They’re weeks (or even months) behind on the rent. They’re trashing your house. They’re disturbing the neighbors. They’re disrespectful, or worse, dangerous. If you’re a landlord, having a bad tenant is probably one of your worst nightmares.

While you can cross your fingers and hope for the best when renting, there is always a chance you’ll run into trouble. There are some essential steps you can take upfront to prevent issues from arising altogether. But if those don’t work and you find yourself stuck in a bad situation, you also have options if you need to sell a rental property with tenants.

Avoiding Problems

1. Background Checks

Don’t rely on first impressions when it comes to selecting a new tenant. Though they might seem lovely, they could be hiding a lot of nastiness behind their smile.

Make sure you require a credit check. Ask for references—and actually call them! Speak with their employer. Do everything you can to make sure you know what kind of person you’re about to allow into your home.

If you don’t, your failure to do your due diligence could end up costing you dearly. If you don’t have the time to handle this yourself, hire someone to do it for you. It’s not a step you can afford to skip.

2. Know the Law

The laws and regulations that govern the landlord-tenant relationship vary widely depending on where you live. It’s incredibly important that you as a landlord be intimately familiar with the laws for your specific municipality.

If you find yourself saddled with a problem tenant, the last thing you want is to find out that you’re doing something illegal that may compromise your position in a disagreement. Florida law covers everything from the landlord’s access to the property to the tenant’s right to withhold rent and more. So read up on it!

3. Know Your Options

While you should always go into a new tenant relationship in the spirit of good faith and optimism, you should also be prepared in case things go south. Don’t wait until you have a bad tenant on your hands to start researching your options for dealing with them. At that point, they’ll have the upper hand, and you’ll be scrambling to find a solution. Learn everything you can now, and hope against hope that you’ll never have to use it!

Getting Out

If things do fall apart, you may find yourself backed into a corner by a nightmare tenant. If you’re fed up with their excuses and ready to take action, you have two main options for how to move forward.

1. Bring In an Attorney

If you’re hoping to start eviction proceedings, you’ll need to retain legal counsel and eventually take your tenant to small claims court. Hopefully, you have an airtight lease in place and have been documenting any interactions with the tenant. If not, things could drag out.

The eviction process can take a while and end up costing quite a bit, no matter how well you’ve prepared. Expect to pay legal fees and be out months of rent on your property, not to mention any costs incurred in repairing damages the tenants caused.

2. Sell for Cash

If you’re fed up with the headache of it all, know that you can sell a house with bad tenant. You’ll want to consult local laws first to make sure you’re giving ample notice, but there is nothing to prohibit you from selling a property you own.

While selling through traditional channels may have been an option with agreeable tenants, it’s very unlikely that you’ll get problem tenants to agree to things like open houses and keeping the house in good shape for regular viewings. If you need to sell a rental property with tenants who are less-than-stellar, your best bet is probably to sell to a cash home buying company.

If you’re looking to sell a house with tenants, The Buy Guys can help. We’ve purchased thousands of rental properties in Florida and will work directly with you to close in less than 30 days. Call our team today to learn more.

 

Male construction worker on the roof of a house repairing shingles with a nail gun on a house falling apart.

So you need to sell your home, but it’s in less than stellar shape. Looking around at the homes currently on the market, it may feel like you have no options. If your home is an eyesore, and you’re staring down a list of needed repairs a mile long, you may be wondering how on earth you’re supposed to afford all of this.

If your house is falling apart, you may be realistically looking at tens of thousands of dollars (or more) in repair work to get the house sale-ready. Just for reference, here are the average prices for some of the most commonly needed home repairs today:

  • New Roof: $10,000
  • New Foundation: $30,000
  • Updated Kitchen: $15,000
  • Updated Bath: $15,000 (with an average of two to three in the home)
  • Exterior Paint: $10,000
  • Interior Paint: $5,000
  • New HVAC System: $10,000
  • Refinishing Floors: $7,500

Do those numbers make you queasy? You’re not alone. Looking at the hard facts, you may think it’s going to be impossible to sell a home that’s in disrepair. But it’s not!

Even if you don’t have the kind of time or money it would take to update your home, you still have options. The bottom line is this: Even if you can’t afford to fix up your house, you can still sell it.

