Hometown Development, Author at Hometown Development

Can I Sell My House If I Have a Mortgage?

Posted on 11.09.202024.05.2021 by Hometown Development

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.

5 of the Best Grand Rapids Neighborhoods for Families

Posted on 03.09.202024.05.2021 by Hometown Development

As one of the fastest-growing regions of Michigan, the Greater Grand Rapids area has become a popular spot for young people and families. This area offers the opportunity to raise children in a welcoming and safe environment close to great schools with plenty of parks and things to do just around the corner. Here’s a look at some of the top up-and-coming Grand Rapids neighborhoods.

#1 Alger Heights

South of downtown is a great up-and-coming Grand Rapids neighborhood for families known as Alger Heights. With good schools, plenty of parks, and even a branch of the library located in its limits, Alger Heights is a great place to settle and raise children. This close-knit, diverse neighborhood cares about bringing people together and regularly hosts community events like movie nights, live music, and park activities. Alger Heights is close to shopping on 28th Street while being an easy commute to downtown and the beltline.

#2 Eastown

Eastown is known for being a progressive neighborhood with a rich history — with plenty of craft breweries, specialty cafes, and unique shops. Many young people have moved to Eastown to buy and refinish classic older homes, which has made the neighborhood popular for professionals relocating for work. Eastown is a short commute to state-of-the-art hospitals that employ many residents. This neighborhood enjoys a lot of greenspace and has access to many quiet parks and great public schools.

#3 Fulton Heights

Conveniently located minutes east from downtown and west from the beltline, the Fulton Heights neighborhood is a must-see spot that’s increasingly popular for young professionals and families. This quiet residential area has access to everything, including two large parks, a huge community garden, and the Fulton Street farmers market which is a popular draw for locals across Grand Rapids.

Homes in Fulton Heights tend to sell quickly, so interested buyers will need to keep an eye on the market if they want to raise their family in this beautiful spot.

#4 Heritage Hill

Located just southeast of downtown, Heritage Hill is known to be the most historic of the Grand Rapids neighborhoods. Its huge, perfectly preserved homes dating back to 1844 are spaced along brick streets lined with old-growth trees. With homes of every architectural style, Heritage Hill is a popular place for walking tours. With quiet streets and plenty of nearby parks, the area is also a draw for families.

The Heritage Hill neighborhood is close to downtown and easy walking distance to many great restaurants, bars, and coffee shops. Very few franchises have set up shop, meaning most neighborhood establishments are unique and have had roots in the area for a long time.

#5 Creston-Cheshire

With a population of over 27,000 residents, Creston is the largest of Grand Rapids neighborhoods, located to the north of the downtown area. The neighborhood is full of quiet suburban homes, tree-lined streets, and has access to many parks — including the beautiful Riverside park which is full of fun outdoor activities for families from disc golf to kayaking.

This area is growing quickly, with new restaurants, bars, and retail spaces opening up all the time. This community already has a growing culture, and in a few years could become its own unique hub.

Hoping to move into one of these top desirable Grand Rapids neighborhoods? Hometown Development can help! We regularly renovate and restore homes in these areas, offering buyers like you a rare opportunity to move into these highly sought-after neighborhoods. Let us know what you’re looking for, we may just have the home for you!

Selling a House Long Distance? 5 Key Things to Know

Posted on 20.08.202024.05.2021 by Hometown Development

Whether you’ve just relocated for a new job, inherited a house in another town, or have found yourself needing to get rid of a house you’ve moved away from, you may need to sell a house long distance. If you’re in this unique situation, there are five things you should know about the process.

#1 Selling a House Long Distance Might Require Travel

Before you can list the house for sale, you’ll likely need to visit the property to assess its condition and determine what repairs or changes need to be made before it can be ready to sell. You may need to get formal inspections done to locate any major issues, such as leaks, pest damage, or repairs, so you can address them before selling. You’ll also need to evaluate the area where the house is located and settle on a realistic listing price. If you have the time and cash to fix up the property, you may be able to list it at a higher price. However, if the house needs more work than you can afford, or you want to sell quickly, you might consider a more competitive price point.

#2 You’ll Have to Prepare Your Home For Sale Long Distance

Once you know what the home needs in order to be sale-ready, you can start making the repairs or changes. If you’re selling a house long-distance, you may not be able to do this work yourself. You’ll either have to make time to travel back and forth and work on the home a bit at a time, or hire a crew to do the work for you. Depending on how much work the home needs, these preparations could get expensive. Be sure to budget out the work in your original assessment to justify the time and cost it will take to make the changes. There might be some problems not worth fixing if you won’t be able to earn that money back in the sale of the home. Particularly if you’re selling a house long distance, the less effort and stress required to get rid of the extra property, the better.

