Dc Fawcett Real Estate Tips – 4 ways to sell an inherited property

Introduction

4 ways to sell an inherited property

Dc Fawcett real estate reviews about the different ways to sell an inherited property, rental benefits and drawbacks of inherited property.

The heirs of the deceased parents get the entire power to own the inherited property and it is his/her wish to either sell or rent or occupy by themselves.

Dc-Fawcett-Real-Estate-Tips---4-ways-to-sell-an-inherited-property

Owning a rental property is the best way to earn passive income. For investors with different mindset, like absentee landlord can sell off the inherited property and make great deals of money at a time. In case you are renting, you get a steady flow of cash every month. At the same time, you need to be careful about the debts; you cannot sell or rent the property if there are debts to be paid to the mortgage lender. Furnish the house and make all the paper work ready if you are about to sell the house. You need to meet a local attorney and ask how to sell and when to sell and then proceed.

There are four options if you are selling your inheritance property:

  1.  Auction
  2.  Sell on your own
  3.  Sell to an investor
  4.  Sell with an agent

How to sell off the property through auction?

This is the quickest way to sell off an inherited property,  sellers who want to do quick home sale can prefer this option as you need not spend on repairs and property is sold “as-is”. It is the sellers’ choice to leave or take the belongings and buyers can either use or sell off once they occupy the home.

On the other hand, you have some issues like you need to find an auctioneer, the price can be more or less than you expected.

Dc Fawcett Real Estate Reviews – :

Selling inherited properties by FSBO

You need not find an agent or pay any commission and all the profit is yours.  If you need to save, you need to work. The seller should shoulder the responsibilities of an agent in this method to do a home sale. The duties, pros and cons are discussed in another article; you can check it out in Dc Fawcett’s virtual real estate investing club.

Selling the property to an investor

You can expect a fair market value price for your property and you need to be ready for home inspection. You can avoid some unnecessary expenses when you deal with an investor as he know which are the expenses to be cut short and avoided. The investor can protect you from  scammers  as he knows about the  real estate scams  that are happening currently.

Selling the property to a real estate agent

You are under a proper guidance as he knows the entire home buying and selling process. The process will be streamlined and you will have better advertising service and get to know many professionals through him. You can also get potential contacts for future which can be helpful in selling the properties. At the same time, you need to make repairs and pay commission for his service.

Investors complaints about owning an inherited property, in most of the cases there would be mortgage, tax and other insurance to be paid which exceeds the life insurance of the deceased person. Eventually you tend to spend money from your pocket or in other words it starts consuming your savings. In such situations, Dc Fawcett advises his investors to refuse the inheritance power.

 

Dc Fawcett Real Estate – Fundamentals of a credit report

Introduction

Fundamentals of a credit report

Credit denotes the amount borrowed by the investor and it is the deciding factor whether he/she can borrow or not as the lender checks for the credit score. DC Fawcett Real Estate presents a reviews on the basic elements of a credit report in this article.

Dc-Fawcett-Fundamentals of a credit report

Credit report contains

  • Loans that you have applied, borrowed past 7 years (there are few exceptions on the term )

  • Existing loans and amount borrowed

  • Monthly mortgage payment details
  • Payment report: mentions the date of the payment, this will show whether you have paid on time or not.

  • In case of bankrupt or foreclosure , those details are mentioned

  • Default loans

There are different types of default

  • Small: When a loan worth 500 dollars or less is repaid 6 months ago.

  • Medium: When a loan worth 1000 dollars or less is borrowed from financial institution or organization and repaid.

  • Large: When a loan worth 3000 dollars or less is borrowed and repaid.

  • High: When the loan default exceeds 10,000 dollars or more, the lender segments the default into several small defaults.

  • Unpaid defaults: These loans are yet to be repaid.

Credit bureaus collect the information of every investor which appears on the credit report. They are also called powerhouse of information. The source of information is through public records and databases. The information is distributed to the lenders when the investor approaches him for seeking a loan or whenever credit report is asked.  E.g. seller

Credit score refers to a number that is generated by a computer program, they generally check for particular patterns or red flags in your credit history. So after scrutinizing, your credit score is calculated and displayed.

The lender makes use of the credit score while you apply for a loan. Based on the credit score, the lender assigns the rate of interest.

Credit scores are used widely for borrowing money, applying insurance, renting, at times during the employment. It is checked so as to know how responsible and punctual you are in your payments.

When you need utility services, the credit score is checked, if the score is low; large deposit is required.

Dc Fawcett Real Estate Reviews – How to get financing?

Credit unions

In case your credit score is pretty bad, consider credit union as your first choice as they are willing to provide loans. Individual attention is given each investor.

Peer-to-peer lending services

They also provide loans for investors with low credit score.

Online lenders

Similarly, you can make use of online lenders who are not attached to any bank. Associating with such lenders increases the chance of getting loan.

Using collateral

It is yet another option where you need to pledge something of high value and borrow money. Mostly people pledge their land in case of collateral.

There are scammers who target these desperate borrowers, they pretend themselves as non-conforming lenders and get all the information from these investors. Later, the investor realizes he has been cheated.

Conclusion

To know more about credit scores and how to prevent from fraudsters, check out the articles in DC Fawcett virtual real estate investing club.