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6 Tips to Selling a Home As-Is

Posted on by Hometown Development

Are you considering selling your home as-is? Whether you need to move out quickly, don’t have the time or money to make the repairs your home needs, or are just hoping to get out of an expensive, troublesome mortgage, an as-is sale can offer you a lot of benefits. No matter why you’re selling your home as-is, here are 6 top tips to help you sell your house as quickly and as smoothly as possible. 

#1 Be Honest

The great thing about selling a home as-is is that you don’t have to handle any of the necessary repairs or problems your home might have. That said, you are still legally obligated to honestly answer any questions a buyer asks you. If you know your roof has a leak, your foundation has a large crack, or you’ve experienced electrical issues, termite damage, or any disputes over the title, you’ll have to disclose that information to the buyers. It’s good to know that if you’re selling the home as-is, these issues won’t typically deter a serious buyer, but you do have to disclose them before selling the property.

#2 Create an Attractive Listing

If you’re planning to sell your home as-is, and aren’t interested in hiring a realtor or reaching out directly to a specific real estate investor, then it’s a good idea to create a digital listing on real estate sites like Trulia and Zillow. In most cases, you can post a listing for free, and you can specify in your description that you’re selling the home “as-is”. 

To create an attractive listing, make sure you take a few great pictures of your house. Wait for a bright, sunny day, so your pictures feature a lot of natural light, both indoors and outdoors. Then, post those images with an honest, positive description of your home. 

#3 Price to Sell 

If you’re listing your home online and you’re planning to sell as-is, you’re going to want to price your home to sell. Many homeowners think they can start at a higher price, and then just let potential buyers talk them down a bit, but in reality, this typically just increases the amount of time your home sits on the market. 

Price your home to sell, keeping in mind that when you sell as-is to a cash buyer, you don’t have to pay for closing costs, any inspection fees, repairs, or renovations. In many cases, you won’t even have to clean your home. The offer you get from the buyer is the money you’ll keep, so remember that as you set a price for your home. 

#4 Don’t Just Accept the First Offer

Now that you’ve listed your home for a great price online, it’s time to listen to offers. If your home is priced well, and listed “as-is”, you’ll likely start to see offers from as-is buyers, investors, and individual homeowners looking for a project. It’s important to take a good look at each of the offers you get, rather than just accepting the first one. If you’ve just listed, give your home a few days before you accept an offer. It can be in your best interest to hear what all of your potential buyers have to say, so you can choose the offer that’s best for you. Remember that offers aren’t all just about cash, either. If you’re still living in the home, you’ll want to make sure you accept an offer from a buyer who gives you a reasonable amount of time to move out, and who can close on your schedule. 

#5 Choose an Investor You Trust

When you sell a home as-is, many of your potential buyers are likely to be real estate investors, like Hometown Development. It’s important that in the end, you go with an offer from a buyer or investor that you trust, and who has a good reputation. You don’t have to accept an offer from an investor you don’t like, or who seems to be pressuring you into making the sale. If you don’t feel quite right about a buyer, it never hurts to do a bit of homework — look them up online, check out their business profile, and see if they have any reviews from previous clients. A great real estate investor will have a solid reputation and a legitimate website offering information about their past and current projects. 

#6 Be Flexible

Selling your home, even when you sell as-is and for cash, isn’t always easy. It’s important to be flexible as the seller, so you can make that sale happen in the time frame you’re hoping for, and for a reasonable price. Remember that when you sell your home, you’ll have to be available to let buyers walk through and take a look at it, and also remember that not every buyer is going to give you an offer that’s at your asking price. As long as you remain flexible, and work to accept an offer from a legitimate buyer who is willing to work with you, too, you should be able to sell your home as-is, with minimal hassle. 

 

Selling a home as-is doesn’t have to be difficult. If you need to move on from your property quickly, and without making repairs, the Hometown Development team would be happy to help. We purchase properties exactly as-is, and for cash. For more information about our process, and for your own personalized quote, give us a call at 616-379-3090 or contact us online. 

What Can I Do With Inherited Property?

Posted on by Hometown Development

If you’ve recently inherited property from a loved one, you may be wondering what to do. Whether you’ve inherited the property solely, or jointly with siblings or other family members, it can be a difficult decision to keep or sell the property, especially as you grieve the loss of your loved one. In nearly every case of inherited property, you have three basic options — keep the property, list it, or accept a cash offer. Here’s what you need to know about each:

Keep the Inherited Property To Live In or Rent

Keeping the property is a good idea if you would like to live in it, or if the property is well-suited for renters. If you’ve inherited the property on your own, this is an easy decision to make, because you’re calling all of the shots. If you and a sibling or another family member inherited the property together, you’ll have to come to an agreement together. 

For example, if you decide to live in the home, you’ll have to compensate your sibling accordingly, either by buying them out of the house or by paying them regular rent. This is a little easier to work out if you’re renting out the property — you simply split the rent equally between all owners.

If you do plan to keep the property, there are a few housekeeping items you’ll want to take care of before you or a renter officially move in:

  • Plan for property taxes to rise — If the home has been owned by the same person for quite some time, it’s likely that your property taxes will go up now that the property has transferred ownership. While this isn’t too big of a deal if you’re renting (you can just up the rent accordingly) this could be an issue if you’re planning to live in the home. 
  • Get a home inspection — Many inherited homes have been lived in and maintained by senior owners, who may not have been able to keep up with large-scale maintenance in their later years. Before you officially move in or rent out the house, it’s in your best interest to have the property inspected to ensure there are no major structural problems to be fixed.