Selling a house in poor condition or selling a house as-is all comes down to finding the right buyer. The process of selling as-is for cash can be summed up in these five easy steps.

1. Find a Reputable Buyer

Unfortunately, the industry does have its fair share of scam artists. Before you commit to selling your home to a cash home buying company, do your research! Look for positive online reviews and, if possible, confirm their legitimacy with the Better Business Bureau.

Protect yourself first and foremost by finding a company that is on the up and up. Trust your gut, and don’t let anyone pressure you into a situation you’re not comfortable with.

2. Get a Quote

Depending on the company, this may be done over the phone, over email, or in person. However you receive your quote, the company will appoint a representative to evaluate your home. They’ll check it over and determine what the selling price should be.

When you sell a house as-is, you can’t expect to get the full market value for it, plain and simple. However, make sure you feel like the price is fair before moving forward.

3. Sign the Contract

Once you have looked over the company’s offer and feel good about the price and conditions, you can move forward with signing a contract. Always make sure to have everything put in writing, and, if possible, have a lawyer or other experienced professional review the contract with you to ensure that the terms are crystal clear and you’re being treated fairly.

4. Close the Deal

After confirming the details of the contract, you’re ready to close! The company will set a date with you to finalize the sale, and when it’s all said and done, you’ll walk away with cash in hand for a house you were worried you wouldn’t be able to sell! You’ve reached the end of the road with this home, and you’re free to move forward however is best for you.

If your home is in need of massive repairs, and you don’t have the time or funds to complete them before you sell, give us a call. You may even be surprised to see what your house is worth in as-is condition.

The Buy Guys purchase homes in varying conditions, so call us today if you’re selling a house in poor condition. Get your quote, and stop worrying about a house you can’t afford to fix up. Take this first step toward alleviating yourself of that burden and opening the page on a new chapter of your life.

A florida house with mold on the walls and floor with an open window.

Mold spores are all around us on a daily basis. They’re floating around in the air, and, if conditions are right, they cluster and grow into a fungus that can crawl across almost any surface of your home. And once that happens, mold can be incredibly hard to kill.

Living in a moist, subtropical environment makes mold a particularly common and troublesome occurrence. If you’re trying to sell a house with mold in Florida, you cannot afford to mess around. The presence of mold in your home both drastically impacts your selling price and makes you liable for any damage, which could mean a lawsuit.

If you suspect you have a mold issue in your home and you’re getting ready to sell, there are a few very important steps to take first to protect yourself and ensure you get a fair price for your house.

1. Locate

First, you need to find the mold. If you have very obvious mold growth (think black spots on your walls), this might be easier, but mold is very sneaky and has a tendency to do a lot of damage before it becomes easily visible to the human eye. You should check each room of your house in the most common spots for mold growth.

In the bathroom, the most common spots for mold include the shower, tub, sink, and toilet. In the kitchen, you want to check around the sink and refrigerator, as well as spill-prone places like the stove and microwave. In areas like the bedrooms and common living spaces, check around heating and air conditioning vents. In the laundry room, the washer is the biggest culprit. Think of anywhere moisture is present, and check there thoroughly.

It can be especially difficult to locate mold in your walls and carpets if there are no visible signs, but if you have any inkling it might be there (a “musty” odor, peeling wallpaper, condensation on the walls, etc.), you probably need to have a professional come out and inspect things for you. These are often the hardest areas to battle mold, and paying an expert to find it won’t be cheap. But if you suspect it’s hiding, it’s best to confirm that before moving forward with a sale.

2. Disclose

Hopefully, you locate any mold issues in your home prior to putting it on the market. But if you’ve already initiated the selling process and you discover mold, you absolutely must disclose it to potential buyers. Fixing the issue will take money out of your pocket and cost you time that will, unfortunately, increase your home’s  “days on the market” number, but if you plan to sell to a private buyer, it’s non-negotiable.

It can be frustrating to find mold in a home you’re trying to sell when you know it’s likely to drastically reduce the price, but this isn’t an optional step. You’re required by law to disclose this type of damage to your buyer, and if you don’t, it leaves you open to liability for any home damage or health issues the mold may cause once new owners have moved in. It’s a one-way ticket to a messy lawsuit. If you find it, you have to fess up.

