Green road sign that has the word inheritance on it.

Inheriting a home can be a very complex business. Depending on how you came to be in possession of the home (whether it’s paid for, and whether or not you have any co-owners), there could be many potential next steps from which to choose.

If you’ve recently inherited a house in Florida, you may be questioning your next move. This guide is here to detail your options, including your ability to sell the house fast for cash. First off, though, we need to answer a few questions.

1. How Did You Inherit—Deed, Will, or Trust?

It might not seem like it matters, but there is actually a big difference in how an inherited house in Florida should be handled based upon how exactly it became yours.

If you were given the house by deed, this means you were appointed the “remainderman” for the deceased’s estate, and when they passed, the house moved into your hands. There is no need to go through probate proceedings, and if you do choose to sell, you should have no issue, as your name will be on the title.

If your loved one died with them listed as the sole property owner but left you the house in their will, you’ll need to go through probate proceedings in order to move the title into your name officially. This means if you want to sell the home, you’ll need to complete that process first, which can sometimes take a few months.

If the deceased drew up a trust agreement declaring that you (or you and others) are entitled to the house upon their death, it will pass directly to you (and any other co-owners). If, however, the deceased leaves behind a spouse or minor children, you will have to go through the probate process in order to move the title to your name.

2. Do You Know The Tax Implications? 

Selling any asset for more than you paid for it can trigger capital gains taxes. But what if you didn’t pay for it, but rather inherited it? Unfortunately, you can still be on the hook for taxes if you inherited a house and want to sell it. Do you know your options? 

Tax rates change slightly every year based on inflation and other political factors. For the 2019 tax year, the tax percentages on house inheritance range from zero percent to 20 percent, depending on the amount of profit you made from the sale. 

3. How Do You Handle Probate?

If you need to file probate on the estate and the deceased has been gone more than two years, chances are things will move pretty quickly. With a good attorney, you could be set in as little as a week. If the person died very recently and you’re trying to sell the house, however, you may be in for a bit of a wait.

The probate process involves posting a notice to creditors in the local newspaper and giving any creditors who are owed by the estate four months to come forward. Selling a house in probate in Florida can take a little longer than normal, but once the judge declares you the new owner, you’ll be set to do whatever you wish with the property.

3. Is There a Mortgage?

If you inherit a home with an outstanding mortgage, you must assume the payments if you hope to avoid foreclosure. Each company will have its own process for how to deal with the homeowner’s death and move the account to your name, but you should alert them as soon as possible.

What if you can’t afford the mortgage? Under Florida law, a mortgage company cannot go after your personal bank account or assets if you choose to walk away from an inherited home and allow it to be foreclosed on. But should you choose to do so, retain a probate attorney to protect your interests.

4. Are There Other Owners?

The trickiest of all inheritance situations is when you inherit the property jointly with other family members. Under Florida law, all of you will be equally responsible for all financial obligations pertaining to the property, including debts and liabilities.

Typically one person takes point on being property manager, but beware that this can cause tension and resentment. If one of the owners is living in the house, that can also complicate things, as they may not want to pay their fair share, or they may refuse to sell despite everyone else wanting to. Immediately upon inheritance, all the heirs should discuss the situation and make a plan that’s agreeable to everyone (which is, sadly, often easier said than done).

If you have inherited a home, your options are typically to a) live in the home (or let one of the co-owners live in it); b) rent it; or c) sell it. Selling a house in probate in Florida can be a bit trickier, but if you quickly tackle the probate process, you’ll be good to go.

If you’re not interested in renting the home and being a landlord, and you want to avoid the infighting that often stems from sharing ownership of a home with siblings, selling may be your best option. If you’re ready to sell your inherited house in Florida quickly, call The Buy Guys today. We work exclusively with individuals, and we can have you ready to close and walk away with cash in your pocket in just 30 days!

There are two words that can instantly strike fear into the heart of any homeowner: water damage. Whether it comes as the result of a busted pipe, a leaky roof, a faulty component in your HVAC system, or even the sometimes-cruel hand of Mother Nature, dealing with water in your home is a monumental headache.

The immediate aftermath of a flood can be an incredibly trying and emotional time for a homeowner. If you find yourself in a position where you need to sell a house with water damage, the intensity can feel even greater. But there are steps you can take to mitigate the stress and set yourself up for success.

When It Rains, It Pours

Water is a powerful force, and it can lay waste to your home in a matter of minutes. In addition to destroying or damaging prized possessions and valuable assets, it can also seriously compromise the stability of your home’s infrastructure. Addressing water damage properly will cost you.

If you’ve started requesting estimates, then you’ll already know this. To fix the problem and get your house back to normal, you’ll be looking not only at pricy repairs to any malfunctioning equipment but also remediation for the damaged parts of your home’s interior (patching holes, replacing carpet and drywall, etc.).

Additionally, you’ll probably also need a deep cleaning. If not addressed immediately—especially in a humid climate like Florida’s—retained water inside your home can result in the growth of severe mold and mildew. In addition to further complicating the repairs process, mold and mildew can prove to be a serious health risk for your family. Exposure can trigger the onset or worsening of conditions such as allergies and asthma.