Keeping your inherited property is a great way to move into a home that’s better suited to your family, or generate a bit of extra income by renting it out. Either way, know that you’ll have to tackle a bit of work — cleaning, making repairs, ensuring there are no necessary renovations — before anyone can move in. 

List It

If you live far from the inherited property, or if the property was left to multiple parties, you might be considering listing the home on the traditional market. This is an especially attractive option if there was no mortgage on the home because everything you make on the home will be a profit to split between you and the other inheritors. 

Listing a home on the traditional market is a good way to recoup fair shares for all of the property owners, but it will take a bit of work. Here are a few of the steps that go into listing a home on the market: 

Tidy Up the Property

First and foremost, you’ll have to clean the home out entirely to prepare it to be listed, and it’s also a good idea to get a pre-inspection done before you put the home up on the market. This will help you get on top of any big renovations or repairs, and have them completed before you list the home. 

Find a Realtor You Trust

You’ll also need to find a realtor you trust. It’s a good idea to talk to a few realtors who are familiar with the neighborhood and the local market. Choose a realtor who is invested in your property, and understands your goals for selling the home. If you live further away, you’ll be relying on your realtor to get the home sold quickly, so it’s important you choose someone you can trust. 

List the Property

Once you’ve identified and made any necessary updates or renovations, have cleaned your inherited property up, and have found a realtor, you can list the property. Remember that while listing the home traditionally can provide a number of benefits, it can also take some time. The closing process alone can take up to 90 days, and sometimes more. If there is a mortgage on the property, you and the other owners of the property will have to keep up on those payments until you officially close on the home. 

Choose a Cash Offer

Inheriting a home can be stressful, especially if you’re inheriting the property with a number of other family members, or if the home has an expensive mortgage payment or costly necessary repairs. If you and the other inheritors just aren’t sure how to keep up with the property, you might consider an all-cash offer from a trusted local real estate investor. 

This is also a good choice when you don’t live near the inherited property. When you work with a real estate investor who makes a cash offer, you don’t have to worry about:

  • Cleaning — Real estate investors purchase homes as-is, so you can take the items you want from the home, and move on quickly, without worrying about cleaning and tidying up. 
  • Renovations — Since the home is purchased as-is, the real estate investor assumes any structural problems or large-scale necessary renovations or repairs. 
  • Closing — Cash offers can be made and closed on in a matter of days, not months. If you’re worried about making mortgage payments or rising property taxes, a cash sale can help you move on from that inherited property quickly, at minimal to no expense to you or your family. 

If you’re dealing with a home that’s in disrepair, or a number of inheritors who can’t agree on the best route to go for the property, accepting an as-is cash offer is often the best option. Everyone gets a fair split of the profit, and you’re all able to walk away from the inherited property without additional expense on anyone’s part. 

Inheriting property isn’t always the gift it seems like at first. If you’ve recently inherited property you don’t have time to care for or keep, Hometown Development can help. We purchase properties in any condition, for cash. Contact us online, or give us a call at 616-379-3090 for information about a cash offer for your home.

Answers to Some of the Most Common Divorce Home Ownership Questions

Posted on by Hometown Development

Divorce is difficult for anyone. No matter what your assets or whether you have children or not, there’s no easy way to finalize a divorce. For many couples, homeownership is one of the most difficult assets to divide fairly. Not only do you have to decide what to do with the home, but you also have to keep up on mortgage payments throughout the divorce, which can get messy. If you’re going through a divorce, and aren’t sure what to do with your home, here are answers to some of the most common divorce homeownership questions: 

Should I Keep The House, or Sell?

Really, this question is at the heart of every divorce homeownership concern. Ultimately, you want to know what’s in your best interest, and in the best interest of your family — to sell, or not to sell. Unfortunately, there’s no good cut and dry answer to this question, because it depends on your specific situation. 

There are two situations where the answer is relatively easy:

    • You own the home jointly and are looking for the simplest solution. 
      • If you and your ex own the home jointly and are both on the mortgage, selling is certainly the easiest option. Selling the home means you can get rid of the mortgage, and split any profits right down the middle. 
      • There’s no worry about who keeps the house and how to quantify that asset. The sale quantifies it for you, and neither of you has to worry about any long-lasting implications on your credit. 
    • One spouse came into the marriage with the home. 
      • If you or your spouse purchased the home before you entered into the relationship, it is likely that they will have rights to the home, unless the other spouse was added to the deed or mortgage later on. 
      • In this situation, that spouse who entered into the marriage with possession of the home is likely to keep that asset. It’s up to them to make the sell vs. keep decision. 

If neither of these situations applies to you, then solving the divorce homeownership challenge can be a bit more complicated. We’ll get to some of those situations next. 

Can I Buy Out My Spouse?

There are a number of situations where assuming full ownership of the home from your spouse makes sense, like keeping children in the same school district and home, or when market conditions aren’t right yet to sell. 

The only way you can buy out your spouse is if you make enough money to qualify for the mortgage alone. In most cases, spouses qualify for mortgage loans together, so it’s not necessary to make so much money on your own. But, if you’re hoping to buy out your spouse and assume full ownership of the home, you’ll have to prove to your lender that you can afford the monthly mortgage payments. Unfortunately, this can be tough amidst divorce proceedings that split your assets and savings in half. 

