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We can’t always stay in the same home forever. Whether pressing circumstances have encouraged you to sell your home or you’re simply looking to start anew in a more exciting place, selling your home will still be an involved process that can be tackled with a variety of different approaches.
NO MATTER YOUR SITUATION WE CAN HELP
Every reason you may want to sell your home comes with a different successful approach. Some reasons require that homeowners follow Colorado’s state laws on the matter. Whether it’s one reason or a combination of reasons, you’ll want to make sure you’re filing the right paperwork and selling your home in accordance with the law.
There are a lot of things that can lead to the decision to sell a home after a family member has died. Sometimes, financial obligations cannot be met after someone has passed away. Sometimes, a property is inherited from the deceased that no one can afford to upkeep.
While some states require sellers to disclose whether or not there has been a death within the home, Colorado does not. This can make it easier to find a buyer, as superstitious buyers are uneasy about deaths in homes.
Your lender wants to avoid foreclosure as much as you do. It costs them money in manpower and court procedures to follow through on an eviction, and there’s no telling how much of that money they’ll be able to make back.
As soon as you realize your financial situation won’t resolve itself in the near future, it’s time to talk to your lender about short sales. Selling the home as quickly as possible will prevent you from acquiring more debt.
Nobody wants to live in a bad neighborhood, no matter how nice their home is. Bad neighborhoods can significantly reduce the value of great homes as well as making them harder to sell. It’s a double whammy. This house can sit around for a while, and you may need to take a better look at what all of your sale options are.
If you’re behind on payments, you need to act immediately. The longer you wait before taking action, the worse the situation will become. Your best bet is to sell before you’re ever served the foreclosure notice. Talk to your lender about what sale options they’re willing to entertain. If you can get them to agree to a short sale, start the search for cash buyers.
Job transfers are both stressful and exciting. While you may be eager to start your new venture, you can’t really do that until your old venture is completely closed. This means selling your home before you pack up and move away.
If you can afford to continue to pay the mortgage, taxes, and property upkeep of the home you’re leaving in Colorado, you can keep it on the market. If you can’t justify that kind of expense, you’ll need to sell quickly.
Sometimes homes cost more to fix than they’re actually worth. If you don’t have that kind of money lying around, you’ll need to find a buyer who will be willing to take the home as-is. You don’t have to worry about home investors being intimidated by the amount of work a home needs – they were planning to fix it up anyway.
The first step in selling a home with bad tenants is to get those tenants off the property. If you don’t follow Colorado’s eviction law, things can go sour for you. Make sure you’re using the right processes to remove undesirable tenants from the property you own.
If your home has been ravaged by severe fire damage, you’ll have to repair it before most real estate agents will be comfortable listing it. If your insurance will cover the costs of the damage, it’s a waiting game. If you don’t have insurance, you’ll have to sell the home as a fixer-upper in severe need of some help.
In most Colorado divorces, a home is considered joint property among spouses. In order to sell the home, both parties have to agree to the sale. The assets will be distributed evenly. Either the profits from the sale will be divided down the middle, or one individual will be awarded assets equal to those proceeds while the other directly receives the proceeds.
If you’re transferring or being deployed, you have a strict timeline for when you’ll need to leave.Ideally, you would sell your house as soon as humanly possible. If you can’t you risk running behind on the payments while you’re gone.
If you’re transferred to a different state, lenders can foreclose as normal. If you’re overseas, they have to wait until 30 days after you’ve returned to the country.
You want to move closer to your parents, to a better school district, or to the beach. No matter why you want to relocate, it’s better to sell your home before you leave. You won’t have to travel back and forth to maintain the house or work on a sale if you close that chapter of your life before you begin writing a new one.
Selling your home won’t make all of your problems disappear during a foreclosure, but it will certainly make the outcome a lot better. Speak to your lender about a short sale, which can end a foreclosure without damaging your credit as drastically.
In Colorado, losing your job may allow you to submit a hardship letter to the court. If your hardship is granted, your lender may permit a short sale of your home. They know they’ll continue to lose money if you can’t afford to pay the mortgage or keep up with the property. They want to protect their assets.
If you’re outright inherited a property entirely to yourself, you can sell it immediately. Some properties are subject to probate, and in those cases, you’ll have to determine what kind of probate is necessary for the situation and work with the courts to complete the process.
If your roof leaks every time it rains or snows and you can’t afford to fix it, you may decide to sell your home and move to a drier property. It can be difficult to sell homes that need repairs, especially if those repairs are major. A real estate agent may ask that you fix them before listing the home. If you can’t do that, use an alternative sale method.
