We Buy Ugly Houses Houston @webuyuglyhouseshouston - Tumblr Blog

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/sell-house-debt/

Should I Sell my House to Get Out of Debt?

Photo Credit

The housing market has slowly recovered from the 2008 housing crisis. But many Texas homeowners still face high levels of debt, forcing them to consider selling their homes.

In cities like Houston and other parts of the country, overwhelming debt increases the risk of defaulting on loans, creating more financial challenges for today’s homeowners.

A weak job market and low wages are causing people to fall further into debt, giving them few options for protecting their financial future. Rising costs of living and other factors make it difficult for them to get out of debt as quickly as possible.

Selling a house to pay off debts can often be the best choice for Houston homeowners. But knowing what mistakes to avoid ensures that you get the highest return out of your home investment.

Getting Out of Debt

When trying to get out of debt, you need to weigh your monthly income against your expenses. For most Houston homeowners, their mortgage payment represents the largest portion of their monthly spending.

As a result, most people look to home loans when determining how to get out of debt. This is especially true in cases where a person’s monthly mortgage payment exceeds 25 percent of their monthly income.

The cost of your home’s utilities and other fixed living expenses also take away from the amount of money you have left to pay off debt. So creating a realistic and sustainable budget is essential to establishing long-term financial security.

When is the Right Time to Sell a House?

In Houston, homeowners can protect themselves from future financial setbacks by selling their home. Many choose to downsize to a more affordable property so that they reduce their monthly spending and address other existing debts.

Some homeowners may think that selling their home will hurt them financially. But when you consider the consequences of defaulting on your mortgage or other loans, selling a house to get out of debt is a sound financial decision.

Homeowners may find that the home they purchased is more than they actually need. Family and lifestyle changes can make a larger or more expensive home unnecessary. In other cases, Houston homeowners may simply be unable to make their monthly payments. This creates a financial strain on their ability to manage their debt and can limit the return on their home investment over time.

Why Should Houston Homeowners Consider Selling Their Homes?

In Houston, selling a house to get out of debt can give you the biggest financial benefit in the shortest amount of time, making it easy to take the next step in eliminating debt. Freeing up your money gives you greater flexibility in how you approach your debts. You can establish a budget that works for you and begin implementing it right away.

Some homeowners consider refinancing their home mortgage. This may provide some relief, but it may not fully address your financial concerns. Also, selling a home can give you tax benefits that you won’t get with a loan modification. So you need to fully understand the benefits and drawbacks of the options that are available to you.

Selling your home as –is, for cash can be the easiest way to achieve a new level of financial freedom. It offers a quick solution that helps you pay off your debts while giving you the most out of your home investment.

Homevestors buys Houston homes for cash and gives owners the financial resources needed to avoid loan defaults and eliminate debt. Selling your home to Homevestors eliminates the commissions and other fees that you’d otherwise pay when selling a home through a realtor. Contact Homevestors today to learn more!

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/insurance-cover-roof-leaks/

When Insurance Doesn't Cover Roof Leaks

Photo credit

When Insurance Doesn’t Cover Roof Leaks in Houston

When a windstorm, hailstorm or infamous Texas flood damages your Houston home, insurance companies will often find ways to designate the damage as a “non-covered occurrence” to deny payment of the claim. But, there are actions you can take.

Texas law requires insurance companies to adjust their claims in good faith. If an insurance company is known to have a pattern either denying or underpaying valid claims, they can be punished monetarily under the law. That money should go to the homeowner, but unless the owner takes action to battle the insurance company, realistically it probably won’t happen.

If your roof has been damaged, you may be asking, “My roof is leaking – is it covered by insurance?” In many instances, the answer is no.

Here are four steps you can take to fight an insurer which either delays or denies paying your claim, or, which offers far less then you feel necessary when settling your claim.

Use your records

Any documentation you have from before the accident can significantly help your cause. Keep as many receipts and files of your most valuable possessions – a leaky roof can damage even the contents inside the home. Try and take frequent tours of your roof, even recording video to have as detailed a record as possible.

This will be highly beneficial when it comes to disputing a claim since you’ll have a complete record of the roof’s condition before the time of damage. Many insurance firms will go out of their way to make the claims process exceedingly difficult, so any evidence you have to prove they’re elusive will help your case immensely.

Avoid litigation

Taking an insurance company to court should always be seen as a last resort. Litigation can delay a claim for years and make receiving any needed funds to replace your roof extremely difficult. Should they end up being difficult to work with, using the services of the Texas State Insurance regulator can help move the process forward.

Know your rights

Always review your homeowner’s insurance policy to be aware of what is expected should you have to file a claim for a damaged roof. Any details on roof coverage as well as protocols for filing a claim should be specified in the policy. It’s also important to be aware of your rights should there be a dispute over your roof. As much as possible, discuss your homeowner’s policy with your agent, Texas state regulator, or insurance provider do you have a thorough knowledge of what types of roof damage will be covered

Stay persistent

Getting an insurance firm to live up to their claims and obligations can be an extremely time-consuming process. Many roof related cases should be very straightforward, but challenges do arise, and it’s incumbent upon the homeowner to stay on top of their provider with regular follow-ups and documentation.

If roof damage and leaking are severe, but your insurance won’t cover costs, you may find yourself in over your head when it comes to repairs. Homevestors can help. With a cash buyout, we’ll purchase your home as-is, regardless of the condition of the roof. Contact Homevestors today to learn how we can save you precious time and money when your roof is damaged and insurance won’t cover repairs.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/mortgage-default-rate-texas/

Mortgage Default Rate in Texas

Photo Credit

The rates of mortgage defaults in the U.S. and in states like Texas signal the current state of the economy. The mortgage industry took a serious hit with the 2008 crisis that left many without homes and impacted unemployment rates and other economic indicators.

Monitoring mortgage default rates in Texas helps to predict future growth while ensuring that homeowners are keeping up with their monthly payments. In cities like Houston, homeowners must take the steps to protect their financial well-being while getting the most out of their home investment. Economic and personal factors can cause them to face a default without warning.

Knowing what options are available helps you avoid the consequences that result from a mortgage default while protecting the financial security of you and your family.

Mortgage Defaults Today

The number of home foreclosures remains higher than those that existed prior to the housing crisis. Over time, mortgage default rates have stabilized, suggesting a stronger marketplace that’s still recovering almost 10 years later.