What Do We Do About the Mortgage?

No matter what you decide — to sell the home, assume full ownership, or relinquish the home to your spouse, it’s important to adjust the mortgage accordingly. If you no longer live in the house, and have been taken off the deed, but are still listed on the mortgage, any missed payments will continue to affect your credit. 

This is one of the reasons many divorced couples opt to sell the home. It’s difficult to be taken off a mortgage once you’re on it, and it’s also stressful to be named on a mortgage that you don’t have control of. Selling the home ensures that you pay that mortgage off, preserving your credit to make large purchases in the future. 

If you do opt to relinquish the home to your spouse, make sure your name is taken off the mortgage, if possible. This way, you don’t have to worry about their future finances affecting your credit. That leads us into our next question:

How Will This Affect My Ability To Purchase a New Home?

How you choose to solve the challenge of divorce homeownership will dictate your ability to purchase a new home. Divorce is expensive and stressful. It’s easy to forget about things like mortgage payments during divorce proceedings, especially when it’s not yet clear who will own the home, and who is responsible for the mortgage payments. For that reason, many couples start to miss mortgage payments, which can seriously affect your ability to purchase a new home. 

Missed payments will affect your credit, and if your loan goes into default while you’re sorting out your divorce, you could face serious repercussions in your ability to purchase a new home down the road. Some lenders may refuse to offer you a loan, even if it’s not your fault that mortgage payments weren’t made. 

If a lengthy divorce process is making it difficult to keep up with mortgage payments, an as-is, cash sale could help. Hometown Development purchases properties in any condition, with no need for cleaning or repairs. Simply contact us, get a fair cash offer, and move on from your home with no worries of disrupting your credit or further disputes over divorce homeownership.  For more information about our process or for a personalized offer, give us a call at 616-379-3090 or contact us online at your convenience.

Understanding the Michigan Foreclosure Process

Posted on by Hometown Development

Every state has different home foreclosure laws, and Michigan is no exception. While the process is generally very similar from state to state, understanding the specifics of the Michigan foreclosure process is important for understanding what could happen to your home if you stop making mortgage or property tax payments. 

Let’s dive into the complicated procedure of the Michigan foreclosure process. 

Michigan Foreclosure Process: Understanding Foreclosure Types

Here is an overview of the Michigan foreclosure process: if you are unable to make your mortgage or property tax payments, eventually your home will go into foreclosure. If, after a prescribed length of time, you aren’t able to pay back the money you owe to your lender or to the county, your home will be foreclosed on. That means that your lender or county will repossess the home, and then put it back on the market to sell and recover those missed payments. 

While this can sound frightening, there is good news for Michiganders: the Michigan foreclosure process offers plenty of warning signs when your home is in danger of foreclosure, and homeowners usually have a few options available to them in order to avoid foreclosure. 

Before we take an in-depth look at the Michigan foreclosure process, it’s important to understand what type of foreclosure you might be facing: mortgage foreclosure or tax delinquent foreclosure. Continue reading to learn more about each type. 

Michigan Mortgage Foreclosure

Michigan mortgage foreclosure occurs when a homeowner stops making mortgage payments to their mortgage lender. Your lender is the bank to who you make your mortgage payments. If you stop making mortgage payments, you are at risk of a Michigan mortgage foreclosure. 

Michigan Tax Delinquent Foreclosure

Michigan tax delinquent foreclosure occurs when a homeowner stops paying their property taxes. In Michigan, you pay property taxes yearly, and you are taxed based on the estimated value of your home. If you stop paying your property taxes, you are at risk of a Michigan tax delinquent foreclosure.

Understanding the Michigan Foreclosure Process

There are different foreclosure processes in Michigan for each of these two types of foreclosure. You will want to follow the foreclosure process for your specific type. To help you understand the different foreclosure processes in Michigan, we explain each one in depth below. 

Michigan Foreclosure Process if You Fall Behind on Mortgage Payments

If you’ve fallen behind on your mortgage payments, it’s important to understand how the Michigan mortgage foreclosure process works. 

In the state of Michigan, mortgage foreclosures are non-judicial. This means they are settled out of court, and your lender doesn’t need a court order to sell your home at a public auction after you’ve been delinquent for 120 days. 

Let’s take a look at each stage of the Michigan mortgage foreclosure process:

  • Days 2-36 after a missed payment: You are considered in default the day after you miss a payment on your mortgage. However, most lenders have a 15 or 20-day grace period. If you know you are going to have trouble making payments, now is the time to have a conversation with your lender. 
  • Day 45 after a missed payment: If you haven’t yet talked to your lender by day 45, they will send you an official, written notification that you are in default on your loan. They are also required to assign a point of contact or agent to your case so you have someone specific to call with any questions or negotiations. They may also provide you with additional options for remedying the situation. 
  • Day 121 after a missed payment: Your lender is allowed to start the foreclosure process. They will schedule a sheriff’s sale date. They are required to publish the date of the sale four weeks beforehand, along with details of the debt. Your lender will also post a notice on your property.
  • Sheriff’s Sale: Homeowners still have the opportunity to work something out with their lender until the date of the sheriff’s sale. You may be able to arrange a short sale, accept a cash offer for your home, or work with your lender to find a reasonable repayment plan. 
  • Redemption Period: In the Michigan foreclosure process, homeowners typically have a six-month redemption period. If you owe less than a third of your original loan, you may have a 12-month redemption period. During this time, you can live on the property and even sell or buy back your property. However, homeowners do have to allow whoever purchased the home at the sheriff’s sale to inspect the home upon reasonable notice. 
  • Michigan Foreclosure Process is Complete: The process is complete, and the homeowner has to leave their home. 

