What Does It Mean When a House Gets Condemned?

House Gets CondemnedSometimes it’s unavoidable. Perhaps your house just got away from you. Maybe a sinkhole suddenly appeared. Maybe you inherited a long-neglected house from a distant relative. Regardless of the situation, you could have a home that’s about to be condemned. What does that mean to you?

No One Can Live in a Condemned Home

When a property is condemned, the owner has to remediate the issues or no one can live within the home. The government will condemn a property if it’s been vacant for a long time, if it’s overrun by pests, if there are structural hazards, if the utilities are off, or if it’s otherwise determined to be uninhabitable by an inspector. Because there are some gray areas, there are some ways that a city condemnation can be overturned.

Fixing a Condemned Home

To be considered to be inhabitable, homes have to have running water, electricity, and often heating and cooling. They need hot water, and they need to be clean. The electrical wiring and plumbing must both be safe, and the property cannot have structural issues. Some of these problems are easier to fix than others.

You can get your home “un-condemned” by fixing the problems that the home has. Unfortunately, a property usually has quite a bit wrong with it before it ever reaches condemned status.

Consider the following scenario. Your property is condemned because of a significant pest infestation, along with it being vacant for two months. You can get a pest exterminator to get rid of the infestation and then petition for your property to be inspected again and for it to no longer be condemned. Now you can sell the property and live in it unhindered.

That’s easy.

But that’s not the likely scenario.

More likely, after being vacant for two months with pests, you will also find:

  • That the pests have chewed through wood and caused structural damage.
  • That they’ve eaten through wires and caused electrical damage.
  • That they’ve burrowed into walls and need to be physically removed, even after extermination.
  • That they’ve eaten holes in the attic, and caused massive leaks throughout the property.

Suddenly, a simple problem becomes far more extensive (and expensive) to fix.

When properties fall into disrepair, issues arise very quickly. A property that’s vacant for even a few months can experience serious issues, such as flooding, and with no one there to notice them, they slowly get worse. And even a property that doesn’t have extremely visible issues could have significant issues under the surface, such as mold that has to be remediated.

What Should You Do If Your House Is Condemned?

People with condemned houses can find themselves in a tremendous predicament. They may not have the money to fix the house, but most buyers aren’t going to want to purchase a condemned house. In fact, most buyers cannot.

Buyers who have mortgage lenders will not be allowed to purchase a condemned house. Mortgage servicers only want to see houses that can be moved into—they don’t want a liability, and they want to be able to sell the property easily in the event that they have to foreclose. This limits an individual to cash buyers only.

So, what should you do?

Go to a home buying service.

At Purple Mountain Holdings, we buy houses in cash — even houses that need work. We’re able to do this because of economies of scale — we have the workers and materials available to affordably make extensive repairs. We’ll pay you fair cash value for your property and fix it up ourselves, and you don’t need to do anything at all. For most homeowners, trying to fix the problems themselves will cost them more than they’ll get back in terms of a sales price.

Do you have a condemned home that you want to sell? Do you have a home on the way to being condemned? Contact us today to get a fair quote for your property.

How to Prevent Foreclosure

How to Prevent ForeclosureThere are serious consequences to going into foreclosure. Not only could you become responsible for large fines, penalties, and legal costs, but you could also find yourself unable to purchase another home for years. Foreclosure is always the last thing you want to happen, but many feel powerless to prevent it. You shouldn’t; there are still options available. Here is how to prevent foreclosure:

Your Lender Can Sometimes Help

When people are late on their mortgage, they often stop talking to their lender entirely. It’s understandable. But the lender already knows that they aren’t paying their mortgage. There is nothing to be gained by not talking to them.

Sometimes your lender can help. If you are temporarily behind on your loan, they can re-age the loan by putting the months you were late at the end of your loan. You’ll still need to pay them, but later. They may also be able to give you some additional time to pay.

But not all lenders are friendly.

You May Be Able to Sell Short

If your lender won’t modify your loan in any way, you may still be able to sell short. Ask your lender if they will approve of this. Selling short means you sell your home for less than you owe on it. It means you can sell your house faster to get out of a loan that you may just owe too much on.

Not every lender will approve a short sale, but they don’t want you to go into foreclosure either. A short sale means you can avoid some of those painful legal fees and the damage to your credit, though you are going to have to pay taxes on the amount that they forgive.

