fbpx

Our Archive

Welcome to your Archive. This is your all post. Edit or delete them, then start writing!

Buy MI House > Blog >

Are you fighting foreclosure of your Michigan property? You’re not alone. Each year, thousands of homes in Michigan are filed for foreclosure. There are various reasons why one might find themselves in this dire situation, but one thing is certain: it isn’t the end of the world. In this article, we will discuss your best options when faced with the stress of foreclosure.

Red and brown brick house near the woods.

Best bets when foreclosure is on the table

Losing your home is an understandably frustrating event. That said, it’s vital to remain calm, composed, and informed throughout the process. Remember, no matter how tense the situation, there is always a way to get ahead. By remaining knowledgeable on the process of foreclosure, you can explore all options and make an informed decision. Here’s the common actions we suggest you look into when going through foreclosure:

1. Talk to a professional soon

There are counselors and experts that are widely available to you both locally and online. It’s crucial to understand that, before embarking on any foreclosure defense, you should consult someone with expertise. This doesn’t need to cost you anything. Foreclosure Avoidance Counselors are willing to offer you advice and services for free. In addition, update yourself on the various financial help programs at your disposal; many of these specialize specifically in foreclosure.

2. Restructure your financial plan

It’s never too late to reach out to your lender and begin a discussion on how to forestall foreclosure. If your financial situation is going through choppy waters, you need to inform your lender immediately. This way, they can negotiate a plan with you. By opening a channel of communication between you and your lender, you may be able to come up with a viable solution before things escalate. It’s not beyond your means to ask them to consider restructuring your payment plan.

3. Declare bankruptcy

Bankruptcy is a scary word, but it can actually be a helpful (and necessary) tool to get you back on your feet. Depending on your situation, you can claim a particular chapter of bankruptcy to defend yourself against foreclosure. The two main options would be Chapter 7 and Chapter 13 bankruptcy.

Find out here about Chapter 7 bankruptcy and if you qualify. By filing Chapter 7, you basically claim that your income is not enough to cover all payments. Your debts – not including mortgage – are then wiped clean. Be aware that while this may place an automatic stay on your property (i.e. putting a hold on your foreclosure) the lender can still go to court and ask that the foreclosure go forward despite the bankruptcy claim.

Chapter 13 is a little different. By filing Chapter 13, you claim that with more time, you can catch up to missed and current mortgage payments (as well as others). You are given a 3-5 year plan with your lender, during which you are required to make periodic payments that cover all bills.

4. Sell your property via short-sale or deed in lieu

There are a number of ways you can quickly sell your property before it goes to auction.

  • Short-sale refers to the quick selling of your home pre-foreclosure. Before the process, you’re required to ask your lender for approval, and even then, the value of the property will usually drop significantly. Regardless, this is still the better option than foreclosure because your credit score won’t be as negatively impacted. In addition, you are more likely able to purchase a home immediately following a short-sale than a foreclosure.
  • Deed in lieu of foreclosure refers to the voluntary transfer of a property’s title from you to the lender, thus releasing you from all mortgage obligation. Once again, you will need to receive approval from your lender to initiate this process.

5. Sell your property to a house-buying company

House-buying companies will purchase your property quickly in exchange for cash. There is no need to deal with the stress of realtors, repairs, or post-sale paperwork. A house-buying company will save you closing costs, time, and repairs all while offering you a fair price for your property. That way, you can forego the foreclosure and save time – as well as your credit score – by dealing with a house-buying company.

A homeowner speaking with a foreclosure specialist.

Reach out for more info!

All in all, there are a wealth of resources available to anyone facing foreclosure in Michigan. Foreclosure is undoubtedly a terrifying situation, but by exploring the right options and talking extensively with a counselor or expert, you’ll find yourself moving along fine.

For more information on house-buying companies, please feel free to explore our website. For specific information on our services, please do not hesitate to contact us at Buymi.

Read More

Renting out one’s property is a great real estate venture when looking for a continuous source of passive income. However, at some point, a homeowner may decide it’s time to fully sell that property. This could be for any number of reasons; perhaps you are moving far enough away that it’s become a burden to maintain the property. Perhaps you are comfortable financially and don’t want to deal with the hassle of tenants. Whatever the reason, selling one’s rental house is common and easily achieved when done correctly.

But one question can’t be ignored: how do you do this when your property is currently being leased?

Many homeowners face the reality of needing to sell their property while it is occupied. This can be tricky territory to maneuver, but worry not! When conducted in a reasonable and professional manner, you should find the process can be quite stress-free. Here are our tips for selling your rental property during an active lease.

Two people signing a contract.

Options for selling your rental property during an active lease

There are a number of routes you can take when choosing to sell your home under an active lease. Here they are:

1. Wait until the lease expires

This is the most obvious option, but also potentially the longest and most inconvenient for you. While you are avoiding problems with tenants by waiting out their lease, this can be lengthy and time-consuming.

2. Search for an owner who will also rent out the property

Selling your property to a new homeowner who will also rent it out can be beneficial both to you and the current tenant. The tenant’s lease will then transfer over to the new landlord, who must abide by the old contract’s same rules and agreements. If you’re not under a tight time crunch, this is a great option for all parties involved.