 

While this process can feel intimidating and stressful, there is a lot of time between when you first miss a mortgage payment and when eviction happens. This gives you the opportunity to find a solution, keeping in mind that lenders generally do not want to foreclose on your home. For lenders, it’s easier to work out a solution that gets you back on track for your mortgage payments. If you’re currently in the middle of the Michigan foreclosure process, do your best to get in contact with your lender to see what your options are. 

Michigan Foreclosure Process if You Fall Behind on Property Taxes

In Michigan, the property tax foreclosure process is much different than the mortgage foreclosure process. Instead of owing money to your lender, you owe money to your county. 

The property tax foreclosure process in Michigan is a three-year process. Property taxes have priority over any other lien on a property, which means that if you fall behind on your property taxes, your lender might step in to pay those taxes. Lenders will then require additional payments from the homeowner in order to cover those taxes that they paid on their behalf. 

If you miss a property tax payment, the sooner you start making payments, the better. The longer you wait to pay, the more fees will pile up, and homeowners are required to pay back everything that they owe in full.

Here’s how the Michigan tax foreclosure process works:

  • March 1: Michigan property taxes are due to the county by February 14. If you have not paid those property taxes, your county will be notified, and your property will be marked delinquent on March 1st. The county will add a 4% administration fee and a 1% monthly interest rate to the amount you owe. 
  • County Notices: The county will send you three notices before your property is considered forfeited. Those notices are sent out in June, October, and the following February. By February of the second year, the county is allowed to post notices of delinquent properties in the newspaper. 
  • March 1, Second Year: If you haven’t paid off property taxes by the following year on March 1, the county considers your property forfeited. In order to redeem your property, you would have to pay back all of your taxes and accrued fees in one lump payment. Residents are still able to live in their homes. 
  • Certificate of Forfeiture: In April of the second year, the county will officially record a certificate of forfeiture, stating how much property taxes are owed, and that the homeowner has not paid those taxes. 
  • Show Cause Hearing: The Foreclosing Governmental Unit will schedule a show cause hearing, where you have an opportunity to explain why your home should not be foreclosed on. The FGU is required to notify you of the date of this hearing, and it’s important that you attend. This is one of your last chances to redeem your home before it is foreclosed upon.
  • March 30, Third Year: If you still have unpaid property taxes in the third year, the circuit court has to make a decision on your property. The courts will make a decision to foreclose or not foreclose on your home.
  • March 31, Third Year: If the courts decide your home should be foreclosed on, or if you did not attend your show cause hearing, this is the date of foreclosure and the date that you must leave the premises. 
  • July-August, Third Year: The county will auction off your home in an attempt to recoup the costs of the unpaid property taxes. It’s too late for homeowner to redeem their home by paying back the taxes they owe. 

 

The Michigan foreclosure process for unpaid property taxes is long. You have almost three years to pay back your taxes. If you’re not sure what to do and your home is in danger of foreclosure, it’s important to know that you still have options. You don’t have to wait for your lender or the county to take your home. 

Avoid Foreclosure with Hometown Development

If you’re hoping to avoid the Michigan foreclosure process, our professional team at Hometown Development can help. We purchase properties in any condition, for cash, and we can close in as little as five days, helping you get out from under that foreclosure quickly. Contact us online, or give us a call at 616-379-3090 to see how we can help.

What to Look for in a Cash Offer For Your Home

Posted on by Hometown Development

If you’ve decided that accepting a cash offer is the best way to sell your home, you’re likely already familiar with the benefits. You don’t have to make repairs, you don’t have to worry about inspections, and you should be able to move on from your home quickly. But, what about accepting that cash offer? 

There are indeed shady investors out there. It’s tough to trust every cash offer you see, which is why we always encourage homeowners to do a little bit of homework before they accept an all-cash offer for their home. If you’re ready to accept a cash offer for your home as-is, here are a few things to look for from the person or company who will be purchasing your home: 

 

No Upfront Fees

One big red flag to take note of is if the buyer asks for any fees or cash from you upfront. If they have an application fee or require money from you in any way before they purchase your home, you have a right to be wary. Most professional real estate investors don’t require an application fee, and in fact, cover the majority of extraneous fees involved with the home sale process. That brings us to our next point:

 

No Additional Closing Costs or Fees

Most reputable real estate investors don’t require you to pay anything. They’ll subtract any necessary transfer taxes and the cost of the title insurance from your offer, but otherwise, you shouldn’t have to pay anything.

If someone is offering you cash but requires a number of fees and closing costs upfront first, you may want to look for a different buyer. Reputable developers and investors will work to make the closing process as simple and as inexpensive as possible for you. If you feel you’re getting nickel and dimed on a bunch of fees that you’ve never heard of, you might want to do a little more research on your buyer. 

 

No Contingencies

The nature of an as-is cash offer is that the buyer is purchasing your home as-is. That means there should be no purchasing contingencies based on the condition of your home. Ask your buyer to explain their offer thoroughly. 