You Could Refinance Your Loan

If you’re going into foreclosure because your loan payments are too high, it’s possible to refinance your loan. Think about this: If you have a 30-year loan, but you’ve already paid 20 years of it, you could refinance to another 30 year loan. Your loan will be reset in terms of time, but your monthly payment will be much lower.

Of course, there’s an obvious problem: If you’re in this situation, you probably don’t have the best of credit. You may need a cosigner to be able to refinance at all. You can ask your current lender if they would be willing to increase the length of your loan.

Or You Could Declare Bankruptcy

It’s a last ditch effort, but declaring bankruptcy does stall your foreclosure proceedings. It actually stalls everything. But it’s not likely to be a long-term solution unless you think you can pay for your home as long as your other debts are eliminated. Bankruptcy will hit your credit report for as long as a foreclosure and could cause serious damage to your options in the future, so it’s not something to be taken lightly. But if you think you could handle your home payments absent any other debt, it’s a possibility.

With all that being said, there’s a simpler answer that’s often better …

Sell Your House Fast

The most direct and easiest way to prevent foreclosure is to sell your house as quickly as possible. The faster you sell, the faster you can move on, start rebuilding your credit, and start saving for the house that’s right for you.

Going through a cash-buying service like Purple Mountain Holdings is one of the most direct ways to sell your property fast. We purchase homes in cash without needing appraisals and inspections. You don’t need to remodel or update the house. You don’t even need to paint it!

A foreclosure costs you both time and money. And the money that it costs you can be more than you think, in terms of lost opportunities due to your damaged credit. If you want to be able to move on from the situation now and start saving for the future again, it’s best to sell your property quickly, before the foreclosure process begins.

Do you currently have a property that is approaching foreclosure? Do you need to stop that foreclosure fast? Contact Purple Mountain Holdings to get started.

Advantages of a Cash Offer on Your House

Advantages of a Cash Offer on Your HouseAs a home seller, you know that whether your buyers have a mortgage or not, they’ll be presenting you with cash. So what makes a cash offer so important? After all, it’s going to become cash anyway, right? The truth is, a cash offer is objectively better than any other type of offer. Here’s why.

A Cash Offer Can’t Fall Through

Homebuyers with lenders have a preapproval or a prequalification in hand. But this doesn’t guarantee the loan. If anything significant about their financial situation changes (or is revealed), their lender will drop their loan. This will send them into a scramble: They will need to secure another loan before they can complete the transaction. If they can’t, well, that means you’re going to have to start again from square one, and you may not have all those offers you were fielding before.

Of course, a cash offer still can be retracted. But if it’s retracted, you still get to keep the earnest money, which can’t be retracted without reason. That, at least, helps you mitigate any lost time regarding the loan. And if you’re working with a trustworthy, cash-buying home company, you are less likely to experience this kind of disruption.

A Cash Offer Is Fast

A cash offer takes as long as a wire transfer does. An escrow company can complete a cash offer in as little as a week. Meanwhile, a mortgage takes a long time to close. Usually a mortgage will close in 30 to 45 days, but there can be issues and extensions. You could be left with an idle property and debt for longer than you think. So while both offers eventually become cash to you, it’s not the same at all.

If you’re currently underwater in your home loan, this is even more important. You could get cash now for your property and start managing your other debts rather than having to wait for someone else’s mortgage loan to be approved. And if you simply inherited a home that you don’t want to deal with, or if you’re trying to manage a property that isn’t in your own state, selling a home fast is even more important.

A Cash Offer Doesn’t Require Inspections and Appraisals

When a bank offers someone a mortgage loan, there are still contingencies. The bank wants to know that the home is suitable. They want to know that it passes inspections. And they want to know that the appraisal matches the price. The bank may become the owner of this property if it’s foreclosed on, and they want to know they can resell it. Not only does this add time, but it also adds the danger that the loan could fall through. And if the inspection turns anything up that you need to fix, that’s even more time and money down the drain.

A cash offer has no such requirements. If the owner wants to purchase the property, they can purchase the property. They can do it sight unseen, if they want. They don’t need inspections and appraisals: They know they want the house and how much they’re willing to pay for it. This is particularly important if you have an old or home that simply isn’t going to pass a regular inspection.

