’t have the money to make necessary repairs before you sell it.
Better Off Home Buyers take off the load and buy your house as it is. This means that you don’t have to spend money on improvements before selling the property.
Facing foreclosure is a situation that hardly ever crosses a new homeowner’s mind.
The dream came true, it is time to move the family to the new home, to work hard, and one day pay the mortgage off completely.
But every road is full of ups, downs. All of us are subject to unexpected changes. In many cases, a homeowner is unable to make his/her mortgage payments.
A decrease in income frustrates anyone, and many people react to this situation by doing nothing.
Foreclosure may take a psychological toll.
Relationships with friends, family, and, even worse, a spouse, may deteriorate.
Furthermore, how are children affected?.
To do nothing is not a solution. You need to act now. Shake off that feeling of defeat, and look for options to correct the problem right away.
The first thing to do is to talk to your bank or credit institution to find out if they have any assistance programs, or perhaps negotiate the overdue payments.
Some banks agree to move late payments to the end of the loan, so you can restart as if you were up-to-date on payments, obviously you have to pay the fines and interest on arrears.
On the City of Portland website, there is information that guides owners on how to avoid foreclosure. Similarly, information is found on the Oregon state web page. Oregon has legal aid low-income programs for people who are losing or already have lost their income.
In Portland, there are law firms that specialize in real estate law and have a lot of valuable information on avoiding foreclosure.
The Coronavirus Pandemic has caused great economic damage to our nation, many people are unemployed in Portland. Statistics show that in April 2020, unemployment rates reached 14.7%. In March we were at only 3.2%.
Foreclosure In Portland, Oregon
Generally, a lender cannot start a foreclosure process before 120 days after the debtor has stopped making payments. The law requires lenders to inform the debtor of the ways in which the judgment can be avoided.
In the judicial process, a lender has to file a lawsuit in court, and the homeowner receives a notice from the court to take the necessary steps to prevent the trial from opening. If a court determines that a lender can act on a property, a judgment is issued so the house can be sold and the credit institution can recover the value of the home.
Non-judicial process. In Portland and in the state of Oregon many residential foreclosures are handled out of court. This is because the Power to Sale clause included in the mortgage agreement authorizes lenders to sell a property in default with the intention of recovering the value of the credited debt.
Whatever the mode of the Foreclosure, the banks or lenders have the right under the law to sell a property when the homeowner has defaulted on payments for more than 120 consecutive days.
What To Do Before And During A Foreclosure
As a homeowner who is about to face foreclosure or even during the court process you can do many things.
To request a personal loan that covers the past due amount on the mortgage loan plus the corresponding penalties and interest, could be a good option. But considering the history of fault on payments and the inability to meet credit obligations, a personal loan is typically unattainable.
Hiring a Real Estate Agent specializing in the foreclosure property sales process or the ones about to enter a foreclosure is another option. The downside of this is the time it would take to find a motivated buyer. If for instance, the current value of a house is less than the value of the debt, the debtor has to bear the difference.
Short Sale. A Short Sale means a property sold for less than the debt with a lender, in a case like this the lender authorizes the homeowner to make the short sale. Some lenders forgive the difference, but in most cases, the lender gets an order called Deficiency Judgment in court, where the debtor agrees to pay the difference.
Selling Your House During Forbearance
As a mortgage forbearance homeowner plan holder, you can sell your house if you need to do so. If at the end of forbearance, a lump sum payment, a loan modification or simply, continuing monthly higher payments to meet your lender requirements, is not an option? Selling could be the most reasonable solution.
Selling a house is a well-considered decision, but today, the pandemic economic downside effect is forcing people to sign on a forbearance plan, trying to survive and save their home until things become normal. Many people have lost jobs or businesses and are having difficulties paying their bills including the home mortgage obligations.
The CARES act is a limited-time relief proposal to help homeowners and tenants from eviction and foreclosure. Although the act intends to relieve, it is a double-edged sword. On it, there are no rules or directions to help homeowners who after the forbearance time still would be income struggling.
Experts believe a foreclosure tsunami is forming and will be hitting us after the second half of 2021. If nothing extraordinary is done by the federal government to prevent major damages. The economy will not recover on time to prevent people from losing their homes. Banks and lenders will take the best piece of the crisis cake, they will keep their money business on the rail, or in the worst-case scenario, they will be a government financial bailout.
What is Mortgage Forbearance?
A Forbearance plan is an option where you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.
Forbearance may be an option if you are:
- Behind on your mortgage payments or close of missing payments
- Experiencing temporary hardship.
- If your home loan is backed by a federal agency like Fannie Mae, Freddie Mac, USDA loans, VA loans, you qualify to apply for a coronavirus relief under a mortgage forbearance plan.
You have the right to request forbearance for up to 180 days. If You need it, you can request another 180 days extension. In 2021, another two-three more extensions have been added. Which rounds up the total mortgage forbearance time to 540 days.
No additional fees, penalties, or interest can be added to your account. You don’t need to prove that your financial hardship is related to the coronavirus pandemic.
Do You Need To Sell Your Home During COVID-19?