Maybe the water damage to your home is especially extensive. Or perhaps it has just been left unaddressed because you were overwhelmed and didn’t know where to start. In these cases, you may find yourself needing to vacate the home in order to have repairs done safely and effectively. So you can go ahead and add the cost of alternative accommodations to your rapidly growing bill as well.

1. Minimize the Damage

Floods can happen quickly and with very little warning. As soon as you are able to access your property, you’ll need to work fast to contain the damage in any way you can. The quicker you address these issues, the better chance you have of preventing a total loss.

Begin by contacting your insurer to inform them of your claim so they can send an adjuster your way. Then move on to cataloging any and all damage.

Take photos and make extensive notes. Don’t throw anything away, though—your insurance company may require visual evidence of damaged items before they will honor your policy.

Attack water damage in the walls by removing damaged drywall or sheetrock immediately. Running fans and dehumidifiers throughout the house will also help dry things out.

Remember, mold can grow in just 48 hours, so time is of the essence when it comes to removing water from your home. It’s not impossible to sell a house with flooding damage, but it will be a lot more difficult to sell if it’s also full of mold.  

2. Get A Repair Estimate

Once you’ve gotten the situation under control and hopefully cleaned well enough to prevent mold and mildew growth, it’s time to get the big picture on the damage that’s been done. This isn’t a necessary step in selling your house, of course, but it will certainly put buyers’ minds at ease to know that a licensed professional has evaluated the property.

Whether you plan to fix the issues or not, having an inspector lay out in detail what needs to be done will be a huge help. You may even want to get a few different opinions so that you can present a fully fleshed-out plan to any potential buyers. Hopefully, they’ll be comforted by knowing what to expect financially.

3. Fix It Up

From here, you may choose to do some repairs before selling your home. If you have experience with things like drywall or sheetrock, it may be cost-effective for you to handle those things yourself. Or perhaps you have it in your budget to hire a contractor for those tasks.

Making smaller improvements—as well as cosmetic things like putting fresh, neutral paint on the walls and polishing the floors—could greatly improve your home’s selling price. If your issues are larger or more structural, though, be aware that remediation may set you back a pretty penny, which you might find isn’t worth it in the end.

4. Sell As-Is

So what if you don’t have insurance or the time or money to do repairs? If you need to sell a house with water damage quickly, you always have the option to sell the house as-is. Buyers understand that houses in this condition will be in need of some work.

There is always a market for fixer-uppers, and many buyers aren’t scared away by flood damage, provided that they feel they got a good enough deal on the property. You could go the traditional route with a real estate agent, but be aware that your home may sit on the market for a while (which can negatively impact the eventual selling price), and you’ll be on the hook for fees and commissions after the sale.

Going with a cash homebuying company, however, removes both the time and cost concerns of the traditional marketplace. The Buy Guys have worked with hundreds of individuals when they needed to sell a house with flooding issues. We’re here to help you sell your water-damaged home quickly and easily. Call us today to learn more!

House with interior mold.

Is it possible to sell a house in bad shape? Of course it is! Whether your home sustained damage from a hurricane—which is a very common situation for Floridians—or from some other calamity such as fire or a flood, you still have options.

It’s not an unachievable dream that you could sell a bad house for a fair price, but you do have to be more purposeful about how you approach the selling process. Depending on your financial situation and your timeline for selling, you could do one of these three things to sell a house in bad shape. 

1. Make Some Repairs

If you’re not in a rush to get out of the home and you have some cash to put towards fixing it up, making some minor repairs could be a huge help. You’d be surprised how different your house may look after a heavy-duty cleaning and some refreshing (think new paint or freshly buffed floors). You’re sure to get a better asking price if your home looks more appealing to potential buyers.

If the repairs needed are of a more substantial, structural variety, though, you may have more on your hands than you realized. While fixing things like a broken window or a leaky faucet might be doable on a DIY budget, things like foundation repair and extensive electrical or plumbing work are likely to cost you thousands. You’ll have to weigh whether that cost is worth the potential difference in selling price.

2. Advertise It as a Fixer-Upper

Not all buyers are looking for a picture-perfect house. If the price is right, many people are willing to put in the work to restore the home to its former glory. If you don’t have the money to make repairs, you can simply put it on the market as a “fixer-upper” and see what interest you generate. You may also find that developers are looking to buy property in your area to renovate.

Make sure to disclose all of the home’s issues to any potential buyers, of course, and be prepared to be lowballed on the price. Depending on how much you truly need to make on the sale and how long you can wait for the right buyer, this can be a great way to sell a damaged house. 

3. Sell for Cash 

If you’re too strapped to make any repairs to your home, and you can’t sit around forever waiting to find someone willing to take on its many issues, you’re not totally up a creek. Selling for cash to a licensed and reputable home buying company is probably going to be the best avenue for you. Since the process is so fast and easy, many owners of damaged properties go in this direction.

We know that it can be difficult to sell a house in bad shape, but The Buy Guys buy homes in all sorts of conditions throughout Florida. We’ve seen it all, and we’re not scared!

If you need to sell a damaged house and you’re not in a place where you can make thousands of dollars of repairs before you do it, it’s time to look into selling your home as-is to The Buy Guys team. You’ll get cash fast, and you won’t have to take on any of the expense or stress of fixing the house yourself. Call us today to get a cash offer on your house in under 10 minutes!

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.

 

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 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 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.