#3 You Can Hire a Professional to Sell a House Long Distance

One way to limit the number of trips needed to visit the property is to hire a professional. A representative like a Realtor or legal advisor can act as a go-between to facilitate the process of preparing the home for sale, showing it to potential buyers, and even negotiating any offers on your behalf. Whether you hire one person or use a team, representatives with your best interests in mind can help make selling a house long distance easier. You’ll likely need to have a few trips to consult with your Realtor, or schedule regular meetings, and you may need to pay a retainer fee for legal consultations.

#4 You’ll Need to Maintain the House Long Distance

Another factor to consider when selling a house long distance is property maintenance. Regular upkeep will include paying any utilities, landscaping and lawn care, occasional cleaning, collecting mail, making any repairs as-needed, checking faucets, or other maintenance tasks. You’ll need to have these needs covered during the time you’re preparing the house for sale, while it’s listed, and up until the sale is closed. Your representative may be able to look after the property for you, or you may need to hire separate services for cleaning and mowing. Traveling back and forth to take care of these tasks isn’t practical if you’re selling a house long distance.

#5 Selling a House Long Distance to a Real Estate Investor is Quick and Easy

For a fast and hassle-free sale, you can sell your home to a real estate investor. Selling a house long distance this way is simple and can be completed in a single visit. A real estate investor will walk through the home with you and make you a fair offer based on its market value. You won’t have to travel back and forth to make repairs, hire a Realtor, or wait around for a traditional buyer. If you sell to a real estate investor, you receive a fair offer and can have your home sold in as few as five days. If you’re selling a home that you’re a long way away from, a traditional sale might not be the best option for you. If you’re hoping to get a fair offer and move on, talk to the team at Hometown Development. Reach out to us today for your free cash offer.

What Not to Fix When Selling A House

Posted on 13.08.202024.05.2021 by Hometown Development

Selling a home can feel like a huge task, and the process of getting there can be complicated, time-consuming, and pricey. Before listing your home on the real estate market, you may have a hundred things you think you need to fix, change, or update to make your home ready to sell and attract a buyer quickly. How many of those things will actually help you sell your home? How many are not worth the effort and cost? To help you narrow down your list, here are some things not to fix when selling a house.

What Not to Fix When Selling a House

Some home repairs you can eliminate from your list because they’re too much work for the reward, too expensive to earn back in the selling price, or just not feasible with your timeline.

Cosmetic Repairs

Cosmetic changes and fixes, such as changing paint colors or upgrading the landscaping around your home, are relatively easy to do yourself, but may not be worth the extra effort. Most times, it’s better to leave these changes up to the buyers to customize according to their preferences.

If your home has brightly colored walls that are loud and distracting, painting with a more neutral palette might be a useful change to make. However, unless the paint or landscaping majorly detracts from your home’s appearance, don’t place these types of repairs high on the list of priorities. Make sure things are clean and tidy, but don’t feel like you need to completely makeover your home before selling.

Updating Kitchens and Baths

Kitchen and bath updates are repairs that make the list of what not to fix when selling a house. Could they help increase your home’s value? Probably, but are these changes worth the time and money? It’s unlikely that you can earn back the costs of these repairs in the sale price for the same time and money you spent. Leave the upgrades to the next owner, so they can get exactly what they’re looking for in a new kitchen or bathroom.

Halfway Repairs

If you can’t afford to make the full repair, don’t do it halfway. Repairing problems with your home with temporary or “creative solutions” are things to not fix when selling a house. It’s better to spend the money to make the repair completely and effectively, or disclose the problem to a buyer than try to do a patch job for a low cost.

What You Should Fix When Selling a House

If your home needs a lot of work, there might be a few things you should fix to help you sell your home. Some traditional buyers may not make an offer before you have these types of repairs resolved.

Major repairs like foundation damage, faulty electrical or plumbing, a leaking roof, mold or water damage, or other major problems should be addressed before selling your home. Although they may not be the least expensive to tackle, any problems that make your home unsafe to occupy need to be addressed before you can sell.

Major repairs are red flags to buyers. If a home needs a lot of expensive work upfront, buyers will be more hesitant to make an offer, unless they can purchase your home for a very low price to justify the extra cost and effort of repairs.

How to Sell Your Home Without Making Any Repairs

If you don’t want to make any changes to your home at all, or can’t afford the major repairs your home needs, you still have options. You can sell your home as-is or sell to a real estate investor for a quick, cash offer.

Sell Your Home As-Is

In an as-is sale, you put your house on the market in its current condition, without making any repairs or updates to the home. You avoid the time-consuming and expensive changes to make your home ready to sell, and wait for a buyer looking for a project. Be aware that, in order to sell your home as-is, you may need to price it competitively. If your home needs a lot of work, only specific buyers looking for a project may be interested.