How did they arrive at the number they’re offering you? And is there any reason their offer wouldn’t go through? 

Reputable real estate investors will tell you that your offer is based on the market value of your home, and since they’re purchasing your home as-is, nothing regarding its condition should be grounds for terminating the sale. 

 

Closing On Your Schedule

Another key benefit of accepting an as-is, cash offer for your home is that you should be able to close in a time frame that’s convenient for you. Reputable real estate investors can help you close in as little as five days, so long as there aren’t several outstanding liens on your home. 

Quality cash buyers will work with you to make the closing process as easily as possible. If your buyer isn’t willing to work with your schedule and seems inflexible about your options in the closing process, you might want to reconsider their offer. 

 

A Legitimate Business

The best way to protect yourself from a scam or a bad offer is to do as much research as you can on the buyer. If you can find a website and reviews about their company, both on their website and on sites like Google, then you know they’re a legitimate business with a reputable history. If all you have is a phone number for the buyer, do a little more digging. If you still can’t find anything on them, you might want to look for other offers from established companies you can trust to deliver on their offers. 

Accepting a cash offer for your home is a great way to move on from a troublesome property with minimal hassle. It’s just important to remember to do your research before you accept a cash offer. There are many legitimate real estate investors out there who are sure to be interested in your property — you don’t have to settle for an offer that doesn’t seem quite right. 

For a cash offer you can trust, call Hometown Development. We’re purchasing and remodeling homes in the West Michigan neighborhoods we love, and we’d be happy to make a fair cash offer for your home. To talk about a cash offer for your home, get in touch with us online or give us a call at 616-379-3090 today. 

Benefits of Buying a Professionally Remodeled Home

Posted on by Hometown Development

Buying a home is never easy. You have to find the right location, the right size home, with a layout that makes sense for your family, and it has to be within your budget range. That’s a lot of qualifications, and if you’re looking at older homes, it can be hard to find a property that meets all of your goals without renovating or making big updates. But there is a solution. 

Have you considered buying a remodeled home from a developer or real estate investor? 

Professionals like the team here at Hometown Development often purchase properties in great areas that need a little love. We then restore and remodel those homes to fit the needs of the modern homeowner. For you, the buyer, this means you have the opportunity to purchase the home of your dreams, in the location of your dreams, without ever having to lift a finger. 

If you’re new to the idea of buying a professionally remodeled home, here are just a few of the benefits that come from purchasing a home that’s already been renovated:

 

Worry-Free Move-in

The most obvious benefit of purchasing a professionally remodeled home is the ability to move in immediately, without any real worries. If the home has been remodeled by professionals, you won’t have to wait for homeowners to move out or clean, and you can rest easy knowing that the condition you saw the home in when you toured it is the condition you’ll get when you move in. 

 

Good Bones

One amazing benefit of buying a remodeled home is that you have the opportunity to purchase a house that has all of the brand new luxury details and appliances you love, with the history and charm of an older home. It’s true when they say that they don’t build ’em like they used to. 

If you’ve always loved the look and layout of historic homes, but have been wary of the upkeep and maintenance an older home often needs, a professionally remodeled home may be the best way to get you everything you’re looking for without putting in the work.

 

Quality Finishes & New Appliances

If you’ve been looking for houses for a while now, you’re familiar with the disappointment that comes when you find a beautiful house with old, outdated finishes and appliances. Finishes like countertops, flooring, appliances, and even lighting are often the most expensive and most noticeable aspects of a new home. 

When a home is remodeled by professionals, those are some of the first things they’ll change. They know a homeowner wants to move into a home with beautiful finishes and upgraded, energy-efficient appliances. That’s one less thing you have to worry about when move-in day comes around. 

 

Quick, Professional Closing

There’s nothing worse than discovering the home of your dreams only to immediately become trapped in a long, complicated closing process. When you purchase a home that’s been professionally remodeled by home investors, you remove all of the worry and hassle from that process.

Professional renovators and investors want to sell the homes they’ve completed, and the good ones will have taken care of any complications with the home’s finances first, to ensure that they can sell the home in a reasonable time frame. They’re motivated to sell which means they’ll work to make the closing process easy on you. 

 

No Renovations, No Hassle

It’s often frustrating to think about buying a house that you’ll just have to turn around and put more money into. A great benefit that comes with purchasing a professionally remodeled home is that all of the work is done. If the home had issues with outdated plumbing or electrical, the renovator will have sorted out those issues. 

What’s more, home investors and professional remodelers keep a close eye on current home trends. That means they know what’s popular- whether it’s an open floor plan, quartz countertops, or a beautiful fireplace – and they’ll have worked to incorporate that into the home’s renovation. 

Bottom line? You end up with a home that’s in great condition and remodeled to fit the needs of the modern homeowner. 

 

Remember: Always Do Your Homework When Buying Any Home, Remodeled or Not

As home investors and professional remodelers ourselves, here at Hometown Development we always encourage home buyers to do their homework before signing on any home, but especially with recently remodeled homes. While we always pull the proper permits and work to ensure that every one of our homes is remodeled according to the latest code requirements, we know that there are “flippers” out there who aren’t taking the same professional precautions. 

If you’re buying a recently remodeled home, it’s always a good idea to look into the company who has completed the remodel and make sure you’re looking closely at every change they’ve made to ensure the work was done according to your area’s code requirements. And with any home that you plan to buy, always make sure you have a qualified, trusted home inspector come by to complete your inspection before you make the final decision.