The number of delinquent mortgages is one of the primary signs of a market that’s in trouble. At the close of 2016, it’s estimated that approximately one million loans were more than 90 days past due, which is classified as “serious delinquency”.

This represented about 2.6 percent of mortgages and is slightly lower than the 8.6 percent seen at the start of 2010, the year at which foreclosure rates peaked. But an unstable job market, which has shown weakness in recent years, overshadows lower mortgage default rates. Limited employment and low wages can cause default rates to increase in Texas and other parts of the country.

How Mortgage Defaults Impact Homeowners

Houston homeowners experience serious consequences when defaulting on their home loans. A default negatively affects your credit rating, preventing you from securing a new home or other loans in the future.

Defaulting on your mortgage may result in legal action from lenders seeking to recover losses from a foreclosed home. Although mortgage default rates in Texas and other states may be showing positive signs, the risk of default still remains, and homeowners should explore selling options to obtain the financial relief they need.

Can Selling Your Houston Home Protect You From Mortgage Default?

For many Houston homeowners, selling a home helps them avoid a mortgage default and the consequences that result from backing out of your loan agreement. This is especially true for Houston residents who are overwhelmed with other forms of debt. Consumer credit, student loans, and unexpected medical costs place homeowners at a higher risk of a mortgage default.

Refinancing your mortgage may reduce your interest rate or monthly payments, but it may not provide long-term default protection if you’re still struggling to eliminate other debt. Selling a home through a realtor requires you to invest time and money while reducing your return when having to pay commissions and closing costs.

In Texas, and especially in Houston, selling your home as-is for cash may be the best option for avoiding a mortgage default. Contact your local Houston Homevestors agent today to learn how we can buy your home quickly and easily, giving you the financial relief you need to overcome debt and avoid a default.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/executor-sell-house-beneficiaries-approving-texas/

Can an Executor Sell a House without Beneficiaries Approving it in Texas?

Photo credit

In Texas, Can an Executor Sell Property Without the Beneficiaries Approving?

As the executor of an estate, you may be called on to sell a house to pay off debts or expenses, or simply to distribute the estate among the beneficiaries.

But things can get complicated when the beneficiaries can’t agree whether or not to sell the house. Some beneficiaries may want to keep the house in the family, while others want to sell it as quickly as possible. In that case, you may have to seek out the assistance of a probate court.

First Step: Contact an Attorney

While the tips below can serve as a useful guide, they don’t constitute legal advice. Estate law can be complex, so it’s important to seek out legal advice as early in the process as possible.

Be aware that neither the probate judge nor the court staff can act as your legal advisors. You should seek out an attorney who specializes in probate law.

Avoid Conflicts of Interest

As the executor, you must be particularly careful about conflicts of interest. This can happen if you want to buy the property, or if you are related to a potential buyer, or even if you hold a joint interest in the property. If you are a beneficiary as well as the executor, things can quickly get complicated.

Even if there is no actual conflict of interest, even the appearance of a conflict can lead to legal hassles. It’s best to consult an attorney before making any decisions.

How Soon Do You Have To Sell the House?

It’s more expensive to insure a vacant house. If the property is sitting empty, your insurance costs could go through the roof. The longer the property sits vacant, the greater the risk of attracting thieves or vandals. And if a small problem such as a roof leak goes unnoticed, it could lead to major damage. So it’s often better to sell as quickly as possible.

Can You Make Improvements to the Property?

A real estate agent may recommend that you make repairs or improvements to the house in order to make it easier to sell. These suggestions could be as simple as repainting the front door or as extensive as redoing all of the landscaping.

But before you even pick up a paintbrush, you need to find out whether you are authorized to spend estate assets to make these improvements. If not, you could end up in legal trouble.

It’s also worth noting that you may not sell the property unless you have the authority to do so, whether it’s been granted to you by law, court order, or under the terms of the will.

What Are the Requirements for a Valid Will in Houston, Texas?

In the state of Texas, a will can be valid whether it is prepared by a layperson or an attorney. It must meet these requirements:

The will must be signed by the testator, or by someone in the testator’s presence and at his or her direction.

The will must be attested by two credible witnesses who are at least 14 years old. To avoid legal complications, the witnesses should not be beneficiaries of the will.

The will must be signed by the witnesses in the presence of the testator.

The Easiest Way for an Executor to Sell a House in Houston

Before you can sell the house, you must have the clear legal authority to proceed with the sale. Then, you should make sure that all mortgage payments are up to date, and all property taxes have been paid.

Once all of those obstacles are out of the way, call HomeVestors for a free quote. That way, you can avoid much of the headaches and expenses of a lengthy real estate transaction. Instead, you can sell the house quickly, as-is, for cash.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/moving-aging-parents-house/

What to Consider When Moving Your Aging Parents Out of Their House

Photo credit

20 Tips for Moving Your Aging Parents Out of Their Houston Home

Moving your loved ones out of their Houston home can be a difficult process. Sorting through so many years of family history, choosing what to keep and what to let go, and dealing with the transition to a new living situation can all be overwhelming. But with the right preparation, you can make sure the move goes smoothly. Here’s your moving checklist.

Remember that any move is stressful, and this may be the most stressful move of all. To stay calm, break the process down into baby steps: organizing, packing, discarding, and then moving.

Accentuate the positives. Instead of letting your parents dwell on what they’re losing, focus on what they are gaining from this move. That may include greater safety, better care, more free time, and the opportunity to meet new people and try new things.

Acknowledge the negatives. Your first instinct may be to downplay the negatives of the move in hopes of heading off any confrontation. But by directly addressing the downsides of the move, you give your aging parents a chance to voice their objections and find ways to overcome them.

Keep a separate notebook dedicated to the move. Write down important dates, contact information, to-do lists, notes about family heirlooms, and so on.

Look through recent bills, letters and paperwork to find out who you should notify about the change of address: financial institutions, benefits providers (health insurance, Medicare, and Social Security), subscriptions, motor vehicle departments, church, social clubs, friends, and so on.

Establish a firm date for the move, and plan out a moving schedule ahead of time.

Get moving quotes from several competing companies.

Go through the home one room at a time, deciding what to keep and what to donate or sell. Mark each category with different colored tags.

When the sorting becomes difficult, look at this as an opportunity to simplify things. By lightening the load, your parents will have less maintenance and less upkeep to deal with.

Allow your parents time to reminisce as you sort through belongings. This can be an opportunity to reconnect and learn more about your family history.