Code violations rack up high bills. Not only do you have to pay any applicable fines, but you’ll also have to pay to bring the home up to code. This can become an extensive and expensive process. If you know you can’t afford to fix the violations, sell your home to someone who is willing and able to handle them.
Depending on the circumstances under which you’re liquidating your assets, your property will either be exempt or nonexempt. Always validate the legality of a home sale before you sell it, especially if you’re filing for bankruptcy. You may not need to sell, and if you do, you’ll need to work with the courts to complete the sale.
An expired listing can be a sign that your home is not appealing to potential buyers. Real estate agents count on your commission for their paychecks, so they often try their hardest to sell within the contract period. If they can’t, you may not want to sign a new contract.
COLORADO'S CURRENT HOUSING MARKET
As far as traditional real estate markets go, Colorado is currently experiencing a unique trend. Tons of people are looking to move to Colorado from other states.
Many major metropolitan areas have seen a high increase in home value due to this demand. For example, single family homes in Boulder are listing for as much as one million dollars.
While this may seem like great news for homeowners, it’s really a double edged sword. The reality is that in this economy, fewer people are purchasing high-priced homes. Renting is being seen as a more feasible option to millennials, as the increase in home value is pricing out the generation.
Rocky Mountains
CHOOSING THE RIGHT SALES METHOD FOR YOUR HOME
SELLING THROUGH A REALTOR
If you live in the middle of a major metropolitan area and your home is very desirable, you may be able to sell your home in one to two months through a real estate agent. Homes in the heart of Denver, for example, sell within 36 days of listing. With typical real estate commission in the state of Colorado sitting at about 5.2%, it’s important to note that the increase in value won’t directly translate into profits from your sale.
If you live in an area where homes are in demand, you’ll probably find that it’s easy to price your home at a number you’re happy with. The only issue you may experience is that the listing price of your home is more likely to be out of the budget of the individuals who it will most appeal to.
This means your house can sit on the market for a while before you find a buyer that will work out. After that, you still need to go through the closing process. If you don’t have that kind of time to work with, you do have other options.
FOR SALE BY OWNER
If you think you can handle the sale on your own, you can always choose to sell your home yourself. In this scenario, you’ll have to pay to advertise and stage your home out of your own pocket. You’ll also need to use the appropriate contracts and legal forms. The Colorado Real Estate Commission offers a standardized contract for free, but both parties may require the help of a hired lawyer to navigate the legalese in the paperwork.
If you need a special contract for your private sale, you may need to have one drawn up by a lawyer. This is especially necessary for your protection if your home has any major defects that you don’t want a buyer to take you to court for later on down the road. It’s better to have this contract drawn up than it is to wind up in the middle of a lawsuit should a buyer claim you misrepresented the property.
There may be certain circumstances under which a home is difficult to sell. If you’re working within extreme time constraints, facing foreclosure, or your home has significant defects, you may not be able to wait for a buyer to come along. If you cannot afford to repair your home or make it attractive to buyers, there’s always the option of selling your home to an investor.
SELLING TO AN INVESTOR
Investors pay less for homes, but they’ll buy homes in any condition. You don’t need a real estate agent to work with an investor, and there’s no reason to stage or advertise the property when you’re privately contacting someone who intends to renovate the properties they purchase. If your home is tied up in the court system, investors may be able to help you navigate the process through a short sale.
Investors don’t intend to live in your home. They intend to either resell the property or rent it out to new tenants. Investment is a business, and in order to keep that business running, investors need to turn a profit.
Selling your home to an investor will probably work out great for you if you live in Colorado. Since the market value for homes has gone up in many areas, an investor is going to offer you something closer to the original market value of your home. You won’t be taking a large personal loss.
Since investors pay cash for homes, you won’t have to worry about showing the home and vetting buyers. You don’t have to work with a team of people to complete the transaction or wait for closing the same way you would with a real estate agent.
Selling to an investor is also the fastest way to sell your property when you have repairs or code violations to contend with, as you don’t need to wait for construction to be completed before you can sell your home. The investor will handle that.
It also expedites the sale process if you’re experiencing significant financial difficulties or facing a foreclosure. It cuts the middle-man out of the process and takes you directly from the beginning to the end.
DOES YOUR HOME NEED REPAIRS OR UPGRADES?
Buyers often fail to see the charm in properties that need a lot of repairs. When they’re shopping for a home, they’re looking for something they can easily see themselves moving into. They aren’t willing to pay fair market value for a home that has structural defects or is largely out of date. This gives you two options: repair the house, or take a cut and sell it as is if you find a buyer who is willing to pay for the repairs.
