Thinking about selling your home? If you are, you probably have hundreds of questions running through your head. Don’t worry – you’re not the only one. We have been working in the real estate industry for over fifteen years and have heard it all. We want you to know that you are not alone and that questions are a good thing! They allow you to make an educated decision to determine the best option for the home of your future. To get started, let us introduce you to our company and answer some of the most common questions we are confronted with by clients.

Gulf State Homebuyers is an all cash home buying company located in Baytown, TX. We are professional and knowledgeable about the market, providing you the best option to sell your home quickly and easily. As a company, we have helped hundreds of clients get out of their home and transition to the next phase of their life, and like I said, with extensive experience comes extensive questioning. Let’s take a look at some of the key points involved in selling your home to us.

1 – You incur no costs when selling to us. To get started, we will provide you with a free home evaluation. By utilizing market comparables, analyzing market trends, and assessing the function of your home, we provide you with a fair offer – in fact, we guarantee a competitive price. If you are interested in accepting our offer, we cover all closing costs associated with the transaction. This saves you thousands at the end of the deal. Consider this: agent fees and closing costs can add up, amounting to upwards of 11% of the selling price. With our competitive offer, you keep that money in your pocket.

2 – Once you accept the offer, the process is simple. We will sign a contract, then close at a title company on the date of your choosing. We can close quickly or give you enough time to move out. There are no hidden exceptions or fees – we pride ourselves on honesty and transparency. This easy process allows you to avoid the hassle of hiring a real estate agent and marketing the home. No open houses, no offers falling through. Just one simple signature from you, and your home is closed. We can even close in as quickly as seven days!

3 – You don’t need real estate experience. This is one aspect that sets us apart from our competitors – we handle all paperwork. If you need, we can even go through and explain the paperwork with you. You don’t need experience in the industry in order to sell to us, so if you inherited a home and are uninterested in learning about the market, no problem. We draft the contract, walk you through it, and ensure your security in the deal. At the end of the day, your only responsibility is signing the contract and picking up your check.

4 – We buy houses that still have tenants. If you have a rental unit that is housing difficult tenants, have inherited a home with tenants, or if you are just ready to move on but do not want the hassle of asking your tenants to move out, don’t worry. We specialize in renting residential units and can take the responsibility off your hands when you sell. This provides you the opportunity to move on quickly and leave the tenant responsibility with us. An additional bonus: we don’t penalize you for selling with tenants. Our home evaluation is based on the true market value of the home, and we don’t reduce our offer because of a challenging tenant.

5 – We buy homes with backed taxes and/or HOA fees. We understand that sometimes homeowners run into a financial roadblock and need some assistance. Both backed taxes and HOA fees can be additional costs that you may not be in a place to cover. And selling a home on the market requires that you continue to pay these fees until your home sells. This is why we buy homes that have either one or both – making your moving process simple and stress free. When it comes to the paperwork for both, we cover that too! With our staffed attorney, we can help you get out without worry.

As you can see, selling your home doesn’t have to be as challenging as you expected. Furthermore, it doesn’t have to be as expensive. With our system, we keep the transaction quick and simple.

To get started with your free evaluation, contact us today. We can set you up with a qualified agent who can walk you through the process.

Owning a home can be challenging – it is one of the biggest commitments an individual will make in their lifetime. And while moving and owning a home is a rewarding experience, the process itself is sometimes met with a little apprehension. Transitioning out of one’s old home can be tiresome and sometimes downright draining – not only for emotional reasons, but also due to the necessity of finding the right time for you and having that time coincide with a good, strong market.

All the pieces of the process need to fit together perfectly, right? Fortunately for anyone looking to move right now, many of those pieces are now falling into place seamlessly. The market in Baytown is currently in the favor of seller’s – inventory is low, mortgages are low, and selling prices are high. Now is the perfect time for any homeowner to take that leap into the next phase of their life.