3. Remediate

Once you’ve confirmed you have mold in your home, you have two options: address the mold issue, or sell your home as-is. The better choice will depend on how much money and time you have to throw at the problem.

If you are determined to get the full market value of your home when selling, you can go the route of treating the mold. It’s very important that you find a trustworthy professional to handle the process. It’s typically a two-step approach: first, the mold is killed, and then the area is treated to prevent re-growth.

Cost will vary depending on the extent of the growth. If you only have a few small spots to deal with, you’re probably looking at $500 to $900. If it’s present throughout the walls or HVAC system, you could spend anywhere from $3,000 to $20,000 or more. It also may take weeks or months to eradicate the problem fully before inspections can be done and a sale can be closed.

If you don’t have that kind of cash on hand and you don’t have the luxury of time, selling to a home buying company is your best bet. The Buy Guys have worked with a number of sellers with mold in their houses. We work exclusively with individuals and can close in 30 days. If you need to sell a house with mold in Florida and don’t want to pay for costly repairs,

 to learn more about selling your house as-is for cash.

A cluttered living room in a hoarder house.

Hoarding is a complex disorder that affects upwards of five percent of the population. It can range wildly in severity.

The mildest version includes “pack rats,” or people who may save lots of small tchotchkes. They might have 30 years of back issues of their favorite magazine just lying around the house. On the more severe end of the spectrum are those who take in dozens of stray animals they can’t care for or refuse to throw out rotten food.

As you can imagine, the home of a hoarder can end up in a truly deplorable condition after years of ownership. So what can you do if you find yourself in this predicament?

Perhaps you or someone in your family suffers from hoarding disorder and you need to sell your home. Or maybe you’re dealing with an inherited hoarder house from a family member. We know it can be an overwhelmingly emotional situation full of challenges, but you do have options.

Problems When Trying to Sell a Hoarder House

1. Photos

Homebuyers these days are almost universally house hunting online. The importance of having photos with your listing cannot be overstated. But as you can imagine, taking photos of the interior of a hoarder’s home is no easy task.

Even if you can navigate the space well enough to take pictures, what you’ll capture is unlikely to entice potential buyers. You’ll most likely end up taking only external home photos, which won’t do you much good.

2. Open Houses

Hosting an open house can be an extremely stressful experience in the home of a hoarder. In addition to the anxiety it’s likely to cause for the homeowner, if they are present, it also presents problems for potential buyers. It can be incredibly difficult to look beyond that level of mess to see the potential in a home.

Beyond aesthetic issues, though, that level of clutter can be a serious safety concern. If your prospective buyers are spending more time watching where they step than looking at the home, your chances of selling aren’t going to be very good. Many open houses also fall on weekends, so the chance that children might accompany their parents is high, which increases the safety concerns exponentially.

3. Time Constraints

For many people trying to sell a hoarder house, time is of the essence. Undertaking the massive task of clearing out, cleaning, and properly staging a home in a dire condition isn’t something that can happen overnight, though.

The owner may be over a barrel due to mounting mortgage debt. Or they may be under orders from city officials to remediate or vacate the property prior to condemnation. Regardless, rarely will you have the luxury of taking your time when selling the home of a hoarder.

Your Options for a Solution

1. Bring in a Professional

Unless you’re very well-versed in home repairs and have a ton of time on your hands, remediating the issues that exist with a hoarder house is probably out of reach for you. This is so much more than a “weekend” project. You’ll need to bring in the big guns.

If money and time aren’t concerns, hiring a professional who deals specifically with hoarders may be your best bet. They’ll be able to help sort and dispose of all the clutter and get the house clean. Be aware though, that you may discover much-needed repairs once all the mess is cleared, and that means the added cost of contractors.

2. Sell As-Is for Cash

If you’re not up for a big cleanup of an inherited hoarder house or you’re crunched for time, your easiest and fastest option is to work with a cash home buyer. As long as you work with a reputable company, there is no risk to you, and you can walk away with cash in your pocket in a matter of days.

Once you meet with a rep, you can simply sign the papers and walk away. The mess, and any resulting repairs, will no longer be your concern.