Some repairs are worthwhile, but you need to have the cash on hand to pay for them. If you have the budget and time to handle repairs, you may want to handle a few of the big ones. Roofs are one of the most important structural aspects of a home to a potential buyer. The average cost of a roof repair for Colorado’s region of the country is $5,043. If you’re willing to invest that amount of money, it may help your home sell faster. [read more="Read more" less="Read less"]
Kitchens and bathrooms are also very important to buyers. If these areas need serious repairs or are very outdated, this can be a huge deal breaker. The average cost of a kitchen remodel is about $22,000. Properties in larger Colorado metropolitan areas, such as Denver, see a much higher cost. Some homeowners report spending upwards of $100,000 to remodel a high end kitchen. For many homeowners looking to sell, this simply isn’t feasible.
Investors purchase homes as-is. They’ll spend less than fair market value on a home, but this can become vastly worthwhile if the costs of repairs and renovations accumulate to a very large sum. Investors will buy a home that needs repairs under typical value and pay to do the repairs themselves. In the end, you sell the property quicker and aren’t burdened by the financial commitment and lengthy time-span of the repairs. [/read]
FINDING HONEST INVESTORS
A good investor will be candid with you about what they intend to do, and present an offer to either the homeowner or the court (in the event of a short sale or foreclosure). Reliable investors will be able to explain how they came to that sum, and why the offer is fair.
Don’t sign any kind of paperwork until you’re sure the investor you’re working with is reliable. An investor won’t have you sign papers in your home or at their offices. They’ll want it signed with at a third party office with witnesses.
If you’re not sure what something means, investigate investors and their sale contracts. It always helps to run a search on the company’s name and find individuals who have worked with them before. Testimonials count for a lot.
Selling your home is a big deal. An investor shouldn’t make you feel uneasy, and with an investment so large, there’s no sense in taking chances. You can never be too skeptical if you feel like something doesn’t add up with an investment company.
A good company will understand that a homeowner wouldn’t risk something as important as their home, and will be available to answer any and all questions you have about the investment process.
COLORADO INVESTORS SPECIALIZE IN HELPING HOME OWNERS IN DIFFICULT SITUATIONS
What to Do in Foreclosure
In Colorado, lenders have the option of choosing a judicial foreclosure or a nonjudicial foreclosure. For cost efficiency, most lenders opt for the nonjudicial foreclosure.[read more="Read more" less="Read less"]
Your lender will have to pay court costs and assemble a legal team if they go to court, and this only increases the amount of debt they have tied to your loan. They’d rather not go that route, and that makes the process easier for both parties involved.
Colorado’s nonjudicial foreclosure system is slightly different from the same process in other states. To remove potential bias from the process, the governor will appoint a public trustee who is responsible for taking action on your lender’s behalf. You’ll have four months on average to stop the foreclosure from the time you receive an official foreclosure notice from the public trustee.
When you’re in foreclosure, selling your home won’t necessarily fix everything. Lenders in Colorado have the legal right to seek a deficiency judgement, which means they can come after you for the remaining balance you owe if the house doesn’t sell for an amount that completely settles the loan. It’s rare that a sale will completely satisfy your outstanding mortgage.
One exception is if your house sells for significantly less than its fair market value. If your lender decides to use their action for deficiency judgement, you’re allowed to raise a defense against the request in that scenario. This happens all the time, as lenders generally auction foreclosure homes and award them to the highest bidder. Usually, this bid is substantially less than fair market value.
If you want to avoid the entirety of the process, you an enlist the help of a home investment expert as soon as you’ve received a foreclosure notice. Generally, the moment you know you won’t be able to redeem your home is the moment you want to get serious about a short sale. Find an investor who is interested in your home, and have them present an offer to the public trustee. This individual will facilitate terms with your lender who may accept this offer rather than completing the foreclosure.
In most cases, investors pay less than fair market value for a home. This makes lenders less likely to pursue a deficiency judgement, as they know a defense is imminent. It’s also more cost efficient for the lender than having to proceed with the foreclosure, as they will incur additional expenses that reduce the amount of the debt they’ll actually recover. The best part is that this reflects on your credit as what is essentially a loan that was paid in unfavorable terms, rather than an actual foreclosure.[/read]
What to do as a Landlord
If you don’t currently have any tenants in your home, you’re free to sell it like you would sell any other unoccupied property.[read more="Read more" less="Read less"]
If you do have tenants you need to get rid of, you’ll need to adhere to the eviction laws.
Ten counties in Tennessee have to follow a strict legal process for eviction, entitled the Uniform Residential Landlord and Tenant Act. URLTA notice requirements are different, and they apply to the following counties in Tennessee: Anderson, Blount, Bradley, Davidson, Hamilton, Knox, Madison, Montgomery, Shelby, and Sumner.