Below we have outlined 9 reasons why now is the right time to sell your old home and purchase a new one:

1. Inventory of Newly Constructed Homes is higher now than years previously. Following Hurricane Harvey, many homes were destroyed and decimated. The result: brand new homes were built.
2. Stop with the Quick Fixes. If you have owned your home for an adequate amount of time – just like any tangible item – it may be starting to really show it’s wears and tears. You may be spending countless hours and hundreds of dollars just to keep the property running. With the current market, it is time to stop making quick fixes and move into something new. In the long run, you’ll be saving not only money, but time.
3. Lower your Homeowners Insurance Rates. If a home has been through a hurricane – or two – homeowners insurance rates skyrocket. On the contrary, new homes offer the opportunity to lower your homeowners insurance rates. And in a location such as Baytown, homeowners insurance is a must! Why pay more when you can pay less for new?
4. Become Energy Efficient. You may be losing money monthly due to utility costs. From the foundation up, new homes utilize an abundance of energy efficient characteristics – from the windows to the appliances. Go green – save money and the planet.
5. Get Upgraded. Don’t spend money on upgrading your old school home. Take advantage of the market and buy a home that already has the installations completed. This will not only save you time, but also removes the headache of dealing with the contractors.
6. Start Fresh. Depending on what life has thrown at you the last couples of years, it may be time for a fresh start. Surviving through the last few hurricane seasons alone has caused emotional damage on many. Get out of your old home, put the past in the past, and start new.
7. Bring the Family Together. With the fresh start, and the new upgrades, you can move your family into an open concept home. Old homes are traditionally more closed off and create a separation in the home – which can be especially challenging when you wish to entertain. Make a change and open your home, bringing the family, and guests, closer together.
8. Downsize, or Upsize. Whichever fits best for you. Often when an individual’s, a couple, or a family buy a home, they do so for that specific moment in their life. But depending on the stage they are currently in, their family size or needs may change. Stop paying for space you don’t need (or no longer fit in) and pick a place with space that fits your needs perfectly – in a brand new home.
9. Get to the Neighborhood you want to live in. Stop sacrificing your happiness – you only live once and should live somewhere you love. Whether it is moving into the hip new trendy neighborhood or transitioning your kids to better schools, get out of your old home and move into that new one you’ve had your eye on today.

There are a variety of reasons to move – and if you are seeking any change, as mentioned above, this is the perfect moment to take advantage of the market. However, note that interest rates are rising, so it is time to make the move now. Marketing your home on the market can be a long process – causing doubt and anxiety about the transition. However, we here at Gulf State Homebuyers have a simple solution for you to get out of your old home and move into a new one today. We can provide you with an all cash offer with a quick close, so that you can get moving onto that next phase of your adventure. If you are interested in making a move, contact us today. We can provide you with a free assessment of your home’s value to see if this is the best decision for you!

As a homeowner, you may be in the market to sell. But the question remains: to whom do you sell? There are two major categories for potential buyers:

1. Another home buyer looking to purchase their first home or move, or
2. An investor. Although you may be inclined to sell to a peer – such as another homebuyer – we are here to tell you that learning about the benefits of selling to an investor may change your mind. Below, we will outline the 5 reasons an investor may be the best choice in your home selling decision.

1 – Investors Can Save You Money – No Commission Fees or Closing Costs

Selling your home can be costly; typically, around 6% of your home’s value is dedicated just to the real estate agent. This is known as the agent fee – the costs to cover the work of both the buyer’s and seller’s agents. What does this mean for you? If your home is valued at $1,000,000, this means you will be paying $60,000 in agent fees alone. Then, as a seller, you will be responsible for 50% – 100% of the closing costs, which can average around 2% – 5% of the home’s value (according to HAR). Closing costs can include home inspections, escrow fees, title company, title search fees, transfer taxes, underwriting fees, and much more.

When selling to an investor, however, you can avoid this loss in profit and be provided full compensation for the true value of your home! The investor will often waive the commission fees and cover the closing costs, providing you, the buyer, with the highest possible return on your property.

2 – Investors Buy Damaged Homes

Whether the home has average wear and tear or has been drastically damaged by a fire or hurricane, an investor can buy your home “as-is.”

If you hire a real estate agent to represent you in the sale of your home, they will often recommend that you have an inspector check the house and then suggest you hire a contractor, who might make certain repairs that can increase the value of your home.

On the other hand, an investor understands the hassle of dealing with hiring a contractor and committing the time and money required for repairing a home. Therefore, they offer a simple solution: purchasing the home “as-is.” This means no extra money forked out by you and no extra time spent fixing up your home. The investor will purchase your home exactly as it is!

