Tag: buy houses in houston

Ways To Prevent Foreclosure In Houston

Ways To Prevent Foreclosure In Houston

Nakul Kongovi | February 13th, 2017

In the recent years, thousands of people have lost their homes to foreclosure in Houston. Foreclosure is when you don’t pay back your mortgage loan and the bank begins the process of acquiring the ownership of your property to compensate its loss.

If you are stuck in such a situation, the key is to act quick. Selling your home, making negotiations, or whatever alternative you choose, you need to do it fast. It not only saves your home but also will help protect your credit rating.

Sell Your Property/ Pay Your Mortgage

One of the easiest foreclosure prevention methods is, paying off your mortgage. In fact this is something which you should do to avoid getting into a foreclosure. But it is not possible, for some reason or the other, every time. Even then, try and avoid getting into a foreclosure by paying off your mortgage, or even by selling your home.

Sell Your Property

Short Sale 

All you have to do is sell your property and then use that money to pay off you your outstanding mortgage with the bank. This not only helps in getting the bank of your back, but also keeps foreclosure in Houston from affecting your credit score.

Assumption/Lease Option

As an average mortgage these day contain a on sale” clause by which a borrower has to agree to pay off the entire loan if and when they transfer the property. On the other hand, when facing a foreclosure in Houston, you can persuade your lender and ask him to modify the loan, make sure that the clause is completely removed or deleted, allowing a new buyer to assume your loan.

Even though the lender might want to go through the buyer’s qualification for a proper assessment, it is something which you should not worry about. And if you are lucky enough, you might even get to negotiate a down payment from the buyer, which can be used to pay off your mortgage amount.

Hand Over The Deed

When selling a home in foreclosure, if no one is interested to offer cash for your house, you can ask your lender to take the deed and in turn cancel your debt. Known as a “deed in lieu of foreclosure”, the basic idea is that your bank can sell your house without reporting it as a foreclosure for all the credit rating agencies.

File For A Bankruptcy

Bankruptcy is something which freezes a foreclosure right in its tracks. More of a foreclosure prevention method, filing for bankruptcy can help you keep your home, or in the worst possible case, at least get you out from mortgage. Once you file for bankruptcy, the foreclosure process stops, and it can’t be reopened until the case on bankruptcy closes, or the lender/bank gets court order to proceed.

 Foreclosures can cause a lot of problems if you don’t know how to handle it the right way. Consider the above options to narrow down on the right way to handle your mortgages and foreclosure. On the other hand, if you just want to put everything behind and move on with your life, your best option would be to sell your house and pay off your mortgage with the money you get. Sell your house with us and get quick cash in return.

At Realty Simplified LLC, we buy houses under any condition. Foreclosure, divorce or under probate, you don’t have to worry. Call us or drop a mail to know more about how to sell your your house fast Houston.

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    Easy Tips For Buying A Home

    Easy Tips For Buying A Home

    Nakul Kongovi | October 11th, 2016

    Buying a home for the first time or planning to buy a home in the near future in Houston? Do you have plans in hand about how to buy the best home available in the market or you simply want to follow the market?

    Well, even before you plan to buy a home, there are certain things to be followed. From managing cash to getting loan approval, finding an estate agent to the suitable home, there are plenty of things that need to be taken into consideration while buying a home. Here is a brief guide to how to buy a home within a few and easy steps:

    1. Revise Finance Plans While Buying a Home:

    How are you planning to buy the new home, is one of the most important aspects. Just like selling a home can be accomplished in multiple ways, buying a new one can also be accomplished in several ways.

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    Are you planning to pay in cash or thinking about a loan? Do you qualify for a loan? Check with all these factors before you become a home owner in Houston. Once you have all the answers, you can go ahead and buy a new home for yourself.

    2. Buy a Home Based On Your Capacity:

    At times, we tend to get attracted with the added features like utilities, additional facilities, and such other things. Getting attracted encourages us to overlook our own budget and buy a new home that is far beyond our estimated budget.

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    Getting anything additional is undoubtedly a good thing, but paying extra bucks is definitely not! Before you plan to buy a new home, do not forget to fix your budget. Make sure, you pay the maximum down-payment as it will reduce the mortgaged amount and the monthly EMIs for you.

    3. Buying a Home Gets Easier With Preapproved Loans:

    Getting a loan or mortgage approval might take some time. And in case, the time extends more, the home owner who is selling a home, might decide to move on and sell it to someone who can pay for it faster than you.

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    In such cases, having a pre-approved loan can help you get your dream house. Well, the terms and conditions for a pre-approved loan depend on a lot of factors. Get in touch with your financial advisors to know more about this option.

    4. Hire an Estate Agent to Buy a Home:

    Hiring an estate agent will make the process simple and easy for you! Though buying a home directly can save you a lot, buying it with an estate agent can fetch you ample of opportunities.

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    For usual agents, they work on commission; one part of this is paid by the person selling a home, and the other portion has to be paid by you. Selling house or buying one with the agents, thus gets easier and simpler as making personal profit is the ultimate goal of an agent.

    5. Filter Before You Buy a Home:

    You have a preapproved loan with you, the best estate agents are also working for you; what do you need now? Even though you have fulfilled all the requirements to buy a home, you should not just trust everyone!

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    Before settling down with a deal, you must visit the property by yourself. Make sure, you review everything about it, take a note of why the owner is selling a home, location of the property, insurances covered, etc., before taking the final call.

    For any queries on selling a home or buying a home in Houston, you can get in touch with Realty Simplified, LLC. We buy houses Houston and offer the fastest cash for your house in Houston. Call us today or drop us a mail to find out exciting tips for selling your house along with getting fast cash for your house in Houston.

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