Jeremy, Adam and the Hometown Development team are a class act! They give competitive offers for your home and make sure your requests are noted in the process. I would highly recommend!
Author: Hometown Development
How to Handle Selling A House and Buying In Another State
If you’re relocating to a different state, whether for work, family, or just a new start, you probably want to sell your home for at least two reasons:
- To cover the costs of relocating, including buying another home and getting your life started somewhere new.
- To avoid the costs and hassle of maintaining the old property, including property taxes and upkeep
The process of selling a house and buying another in a different state doesn’t have to be complicated, but it does depend on how you want the relocation to work. There are a few things you should know to handle the sale successfully.
What to Do When Selling a House and Buying Another in a Different State
Ideally, you would sell the old home the day you move and simply move into a new location, but it’s rarely that easy. Most likely, you’ll be faced with two realities: sell your home after you relocate, or sell it before.
Selling Your Home After Relocating
One option is to have a new home lined up, so when you sell the old home you can simply move and then sell the other one later. In this case, you would wait to sell the old home, and you risk having two homes at once, which could strain your finances in an already stressful time of change. Also, once you’ve begun your new life in a new state, you likely can’t or won’t want to commute back and forth to prepare the other home for sale, arrange showings, or negotiate offers for the old home.
Sell Your Home Before You Move
Another option is to sell the first home before you move, whether you’ve found your next home or not, and rent an apartment in your new location. This gives you time to learn the area you’re moving to, and you’ll have your finances in order when you find the right home for your next chapter. In either case, once you’re ready to sell your old home, you’ll likely want to take care of the sale quickly. You don’t want to wait months for your home to linger on the market, especially while it’s costing you money and patience to maintain.
How to Sell Quickly When Relocating
If you’re selling a house and buying another in a different state, you don’t have time to wait months to find a buyer for your old home and wait for a sale to go through — you want to sell your home ASAP. However, if the home needs fixing up or preparation before it’s ready to be listed on the market, you may not be able to do this before you need to move. Rather, you may find yourself commuting back and forth to fix up the old home before you can list it for sale. To avoid this, you can skip the preparations, repairs, and updates and sell your home as-is.
Selling Your Home As-Is
When selling your home as-is, you look for a buyer who will purchase the home in its current condition. There are a couple of ways you can successfully do this so that your home sells quickly: Price it competitively or sell to a real estate investor.
Price the Home Competitively
Pricing your home competitively shows buyers that you’re motivated to sell, so they’ll be more likely to make an offer. Although you might not be able to earn as much for the home as you could in a normal circumstance, a lower sale price will help the home sell quickly, which, if your goal is to get the extra home off your hands and move on, is a pretty good deal.
Sell to a Real Estate Investor
Selling your home to a real estate investor is another way to sell your home fast. Real estate investors prefer to close on home sales fast — often in as few as five days. Also, when you sell to an investor, you don’t need to make any repairs or changes to your home. You can sell your home in its current condition without the help of contractors, inspectors, or Realtors. A real estate investor will walk through the home with you, then offer you a fair price based on the home’s market value. In less than a week you can have your home sold and close that old chapter of your life, ready for whatever’s next. When you’re relocating, one of the best ways to set yourself up for success is to get that old home off your hands. Hometown Development can help you close in as few as 5 days, and we always make fair cash offers based on the market value of your home. Move on quickly and successfully! Give our team a call today for your no-obligation cash offer.
Nick B
The transaction with hometown was a smooth transaction with great communication
Pete B
I’ve worked with Hometown Development a few times now, as a seller and as a buyer. This is not your typical company that quickly renovates and resells homes. It seems that they do a complete job with the interests of future owners in mind in addition to their own. My transactions have been pleasant, and the purchase I was able to complete offered a good mix of quality and value for my client. Additionally, Realtor Adam Minor is a pleasure to work with.
Cathy S
I highly recommend Hometown Development. Adam was very easy to work with, answered all my questions, and very prompt in responding to my calls. While I no longer own the home, I look forward to seeing all the improvements they make. AAA+
5 Ways to Invest in Real Estate without Buying Property
Investing in real estate is a great way to diversify your portfolio and expand your income sources. However, not everyone is interested in buying and flipping houses to rent out, or maintaining property and tenants.