It is hard to imagine anyone walking into a hoarded home and making an offer to buy it. That’s where we come in.

We pay cash for houses in any condition, and we know how to make the process painless. We gladly purchase homes that are in poor condition or, for one reason or another, might not be attractive to all buyers.

Because you’re not paying to repair or renovate your home in order to get the retail price or to cover closing costs and commissions, we can offer you a fair cash price that’s slightly below market value. Call us today, and get a cash offer in under 10 minutes.

 

A house that needs massive repairs.

Nobody wants to be behind on their mortgage. But life happens. Whether it’s an unexpected layoff or job loss, a costly medical problem, or mounting debt, falling behind can happen to any of us—and it happens quickly. Before you know it, you could be sitting months behind on your mortgage payments.

When you reach this point, your first instinct may be to ignore the situation and hope it goes away. It’s hard to face these kinds of difficulties head-on, but it’s imperative that you do, lest you land yourself in an even worse situation. Defaulting on your mortgage could result in foreclosure, which can have a disastrous effect on your credit that will impact you for years to come.

Thankfully, you have options, including calling our team to sell your house for cash. If you’re behind on your mortgage, the following three options can help you remedy the situation before it becomes a more serious problem. 

1. Meet With Your Lender

The sooner you inform your lender about your financial woes, the better. Foreclosure is a long and messy process, and most lenders are keen to avoid it. As long as you communicate with them clearly up-front, many will be willing to extend you the courtesy of working with you on keeping your home.

Your lender may offer you a payment plan that tacks a small amount on to each month’s payment to satisfy past-due amounts. They may be able to offer you a few months forbearance while you get your affairs in order. (This could be especially helpful if you’re only temporarily out of work.)

Alternatively, they may help you refinance, which can give you a bit of breathing room. Be aware, however, that this may mean lengthening your contract terms and increasing the total amount you’ll pay over the life of the loan.  

2. Declare Bankruptcy

The “b” word can feel like such a dirty word, we know. But sometimes, filing for bankruptcy and giving yourself a fresh start is the best possible option. In addition, if you decide to file earlier rather than later, you can save yourself a lot of the headache.

Filing Chapter 13 has the power to stop foreclosure in its tracks, as it’s very difficult to send collections after someone in the process of bankruptcy. (This kind of collection takes special permission from the court.) The major downside to this option is the massive damage to your credit, as a bankruptcy stays on your credit report for a whopping 10 years.

3. Sell to a Cash Buyer

If you’ve found yourself in over your head on a mortgage default, you may decide that your best option is to sell your home in the easiest manner possible. You may not have the luxury of taking time to establish a relationship with a realtor—time is often of the essence in these sorts of difficult and painful situations. If you can’t pay your mortgage, how are you supposed to find the money to make repairs and do staging in order to prepare your house for showing?

It doesn’t have to be so hard! The Buy Guys will buy your house as-is, with a cash buyout and no hidden fees or commissions. We’ll make it easy for you to move forward as quickly as possible. If you are struggling to pay your mortgage for your home in Florida and need help finding a way to get a fresh start today, contact The Buy Guys to learn more about our services and your options.

An ugly house for sale in Florida.

No one ever intends to get behind on their bills. But life happens, and it’s easier than you might realize to find yourself in over your head. If you’re struggling to pay your mortgage right now, you’re not alone! According to federal reserve data, 3.68 percent of mortgages (or one in every 27) are in default.

The threat of foreclosure is, unfortunately, an immediately looming nightmare for many homeowners. It’s easy to feel helpless in the face of the possible loss of the home you’ve worked so hard for, but you have options, including selling your house for cash! Below are five possible paths you can take to stop foreclosure.

1. Repayment Plan

The absolute first thing you want to do if you can’t pay your mortgage is reach out to your lender. The sooner you loop them into the process, the better your chances to stop foreclosure. Communicating with them about the extenuating circumstances of your financial situation will ensure they have all the information they need to work with you on keeping your home.

If you’re already a few months behind on payments, a repayment plan may help you catch up and prevent the initiation of foreclosure proceedings. Obviously, this option will require that you pay more each month than your normal mortgage payment so that you can catch up. If you’re not able to come up with the extra cash, there are other avenues you can explore.

