Thursday, January 31, 2019

Local Company Shares the Hidden Costs of Owning a Property & Suggests a Different Solution

FOR IMMEDIATE RELEASE

Equivest Homes offers an efficient, effective answer for homeowners who are looking for a simpler alternative to property investment.

 

Conventional wisdom dictates that when you are able to qualify for a mortgage, you should get started on the property ladder. But property ownership in Raleigh, NC isn’t a good option for everyone; it requires active management and a constant injection of cash over and above the mortgage repayments.

According to Equivest Homes’ owner, Michael Porter, this is something that they see over and over again, “People feel that they need to own a property, but once they take ownership of their new home or investment, they find that the additional costs of running a property can be overwhelming.” He went on to share some of the top costs that homeowners often neglect to factor into their budget.

Four of the most expensive hidden costs (over and above the cost of mortgage repayments) are property taxes, insurance, maintenance and time. Before putting an offer in on a property, work out what the property taxes will be every month (which you can find on the MLS listing) and add them to your mortgage repayments. Many prospective homeowners forget this important step, but there needs to be room in your budget to pay for them, as well as having a buffer to be able to pay these taxes when they increase.

Another hidden cost is insurance. Insuring a stand-alone home is a lot costlier than a small apartment. You will need to budget for a higher insurance premium if you own an older house because it is more prone to electrical and other failures, and if you live in a high-risk area either security-wise or in a flood- or earthquake-zone, your insurance premiums will be higher. As with property taxes, insurance premiums often increase annually.

Maintenance is an ongoing, inescapable cost that comes with property ownership. Maintenance is necessary for the safety of those that live in the home, and for when it comes time to resell the property.  This can include any HVAC maintenance, exterior painting, plumbing leaks, and aesthetic improvements so the property does not become outdated.

Sell Home Fast Raleigh NC, Fast Cash Home Buyers Raleigh NC,In addition to the financial costs of owning a home, one of the biggest costs that people neglect to include is the time cost. When you rent a property, if anything goes wrong you pick up the phone and give your landlord a call. When it is your own house, you are responsible for everything including doing research on who to call, being available to open the house for any repairs and following up to ensure that the work has been done correctly. Smaller jobs that you choose to complete yourself (such as repainting cabinets or replacing lightbulbs) all take time and effort.

There are many more hidden costs to owning a home including renovations, garden, DIY projects, cleaning, internet, cable and phone, pest control and safety precaution costs. Selling to Equivest Homes for cash is a good way to liquidate your capital that would otherwise have been tied up in mortgage repayments and the ongoing maintenance costs of running a property. From there you can invest the money into more passive investments that will require less time and effort to run.

 

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Equivest Homes in Raleigh has a well-established reputation for working with residents in the area to buy homes for cash. They provide advice and quick turnaround times on sales of distressed properties, working with full confidentiality offered to clients. In situations where Equivest Homes can offer their clients a cash sale, the transfer is often completed within two weeks and does not depend on the condition of their clients’ homes.

The next info was originally published on Local Company Shares the Hidden Costs of Owning a Property & Suggests a Different Solution and is republished from Equivest Homes. Read more on:} Equivest Homes Blog North Carolina



Friday, December 21, 2018

Real Estate Tips on How to Sell Your Home Fast in Under 5 Days for Cash

It happens to the best of us. We lose a job, a spouse gets sick or in a devastating car accident, or the simply unexpected happens in life. When the unexpected things in life occur, it often comes with significant economic hardship. These types of life situations can create a need for some to sell their home fast and to a cash buyer. Cash is almost always required for speedy property transfers. With the property sold quickly the homeowner can shift their focus to what’s most important instead of wondering when and if their property will sell.

If you find yourself in a distressed place with your home or finances or both and need to sell your home faster than what is possible with a traditional scenario, EquiVest is here to help. Forget listing the home on MLS and waiting months and months for buyers, lenders, and inspections. Even homes priced undervalue can take six weeks to two months to sell.

Going the traditional route with a real estate agent or trying to sell by owner, otherwise known as a FSBO, will also include a traditional buyer who will be using a lender to get financing to purchase the home. Lender’s require clear title, an approved appraisal and often times an approved inspection, especially for the roof and/or other major system problems.

Sell Home Fast Raleigh NCIf you decide to go the tradition sales route, you’ll end up paying 5-7% of the home’s selling price as a commission to the real estate agent. Trying to sell your home in under 7 days is very difficult because it will require a ready, willing and able cash buyer who has the process in place to close fast with cash funds. EquiVest is the Buyer and therefore, there are no commission fees and a quick close is easy!

A distressed situation very often includes a property that is either in foreclosure or advertised for sale by the mortgagee (the lender in a mortgage loan transaction). A foreclosure order is a court order issued on behalf of the mortgagee (lender) which is necessary for the process of foreclosure. Foreclosure is the legal process by which a lender cancels the rights of a borrower to redeem the property by paying off the loan balance and “forecloses” the mortgage because the borrower has defaulted on paying the Note as agreed.