Be waiting to take action until the last minute can be risky. Right now, many homeowners are going through a bad time due to the COVID-19 crisis. The forbearance plans offered by the CARES Act only benefit the federally-backed mortgage loans.
The Portland real estate market, as the markets across the US, have been on a permanent rise. Median home prices have risen by as much as 20%. This phenomenon has its origin in the recent federal reserve new-low interest rates.
Many people are taking advantage of low-interest rates to refinance their mortgages or to buy a new house. The first-time home purchases have also increased significantly during this pandemic. Buyers of all ages have been benefitting from low-interest rates regardless of the house price they are buying.
“Fifty-two percent of buyers ages 30-39, and 88 percent of buyers ages 29 and younger were first-time home buyers. Next, 23 percent of home buyers ages 40 to 54 were also first-time home buyers. … The highest percentage of single female shoppers was found in the 65-73 age group at 22 percent. ” National Association of Realtors
The president signed The Coronavirus Aid, Relief, and Economic Security (CARES Act) On March 27. Since the law is in effect, over 4 million applications have been approved. The Act allowed struggling homeowners to postpone their mortgage payments for up to 180 days. This period can be extended for another 180 days if necessary.
The law prohibits banks from charging late penalties or interest to homeowners who have requested the forbearance plan. At the same time, it clarifies that forbearance does not mean forgiveness. At the end of the forbearance plan, the regular mortgage payments should be resumed. The accumulated missed amount should be paid following one of these three options.
- A lump sum.
- Payback in a period of 6 or 12 months. Each homeowner can agree with their lender.
- The accumulated amount will be carried over to the end of the Mortgage. It must be paid in full with the last mortgage payment or when the home is sold.
Despite this law, there are thousands of loans that do not qualify for this benefit. Also, many people who have been unemployed because of the epidemic won’t be able to recover financially in a short time.
Banks and lenders are not required by law to applied certain parameters when a forbearance plan expires. Each credit institution is free to decide the fate of a lender. Last August we contacted some of the largest banks in Oregon to ask them;
“What is the criterion you banks and lenders are going to apply to the debtors when the forbearance plans end?”
Many answered us that each case is individual and that a single criterion cannot be applied in all cases. Others told us that their interest is that people can keep their homes, and they will do anything possible to help debtors in crisis. Others rejected us simply they did not answer our questions.
Many of our clients have told us that it will be difficult for them to pay their mortgage, plus the forbearance accumulated amount. Many do not have a job and others do not earn the same as they did before the coronavirus outbreak.
We are close to ending the year 2020 and the epidemic has worsened. The measures to contain the spread of the virus in the USA have been no too efficient. The same thing is happening around the world. No one can deny the second wave of infections is hitting us already. Then, a second lockdown or quarantine is imminent.
Naturally, people are afraid, not only for their health but also for the financial aspect. The second closure of outdoor activities, restaurants, and most businesses would be more than devastating.
Simply, People could not be able to earn enough money to cover their needs, including rent or mortgage payments.
The other sector that is crying out for help is the small landlords. The rental-house owners are prohibited from evicting tenants in crisis because of COVID-19. Many cannot pay rent and have nowhere to go, evicting them, would put their health and the community at risk. There are more than 14,000 homeless persons in Portland, a number that is increasing with no control from the authorities
It is a sad situation for many, but taking action is needed soon.
Under these circumstances of not being able to make mortgage payments and having a limited income, it is a good opportunity to sell the property, especially now, that house prices have risen considerably.
Selling the property makes it easier for you to get out of trouble faster. For struggling homeowners selling the home means having made a major financial adjustment. There is no doubt, a homeowner who is having a hard time solves his problem by selling his property.
Working With Us
At Better Off Home Buyers, we are always ready to help the Portland homeowners who want or need to sell their homes. Mainly, we work in the Portland area and suburbs, but our home-buying services go across Oregon and beyond. We are a professional home-buying company located on Lake Oswego searching for people who want to sell their homes as-is.
But working with us is nothing like working with a real estate agent. Our process is as simple as can be, and it works much like what we described above. You’ll contact us about your house and we’ll make an appointment to see it. You’ll have a written, no-obligation offer in your hands fast. If you accept our offer, we’ll start preparing to close in a timeframe that works best for you.
The Money You’ll Save
At Better Off House Buyers, we’re here to save you money and get you cash in hand quickly. You’ll notice that we don’t charge a lot of fees like real estate agents do. In fact, you’ll see the following fees disappear from your closing sheet:
· Closing costs
· Inspection fees
· Appraisal fees
Those fees alone can add up to thousands of dollars, which can be difficult to come up with. You won’t have to worry about them at all because we’ll take care of everything.
Are You Looking for Companies That Buy Houses?
If you’ve been searching for a quick way to sell your home, look no further than Better Off House Buyers. We’re here to make this transaction as painless as possible. We know that you want to be free from your house quickly, so you can move on with the next chapter of your life.
We can make it happen.
Selling your house can be difficult; especially in today’s market. Fortunately, there’s no need for you to waste months or even years trying to get a fair price on the market. When you work with us, we’ll show you just how simple it can be. Do you have questions about our house buying process? Please contact us today.