Buying a professionally remodeled home is a great way to get a beautifully restored historic home in the neighborhood of your dreams. If you’re interested in a professionally remodeled home here in West Michigan, take a look at some of Hometown Development’s ongoing projects, contact us online, or give us a call at 616-379-3090 for more information.

Step-By-Step Guide to Selling Your Home for Cash

Posted on by Hometown Development

If you’re considering selling your home for cash, you might be wondering what to expect. While there are a lot of resources out there for hiring a realtor and selling a home traditionally, there doesn’t seem to be quite as much information about selling a home for cash. 

It’s important to know that selling your home for cash is a legitimate option that makes a lot of sense for many homeowners. If you’ve recently inherited a home, are in danger of foreclosure, or are just looking for a hassle-free way to sell that can help you move on quickly, a cash sale is a great option. 

But what exactly does a cash home sale look like, and what can you expect when you sell your house for cash?

We’ve put together this complete step-by-step guide to selling your home for cash to answer those questions for you. Here’s what you can expect from the cash sale process:

 

Step 1: Putting Your Home Up For Sale

Since you’re not using a realtor, you might wonder how you announce that your home is for sale. You’re probably also wondering what you have to do to get the home ready for buyers to look at. 

First, know that most cash home sales are done “as-is”. That means that the buyer is agreeing to purchase the home exactly as it is, with no repairs, clean up, or maintenance done on your part. 

Second, there are two ways you can put your home up for sale:

List it Yourself

If you’re looking to sell your home for cash, without a realtor, you can list your home yourself on popular real estate sites like Trulia and Zillow. You might also consider putting up for sale signs in your yard, around your community, and even taking ads out in Craigslist, local newspapers, etc. If you go this route, make sure that you’re taking high-quality photos of your home in plenty of natural light, and that you write a catchy description of your home. People love information, so the more you give them, and the better your photos, the more interest you’re likely to see. 

Contact a Local Real Estate Investor

If you’re hoping to sell your home quickly, and for cash, it’s probably best to contact a local real estate investment company directly. There are a lot of companies out there making cash offers for homes, though, so it’s important to do a little research about those real estate investors before you reach out. More about choosing the right buyer next:

 

Step 2: Finding A Buyer You Trust

If you’ve listed your home online for an attractive price, you’re probably going to see a lot of interest from real estate investors and homeowners or “flippers” interested in your property. All of that interest is great, but you want to make sure you’re choosing a buyer you can trust to deliver on the cash offer they’re making. 

This is why we typically advise homeowners to go with a local real estate investment company that has a history and a great reputation in your community. 

There are plenty of people out there who aren’t doing legitimate business, and some of the bigger national real estate investment companies don’t have actual agents on the ground to offer a quality assessment of your home. By choosing a local real estate investment company, you’ll be working with a team who knows your area well, and who has both your interests and the interests of your community at heart. 

 

Step 3: Home Visit

If you’ve had a lot of buyers interested in your home, you’ll likely have a number of home visits. This is an opportunity for the buyers to assess your home, but it’s also an opportunity for you to assess the buyers. 

Pay close attention, because this home visit can tell you a lot about the company or the people you’re considering selling to. You want the representatives who visit your home to be respectful and professional. If they’re not, you might consider another prospective buyer.

It’s also good to know that you don’t need to do much in preparation for your home visit. You might consider tidying up a little if you’re living in the home, but you don’t need to make repairs or add on a fresh coat of paint. The benefit of making a cash sale is that it’s minimal hassle for you.

 

Step 4: Receive an Offer

Once your prospective buyers have had a chance to look at your home, they’ll make an offer. If you’re working with a quality home buyer, they’ll make an offer based on the fair market value of your home. If you’re not sure about the offer you’ve been given, ask the buyer about it. 

Any buyer that you can trust will talk about the size of your house, its features (how many bedrooms and bathrooms, one vs. two-car garage, etc.) and its condition in comparison with other similar properties in your area. If you’re feeling uncomfortable with how your prospective buyer answers the question, don’t be afraid to do a little research yourself. Is their company legitimate? Do they have any reviews or testimonials online?

 

Step 5: Close

With an offer in hand, all you have to do is accept, and the closing process can begin. This is another key benefit of selling your home for cash — the closing process can be completed in as little as 5 days. 

While your actual time to close is dependent on your unique situation, closing a cash sale is always faster than a sale where lenders are involved. And if you’re selling the home as-is, you don’t have to wait for inspections, inspection reports, or any repairs. You simply accept the best offer and close. 

 

Step 6: Move On!

Now that your home cash sale has closed, you’re free to move on. 

How quickly you move on is between you and your buyer, but typically cash buyers are very flexible. Here at Hometown Development, we often work with homeowners to help them move on as quickly as possible. That means we don’t require you to spend a lot of time cleaning or fixing anything up — simply take what you want, and leave the rest!

We hope this step-by-step guide helps take some of the anxiety out of selling your home for cash. While it’s not talked about as often as a traditional sale with a realtor, selling your home for cash has a lot of benefits for homeowners, and is a legitimate way to move on from a home, especially if you don’t have the time, money, or interest in making a lot of repairs or going through the traditional open house and showing process. 