Take photos of treasured items that can’t be taken along on the move. Later, you can create a photo album to help bring back smiles.

Don’t worry about sorting through old photos now. Save them for later. Trying to go through them before the move can be too time-consuming and emotionally draining.

Measure the floor plan of the new home, and then measure large furniture to make sure that everything will fit. That will help avoid any stressful surprises on moving day.

Ask your moving company for specialty boxes, such as wardrobe boxes, that can help save time and energy.

Label each box with the destination room or area.

Refill all prescriptions before the move.

Create an “Open First” box or bag that includes enough daily essentials to get through the first night and day at the new residence. This should include items such as toothbrushes, towels, bedding, a change of clothes, and so on.

Put together a moving kit that contains absolute essentials, such as medications, checkbook, address book, legal documents, and your moving notebook. Label this kit and keep it safely with you during the actual move.

Arrange for someone to meet the movers at the new residence, and make sure that they have a key. If you’re moving to a managed care facility, make sure the staff is expecting you.

Remember that settling into the new home may take a long period of adjustment. Check in with your parents often to help ease the transition.

What Senior Services Are Available in Houston?

Seniors in the city of Houston can get help from the Harris County Area Agency on Aging (HCAAA), which provides supportive services for older Americans. The HCAAA provides home-delivered meal programs, in-home services, caregiver training and other supportive services.

The state of Texas also provides assistance to seniors at the Department of Aging and Disability Services. They provide advocacy and help with understanding benefits and legal rights, qualifying for assisted living facility care, and assistance for family caregivers.

The Easiest Way to Sell Your Parents’ Houston Home

No matter where your parents are moving, the expenses will add up. You can help defray the costs by selling their old home for cash. Contact HomeVestors for a free quote, and you can sell the house quickly and easily. That’s one less thing to worry about as you help your aging parents settle into their new home.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/insurance-cover-flood-damage-home/

When Insurance Doesn't Cover Flood Damage to Your Home

Photo credit

Will Your Insurance Cover Flood Damage to Your Houston Home?

Even if you don’t live in a flood zone, your Houston home could still be flooded. One in five flood insurance claims occur in a low-risk area. The damage alone is hard to handle, but it’s nothing compared to the anguish of discovering that the flood isn’t covered by your homeowner’s insurance policy. What will you do if your insurance doesn’t cover flood damage?

Risk of Flooding in Houston

Houston suffers more damage and property loss from floods than anywhere else in the U.S., according to flood loss data that reaches back to 1960. More than 1,800 high-water rescues were made during Houston’s 2016 flood, which caused an estimated $2.7 billion in losses.

The frequent flooding should come as little surprise, considering that the city is set in a low-lying coastal area with poorly draining soils, heavy rainfall, and frequent storm surges. As the city continues to expand, the risk of flooding will only get worse.

What They Don’t Want You to Know About Flood Insurance

Your homeowner’s insurance policy doesn’t cover your dwelling, your property, or your belongings from flood. For that, you need a separate flood insurance policy.

If you live in a high-risk flood area, and you have a mortgage from a federally regulated or insured lender, you are required to have flood insurance. For everyone else, it’s optional.

But even if you do have flood insurance, it won’t protect the property outside your house, including fences, trees or landscaping. And your coverage for basement damage will be limited at best.

Worst of all, you may have to pay your deductible twice. Since your deductible applies separately to the building and its contents, you could be on the hook for double your deductible amount.

Can You Wait to Buy Flood Insurance?

Some Houston homeowners wait to buy flood insurance until after the flood watch is announced in your area. But that’s a bad plan.

Most flood insurance policies have a waiting period of 30 days before they take effect. By the time a flood threatens your home, it’s too late to get insurance.

What about Federal Flood Disaster Assistance?

Disaster assistance from the federal government is only available to victims of a declared disaster. Even when that happens, most victims qualify for a federal aid loan, not a grant. Eventually, the loan must be repaid to the government, with interest.

The National Flood Insurance Program, a federal program administered by FEMA, does cover flood damage.

Floods Cause Hidden Damage to Your Houston Home

After a flood, the long-term effects of water damage can cause hidden problems in your home for years to come.

Mold can grow quickly after flooding. Touching or inhaling mold spores can cause respiratory illness, rashes, and other problems. Airborne mold spores can get into your ventilation system and travel throughout your home. Because mold and mildew are toxic, they can trigger health problems, especially in children.

Rotted wood is another issue that can haunt you for years to come. Water-damaged wood loses much of its strength, which can lead to structural problems in the framing of your home.

Flooding can also damage your electrical system, which can lead to premature failure and even present a risk of fire.

The foundation can also suffer as a result of a flood. As the soil is eroded away, it can cause the foundation to settle. That eventually leads to cracked walls, uneven floors, and damaged chimneys.

How Much Does It Cost to Repair Flood Damage?

Nationwide, most homeowners spend between $1,000 and $4,000 to repair the average incident of water damage. Those incidents include minor problems like burst pipes and leaking roofs. When it comes to major flooding damage, unfortunately, many homes are a total loss.

If your Houston home has been damaged by flooding, you might find the repair costs quickly spiraling out of control. Instead of trying to fix all of the hidden damage, you can sell your house for cash to HomeVestors. Contact HomeVestors for a free quote.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/is-construction-boom-hitting-houston/

Is a Construction Boom Hitting Houston?

Photo credit

If you’re thinking about selling your Houston home, it’s impossible to ignore all of the new construction going on around the city. As more potential homebuyers and renters put pressure on the real estate market, the builders are scrambling to keep up. What does this mean for Houston homeowners?

Top 15 Construction Boom Towns in America

Houston is clearly enjoying a construction boom. According to data compiled by Forbes, Houston ranks #3 in a list of the busiest construction markets across the nation:

New York, NY

Dallas, TX

Houston, TX

Los Angeles, CA

Chicago, IL

Washington, D.C.

Miami, FL

Boston, MA

Atlanta, GA

Seattle, WA

Lake Charles, LA

Phoenix, AZ

Orlando, FL

San Francisco, CA

Denver, CO

Cities on this list are ranked by the amount of money spent on new construction, including single-family homes as well as multifamily units, retail, schools, and other projects. This ranking doesn’t count money spent on municipal projects such as streets, bridges, and parks.

How Will the Construction Boom Impact the Houston Housing Market?