2. Short Sale

If you know that catching up with overdue payments or continuing to make your monthly payments isn’t in the cards, a short sale may be your best bet. In this scenario, you would be selling your home for less than what you owe the lender. If your home has not appreciated in value since you purchased it, it’s likely that you won’t make enough on the sale to pay your mortgage in full.

Depending on the laws where you live, your lender might be able to come after you for the remainder of what you owe after a short sale, so make sure to do your research before going in this direction. You could also ask the lender to agree in writing before the sale to waive any remaining balance so that you’re not on the hook for it.

3. Update Terms

If you are determined to keep your home but simply can’t make your current monthly payment, you may want to discuss restructuring the terms of your loan with the lender. This is an especially good option if your financial situation is short-term or you know there is relief on the horizon (e.g., you’re starting a new job soon, you’re due an inheritance, or you’re selling a second home or other major asset like property, a car, or a boat).

Be aware that redefining your loan terms will almost always come with an extension of your payment timeline. If you were set to pay off your mortgage in 15 years at your original rate, you could be looking at tacking five to 10 years onto that if you adjust your payments down significantly. You will also end up paying more over the life of the loan, due to compounding interest.

4. Deed-in-Lieu

If you simply can’t keep your home anymore, but you’re not able to go through the sale process, you can undertake a deed-in-lieu of foreclosure. This essentially means that you sign the deed to your home over to your lender and walk away.

Much like a short sale, you need to protect yourself from the lender so they can’t come back to you asking for additional cash after they have possession of your home. Get it in writing! Your lender may also have a program that helps with relocation costs for owners who sign over their deeds, so be sure to ask.

5. Sell for Cash

All the options above have pros and cons. But if none of them work for your situation and you want to stop foreclosure, your best bet may be to sell your home to a cash homebuyer. You can satisfy the terms of your loan and walk away without the stain of foreclosure on your credit score. There are no closing costs, listing fees or commissions to consider, and the process is much faster than a traditional sale with a realtor.

We know it can be an overwhelming and upsetting situation when you can’t afford your mortgage. The easiest option for you may be to move on from an ugly situation by selling your home for cash. The Buy Guys purchase homes all over Florida, and our experienced staff is ready to make you a cash offer today.

A man who is frustrated from dealing with bad tenants.

Renting a property you own can have great benefits. If you’re in a tough financial spot, it could allow you to move into a smaller, cheaper home and satisfy your mortgage obligations without sinking further into debt. Provided you charge an adequate amount, those monthly rent payments can be a lifesaver!

One of the biggest risks you take when renting out your home, however, is the simple fact that you won’t be living in it anymore. Nobody is going to love and care for your home like you would, of course, and the vast majority of the time, tenants are respectful. But when they’re not, it can be hellish.

Dealing with bad tenants—whether they’re negligent and destructive to the home itself, combatant, or delinquent on their rent—can make your job as a landlord incredibly challenging. If you’ve found yourself in this unfortunate situation, there are a few steps you can take to make things right, including selling your home fast for cash.

1. Stay Calm

First, breathe. When you have a bad experience with a tenant, your knee-jerk reaction may be to blow up at them. But that will only make things worse. Approach the conversation with a cool head, and you may be able to nip the problem in the bud before it blooms into something uncontrollable.

It could be a simple misunderstanding, but if you come at your tenant full of blustering rage, you’ve likely made an enemy for good. Sleep on it if you need to, and remember to act professionally and tactfully in all your interactions with them.

2. Document Everything

It’s a lot easier to support your point in an argument when you have proof. Keep a detailed written record of all interactions with your tenants, as well as all repairs. Describe any damage thoroughly, and beyond that, take photos and videos to support your accounts.

You always want to hope a landlord/tenant situation won’t end up in court or mediation, but if it does, make sure you have all your bases covered. Being thorough up-front means protecting yourself in the long run.

3. Stick to Your Guns

Say what you mean and mean what you say. If your tenants are causing issues, and you give them a directive that they ignore with no ramifications, they’re going to assume they can walk all over you. It’s fine to extend them a courtesy every now and again, but if you continually let them test their boundaries, they’re going to assume they can do whatever they want.