If selling your home for cash is the best option for you, Hometown Development can help. We offer a quick closing process — as little as five days — and we offer cash for West Michigan homes in any condition. Give us a call at 616-379-3090 or contact us online today.

5 Reasons to Sell Your Home As-Is

Posted on by Hometown Development

Selling a home can be a long, stressful process. From hiring a realtor and finding a buyer to making sure that the sale is going to close properly, many components go into a traditional home sale, and most of them take time. 

What many people don’t know, or tend to forget, is that there is an alternative to selling a home on the traditional market. You also have the option to sell your house as-is. Though it’s not the right move for everyone, an as-is sale can offer several benefits for homeowners. Here are a few reasons you might consider selling your home as-is:

Your Home Needs Serious Repairs

If your home needs significant repairs and is facing troublesome issues like a cracked foundation, faulty plumbing or electrical wiring, or more, an as-is sale could be in your best interest. In most cases, before putting your home on the traditional market, you’d be required to make some (if not all) of the necessary repairs, before you could see interest from a traditional home buyer. That’s a lot of money out of your pocket before you see any return, and it’s not guaranteed. 

An as-is sale means that you’re selling your home in the exact condition it’s already in. While you will have to disclose the current issues with your home and you’ll have a lower asking price, you won’t pay any money out of pocket to make the sale. 

Your Home Is At Risk of Foreclosure

Foreclosure can be frightening. It may feel like the state and ownership of your home is out of your hands. It’s good to know that you do own your home until the county officially forecloses on the property, which means you have options until then. An as-is sale can help you get out from under that home quickly, and without much additional expense to you. 

Since you’re selling as-is, where many buyers make cash offers, you’re also often able to close more quickly. In a cash sale, you don’t need to wait for lender approval, or for much legal documentation to process through. That can shorten the home selling process to just days, instead of months.

You’re Working Through a Difficult Divorce

When you’re going through a divorce, it’s often difficult to stay on top of major expenses. Both parties have legal fees and attorney retainers to worry about, and it can be hard to determine who is responsible for the mortgage payments while your lawyers are sorting out your assets. 

Whether one party owns the home or it is jointly owned, an as-is sale is a great way to help move some of your concerns and responsibilities off of your plate while you focus on yourself and the divorce process. Since you don’t need to do repairs or clean, an as-is sale is much less hassle, and since it can be done quickly through a cash offer, it doesn’t take much work on your end.

You Don’t Have the Time or Money to Hire a Realtor

Realtors are an expensive and time-consuming part of the home sale process. While they certainly offer benefits, if you’re trying to sell a home quickly, or you’re on a tight budget, a realtor may not make sense for you. 

What’s more, when you list a home traditionally, with a realtor, they’ll want you to clear out your space, hire cleaners, and possibly even do cosmetic touch-ups like painting or staging the home. While these efforts can go a long way to get you the best price, if you’re already on a tight budget, a realtor may cost more than they’re worth for you.

When you opt for an as-is sale, your buyers are looking at the home with the understanding that what they see is what they’ll get. There’s no need to make repairs, and many as-is buyers will even offer to clean out whatever you don’t want from the home, helping you save both time and money. 

You Need to Move On Quickly

If you’ve inherited a home you’re not sure you can afford, you’re moving away for a new job, or you just need to move quickly, an as-is sale is likely your best bet. Like we mentioned above, as-is sales are often completed in cash. They also typically don’t require inspections, because the buyer isn’t going through a lender to purchase the home. 

All of these benefits can add up to more money in your pocket in a short period of time. You don’t need to make repairs, clean up, wait for a lender’s approval, or wait for the inspector’s report to come back. You simply list your home, accept an offer, and move on to wherever you’re headed next. 
As-is sales aren’t talked about as often as traditional sales, but they are a beneficial, cost-effective way to sell a home for many homeowners. If you think an as-is home sale might be right for you, Hometown Development would love to help. We purchase properties in any condition, for cash. Give us a call at 616-379-3090 or contact us online today for your free, no-obligation offer.

How to Stop a Tax Foreclosure

Posted on by Hometown Development

Tax foreclosure is a scary thought for most homeowners. Since many tax foreclosures happen to homeowners who own their home outright and owe nothing to the bank, it can be a surprise to hear your home is in danger. If you’re at risk of tax foreclosure in West Michigan, here’s what you can do to stop it:

What is a Tax Foreclosure?

A tax foreclosure happens when a property owner has not paid their property taxes, and the county seizes the property.

How Does Tax Foreclosure Work in Michigan?

In Michigan, the tax foreclosure process takes three years from the time a property owner stops paying taxes. For example, let’s say a homeowner stopped paying their taxes in 2017. On March 1, 2017, the county will record that property as being tax delinquent. If the property owner continues not paying property taxes, the county will seize the property on March 31, 2020.

There are a number of steps between those three years, and the county is required to notify you of tax delinquency multiple times in those three years. If you recently received a notice of property tax delinquency, you might be wondering how you can stop a tax foreclosure.

How Can I Stop a Tax Foreclosure?

The Michigan tax foreclosure process is long, which means you have plenty of time to avoid a tax foreclosure if you can pay your property taxes. Here are a few ways to stop a tax foreclosure:

Pay Back Taxes in Year 1

If you’re able, it’s best to pay back any missed taxes in the first year of tax delinquency. If you can pay before March of the second year, it’s a little easier to stop the foreclosure process. The county will add a 1% monthly interest rate to the amount you owe, but in the first year you can pay back those taxes gradually if you’re unable to come up with all of the money at once.