If you’re looking for how to invest in real estate without the commitment or hassle of buying property, here are 5 other ways to invest in real estate that offer just as reliable returns.
#1 Invest in a Development
When you invest in a development, you help to finance a developer’s vision of a community of homes and properties. You can choose a development company that matches your tastes and investment level, but the rest of the process is relatively hands-off.
You don’t have to be involved in the minute decisions of building or maintaining the development but get to enjoy the income from your equity or debt investments. These real estate companies play an important role in local economies by creating jobs, and also provide solutions to the national housing crisis.
Risk Level
Many real estate investments present a moderate level of risk. Investing in a development has great potential for good returns. As long as costs of the development stay on track and the property values and housing market remain stable, your investment will remain low-risk.
You could anticipate great returns if the values of the properties increase once development is complete. To risk losing money, the market would have to decrease significantly. Therefore, the choice to invest in real estate companies that develop property is fairly safe.
#2 Invest in Real Estate Investment Companies
Real estate investment companies do the work of finding properties in need of updates, make the necessary repairs, and flip them for rental or real estate opportunities. They also work with homeowners in need to find creative solutions to missed mortgage payments, foreclosure, and other debt problems, offering them a way out that saves their credit.
The homes are then given the attention they deserve and brought to showcase the best of their character and charm. Real estate investors can improve communities and help struggling homeowners into homes they can comfortably afford.
Risk Level
The risk level of investing in these real estate companies is comparable to other real estate investments in that it is also tied to fluctuating housing markets.
The success of the company depends on the customer’s ability to buy a home or find a mortgage with an affordable interest rate to purchase a home.
However, because the homes these companies purchase are already in established neighborhoods with nearby amenities and are priced lower than new construction homes, they tend to sell readily and provide above average returns, especially when compared to investment in another real estate company.
#3 Invest in REIT Companies
Real estate investment trusts, or REITs, are another great way to invest in real estate without finding, financing, or maintaining property. REITs own or finance income-producing real estate. Their properties can be either residential or commercial, and generate regular profits which are shared with investors through dividends.
When you invest in these real estate companies, you diversify your real estate investment portfolio with passive involvement. You can either invest through stock, mutual funds or exchange-traded funds (ETFs).
Types of REITs
- Equity REIT: publicly traded on national stock exchanges
- mREIT or mortgage REITs: provide initial financing for income-generating real estate
- Public non-listed REITs: registered with the SEC (Securities and Exchange Commission) but don’t trade on national stock exchanges
- Private REITs: not registered with the SEC and do not trade shares
Risk Level
Publicly traded REITs are less risky because investors can easily research the companies to see their financial history and stability. They also have better liquidity, making it easier to sell shares.
#4 Invest in Home Construction Companies
Investing in home construction companies is popular as the housing market climbs, and interest and mortgage rates are low. As the economy tightens and interest rates rise, however, the rate people buy and build homes slows — and so will your investment returns.
This investment type is also dependent on the availability of building supplies, contractors and other resources, which, if scarce, can delay the building process and prevent you from seeing consistent returns.
Investment in home construction companies is a great way to diversify your portfolio without being responsible for a home or property.
You can purchase shares of home building company ETFs or invest in a specific home building company directly. However, you should be aware this type of investment is best for investors with a tolerance for some risk.
Risk Level
Investment in home construction companies presents higher risks for those seeking short term investments and quick returns, but provides more moderate risks and better returns for long-term investment. Ideally, investors should hold onto shares for at least 10 years to allow for recovery from temporary losses that can occur as home values fluctuate. Price volatility due to the constant movement of the real estate market means this type of investment is sensitive to changes in the economic conditions of the country.
#5 Join a Real Estate Crowdfunding Opportunity
Investment platforms are a relatively new way to invest in real estate without buying property directly. On these platforms, you can invest in bigger residential or commercial property deals with others, as a crowdfunding effort.
This is a way to invest in real estate companies that requires some capital, but much less than buying a property yourself. You can invest in singular projects or a portfolio of projects with all types of real estate from income-producing to development properties.
Be aware that, because investment and crowdfunding platforms are new, they have fewer protections than traditional investment methods. And although the online services are easy to use, apps and websites for crowdfunding may have associated fees.
Risk Level
Investing through an online crowdfunding platform means many of the opportunities to invest in real estate companies are relatively new.