Establish firm guidelines for how things will be done. If they’re not met, there must be a consequence. You don’t have to be cruel, but establishing your authority and your expectations up-front eliminates grey areas.

4. Foster a Relationship

You catch more flies with honey than vinegar, right? If you feel like you’re getting off on the wrong foot with a tenant, the best bet is often to kill them with kindness. Instead of getting angry and dropping the hammer, try to relate to your tenant and speak with them on a human level.

Most people don’t want to engage in acrimonious relationships with their landlord. Usually, such situations arise from constant conflicts that are handled improperly. If you take the time to get to know your tenant and try to foster a good relationship, you may see those issues melt away.

5. Delegate

Sometimes you just need to remove yourself from the equation. It may be that you’re too close to the situation and find you take every small issue as a major offense because you don’t like your tenant on a personal level. In this instance, it might be time to bring in a mercenary.

Hiring a property manager is an added cost, yes, but if it relieves you of the burden of handling your tenant one-on-one, it may be worth it. Look for someone with documented experience and good reviews, who is a master at mediation and de-escalation, and let them do the dirty work for you.

6. Show Them the Door

There may be times when you simply can’t win. If you’ve reached that point with your tenant, it’s time to ask them to leave.

Eviction proceedings are long and arduous. Writing a simple Notice to Vacate may be all it takes. Give them the chance to leave on their own before you take more serious legal action—you may be pleasantly surprised by their response.

7. Sell

Maybe this is the first bad tenant you’ve had. Maybe it’s just the most recent in a long line of them. Or perhaps you’ve realized you’re just really not cut out for being a landlord and it’s not something you want to keep doing. If you can’t put up with your bad tenants for one more minute, one of your best options could be selling your home.

If you’re ready to part with your home and you don’t feel like enduring the long, expensive process of selling with an agent, contact The Buy Guys today for your cash home offer. We buy homes all over Florida, and our experienced team is ready to help you sell your home quickly and close the book on bad tenants for good!

A stack of tax papers with a pen and computer mouse resting on top.

Most of us will contend with financial hardship at some point in our lives. It may be the result of a job loss or layoff, extensive health issues and mounting medical bills, general economic downturn, or one of the myriad other challenges that arise in the course of life. Regardless of how you got there, being in dire straits financially can be an incredibly debilitating experience.

If you own your home but are still making mortgage payments, these moments of financial woe can be especially difficult to navigate. If you’re scraping by every month when the bills come, you may find yourself over a barrel and looking for a way out. There are a few options, including selling your house fast for cash, at your disposal for how to handle a looming mortgage during this time of hardship. 

1. Forbearance

If you find yourself unable to pay your mortgage, it is paramount that you get in touch with your lender right away. Pretending the problem doesn’t exist isn’t going to make it go away! If you speak with them early enough, you will find that they’re much more willing to help you than they will be six months down the road when you’ve gone months without making a payment.

If you know your financial issues are temporary (perhaps you’ll be starting a new job soon, or you’re waiting on a sum of money to come to you through another channel), consider asking for a forbearance. Explain to your lender that you just need a few months to get your affairs in order, and they may give you that grace period and suspend your payments.

2. Refinancing

Maybe you’re not sure how long this financial drought is going to last. In that case, discussing a refinancing of your mortgage with the lender is the next step. If you have good credit and a proven record of being a responsible borrower, your lender should have no problem helping you adjust the terms of your current mortgage arrangement.

If your current loan has a very high interest rate, for instance, refinancing may decrease your payments significantly. Be aware, however, that doing this will extend the life of your loan and—in the end—you will pay more than you originally planned. This option is best for those who are committed to keeping their homes and are okay with spending more time (and more money) in the long run to do so.

3. Loan Modification

Some programs, such as the Home Affordable Modification Program (HAMP), assist people in keeping their homes during times of financial crisis. Not all these government programs are created equal, so make sure to do your homework before considering one as a way out of your situation.

Some programs may appear to offer loan modification but, in fact, provide debt settlement. This means your account will be noted as “settled” (paid for less than originally agreed) which can hurt your credit score.