Why Field Offers? You Can Get Cash for Your House Now

Do you have a house that you need to sell quickly? Do you have a house that you don’t think will appraise for much or that needs some serious work?

As you can see, there are few things as good as a cash offer. In fact, seasoned real estate agents will often discount the price of a home for a solid cash offer because it’s a guaranteed sale. But you don’t have to do that. You can get a fair market rate for your home today—in cash. Contact Purple Mountain Holdings to learn more.

4 Tips for Selling Your House Quickly

4 Tips for Selling Your House Quickly

If you’re ready to sell your house, you have a lot of work to do. Markets are unforgiving, and whether housing is hot or cold right now, you can expect some wait time and some elbow grease to be parts of the equation. If you want to sell your house as quickly as possible, that means even more work. The good news is it’s all manageable as long as you know what to do. Here are 4 tips for selling your house quickly:

1. Make It Sparkle

No, this isn’t a reference to outdated vampire movies. Selling is all about psychology, and psychology tells us that dirty houses don’t sell well. You want to roll up the sleeves and do a deep clean that makes spring cleaning efforts look amateurish. Even when people don’t outright notice blemishes, they subconsciously get a bad feeling about the place. 

On top of cleaning, you want to get light into the house to the best of your ability. If natural light isn’t possible, get some stage lighting for your photos. Speaking of photos, they’re the most important tool for selling the house. Make them amazing. In fact, pay for a professional if you need to.

2. Get People in the Door

Open houses are great for this, but ultimately, people want a private showing of the house. The hardest and most important part is to be available for those showings. Everyone works during the same hours. You’re going to have to show the house late and on the weekends in order to accommodate quality buyers. It’s part of the gig. But a little stress means you can avoid the stress of having your house stuck on the market without offers. Sounds like a good trade.

3. Research Prices

It’s way too easy to get a Zestimate and call it sufficient. Zestimates are useful tools, but they don’t constitute market research. You want to see how much houses are selling for — not just their listing prices. Try to find houses that are comparable to yours and sold recently. Especially try to find houses as close to yours as possible. A few hours of market research will help you list your house for the right price.

Here’s the most important tip you’re going to read today. How much you want for the house doesn’t matter. What matters is what people will pay for it, and you find that through market research.

4. Stage It Well

Staging is trickier than a lot of first-time sellers realize. There’s a balance in the presentation. If rooms are empty, or even too bare, they prevent prospects from understanding the true value of the space. Conversely, if it’s too personalized, it won’t appeal to every buyer, and you could inadvertently lose good buyers. Everyone who buys a home ultimately makes changes, so de-emphasizing your personal touch is a good thing.

Finding this balance is tricky. It’s perfectly OK to copy what you see on home-buying TV shows or Pinterest. Staged, not empty and not too personal should be your mantra.

At the end of the day, there is no magic wand. You’re at the mercy of the buyers. Then again, there is an easy way to sell your house fast. You can contact Purple Mountain Holdings today. In four easy steps, you can have your Colorado Springs house sold for cash, and it can be done in a matter of days, not months. There’s no commitment, so feel free to get an offer and see if you like the easy way of selling a house.

8 Tips for Getting Out of Debt Quickly

Getting Out of Debt Quickly Everyone feels weighed down by additional debt. But there are ways that you can get out of debt quickly and start moving on with your life. Here are 8 tips to help you get out of debt quickly:

1. Set Up a Loan Consolidation

Consolidate your debts into a single, low monthly payment, so you’ll be able to put money towards it faster and pay it off sooner. A loan consolidation reduces the interest rate that you’re paying for your debt and makes your debt more manageable overall.

2. Sell Your House

You can sell your house with us at Purple Mountain Holdings and immediately repay your debts. Selling a house and getting out of debt can be a great way to acquire freedom. With us, you don’t need to make any renovations to your property. You get to just walk away.

3. Get a Second Income

Getting a second job and then paying off your debts with that second job is a great way to start paying off your debts faster. You don’t have to keep that second job. It can be a temporary “rush” to pay off your debts, after which you can go back to your regular lifestyle.

4. Make Sure to Budget

Before you do anything else, download a budget app and take a look at how much income you can put towards your debt. By eradicating payments that are unnecessary, you may be able to find ways to pay your debt faster.