The current construction boom in Houston is directly tied to low inventory, which has been insufficient for a skyrocketing number of home shoppers. As the pent-up demand drives a surge in new construction, the housing market is becoming increasingly competitive.

New homes typically cost almost 50 percent more than existing homes, according to the National Association of Realtors. That puts them out of reach for first-time buyers, who constitute a major segment of home shoppers.

That puts pressure on the lower end of the market, as shoppers snap up lower-priced properties. But the sheer volume of new construction can make it difficult for sellers of low-priced properties to compete.

New Home Construction Is Booming Nationwide

Higher demand from prospective home buyers is encouraging builders to step up construction all across the country. New groundbreakings have reached an average annual rate of almost 1.2 million, a 5 percent increase over last year.

In the Houston metro area, there were 11,092 building permits issued year to date in 2016. In 2017, that number rose 2 percent to 11,262 permits year to date.

Nationwide, there were 90.6 million building permits issued for single-family homes in 2016. This year, that number has jumped 23 percent to 111.4 million permits, or more than 20 million new properties planned for construction.

Demand is so high that 86 percent of construction firms are having difficulty finding enough workers to meet demand, according to a recent AGC survey. In 2011, during the economic crisis, the number of people employed in construction dropped to a low of 5.4 million. Since then, the ranks of construction workers have swelled to 6.7 million people, and the industry still faces a labor shortage.

How to Sell Your House in Any Market

The current combination of high demand, loose credit, and rising wages makes it unlikely that the building boom will slow down anytime soon. Its ultimate effects on the Houston housing market are impossible to predict. But there is one certainty for Houston sellers.

Regardless of the direction the housing market takes next, you can always sell your house as-is, hassle-free, to HomeVestors, the “We Buy Ugly Houses” people. Find out today how easy it is to sell your house for cash.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/summer-maintenance-tips-top-dollar-home-houston/

Summer Maintenance Tips to Get Top Dollar for Your Home in Houston

Photo credit

Sell Your Houston Home for Top Dollar with These 10 Summer Maintenance Tips

Summer is in full swing, and it’s one of the best times to sell your Houston home. But before you put up that “For Sale” sign, you need to boost your house’s curb appeal. Here’s your summer home maintenance checklist of the top tasks you can do yourself – and those that are better left to the professionals.

Top 10 Summer Home Maintenance Tips for Houston Homeowners

1. Touch up exterior paint.

Scrape, sand, and prime first, if necessary. On older homes, walls may fade differently, so take a paint chip to the store to get the best color match. Or you can hire professional painters for about $650 for a small project, or $2,700 to paint the average home.

2. Change your air conditioner filter.

Consider getting a cleaning and tuneup now, before HVAC companies get booked solid later in the season. Having your ducts and vents cleaned costs $350 on average.

3. Prune trees, bushes, and shrubs.

Or hire a professional to do it for you. The average cost is $700.

4. Power wash.

Clean your siding, walkway, patio, driveway, and sidewalk. You can buy or rent a pressure washer and do it yourself, or hire a professional for about $300.

5. Check your gutters.

Hard summer rains can fill them with leaves and debris. Make sure your gutters and downspouts are securely attached, then clean them out. Professional cleaning costs about $150.

6. Clean your chimney.

Call a chimney sweep company now, while you’re not using your fireplace. The average cleaning cost is about $230, but you may be able to find a deal now since summer is the slow season.

7. Check your dryer vent.

Make sure that it’s venting properly. If the exhaust is slow, check for blockages and vacuum out the vent. The average cost for a professional cleaning is about $140.

8. Carefully inspect screens.

Look for tears or holes. Clean debris away from doors and windows before it attracts bugs. New screen installation costs $275 on average.

9. Check your roof for any loose or missing shingles.

Also inspect the flashing around the chimney or any skylights for potential leaks. The average roof repair costs about $700.

10. Clean out the garage.

Do it now, while the weather is nice. If your garage is too much of a disaster to tackle alone, you can hire a professional organizer for an average cost of $1,400.

The City of Houston Can Help with Major Repairs

If summer maintenance seems too overwhelming to handle, the Houston Home Repair Program may be able to help. The city organization provides financial assistance to Houston homeowners to help with home repairs. Low-income homeowners who are elderly or disabled may qualify for assistance to fix home repair problems. For more information, contact the City of Houston Housing and Community Development Department.

Can’t Keep Up with All This Seasonal Maintenance?

When you’re trying to put your home up for sale, a long maintenance checklist can be overwhelming. But you can skip all those repairs and simply sell your house as-is to HomeVestors, the “We Buy Ugly Houses” people. Call HomeVestors today and find out how you can get a cash offer on your Houston home without having to fix a thing.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/housing-inventory-houston/

Housing Inventory in Houston

Photo credit

Is Low Housing Inventory Driving Up Houston Real Estate Prices?

There aren’t enough homes for sale in Houston to satisfy the demand of home shoppers, according to new housing inventory data. The shortage of real estate inventory could severely impact home sales. What does the lack of housing inventory mean for the price of your home?

Fewer Houston Homes For Sale

Housing inventory is tightening in the Houston metro area. In May, there were barely 28,000 listings. That’s up 8 percent over the previous year, but it’s not enough to keep pace with demand.

Similar stories are being repeated across the country. Nationwide, there were 1.5 million active listings in May, down 11% from the same time in 2016. Although 560,000 of those listings were new in May, many of them have already sold or are priced out of reach for most buyers.

As the inventory of homes for sale has shrunk over the past year, real estate prices across the country have been driven up.

Double-Digit Growth in Home Prices

As home prices keep going up, many buyers are running out of affordable options. For the first time, the nationwide median home list price has broken the $250,000 barrier. The median home price has now risen to $275,000, a full 10 percent higher than it was a year ago.

In Houston, the median list price is currently holding steady at $320,000. That’s 16 percent higher than the national average.

The latest data on housing inventories shows that despite a housing shortage and surging prices, the real estate market is moving faster than ever.

Houston Homes Are Selling Quickly

Even as prices continue to rise, homes are selling even faster than last year. Nationally, the median number of days on market has dropped to 60 days, according to a new housing inventory chart from Realtor.com. That’s two days faster than last month, and five days faster than the same time last year.

The pace of home sales in Houston slowed slightly in May. Homes spent an average of 49 days on the market, 11 days faster than the nationwide median.