Additionally, many of the programs have very specific requirements for qualification, meaning that only those homeowners who bought after a certain date or those who owe below a certain amount on their mortgage can participate. There are a small number of people for whom loan modification is a viable option, but it can’t hurt to do some research and see if you’re one of them.

4. Repayment Plans

Much like forbearance, if you speak honestly with your lender about your financial situation and make a good faith effort to repay your debt, they are often willing to work with you. The foreclosure process is tedious and time-consuming for lenders, and most prefer to handle things outside of a courtroom.

If you’ve only fallen behind by a bit, your lender may allow you to make smaller installment payments more frequently to catch up on the past due amount. The sooner you do this, the better, as it will be much harder to convince them that you’re willing and able to pay what you owe if you’ve already amassed months worth of unpaid bills before contacting them.

5. Renting

If your income simply can’t keep up with your mortgage, renting your home may be an ideal way to bridge the gap. If you’re able to rent your home for as much or more than your monthly mortgage payment, you can hold on to your home while you get back on your feet.

You will, of course, need to organize a move (which will likely include downsizing or moving to a less desirable area to save money). You will also be responsible for the upkeep and maintenance of your home while the renters reside there.

In addition, there is always the risk you take as a landlord that your home could be damaged by renters, which will lower its value. You will also still be responsible for paying things like property taxes and homeowners insurance.

6. Selling

If none of the above paths are workable for you, there is always the option to sell your home for cash. If your home is valued at more than what you owe for your mortgage, this can be an easy decision. Selling can help you pay your debt in full and walk away with your good credit intact.

If your home is likely to sell for less than what you owe, however, you would need to work out what is called a “short sale” with your lender. This means they will accept whatever your home sells for as full payment for your debt, regardless of what you actually owe. Keep in mind that doing this will negatively affect your credit, as it will reflect that your account was “settled” rather than “paid in full.”

If you’ve reached the conclusion that you need to sell your home in Florida because you can no longer pay your mortgage, you have options. If you do decide to sell, and you don’t want to deal with months of showings—not to mention extensive realtor fees and commissions—The Buy Guys are here to help. We purchase homes all over Florida, and our team is standing by, ready to help you sell your home quickly and walk away with cash in your pocket.

A stack of coins next to a calculator.

Home ownership is a life goal for many people. We’re taught from the time we’re young that owning your own home is an achievement and a sign of stability. But sometimes life can deal you a tough hand, putting you in the position of needing to sell your home to stay afloat.

In today’s economy, many people are out of work. Whether you’re the victim of downsizing or company closure, it’s a sad reality that you could lose your source of income overnight and can’t pay the mortgageIf you do, there are a few things to consider before you decide how to move forward:

1. Determine Your Benefits

The first thing you should do after losing your job is head to your local unemployment office. If you qualify for benefits, they could help you string resources together while you look for work. It will likely be significantly less than your previous take-home pay, but something is better than nothing, right?

Many people make the mistake upon losing their job of letting go of their health coverage. While COBRA or buying out-of-pocket coverage can be expensive, you have to consider the expenses you could incur if you become very ill or have a terrible accident during a lapse in coverage.

2. Examine Your Budget

Once you have explored your benefit options and determined what your new income is going to be, it’s time to take a hard look at your budget. Figure out what is non-negotiable and what can be trimmed. You may see, when you examine your finances, that you’re spending more than you realized on things like food and entertainment.

It can be difficult to make spending cuts, especially if you have children, but this is the time for everyone in the family to buckle down and make sacrifices. Even eliminating small things like ordering takeout or going to the movies can help you stretch your money while you hunt for a new full-time gig. 

3. Consider Your Timeline

Unfortunately, no one can predict how long you’ll be out of work. If you do have savings, calculate how long you can safely draw from it without depleting it entirely. You’ll need to do long-term planning and consider any major, unavoidable expenses coming up in the next six to 12 months (homeowner’s insurance, school tuition, taxes, etc.) and how you’ll handle paying for them.

If you don’t have much in the way of savings and the job market in your area is tight, you may find yourself unable to scrape together enough to keep things moving for you and your family while also making mortgage payments. It’s incredibly hard to come to the conclusion that you have to sell your home in order to pay your bills. But if you’re there, realize that you’re not alone.

What Now?