5. Negotiate With Creditors

Sometimes creditors will let you pay off your debt through settlements. A settlement usually has to be paid off right away, but the benefit is that it’ll be for a lower amount. You might be able to settle a medical debt for $2,000 on $20,000. Different types of debt are usually better for settlements than others. Medical debts are frequent. Personal loans may be harder.

6. Have a Sale

Having a garage sale and taking items to the pawn shop is a great way to get out of debt quickly. You can start selling your goods right now and putting all the money towards debt, as it’s essentially extra money. Take a look at what you have in your house that you don’t really need, especially larger items such as a piano you never play, or a second car that you’ve just been holding onto.

7. Declare Bankruptcy.

When the situation is truly untenable, you can think about something like bankruptcy. Bankruptcy isn’t an ideal process because it does hurt your credit score and it hurts it for quite a while. But it does give you a blank slate that you can move forward from, and it is one of the fastest ways that you can get out of debt quickly and start to rebuild.

8. Work With a Credit Counselor

Credit counseling companies take a look at your current financial situation and tell you the best ways to start managing that financial situation. If you feel as though you’re never making progress with your debt and you don’t know where to start, a counseling agency can be a good start.

The bottom line is that if you want to pay off your debt quickly but you don’t want to have to do something like declare bankruptcy, you need access to funds. One of the best ways to do this can be to sell your home. If you’re thinking about selling your home, contact Purple Mountain Holdings for a no obligation consultation and quote. We’ll tell you how much we can give you for your home in cash right now, and you’ll be well on your way to resolving your debts.

Questions to Ask When Selling A House

Selling A HouseIf you’re selling a home for the first time, chances are you’ve got questions. That’s okay, because Purple Mountain Holdings is here to help. We work with homeowners just like you every day. Here are some important questions to ask when selling a house, along with their answers:

1. Is it the Right Time to Sell?

You need to look at the market. Is it a buyer’s market or a seller’s market? Try to remember anything you learned about supply and demand in school. If homes are abundant on the market today, then your home may not sell quickly or for as much as you’re hoping.

2. What Type of Home do you Want to Buy?

Many homeowners have a clear picture of their next home in their minds. Do you? If you’re selling, your goal is to buy a larger house for a growing family or to downsize after the children move out. Either way, you’ll need to look at the bigger picture.

3. Are Home Repairs or Renovations Necessary?

Believe it or not, home repairs and renovations are not completely necessary when selling your home. Sure, many real estate agents will request you make a few repairs to liven up the place. But if you’re selling with a local real estate investor, like Purple Mountain Holdings, then you don’t need to make a single repair.

4. What’s the Timeline?

Many homeowners, perhaps yourself included, have a precise timeline in mind. You want to sell by the end of the month, within six months, or by the end of the year. If you want to sell fast, then you’ve come to the right place.

Here at Purple Mountain Holdings, our goal is to help you sell your house in Colorado sooner and for more money. In the past, we have helped homeowners sell within weeks, not months, for cash. Give us a call now at 719-476-2727!

Sell Your House Despite Your Pets

Sell Your House DespiteMany homeowners have pets, but not everyone will adore your four-legged friend. Some home buyers want a pet-free environment without the odors, dander, and scratch marks on the hardwood floors.

If you have a pet in your home, chances are you’ve got your work cut out for you. It’s not the end of the world, though. You can still sell your house despite your long-lasting friendship with members of the animal kingdom.

Regular Cleanup and Care

  • Owning a pet of any kind is a huge responsibility. Let’s face it, pets can also lead to extensive damage throughout the home and yard. For instance, if your dog is not properly trained, it may leave behind scratch marks on the doors and hardwood flooring.
  • Pick up after your pet — Clean even the smallest of messes quickly and thoroughly to avoid lasting odors or stains.
  • Clean the home’s exterior — Keep your yard in order and free of droppings or torn-up grass clumps.
    Put away pet supplies — Keep your pet supplies locked away in a cupboard or cabinet.
  • Deep clean your home — Every once in a while, but especially before trying to sell, give your home a deep cleaning.
  • Put your pet away — During routine home showings, put your pet away or have someone pet sit them for a time.
  • Make prompt repairs — If your dog, cat, or bird has scratched up any of the surfaces in your home, make prompt repairs before you sell.

When the time comes to sell your home, find a buyer who can look past any noticeable pet damage. Call Sell My House Today at 719-476-2727. We do not require any costly repairs or renovations to your home before we buy it!