Sell to a Real Estate Investor

When you sell your home to a real estate investor, you can sell your home as-is, without worrying about what to repair and what not to fix when selling a house. You can sell without a Realtor and on your timeline — often in as few as five days. Real estate investors have the time and capital to make the repairs your home needs, so they aren’t scared off by outdated kitchens, cosmetic repairs, or even major repairs like leaking roofs or water damage. They will make you an offer that is fair for your home’s value, so you can sell your home fast, for cash, without the hassle of a traditional home sale.

If your home needs work on critical issues like the foundation, water damage, mold or roofing, a traditional sale may not be right for you. If you’re interested in a fair cash offer based on the market value of your home, Hometown Development can help. For your free, personalized offer, reach out to us today.

michelledehorn

Posted on 06.08.202002.06.2021 by Hometown Development

Hometown made my sale super easy. They were understanding and not pushing me out of my house when I was waiting for my new home to close and move out BEFORE selling to Hometown. It was the perfect option for me and my property!

Lin Snider

Posted on 03.08.202002.06.2021 by Hometown Development

I contacted Hometown Development regarding a property I needed to sell that had been neglected and was really in bad shape. The response was quick and professional the seller had inherited the property and wanted to see it restored. We had multiple offers for the property and after reviewing them chose Homrtown. Professional and dependable would be my description.

Brooke Finlan

Posted on 03.08.202002.06.2021 by Hometown Development

The team here was great to work with. They were professional, reasonable with negotiations, and quick to respond to all inquiries. I represented the buyers that purchased the home they rehabbed. We found the craftsmanship to be great and my buyers are very happy with the end result! Highly recommend!

I’m Stuck with a House I Can’t Sell. What to Do?

Posted on 29.07.202004.02.2022 by Hometown Development

If your local Michigan housing market isn’t working in your favor, you might find yourself sitting on a house with a for-sale sign in the front yard you can’t move. If you’re stuck with a house you can’t sell, here are a few ideas you might consider to help you change your luck and sell your home.

Wait for Selling Market to Improve

The phase of the economy can greatly affect the housing market’s fluctuating demand.

If we’re in a recession, home sale prices tend to decrease. This happens because more homes are going up for sale, so the market is flooded with more options for prospective buyers. House buyers have the chance to be more selective with their choices and funds. To sell your home when the market is cold, you’ll likely need to price your home to compete with the others on the market, or else wait for the situation to change.

Lower Your Asking Price

If your house or property has been for sale for a while, but no serious offers are being made, you might consider lowering your asking price. Particularly if the Michigan housing market is cooling off, buyers may be overlooking your home in favor of those with a lesser price tag. Pricing your home competitively can show buyers you’re motivated to sell and puts you at a more level playing field with other homes for sale near you. If a buyer was on the fence about making an offer on your house, a price drop could encourage them to give your house another chance.

Lease Your Home

Alternatively, you could consider leasing your house for additional income. Either rent out a room or vacate your home and lease it to a family. While this can provide a solid monthly income, managing a rental property requires some work. You will be required to upkeep the property for your renters and be available to attend to any of their needs regarding the home. Despite the extra work, if your home is in good condition and located in a desirable neighborhood, leasing could be a viable option, especially if you’re stuck with a house you can’t sell.

Make Improvements to Your House

If you’ve found yourself stuck with a house you can’t selling Michigan, you might be brainstorming ways to make it more appealing to buyers. Apart from making necessary repairs to your home, you could consider making small changes and updates to your property that buyers will appreciate. This could include something as simple as painting the interior a neutral color or choosing new light fixtures, or could be something bigger like replacing the roof that was starting to show its age or updating the kitchen with modern appliances. If you’re willing to invest more money and energy into your house, it could help you draw in a new offer.

Stage and Market Your House for Sale

A great way to show off your home to a wide audience is to stage and market it online. You could hire a professional home staging service and photographer, or do the work yourself. To stage your home, use minimal and simple furnishings to add dimension to each room. Be careful not to over-decorate, and remove any personal items like family photos, mementos, or toys. The goal of staging is to help potential buyers see themselves in your home and imagine their lives there. Leaving items that say too much about your personal life can make them feel like they’re invading your privacy and be off-putting for a sale.

With your home staged, you can list it on the popular home sale sites like Zillow, Trulia, Realtor.com and even Craigslist. Good quality photos and staging will be easy for people to share with others, and bring in more interested people to see your home.

Sell Your Michigan Home As-Is for Cash

If you feel like you’ve tried everything and are stuck with a house you can’t sell, there’s a better way to sell your home, and to sell it quickly. Selling your home as-is is a great way to earn a fair price for your home without having to be at the mercy of a fluctuating housing market, make costly repairs and updates, or wait around for a buyer to find you. When you sell as-is, a real estate investor will go through your home with you and then make you a fair cash offer for the value of your home. No repairs, no realtors, and no waiting required. In as few as five days, you can sell your house and be onto the next chapter in your life.