Thinking about Selling Your Houston Home? Now Is the Time.

National real estate data indicates that this season’s housing market is not only the hottest since the recession, it’s also the fastest-moving market in decades. Shoppers are lining up, but in many cases, they are unable to find the affordable homes they need.

One aspect of selling a home that the statistics don’t capture is the sheer amount of work required. Cleaning, repairing, and staging your home for sale can be time-consuming and expensive. And although prices are up in many areas, real estate agents still take a large bite out of your profit.

If you’ve been considering selling your home, the time to do it is now. Find out how you can sell your house the fast and hassle-free way to HomeVestors, the “We Buy Ugly Houses” people.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/friendly-houston-housing-market-first-time-home-buyers/

How Friendly is the Houston Housing Market to First-Time Home Buyers?

Photo Credit

Is the Houston Housing Market Friendly to First-Time Home Buyers?

Buying your first home isn’t easy, but a tough housing market can make it seem impossible. How easy is it to buy your first home in Houston, compared to the rest of the country?

The best markets for first-time home buyers offer a balanced combination of low home prices, minimal competition, and a forecast for growth. According to a new nationwide study from real estate website Zillow, that’s a difficult combination to find today.

10 Worst Cities for First-Time Buyers

The toughest home-buying markets suffer from high prices, tight inventory, fierce competition, and frequent bidding wars that drive up prices. For budget-conscious first-time buyers looking for a bargain, that effectively rules out much of the Northeast, Southern California, and the entire San Francisco Bay area. Here are the 10 worst cities for first-time buyers:

San Francisco, CA

San Jose, CA

Los Angeles, CA

San Diego, CA

Portland, OR

Salt Lake City, UT

Washington, DC

Boston, MA

Denver, CO

Milwaukee, WI

Top 10 Best Cities for First-Time Buyers

The best cities for first-time home buyers are mostly located in the South and Midwest, where cities tend to have lower prices, plenty of inventory for sale, low turnover, frequent price cuts, and appreciating home values. Here are the top 10 cities:

Memphis, TN

Oklahoma City, OK

Orlando, FL

Tampa, FL

Jacksonville, FL

Rochester, NY

Indianapolis, IN

Las Vegas, NV

Birmingham, AL

San Antonio, TX

Is Houston Friendly to First-Time Buyers?

According to the First-Time Home Buyer Index, there are five major metrics that determine an area’s friendliness to first-time buyers:

1. Home Prices. Lower-priced homes are easier for first-time buyers to afford. Accordingly, lower home prices are the top factor in determining buyer friendliness. The average home value in Houston for May 2017 is $174,500, compared to a nationwide median of $198,000.

2. Home Value Forecast. It’s impossible to predict performance in the real estate market, but analyzing current trends can provide insights. Cities that are predicted to grow steadily are best for first-time buyers. Houston home values are expected to grow 1.5 percent over the next year.

3. Inventory-to-Household Ratio. The more houses available for sale, the easier it is for first-time buyers to break into the market. In May 2017, Houston had 24,960 homes for sale.

4. Listings with Price Cuts. It’s difficult for first-time buyers to find an affordable home when properties are selling at or above the asking price. First-time buyers tend to do better wherever prices are frequently cut. In May 2017, 17.9 percent of Houston listings showed price cuts, compared to a nationwide average of 13.7 percent.

5. Buy-Rent Breakeven. In the short term, it’s usually cheaper to rent. Buying a home involves spending large sums of money up front, so it takes time to recoup those costs before buying makes financial sense. The “breakeven horizon” measures the length of time you would have to live in a typical home before buying becomes more affordable than renting. The Buy-Rent Breakeven Horizon for Houston is two years and four months.

How Does Houston Compare to the Rest of the USA?

How friendly is the Houston housing market? For first-time homebuyers, it’s unfriendly. On a scale of 1 to 10, Houston has a first-time home buyer index of 3.8, indicating that this is one of the more difficult places in the nation to shop for your first home.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/homes-houston-worth-housing-market-crash/

Are Homes in Houston Worth Less Than Before the Housing Market Crash?

Photo Credit

Are Houston Homes Worth Less Than Before the Housing Market Crash?

A decade after the housing market crash, two out of three homes in America still aren’t worth as much as they were in 2007. How does the Houston real estate market compare to the rest of the nation? The answer may surprise you.

The nationwide statistics seem to paint a rosy picture of the current real estate market. According to popular measures such as the S&P CoreLogic Case-Shiller Index and the FHFA House Price Index, average housing prices have not only recovered, they are reaching new highs.

But those numbers are for the country as a whole. A closer look at individual cities tells a different story.

According to a new study from the real estate website Trulia, the recovery has been strikingly uneven. Only 34.2 percent of American homes are worth as much as they were before the recession.

Houston Housing Market Forecast

Houston housing market 2017 data indicates that 80.1 percent of homes have recovered to their pre-recession peak value. About one in five Houston homes are worth less than they were before the foreclosure crisis.

The median value of an Houston home was $160,618 in March 2017. Compared to the pre-recession peak median value of $141,937, the average home has gained more than $18,000 in value.

But the rest of the country isn’t faring as well.

10 Cities Suffering the Worst Real Estate Recovery

Since the housing bubble burst, the recovery in the housing market has been remarkably uneven. In the cities hit hardest, less than 5 percent of homes have returned to their pre-recession peak value.

Here are the 10 cities with the lowest rates of recovery:

Las Vegas, NV

Tucson, AZ

Fresno, CA

Camden, NJ

Fort Lauderdale, FL

Bakersfield, CA

Deltona, FL

New Haven,CT

Orlando, FL

Phoenix, AZ

At the top of the list, Las Vegas has been the hardest hit. Home value recovery in the last decade has been negligible. More than 99 percent of Las Vegas homes are still worth less than they were before the recession.

The rest of the cities on the list aren’t doing much better. Less than 3% of the homes in Fresno, Tucson, and Camden have recovered the value they lost in the recession.

10 Cities with the Best Home Value Recovery

At the other end of the real estate spectrum, red-hot markets such as San Francisco and Denver have delivered soaring real estate values. More than 98 percent of the homes in those metro areas have reached or exceeded their pre-recession peaks.

Here are the top 10 recovering cities:

Denver, CO

San Francisco, CA

Oklahoma City, OK

Nashville, TN

Fort Worth, TX

Colorado Springs, CO

Wichita, KS

Dallas, TX

Tulsa, OK

Honolulu, HI

Outside these pockets of rising prices, however, the real estate picture across the nation is largely bleak.