Tips to Let Your Home Sell Itself

Home Sell ItselfYou likely know from past experience or horror stories from friends and family that selling a home is no easy chore. In fact, people often say that selling a home is far worse than buying one. We beg to differ. Here are a few tips to make selling a home easier than ever.

Start in the Kitchen

If there is a single room in your home most likely to invite a quick home sale, it’s the kitchen. Everyone converges on the kitchen. In fact, some buyers make their entire decision based on the features and size of the kitchen.

  • Clear off the top of the refrigerator and leave a single decorative item in place.
  • Remove any and all refrigerator magnets, photographs, report cards, or children’s artwork.
  • Clear off the countertops, putting all appliances out of sight, and leave a few decorative items as showpieces.
  • Remove your pot rack, as it gives the impression that your kitchen doesn’t have enough storage.
  • Remove any clutter around the kitchen sink (bottles of dish soap, rags, scrub brushes, etc.)

Repairs Are Key … Or Are They?

When you sell your home, everyone is going to tell you to make repairs and renovations. They’re expensive, though. Start small. If you really want to make repairs, consider these options:

  • Minor Repairs — Repair a dripping faucet, old carpet, or a living room wall in need of paint.
  • Insulation — Consider replacing attic insulation, which will pay for itself.
  • Front Door — Replacing a ratty front door with a steel one will wind up recuperating most of the cost when you sell.

Again, repairs are not necessary to sell your home.

If you want to avoid costly repairs and sell your house easier and faster, call Sell My House Today. You can reach us at 719-476-2727 for a cash offer within 24 hours!

Is Selling a Home Overwhelming?

When you imagine selling your home, you dream of opportunity — the opportunity to buy a larger house, to travel, to move to a new city. The possibilities are endless. What most don’t imagine, however, is the hardship that stems from selling a home. It is an often tough, overwhelming experience for most.

Factors That Affect Your Home-Selling Experience

Selling a house via traditional methods is a hassle unless you know exactly what you’re doing. If you know what to expect, then you may be just fine throughout the process. But that’s not the case for most people.

Here are a few factors that make selling a home tough for homeowners:

  • Inexperience — Whether you’ve never sold a home before, sold long ago, or sold in another state, inexperience can be your downfall.
  • Time — Selling a house is demanding and time consuming. If you’re busy with work, family, and your social life, fitting in time to prepare, market, and sell a house is a challenge.
  • Market — Trying to sell a house in a buyer’s market is a challenge unlike any other. You’ll need to lower your expectations because buyers have all the power in a buyer’s market.
  • Repairs — You may not have the money or time to make necessary repairs to appropriately market your home.
    Rental — If your home is being used as a rental, that brings about a slew of new challenges to face during the home-selling process.

When you look at all the variables that affect the home-selling process, it’s easy to see the scope of such an undertaking. You’re not alone. You’re also not forced to work with a real estate agent, who will certainly take a cut of your profits.

Your other option is to call Sell My House Today. We want to buy your house for more money and in less time. Give us a call at 719-476-2727!

Why You Need to Call a Real Estate Investor

Real Estate InvestorWhen the time finally comes to sell your home, you have two options. You could call up a real estate agent in town and work with them to sell your property. Of course, they’ll take quite a cut of your profits with their fees and commissions.

Alternatively, you could sell to a real estate investor. That way, you’ll get all of the money from the sale without the hassle of finding a buyer.

The Benefits of Selling to a Local House Buying Company

It’s Easier — If your home requires a lot of work before you can turn a profit, you’ll ultimately wind up losing cash during the sale because of the renovations. A real estate investor will buy the property in its current condition.

No Agents — With the abundance of real estate agents both locally and online, finding the right one is tough. Again, they all want a cut of the sale, too. With our method, you don’t need an agent. You don’t need to pay one. We work with you directly.

Guaranteed Sale — By opting for the traditional route, you’re not guaranteed a sale anytime soon. But by working with an investor, you’re guaranteed an instant sale the moment you call. In fact, you’ll receive a cash offer within 24 hours of calling the office.

If you want to make the most money when selling your home in the least amount of time, it’s time to call Sell My House Today. We can help you move fast with our cash offer within 24 hours. Once you call, we’ll arrange a meeting with you to take a look at your home. You’ll then get an offer from us!

Call 719-476-2727!