You are not legally allowed to self-evict tenants who refuse to leave or comply with your rental agreement. You’ll need to serve most tenants with a 30 day notice. This is standard for minor lease violations, such as nonpayment. If you’re evicting the tenants for a reason not listed within your lease, you can still serve them the 30 notice as long as the reason you’re evicting them cannot be perceived to be discriminatory.
In your notice, you’ll need to outline the reason for the eviction if the tenant is at fault, and give them a 14 day period for redemption. If they don’t fix whatever they need to fix within that 14 days, then they have 30 days to vacate. If the tenants resolve the issue but violate the lease again for the same reason within six months, you only need to serve them a 14 day notice. Tenants don’t get another opportunity to comply, and this 14 day notice marks the countdown to the end of the lease.
If the offense is something serious, such as severe intentional damage to the property, felony crime, or violent threats, you can bypass all other notices and go directly for a 3 day notice. This is true for landlords in any county of Tennessee.
If you live outside of a county where URLTA is in effect, you can start with a 14 day notice for the majority of lease violations, including nonpayment. These tenants are afforded with the same opportunity to redeem themselves within that period. Minor offenses, such as a pet for whom a deposit was never paid, will require a 30 day notice.[/read]
What to do if you're in Probate
Colorado heirs may be able to entirely bypass probate on a property if it’s in very bad shape or otherwise at a low value. [read more="Read more" less="Read less"]
By filing an affidavit with the court claiming property left behind and submitting it with an official death certificate, you can be granted the property left behind if its fair market value is below $64,000 (less the value of any encumbrances or liens against the property), as long as you can reasonably claim yourself as a rightful inheritor under succession laws.
If you aren’t eligible to use the affidavit, Colorado law may allow you access to a simplified probate procedure for other estates deemed small in size. The appointed executor is able to request the court for permission to independently distribute the assets without any court intervention if simplified probate is granted, allowing you to sell the property sooner. To qualify for the small estate shortcut, you need to prove that the total value of the estate less any liens that may be against it is not greater than the value of the deceased’s personal property.
If you cannot use either shortcut, your two other options are formal and informal probate. Informal probate is for estates that are uncontested – this is when everyone involved agrees to a sole heir. Informal probate involves minimal court intervention. Essentially, applicable debts are paid directly out of the estate as quickly as possible, and the property is handed down.
Formal probate is a little more complicated. This applies to estates that are contested or wills that are perceived as invalid. Theoretically, this can go on for a while if the individuals involved cannot come to the agreement. Court permission is needed for any sale or transfer of property during this kind of probate. If you want to sell the property, you need approval from everyone involved in formal probate before you can take any action.[/read]
What to do if Home needs repairs
Buyers often fail to see the charm in properties that need a lot of repairs. When they’re shopping for a home, they’re looking for something they can easily see themselves moving into. [read more="Read more" less="Read less"]
They aren’t willing to pay fair market value for a home that has structural defects or is largely out of date. This gives you two options: repair the house, or take a cut and sell it as is if you find a buyer who is willing to pay for the repairs.
Some repairs are worthwhile, but you need to have the cash on hand to pay for them. If you have the budget and time to handle repairs, you may want to handle a few of the big ones. Roofs are one of the most important structural aspects of a home to a potential buyer. The average cost of a roof repair for Colorado’s region of the country is $5,043. If you’re willing to invest that amount of money, it may help your home sell faster.
Kitchens and bathrooms are also very important to buyers. If these areas need serious repairs or are very outdated, this can be a huge deal breaker. The average cost of a kitchen remodel is about $22,000. Properties in larger Colorado metropolitan areas, such as Denver, see a much higher cost. Some homeowners report spending upwards of $100,000 to remodel a high end kitchen. For many homeowners looking to sell, this simply isn’t feasible.
Investors purchase homes as-is. They’ll spend less than fair market value on a home, but this can become vastly worthwhile if the costs of repairs and renovations accumulate to a very large sum. Investors will buy a home that needs repairs under typical value and pay to do the repairs themselves. In the end, you sell the property quicker and aren’t burdened by the financial commitment and lengthy timespan of the repairs.[/read]
Working with a legitimate Investor
Home Buyers USA is comprised of a team of individuals who have years of experience buying homes in a variety of conditions, under a variety of circumstances. We know you’re stressed out, and you need help from a reliable source. We’re prepared to do whatever we can to simplify the process for you, helping you sell your home the fastest and easiest way possible.
We know how to work with the court to sell homes in probate or foreclosure. We’re prepared to repair any damage to properties in bad shape, whether the home was wrecked by awful tenants or struck by a disaster.
Contact us with information about your current circumstances and you’re home. We’ll be able to provide you with a cash offer and assist you through the selling process. The faster you get in touch with us, the faster the process can be completed.
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