The Mostly Coastal Housing Market Crash

According to recent data from Trulia, areas with the worst recovery rates are focused along the coasts. The north Atlantic seaboard, especially from Boston to Washington D.C., has seen very little recovery overall. Florida and California have also been particularly hard-hit, aside from isolated pockets of recovery.

Further away from the coasts, however, the picture changes dramatically. At least half of the homes in the West and Midwest have recovered their values since the recession.

When Will Houston Homes Recover Full Value?

While it’s impossible to predict what will happen to Houston home values in the future, the numbers don’t look promising. Since April 2012, the recovery rate has been climbing about 5 percent per year. If that rate continues, 100% of homes won’t reach their full value until the year 2025.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/gentrification-affecting-housing-prices-houston/

How Gentrification is Affecting Housing Prices in Houston

photo credit

When a formerly depressed neighborhood suddenly becomes hot, the rapid growth can transform an area almost overnight. But it can also bring expensive growing pains. Is gentrification making Houston unaffordable?

Gentrification can happen quickly. As higher-income buyers move into a growing neighborhood, the cost of living goes up. Rents typically escalate, forcing poor and working-class families to move elsewhere.

For many residents, the effects of gentrification can quickly become a politically-charged issue. The question is whether the benefits outweigh the drawbacks.

Top 10 Gentrifying Cities in the USA

Nationwide, only about five percent of urban tracts that could be gentrified are actually going that route, according to a 2016 study from the Denver Office of Economic Development. But in the top gentrifying cities, new higher-income residents are displacing the existing lower-income residents at a much more rapid pace.

The top 10 fastest-gentrifying cities are:

Charleston, SC

Asheville, NC

Washington, DC

Portland, OR

Denver, CO

Nashville, TN

Sacramento, CA

Jersey City, NJ

Long Beach, CA

Austin, TX

How Gentrification Can Help Homeowners

As property values rise, homeowners often find themselves stuck paying ever-higher property taxes. Those who can’t afford the taxes must often sell their homes. But there is an upside: the opportunity to profit handsomely from a higher selling price.

Homeowners who stick around, meanwhile, can enjoy the economic benefits of gentrification, including new shopping, new restaurants, new job opportunities, better schools, and lower crime rates.

Gentrification in Houston

In Houston, the controversy over gentrification has heated up in recent years. After the gentrification of the Fourth Ward, often called Midtown, the historically African-American neighborhood is now home to numerous luxury townhomes.

That’s worrisome to residents of the Third Ward, where rising property values, new townhomes, and a recent $33 million renovation of Emancipation Park all indicate increasing gentrification.

How to Buy in a Gentrified Neighborhood of Houston (Without Spending a Fortune)

Without a doubt, gentrification is raising home values across parts of Houston, and finding a bargain isn’t easy. By the time a neighborhood starts heating up, real estate prices are already shooting skyward. But that doesn’t mean it’s too late to buy a home at an affordable price.

We Buy Ugly Houses Houston buys homes in all areas of the city, renovates them, and then sells them at the best possible prices. No matter which neighborhood is next in line for gentrification, you can still find a great home to buy.

Find out how you can buy a home from We Buy Ugly Houses Houston.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/double-yellow-line-harder-sell-house-in-houston/

How A Double Yellow Line Makes It Harder To Sell Your House In Houston

photo credit

Does a Double Yellow Line Make it Harder to Sell Your Houston Home?

How much does a busy street affect your home value when it’s time to sell? Experts estimate that houses on high-traffic roads can be valued 30% less than those on quiet cul-de-sacs. But even if you live on a busy street, you can still sell your Houston home with these handy tips.

How Much Do Houston Home Buyers Worry About Traffic?

You may have trouble finding a buyer if the road outside your front door has a double yellow line. Because these high-traffic roads have greater speed limits than residential neighborhoods, they can seem like a threat to pets and kids playing outside.

Unfortunately, being located on any kind of busy road means that your house may sit on the market longer and bring in a lower asking price.

Most buyers aren’t interested in hearing the constant sound of cars whizzing past, punctuated by occasional horns or sirens. They worry about parking hassles, and how difficult it will be to get in and out of the driveway.

Is Your Houston Home Located Near a Major Highway?

Houston commuters spend an excruciating 74 hours stuck in traffic every year, according to a 2016 INRIX traffic study. When it comes to traffic congestion, Houston ranks as the fourth worst city in the nation, behind only San Francisco, Washington D.C., and Los Angeles.

Which routes suffer from the most troublesome traffic? Here are the 10 worst offenders in Houston:

I-610 from US-290, Exit 12 to Yale St (4.1 miles)

I-45 from Telephone Rd/Tellepsen St to I-610, Exit 40 (3.4 miles)

I-45 from Airline Dr, Exit 53 to Cavalcade St, Exit 50 (3.6 miles)

I-10 from Patterson St, Exit 765B to McKee St (4.3 miles)

I-45 from Scarsdale Blvd, Exit 31 to FM-2351, Exit 29 (3.2 miles)

US-59 from Buffalo Speedway to I-610 South (3.0 miles)

TX-288 from Beltway 8 to Orem Dr (3.2 miles)

I-45 from TX-105, Exit 87 to League Line Rd, Exit 91 (6.7 miles)

US-290 from Huffmeister Rd to West Rd (4.5 miles)

I-610 from Woodway Dr, Exit 10 to Beechnut St, Exit 5 (6.5 miles)

Live on Houston’s Busy Streets? 6 Tips to Sell Your Home

Even if the volume of traffic going past your house is relatively low, buyers will imagine a traffic nightmare is waiting just beyond the driveway. Follow these tips to minimize the “double yellow line” effect:

Build a privacy fence or plant a hedge to help block the view of the road.

Install decorative window treatments to draw attention away from the traffic outside.

Make outdoor improvements on the opposite side of the house from the street. Add a paved patio, flower bed, wood deck, etc.

When listing the home for sale, emphasize the most appealing amenities. Focus on what attracted you to the house originally.

Offer the busy street as a benefit: shorter commute, closer to shopping, near downtown, etc.

Be realistic about the asking price. Look for comps situated on similar high-traffic roads.