Stuck with a house you can’t sell? Hometown Development can help. We make cash offers for houses at a fair market rate and can close in as few as five days. If you’re ready to move on, we’re ready to help. Give us a call at 616-379-3090 or reach out to us online.

Tim Mendes

Posted on 19.07.202002.06.2021 by Hometown Development

Great folks to work with, I appreciate you buying my house. I drove by and the rehab progress looks excellent! Thanks for everything!

5 Tips to Selling Your Home Without a Realtor

Posted on 16.07.202002.06.2021 by Hometown Development

If you don’t want to go through the process of working with a real estate agent, you can try selling your home without a realtor. The advantages of this option are that you won’t need to pay a Realtor’s fees or sell your home on their timeline. However, you may have to do more of the work by yourself, especially when it comes to marketing your sale, preparing your home for sale on the traditional real estate market, and finding a buyer without a Realtor’s connections. That being said, if you want to sell your home quickly without a Realtor, you have options. Here are 5 tips to help you sell your home without a Realtor.

Price Your Home Competitively

How motivated are you to sell? If you have time to spare you can sell your home close to its value, but a lower price might help sell your home more quickly. Pricing your home competitively will draw more buyers to your home. Once they’re in the door, you can sell them on all the advantages your property has to offer.

When it comes to choosing the best market price for your home, you should base the number on a few factors. First, consider your home’s condition. Is it in need of any repairs the buyer will have to take care of upon moving in? Buyers might shy away from a house that’s a project, unless the cost of the upkeep is reflected in the sale price.

You should also consider the value of homes similar to yours in your area. Have there been other sales in your neighborhood in the past few years? Take a look at the asking prices of those homes and compare them with what they actually received in the final offer. It could help you decide on a competitive price when you’re selling your home without a Realtor.

Lastly, you should factor in the current temperature of the housing market in your area. Are homes selling quickly, or are sellers waiting around for months for potential buyers to bite? If the market is cold, you might need to consider a competitive price to draw buyers to your home.

Stage and Market Your Home for Sale

Before listing your home by yourself, you might consider staging it for showings, promotional photos, and marketing materials. To stage your home, you’ll want to use neutral furnishings, take down any family portraits, and clean up and stow anything that could be considered clutter. The goal is to help potential buyers see themselves in the space, to help them imagine their life in your home, so you want to avoid furnishings or decorations that are too “you.”

With your home staged and photos taken, it’s time to list on popular home sale sites like Zillow, Trulia, Realtor.com, and even Craigslist. When selling your home without a Realtor, you won’t be able to rely on a real estate agency’s connections, so it’s up to you to put the word out about your home for sale.

Host an Open House

When selling your home without a Realtor, it’s up to you to show your home to potential buyers. A great way to get people in the doors is to host your own open house. Before an open house, you’ll want to make sure your home is clean and ready for visitors. This includes sprucing up the landscaping, making any necessary repairs, maybe even baking a tray of cookies to get the place looking and smelling great.

Schedule your open house in advance, and be sure to spread the word before the event takes place. If no one makes an offer right away, don’t be discouraged. Another goal of an open house is to show off your home to people who might tell others about your sale.

Be Prepared to Negotiate with Potential Buyers

Of the 5 tips to sell your home, being prepared to negotiate is crucial. Hopefully, after having your home listed for a short time, you’ll receive a good offer or two for your home. In a perfect world, a buyer would offer to pay the asking price for your home, but in most cases the offer will be low. It’s up to you whether you want to accept or counter, but you should be prepared to have a fair negotiation with any potential buyers. During negotiation, it’s important to be flexible to the buyer’s concerns and demands, especially if you are motivated to sell.

When accepting a buyer’s offer, you’ll need to be willing to work with their financing options, which could involve a waiting period while their lender approves a loan. Make sure the selling agreement is laid out in clear language. You might consider hiring an attorney to make sure everything is as agreed before the sale is closed.

Sell As-Is for Cash with a Quick, Hassle-Free Sale

If you want to avoid the hassle of preparing your home for sale, staging and hosting an open house, or negotiating with buyers, you might consider selling your home as-is for a quick cash sale. In an as-is sale, a real estate investor will walk through your home with you and offer you a fair price based on its value. The advantages of this are that you can sell your home fast for an immediate payment, without having to make any repairs, changes, or updates to your home or property. You can take care of selling your home without a realtor and have the process finished in as few as five days.

Whether you want to list your home for sale by owner, or sell quickly and simply in an as-is for cash sale, there’s no need to work with a real estate agent. It’s possible to have a stress-free experience when selling your home without a Realtor.

Do these 5 tips to sell your home have you ready to sell your home, but not interested in hiring a realtor? Hometown Development would be happy to help you sell quickly, and without the hassle. We offer fair cash offers based on the market value of your home. To learn more about our free cash offer, reach out to us.