Therefore, there’s not a lot of financial history available to review, and investors have to sign on with a higher risk for their investment. Also, since the assets are not liquid, they are more complicated to sell.
If you’re looking for a way to invest in real estate long-term, crowdfunding may work well for you.
It’s best for investors who won’t need to see returns soon, and can hang onto their investments for a greater return down the road. Crowdfunding opportunities used to invest in real estate can be useful to diversify a portfolio, especially if you have many equity investments.
If you’re looking for a real estate investment that can provide passive income at above-average returns, Hometown Development might just be the option for you. Talk to one of our investment experts to see how a partnership with our real estate investment company could benefit you.
Selling the Family Home: How to Let Go of Your Family Home
The house where we grew up is important in our formative years and is the backdrop of many of our youthful memories. However, there comes a time when we have to say goodbye and part ways with these spaces. Selling the family home can be difficult, not only because of the emotional attachment to a home that’s been in your family for years, but also because preparing a home to sell on the traditional real estate market can be time-consuming, expensive, and frustrating — especially when you have other grown-up responsibilities and your own home to take care of. Fortunately, when it comes to selling the family home quickly and painlessly you have options. Let’s talk about how to make the process of selling the family home as easy as possible.
Pack Up the Family Home
When you first take ownership of the family home, whether you’ve inherited the property or taken it over from other family members, that first walk-through can be difficult. From getting distracted by memories to feeling overwhelmed by the work ahead, you likely need to prepare for an initial wave of emotion. This is an important time to reflect on what the home meant to you, and take an inventory of everything in the home. Work your way through the home and decide what can be sold or donated, or what you absolutely can’t part with. Go through the belongings with your siblings to make sure everyone is involved in these important decisions. Consider that even some extended family may have an interest in keeping some items, especially priceless ones like family photo albums or other keepsakes. Unclaimed furniture, clothing, kitchen supplies, or decór can be sold in an estate sale or donated to a local charity.
Selling the Family Home
Once you have gone through the home and divided up the important belongings, it’s time to start thinking about selling the family home. In these situations, it’s often better to sell the home quickly rather than hang onto it, because even the best childhood memories can be soured when you have to take care of property you no longer want. When it comes to selling the family home, you have a few options: You can either sell it on the traditional real estate market by working with a Realtor, or sell it in a quick cash sale to a real estate investor.
Sell on the Traditional Market
Before you can sell on the traditional real estate market you’ll need to assess the home’s condition, make any necessary repairs, consider upgrading parts of the home to make it more appealing, hire a realtor, and show the home to potential buyers. Traditional sales take time — especially for older homes that might need a bit of work, maintenance, or updating. If you want to sell the family home quickly, pricing it correctly is important. Understand that you can’t put a price on your memories. It’s special to you because of the people you shared the memories with, not the home itself. Even if you think the home deserves a high price, potential buyers won’t factor the good times you spent in the home into their decision. Pricing the home too high will make it more difficult to sell, and if you have to keep readjusting the price later, buyers may become more wary and your home will lose appeal. If you don’t want to deal with making repairs or maintaining the property during the selling process you may consider selling the home to a real estate investor.
Sell to a Real Estate Investor
When you sell to a real estate investor, you don’t have to wait through the long sales process. Real estate investors prefer to close on home sales with a cash offer in as few as five days. Investors will also purchase your inherited home in as-is condition, meaning you don’t need to worry about making repairs or updates to the home. They will walk through the home with you and make you a fair offer for its market value, no Realtors necessary. The advantage of selling the family home to a real estate investor is that they have the time and capital to give the home the care and repairs it needs. They can wait for the right family to move in to make new memories. Meanwhile, you can sell quickly for cash and move on.
Say Goodbye When Selling the Family Home
When selling the family home, it’s important to acknowledge the importance of the space to you and its place in your memories. On your final walkthrough, reminisce where you and your siblings opened presents during the holidays, the place in the kitchen where the family dog used to lie, where you would sit at the dinner table and tell stories over vegetables you didn’t want to eat, where you once backed into the garage door before you got your license — and remember that the characters of those stories are the key to the memories, not the setting. Rather than let an additional home become a stressful responsibility, sell the home and hang onto the memories you made there, instead. Realize that, although it may hold a special place in your heart, it’s not your house anymore — at least not in the same way. If you sell the home, another family can move in and enjoy the space. Parting with the property will be tough, but in the long run, it will save you time, money, and stress. If you’ve recently inherited a family home, and just aren’t sure what to do with it, the Hometown Development team can help. We’ll clearly explain all of your options so you can make the best choice for you, and your family. Give us a call or reach out online to learn more.