If you think you can budget and hold things together for up to a year, you could go the traditional route and sell your home through a real estate agency. You’ll probably need to do some minor home repairs and deep cleaning. You should also be ready to show your home whenever a buyer wants to see it.

It’s also smart to consider how much profit you need to make from the sale in order to keep your household running, and calculate if you can afford to lose some of the sale price to listing fees and commissions.

You could also choose to handle the sale yourself, if you have the time. But make sure to do your homework on all the necessary paperwork (which will be your responsibility alone) as well as how to handle things like inspections and confirming buyer financing. Don’t get yourself into an even worse situation by taking a big loss because you neglected something important about the sale process.

But what if you don’t have a nest egg to live off of, and you don’t qualify for any benefits? You might be in a very time-sensitive spot and need to sell your house quickly in order to avoid losing everything. In this situation, working with a reputable cash homebuyer company could be the answer.

Here at The Buy Guys, we know that life is unpredictable. Sometimes we have to let go of the things we love in order to preserve our future. We purchase homes all over Florida, and if you need to sell your house after losing your job, we are here to help.

Our knowledgeable experts are ready to take your call and help you sell your home for cash fast so that you can gain some breathing room, some peace of mind, and the flexibility to find a great new job. Give us a call today at 866-381-2591. 

A condemned house the owner must sell as is.

When you hear the words “condemned house,” what do you think of? The first images that come to mind are probably of spooky, dilapidated homes with caved-in roofs and creaky foundations, crawling with overgrown foliage.

You might be surprised, then, to discover that is not always the case. There are plenty of reasons a house might be designated as condemned.

“Condemned” means that a government entity of some stripe has declared the home unfit to live in. This could come as a result of a pattern of housing code violations, visible or immediate safety hazards, or even extended vacancy or continuously disconnected utilities. Your home could even be in perfectly good shape, but if it sits in the path of a proposed government works project, it can be declared condemned and seized by the power of eminent domain.

In cases of eminent domain, the government will make an effort to compensate you for your home. Nevertheless, it’s a good idea to retain a lawyer before accepting any offers just to ensure that you’re being protected and given a fair price for your property. In any other case, though, you will be responsible for either repairing or selling your condemned home yourself if you hope to avoid suffering a total loss on the property.

A Serious Fixer Upper

When you consider what’s before you when trying to overturn a declaration of condemnation, it’s best to be honest with yourself about the true cost. Once you’ve been served a notice of condemnation, you will have a limited amount of time before you must appear at a court hearing to address the cited issues and fight to keep possession of your home.

Often this means investing in major plumbing, electrical, foundation, or roof work. You may also be in need of serious pest control services if the property has been uninhabited for some time and has become a haven for creatures.

You may need to invest in legal counsel to help you through the process, which also won’t come cheap. And don’t forget that while all this is going on, you will still be responsible for paying your property taxes, homeowner’s insurance, and possibly even mortgage payments (if you don’t own your home outright).

Cut Bait

If your home has reached a state of condemnation, there is a good chance it’s because you didn’t have the money to address issues as they arose. They snowballed, creating a situation you couldn’t escape.

Or perhaps you are trying to help a sick or elderly family member whose home has fallen into a state of such disrepair that it is no longer safe for them to live in. These sorts of situations are very difficult—both financially and emotionally—for homeowners, and sometimes the best option is to part ways with the property.

Listing a condemned home on the traditional real estate market is unlikely to do much good. While plenty of people are happy to take on some basic repairs in order to get a good deal on a home, the vast majority of buyers are not interested in or equipped to deal with the work that comes with taking on a condemned home. You’ll also need to consider the added costs of this route, such as realtor commissions and listing fees.

Finding an individual cash buyer could be an option, but if your timeline for handling things is tight, you may not have luck finding the right buyer and the right price before your hearing date arrives. Selling a condemned property is, as you can see, not a walk in the park.

Hope is not lost, though! A cash homebuyer company will have the resources to help you sell your condemned home quickly, so you can put this painful period of your life behind you. If it feels like the right step for you to move on from your condemned property and quickly put cash in your pocket, contact The Buy Guys today. We buy condemned houses all over Florida, and our knowledgeable team is standing by, ready to help.