Before you spend money on home-improvements, call a real estate investor such as HomeVestors and find out if you can get an offer for your home. That way, you can find a buyer faster, avoid the expense of staging your home, and sell your house for cash – no matter what kind of road you’re on.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/fido-thousands-dollars-home-houston/

How Fido Is Taking Thousands Of Dollars Off Your Home Value In Houston

photo credit>

Could a Pet Reduce Your Houston Home Value by $30,000?

How much do you love your dog? Nearly 60 percent of American households have at least one dog. But the cost of food, toys, and vet bills is nothing compared to the effect on your home’s value. Could your pet lower the selling price of your Houston home by as much as $30,000?

Which Dog Breed Is the Most Destructive?

Surprisingly, it’s a Chihuahua. This tiny breed destroys an average of $1112 worth of property every year, according to a recent study.

Compare that to the family-friendly Labrador Retriever, which causes only $360 in damage per year. It’s little surprise that Labradors are the most popular breed in America.

Here are the top five most popular breeds in Houston (according to the American Kennel Club), and how much damage they cause every year:

Labrador Retriever: $360

Bulldog: $957

German Shepherd: $718

Golden Retriever: $360

Yorkshire Terrier: $290

How Much Does a Dog Reduce the Value Of Your Home?

Add up the cost of scratched doors and floors, dead spots on the lawn, chewed woodwork, stains and odors, and your dog suddenly becomes much more expensive. This is especially true when it comes time to sell your home.

A real estate agent on Boston Real Estate Now revealed that he sold a property for $30,000 less than expected because stubborn pet odors kept turning away most buyers.

Even your neighbor’s barking dog can lower the selling price of your home. Many interested buyers will walk away after being confronted by barking dogs on the other side of the fence. With fewer interested buyers, your house is likely to sit on the market longer, and ultimately fetch a lower price.

5 Tips for Selling a Home with Pets

Just because you have a dog doesn’t mean your home value has to drop by thousands of dollars. Here are the essential steps to take.

1. Get an Outside Opinion

Living with a pet can make it difficult to notice the signs of everyday wear and tear. Ask someone you trust to go through the home with you and point out every sign of damage: dog hair, odors, scratches, marks on the walls, etc.

2. Remove the Evidence

Start by hiding all obvious signs of your pets: feeding dishes, beds, leashes, pet toys, food, and all other pet supplies.

Then remove any stained rugs and chewed or scratched furniture. The remaining furniture should be vacuumed to remove pet hairs before staging your home.

3. Fix Up the Yard

Thoroughly inspect the yard to make sure there are no lingering surprises left behind. A single misstep on the part of an interested buyer could cost you a sale. To minimize smells, double bag any waste you pick up.

Dig out any dead spots in the lawn, and fill in holes where your dogs have been digging. Cover bare areas with grass seed or new sod.

4. Repair the Interior

Inside the house, fill and paint over minor scratches and chew marks. Major damage may require you to cut and replace drywall, or replace trim.

For floor stains, use a black light (UV light) to locate trouble spots. Try applying vinegar and water, or an enzyme-based cleaner. Scrub with a stiff-bristled brush or a steam cleaner.

If stubborn stains and smells linger, you may need to remove the stained carpet and pad, and then seal (or possibly replace) the wood subfloor to get rid of the odor.

5. Relocate Your Pets

Pets should never be at home during a showing. Even if they are well behaved, they still serve as a distraction to buyers. Worse, the pets could become stressed or get loose. Ideally, have your pets stay with a friend or relative while your house is on the market.

You can still love your dog without letting it ruin your home’s value. If you follow these steps, you should minimize (or even eliminate) the damage, and sell your home for what it’s really worth.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/housing-boom-leave-houston-behind/

Will The Housing Boom Leave Houston Behind?

10 Warning Signs the Housing Boom May Leave Houston Behind

In most areas of the country, it’s a seller’s market right now. But in some neighborhoods, home values hit rock-bottom in 2012 and still haven’t fully recovered. Should you wait for prices to rise in your area, or sell your house now?

Low mortgage rates have recently helped lift home selling prices in most areas of the country. That’s because buyers who can afford to take out a larger mortgage are more likely to spend more. Homes are also selling faster. Nationwide, the average home spends 68 days on the market, down from 96 days at the beginning of the year.

But now that the Federal Reserve is signaling rate increases, that could drive up mortgage rates, making it harder for buyers to qualify. Ultimately, Houston home prices could cool down before some homeowners are able to sell.

The Houston Housing Market Is Booming, But Not Everywhere

New listings are on the rise in the Houston metro area. In April 2017, there were nearly 25,000 active listings. That’s up 3 percent over the prior year, according to Realtor.com, indicating that more homeowners are willing to sell.

Prices are also rising over last month. The median list price of homes in the Houston area was $316,000, up 2 percent from the prior month, but down 4 percent from the prior year. That’s still considerably higher than the United States median list price of $260,000.

But it all depends on your location. Homes in areas such as Kashmere Gardens and Trinity tend to list for under $65,000, while homes in Hedwig Village and Hunters Creek Village routinely fetch prices upward of $1.6 million.

Possibly as a result of lower prices, Houston homes sold much more briskly, spending an average of 51 days on the market. That’s 6 percent faster than the prior year, and 18 percent faster than the prior month. It’s also more than two weeks faster than the nationwide average of 68 days.

New home construction in Houston is booming, which points to an increase in the number of homes for sale in 2017. With so much new inventory on the market, sales may continue to go up, but prices could slow down or flatten.

10 Warning Signs of Falling Home Prices

Should you sell your home now, or wait to see whether prices will improve? Look for these warning signs that home values in your neighborhood may be about to fall.

Garbage and litter accumulating on lawns, streets, and parks.

News reports that the local schools are under-performing.

A grocery store closes or relocates elsewhere.

A hospital or local medical center closes.

Fewer families with kids live in the neighborhood.

An anchor store (major retailer) at the nearest mall closes.

A sudden increase in “For Rent” signs.

Unexpected property tax hike.

Houses appear to be vacant or abandoned.

Homes sit on the market without selling.

If you see any of these red flags near you, that could signal trouble. It may be smarter to sell your home now, rather than wait too long and risk losing value. Contact HomeVestors to find out how you can get a cash offer and sell your home quickly, before prices start to go down.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/5-inheriting-house-houston/

5 Things You Need to Know About Inheriting a House in Houston

photo credit

Inheriting a “free” house also means inheriting all outstanding debts on the property. When you inherit real estate, you need to know what to expect, so you can stay out of legal trouble and avoid making tax mistakes that could cost you thousands of dollars.