3. “Cash-for-keys” agreement

This is a commonly practiced method whereby you will essentially pay your tenant to move out sooner. This can be done in a number of ways. Negotiate with your tenant; perhaps you can pay their security deposit, or provide moving services. Whatever the case may be, the objective is basically to incentivize them to leave. When done civilly, this can be a clean and easy way to end their lease early.

4. Sell to the tenant

If the tenant has lived there long enough, or the location is too convenient to let go of, they might just be interested in taking the property off your hands. When you first begin the process of trying to sell your home, be sure to keep the tenant adequately updated. They may end up becoming the buyer if you provide them with a timely notice.

5. End the lease if the tenant has violated the agreement

Unlike the cash-for-keys agreement, this particular method can be a bit messier. If your tenant has clearly violated the lease, you are fully within your rights to terminate the contract and move forward with selling your home. Remember that there are legal statutes which oversee these exact situations. Inform yourself on the procedures of evicting and what notices need to be made before you take this matter on.

Additional tips

As you just read, there are a number of methods you can adopt in order to sell your home during an active lease. In addition, here are a few crucial behaviors you should practice to ensure that the whole process is clean, clear, and mess-free.

A homeowner and leaser having a conversation.
  • Be communicative. To prevent any unnecessary arguments and misunderstandings, the landlord should be as open and communicative about the process as they can be to the tenant. You don’t need to update them on every single step and every prospective buyer. However, you should give fair notices and answer any questions. This will quell their own fears and confusion about the situation, leaving you both happy, informed, and prepared.
  • Be firm. Additionally, it’s important to remember why you are selling your rented property. Regardless of how the tenant feels, you are still on a schedule. While negotiations with your tenant can be done during an active lease, remember to keep the goal in mind: to sell the home.
  • Get everything in writing. Throughout the entire process, be sure to get all agreements officially signed by both parties in clear-cut, legal writing.
  • Remember tenants have rights. Our legal system has ensured that both landlords and tenants have certain property, privacy, and other rights. Before you embark on any ventures during the selling process – especially when it comes to entering the property – be sure to understand what your legal boundaries are by staying informed on tenant rights.
    • Rule of thumb: When showing the house to prospective buyers, give tenants a fair warning. You are legally obligated to notify them 24 hours before entering the home. Generally, it is better to set up specific, agreed-on dates and times with your tenant for house-showing.

Avoid the hassle of looking for a buyer

Want to know the quickest, cleanest way to transfer ownership of your property? Work with a house-buying company! These local businesses will buy homes off you for a reasonable price – no realtor needed. When working with a house-buying company, you can forego the stress of repairs, updates, and paperwork, all while knowing you are receiving a fair price for your home.

For more information, be sure to scour our website and contact us for any questions or proposals!

Read More
Front window of a house in need of repairs.

Are you considering selling your house in its current state? The decision to sell one’s home “as is” – meaning without repairs, renovations, or updates – is a conflicting choice faced by many homeowners. On one hand, you may feel that your house in its current state will never be sold, whether its because of the dilapidated basement, or the small plumbing issue you never got around to fixing. On the other hand, renovations and repairs may be out of the question due to the financial toll and lengthy process. So what are you to do?

Luckily, you may not have to go through the frustrating procedure of fixing up your home just to sell it. There are plenty of house-buying companies in the Rochester Hills area that are readily available to assist you in your property pawning ventures.

What is a house-buying company?

These organizations are willing to purchase your house from you as is in exchange for a fair price. The amount is typically estimated by the company themselves and agreed upon by both parties. Like any property transaction, the price is based on various factors, including the home’s location, age, and repairs needed.

Once purchased, the home is officially off your hands. No dealing with messy owner-to-owner paperwork or post-transaction stress. By doing business with a quality house-buying company, you can quickly sell your property and gain that hard-earned profit.

How do I find a quality house-buying company?

Hands typing on laptop keyboard.

All this said, selecting the perfect company to work with is vital. There are a wide variety of businesses to choose from in the area, and you should explore all your best options. Here are a few indicators that you have chosen a great company to deal with:

  • They know their stuff. They are knowledgeable about the Rochester Hills area and can quickly, concisely answer any questions you may have. A quality professional with years of experience can survey your home and give you a solid, fair price based on the house’s factors, such as location, year, and repairs needed.
  • They have great reviews. A simple Google search should pull up a webpage or review site with client opinions on the business. If reviews are not available, any good company should be able to produce positive testimonials at your request. If they aren’t willing to show you these, that may be a red flag.
  • They are open to communication and transparent about their business. It is crucial to secure the contact information of the company’s representative; the sole person in charge of your transaction. Having open communication with them gives you a channel to ask questions and stay fully informed on the whole process.
  • They are local. This is more of a suggestion than a mandatory assessment, but one worth mentioning. As we all know, small, local businesses tend to be more embedded in the community and therefore typically more beneficial. Following this logic, you should shoot for local house-buying companies if you can. They are more knowledgeable of the Rochester Hills area. There is also a higher probability that you can engage in future dealings with this company rather than a national or broader-region business.

The takeaway?

Selling your home can be stressful, time-consuming, and just altogether frustrating granted you don’t have the proper resources. By locating a great house-buying company, you can bypass all those unnecessary steps.

For more information on selling your home, we encourage you to scour our website. For any questions, do not hesitate to contact us.

Read More
×

You're just a form away from getting a cash offer for your house. Just fill out some basic information below and let's get started!