Working with a local real estate expert like Michael Porter with Equivest Homes can help alleviate the typical risks and unknowns of selling your home in foreclosure, trying to sell through a short sale, or in distressed situations where substantial repairs are needed to improve the home before it can be sold in a more traditional real estate transaction.
If selling your home for fast cash in under 7 days is something you need to explore, Equivest Homes works with each client personally and discreetly and there are no hidden surprises in the process.

Homeowners or investors needing to sell a home in Raleigh or the Triangle for fast cash are encouraged to call Michael Porter with Equivest Homes. Equivest Homes can assist you with the process of selling your home fast and help you navigate the typical pitfalls associated with distressed property issues such as impending foreclosure or substantial repairs. Contact Michael Porter with Equivest Homes at (919) 710-8383.

Equivest Homes is a real estate investment company.

 

The next information was first published on Real Estate Tips on How to Sell Your Home Fast in Under 5 Days for Cash and is courtesy of Equivest Homes. Find more on:} https://equivesthomes.com



Tuesday, November 13, 2018

Raleigh Real Estate Agent Helps Distressed Property Owners Sell Their Property for Cash

FOR IMMEDIATE RELEASE

Equivest Homes Is Helping Distressed Property Owners Sell Their Properties for Cash

In most cases, before a home can be sold, an appraisal needs to be conducted where the appraiser determines whether the home is worth the purchase price that has been agreed upon by the real estate agent. But in some cases, a home is in no condition to be appraised at all, so does that mean that the property cannot be sold? Fortunately not, for the owners of distressed homes is Raleigh, there are some alternative solutions for selling their property.



Equivest Homes in Raleigh is a company that specializes in working with homeowners who have houses that are either in foreclosure or have properties that are not in saleable condition. They offer options to homeowners who are not able to get an appraisal for their homes and who need to sell but have major outstanding repairs that prevent them from doing so. Another other focus is to help educate homeowners who are behind on their mortgage as well as offering them the option to sell their property.

In the Triangle metro area (which includes Wake, Franklin, and Johnston counties) the foreclosure rate is less than 1% which equates to over 3500 homes that are in foreclosure. In general, the foreclosure process starts after the homeowner is 90-120 days in arrears on their mortgage.

In other situations, a foreclosure may be imminent, but the homeowner may not be able to sell due to extensive repairs that are needed. This could be for a number of reasons including water damage, a roof that needs replacing or exposed floorboards. In all of these cases, an appraisal for the home would detail these major repair issues making it impossible to use regular lending and real estate sales channels to sell the home through real estate agent or a listing agent and find a regular buyer who can get approved for a loan on a house in need of major repairs. The lender will require the repairs to be made first and this presents a sticking point for this type of home to be sold.

The type of properties that are suited to Equivest Home’s business solutions include homes where the bank is likely to foreclose in the near future, and a quick cash sale is needed. In other cases, there may be too many expensive repairs required on the home before it would be in a saleable condition, and the homeowner does not have the finances to complete the work.

Michael Porter with Equivest Homes shares on the importance of taking action quickly, saying “If you are behind on your repayments or likely to fall behind in the near future, it is better to take steps up front to resolve the situation rather than waiting for something to change.” He went on to say that, “Circumstances usually don’t improve, and the homeowner then finds himself in a tight spot with no way to negotiate with the bank and time is not on anyone’s side at that point except the bank’s.”

Distressed sales often occur at a loss because the funds tied up in the property are needed urgently, meaning that the owner is not in a strong bargaining position. A distressed property sale is usually not in the best interests of the owner as it indicates that the property is either under a foreclosure order or it is being advertised for sale by the mortgagee. In these cases, distressed properties usually fetch a price that is significantly lower than the market value.



This is where the service that Equivest Homes provides comes in. They are generally able to match or exceed the expected sale price and pay cash for the distressed property with closing in a matter of days. They offer an end-to-end solution including legal paperwork, fees, and other administrative issues.

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Equivest Homes in Raleigh has a reputation for offering sound advice and quick turnaround times for distressed properties. They work discretely buying distressed properties and provide full confidentiality for the work that they do with their clients. Equivest is able to offer a cash sale which is often completed within a couple days to a few weeks regardless of the condition of your home.
The following article was first published on Raleigh Real Estate Agent Helps Distressed Property Owners Sell Their Property for Cash and is republished from Equivest Homes. See more on:} https://equivesthomes.com


Local Company Shares the Hidden Costs of Owning a Property & Suggests a Different Solution

FOR IMMEDIATE RELEASE Equivest Homes offers an efficient, effective answer for homeowners who are looking for a simpler alternative to prop...