1. There May Be a Texas Transfer on Death Deed

In 2015, the state of Texas adopted a law that allows real estate owners to transfer their property to the beneficiaries without going through the probate process.

The Texas Transfer on Death Deed allows a property owner to name a primary and a contingent beneficiary to inherit the real estate after the owner’s death. It’s not a substitute for a will, but it can be a more cost-effective way to transfer ownership of real estate.

The deed must meet seven specific requirements:

Must be in writing.

Must contain the legal description of the property.

Must include the names and addresses of all beneficiaries.

Must be signed by the property owner and notarized.

Must state that the transfer of ownership will not occur until the death of the Grantor (the property owner).

Must be recorded by the county clerk’s office in the county where the property is located.

Must be recorded before the Grantor’s death.

Seek out legal help to find out if there is a Transfer on Death Deed for the property. Also, check the status of the title and the mortgage, and find out whether there are any liens on the property.

2. You Don’t Have To Claim the House If You Don’t Want It

Even if you’re supposed to inherit a house, you may decide that you don’t want it. If the mortgage is underwater, meaning that the amount owed on the house is greater than its value, you may be better off letting the house go into foreclosure.

If you decide not to take the house, speak to an attorney right away about filing paperwork to disclaim the property.

3. You Don’t Have To Pay Any Inheritance Taxes in Texas

Because Texas has no inheritance tax, the state never collects death-related taxes. As of 2017, only a handful of states impose inheritance taxes: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.

Keep in mind that inheritance taxes are different from estate taxes, which are collected by the federal government. However, the basic exemption for federal estate taxes starts at $5 million, meaning that most estates won’t pay estate taxes, either.

4. You Can Avoid Capital Gains Tax on Inherited Property in Texas

When you sell your own home, the taxes you pay are based on your profit: the difference between the purchase price and the selling price. But the rules for selling an inherited house are different.

When you sell a house you inherited, you will have to pay capital gains based on the difference between the selling price and the current appraised value (also called the “stepped-up basis”). The original amount that the deceased owner paid doesn’t matter.

For example, if your parents originally paid $150,000 for a house, but it’s worth $400,000 when you inherit it, then that higher amount becomes the basis. If you sell the house for $410,000, you’ll only pay capital gains on the difference ($10,000), rather than the full value.

If you take a loss and sell the house for less than the appraised value, then you can actually deduct the loss (up to $3000 per year) and avoid paying any capital gains tax.

5. You Can Sell an Inherited House for Cash

Does the house need to be fixed up before you can sell it? Start with a thorough inspection of the property. Then add up the total cost of materials and labor (including yours), and add another 20 percent for unforeseen problems. That gives you an idea of what you would have to pay for repairs.

If the cost is out of your budget, or if major repairs are needed – plumbing, electrical system, roof, foundation, and so on – you may be better off selling to a real estate investor. Investors are more likely to buy the house “as is” and make you a cash offer. That way, you can sell the house quickly and easily, without spending money to fix it up.

New Post has been published on We Buy Ugly Houses Houston

New Post has been published on http://www.webuyuglyhouseshouston.com/divorced-houston-sell-house/

I'm Getting Divorced in Houston. Do I Have to Sell My House?

photo credit

A house is usually the biggest asset a married couple shares, only second to owning a business together. When a couple gets married purchasing a house can add permanence to their lives and creates a community connection. So deciding to get a divorce can cause a lot of confusion about the house a couple has shared during their marriage.

During the emotional whirlwind of a divorce spouses are still left with daunting practical decisions surrounding how to split up assets from the life that they built together. Finding a solution to if and how to split your shared home can alleviate the mounting stress help both spouses find a fresh start. There are a few options spouses can choose from when deciding how to divide assests of the home. Both spouses can make this decision or they can leave the decision up to the courts.

If the house was a gift or inheritance or it was acquired before the marriage it is considered separate property. Generally, spouses keep their own separate property in a divorce. If the couple purchased the home together then they will need to decide how to split ownership of the property or have it decided for them by the court.

Options for Your Home

Parent with custody of the minor children keeps the house

Sell the house immediately and divide the proceeds

Whichever spouse does not get the house gets additional assets to offset the value

One spouse pays for or “buys out” the other spouse’s share

One spouse gets exclusive possession of the home for a limited period of time, then sells the house at a designated later date

Uncontested Divorce

Divorce mediation, collaborative divorce, and arbitration or private judging are all ways that you can stay out of divorce court by agreeing mutually how to split custody (if applicable) and property. This streamlined process can save you time and money.

Traditional Court Divorce

If spouses are unable to reach an agreement about splitting assets (which is common) then a traditional court divorce is the only other option.

The first step in determining who will be awarded equity of the home depends on whether you are getting divorced in a state that follows community property or equitable distribution laws?

Community Property Law: Judge splits divorce assets in half

Equitable Distribution Law: Judge splits divorce assets “fairly”

Texas follows community property law, so the judge will determine how the equity of the home can be split as equally as possible.

When a judge decides on one of the options outlined above, a variety of factors determine their decision. Each divorce has its own set of nuances to determine the right decision for the house a couple shared. These factors include financial circumstances, contributions to the home, each spouse’s age and physical and mental health, source of funds for the marital home, marital misconduct of either spouse, each spouse’s employability and job skills, the value of the marital home or which parent has custody of the couple’s minor children.

Courts often prefer to keep minor children in the family home if possible to help the children maintain a sense of stability, friendships and keep them in their school district.

If the court decides on a “deferred distribution” this allows one of the spouses to hold on to the property until a future designated date. This may happen in the case of keeping the home until minor children have reached the age of 18 or if both spouses want to wait until the current housing economy picks up. Until that date both spouses will likely be responsible for costs related to loan payments, taxes, maintenance and insurance.

You may decide to or are required to sell the home as part of your divorce. Selling a house can provide a much needed new start for both parties and less intimidating than you might think. The court often provides a realtor to assist the couple in selling the home.

If you want a fresh start as soon as possible, don’t worry. We Buy Ugly Houses helps families going through difficult situations and move on with their lives. We’ll make a fair, cash offer within 24 hours – with no fees. We’ll even pay the closing costs, too!

Trending Blogs

Recently Viewed Blogs

We Buy Ugly Houses Houston