Pay Back Taxes in Year 2

If you were unable to pay back the property taxes you owe in the first year, you still have a chance to avoid tax foreclosure. In year 2 of a Michigan tax foreclosure, your home is considered in the “redemption” phase.

According to the county, by not paying your property taxes you have forfeited your home. You can still live in your home at this point, but to redeem your home, you have to be able to pay back all taxes and fees in one lump sum.

Sell Your Home

Property tax foreclosures aren’t always easy to get ahead of. If you’re struggling to come up with the money to pay owed property taxes in full, it might be in your best interest to sell your home. Selling can give you the money you need to pay back those property taxes, and save you from having a foreclosure on your credit. If you own your home outright, it’s likely that you can even get enough to have a little cash leftover that will help you get started somewhere new.

When Is My Last Chance to Stop a Tax Foreclosure?

March 31st of the third consecutive year of unpaid property taxes.

If March 31st is drawing near, and you haven’t been able to pay back taxes or sell your home on the market, an as-is sale for cash might be the right option for you. Real estate investors can close in as little as 5 days, ensuring your taxes are paid off right before that March 31 deadline. Since as-is sales can be closed with cash, you’ll also end up with the money you need to move on in your pocket in just days.

Tax foreclosures are scary, but Michigan’s three-year redemption process helps give you a little time to figure out what to do.

What to Know About Selling A Home As-Is

Posted on by Hometown Development

Whether you’ve inherited a home, have a home that needs substantial repairs, or are just hoping to unload a lemon, an as-is sale is perhaps the most hassle-free selling option for Michigan homeowners. If you were hoping to sell your house quickly, without making renovations or repairs, here’s everything you need to know about an as-is house sale:

What is an As-Is Sale?

An as-is sale is almost exactly what it sounds like. You sell your house just as it is. This means no repairs, no cleaning up for showings, and no hassle. For most people, an as-is sale also means you don’t need to hire a realtor, which can save a lot of money.

What Should I Know About Selling My Home As-Is?

If you haven’t sold a home in a while, or if this is your first time selling a home as-is, there are a couple of things to keep in mind:

Set a Fair Price

You’re selling your home, warts and all. With that in mind, you need to price your home fairly if you want it to go quickly. While other similar sized homes in your neighborhood may have sold for more money, that doesn’t mean you can expect the same for your home in an as-is state. If you price your home, given its as-is state, you’re likely to see a quick sale and a fair cash offer that will save you time, repairs, and hassle in the long run.

Be Honest

Just because you’re selling your house as-is doesn’t mean you can leave out important information. If there are defects about your home you know of, the law requires you disclose that information to the seller. Major issues like structural problems, cracks in foundation, mold, termite damage, a leaky roof, high radon levels, plumbing or electrical problems, or any outstanding legal issues must be disclosed to potential home buyers.

It’s good to remember that in most cases, this won’t affect your ability to sell the home. As-is house buyers are expecting some levels of necessary repairs, and most professionals see these types of issues regularly. While it may be tempting to downplay some of the house’s faults, it will lead to more trouble in the future if you fail to disclose the information.

Be Flexible

To move your home quickly, it pays to be flexible. Buyers will want to have a look around and will try to negotiate a price with you. To sell your house  quickly, you’ll have to be flexible with some of those offers. While you certainly shouldn’t take the lowest offer, make sure you’re open to those who are making reasonable offers. By selling as-is, you won’t get a top-of-the-market price, but you can get a fair, cash offer that puts all of the proceeds in your pocket.

Benefits of an As-Is House or Property Sale

An as-is sale isn’t right for everyone, but it does have benefits for those who want to move on quickly, or who don’t have the money and time to make major repairs. Here are a few benefits of an as-is sale:

Move on Quickly

As-is sales can close exceptionally fast when the home is priced fairly. If you need to move out-of-state or are in danger of foreclosure, an as-is sale can be a lifesaver. Since most as-is house buyers are real estate investors, they make cash offers, which means you don’t have to go through a lengthy closing process, and can actually be out of your home, cash in hand, in as little as 5 days.

No Repairs

An as-is sale is exactly what it sounds like. You’re selling your house as-is. That means that issues that would scare off a traditional buyer, like cracks in the foundation or a leaky roof, aren’t a problem. You don’t have to worry about shelling out money in advance for repairs on a home you’re selling. Simply list your home in the condition it’s in, and the buyer will deal with any necessary repairs.

No Cleaning

If you’ve inherited a house or need to move on quickly, an as-is sale is helpful since you don’t have to clean. As-is buyers often function on a “take what you want, leave what you don’t” policy that makes it easy to move on. Don’t worry about cleaning out that musty attic or clearing up the clutter in the garage. Just move on whenever suits you.

Fast Cash In Hand

The final, and perhaps most obvious benefit of an as-is sale is that you walk away from your unwanted house with cash in hand. You don’t have to wait for a lender to appraise or inspect the home, you simply make a deal with your buyer, transfer the title, and you can receive your money in as little as 5 days. This gives you the capital you need to move on safely and quickly.

It’s good to know that a traditional retail home sale isn’t your only option. If you just don’t have the time or money to make repairs and clean up an older home, an as-is sale can be a quick, helpful way to move on.

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Meghan Vandenhout 616-942-8955

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