Nicky W
Adam at Hometown Development Co., took time to discuss the many facets of the sell of our beloved home house. Through one of the most difficult times for our family brought integrity, sincerity, understanding, and professionalism with every encounter. It was great working with him. A+ for Hometown Development Company
Arnetirious Wilkins
Adam was great to work with and is highly recommended. His sincerity, honesty, and transparency made everything easier. Thank you
Can I Sell My House If I Have a Mortgage?
When you sell a house with a mortgage, the buyer’s funds should cover the rest of your loan, with a bit left over in profit for you. But, if your asking price is lower than what’s left on your mortgage, you may run into problems. Let’s take a look at what happens when you sell a house with a mortgage.
Selling a House With a Mortgage
Many homeowners sell their homes with a mortgage. It’s pretty common that homes are sold before the mortgage is completely paid off. The sale of the home should pay off the remainder of the mortgage and hopefully leave you with enough profit left over to make a down payment on your next home. As long as the real estate market has stayed fairly stable since you’ve purchased your home, and you’ve kept the property in good condition, it’s likely you’ll be able to sell the home, pay off the mortgage, and move on to a new home and a new mortgage without issue. If the mortgage is not paid in full by the sale of the home, the situation becomes more complex.
Will the Sale Price Cover the Mortgage?
To calculate how much money you’ll need to earn when you sell a house with a mortgage, start by asking your lender for the payoff amount. The payoff amount is the total sum you’ll need to fulfill the loan contract. Just using the remaining balance in your estimate won’t factor in the loan interest and other associated costs. Next, estimate your home’s value to get an idea of the price you could earn from selling. To do this, you might research similar homes for sale in your area, calculate the average price per square foot, and factor in the size of your lot and if you’ve recently completed any major upgrades to the home. If you want to skip a formal assessment, there are calculating tools online that can help you get an idea of your home’s value. The estimated sale price should be able to cover the payoff amount, any other fees for property taxes, realtor fees, and leave some money left over for you to move to a new home. If it comes up short, this could mean you owe more on your mortgage than your home is worth. When this happens, your home purchase loan is considered to be “underwater.” If you want to sell a house with a mortgage that’s underwater, a traditional sale may not be right for you. However, you still have options to sell your home.
Can I Sell a House with an Underwater Mortgage?
If the principal on your home loan is greater than your home’s value, you may find yourself trying to sell a house with an underwater mortgage. There are a number of factors that can affect your home’s value and make selling a house with a mortgage difficult. If your home needs significant repairs, or the home’s value dips due to other factors, the sale value might not match the value when you signed the mortgage. Fortunately, you can still sell a house with a mortgage that’s underwater. You can work with your lender to sell in a short sale, or sell to a real estate investor for a quick, cash offer.
Sell a House in a Short Sale
In a short sale, the lender agrees to accept less than the original loan terms. In some cases, they may be willing to waive the remainder of the loan. The short sale means the lender is more involved with the sale of the home. They must sign off on any offers before they can be accepted. The short sale process can be lengthy, and involves a lot of paperwork and waiting for bank approval. If you want to sell your home quickly, you might want to consider another option.
Sell a House With a Mortgage to a Real Estate Investor
When you sell your home to a real estate investor, they will make you an offer, in cash, based on the market value of your home. Real estate investors have worked with many homeowners who want to sell a house with a mortgage and can offer you a quick and effective solution for your mortgage problem. If you’re looking to sell your home quickly, they can close on the sale in as few as five days. Since they will purchase your home in its current condition, you won’t have to worry about making repairs or changes to your home. Also, you won’t need to hire a realtor. A real estate investor can work with you to resolve your debt and help you out of your home and on with your life. If you’re selling your home, but aren’t sure you can recoup enough to cover your mortgage, talk to the team at Hometown Development. We regularly work with homeowners just like you, and we can find a solution that’s right for your situation.