3 – Investors Can Provide A Quick Close

When a home is placed under contract, it enters into what is known as the escrow period. The escrow period is the time allotted to the buyer to complete all due diligence necessary for the close. This can include the buyer completing additional inspections and getting to know the neighborhood. The risk associated with the escrow period is that it provides the buyer a longer time to pull out of the deal. Essentially, the longer the escrow, the longer the buyer has to change their mind about the purchase.

An investor, on the other hand, is well-versed in real estate due diligence processes and has frequently completed all the required due diligence even before going under contract. These are professionals looking to provide a quick and easy close – both for you and for themselves. Fortunately for you, with this knowledge and motivation, investors are able to provide a quick close – sometimes in as few as 5 days!

4 – Investors Provide All Cash Offers

One contingency that often extends escrow to 60 – 90 days is the finance contingency. That is, the time allotted to the buyer to get all aspects of the purchase completed for the lender so that the lender can provide the funds to the seller to close. This can create the need for additional inspections and can provide another avenue for the buyer to potentially pull out of the deal.

Investors, on the other hand, can provide sellers with all cash offers – this means no extended escrow and no hassle with a finance contingency.

5 – Investors Won’t Play Games: No Additional Costs

Getting down to the nitty gritty – at the end of the day, investors don’t play games; their education and professionalism are transparent in every real estate transaction. They do not nickel and dime sellers, do not ask for unreasonable requests, and do not make offers they are not serious about.

If you are looking for an accredited investor to purchase your home, contact us at Gulf State Homebuyers. Not only can we guarantee the above mentioned hassle free closing on your home, but we can provide additional services that can make your move even easier.

A Beginners Guide to Ensure Every Homeowner Understands their Protection

 

What is Homeowners Insurance?

Homeowners insurance is an insurance coverage policy purchased to cover losses and damage to your property if something unexpected occurs, such as a fire or a burglary. Homeowners insurance typically covers four kinds of incidents:

● Interior damage
● Exterior damage
● Loss or damage of personal assets/belonging
● Injury

Homeowners Insurance Does Not Cover “Acts of War” or “Acts of God”

What does this mean? As an individual living in the Baytown area – which is considered a high risk area for natural disasters – it is important to understand that natural disasters are not typically covered by homeowners insurance itself; if your property is at high risk for these types of damage, it is recommended that you seek out additional insurance to stay protected. In the 1960’s, flood damage was removed from homeowners policies, and similar reductions in coverage have been increasing ever since. Due to the high cost of damages incurred by natural disasters or severe weather storms, insurance providers typically exclude both “Acts of War,” and “Acts of God” from their coverage.

Acts of War include damage associated with invasions, insurrections, riots, strikes, revolutions, military coups and terrorism.

Acts of God include earth earthquakes and floods and can even include events such as hurricanes and tornadoes.

Do You Need Homeowners Insurance?

When an individual obtains a mortgage on a home, homeowners insurance is typically required. You are provided the opportunity to complete a price comparison between various insurance companies, so you can select the provider that best suits your needs (and is approved by your lender). If you do not have homeowners insurance, your lender could purchase insurance on your behalf and then charge you monthly for the bill.

At the end of the day, unpredictability is one of life’s most consistent traits, so homeowners insurance is always recommended.

What To Consider When Searching For Your Homeowners Insurance

No matter what, you should always read your potential policies carefully. Due to increased expenses, especially from natural disasters and weather patterns, insurance companies are now placing more stipulations in their policies, ultimately reducing their liability for your property. For example, a policy that identifies “Hail Coverage” may only cover new roofs or those which have been replaced within the last 10-15 years. This means that if your roof is 15+ years old, your home will not be covered – sometimes the devil is in the details.

When selecting a policy, ensure that is it the right one for your home – or more importantly, the the location of your home. After reviewing multiples companies policies, you may come to find that your best options are to add additional insurance coverage, such as:

● Flood Insurance
● Windstorm and Hail Insurance
● Earthquake Insurance
● Extra Coverage depending on your needs

What is extra coverage? Let’s look at Storm Harvey. In 2017, many homeowners did not have insurance coverage specifically for sewer and/or drain damage, leaving them without a way to file claims for the damages they incurred. Unfortunately, it is challenging today to identify one perfect policy that will cover all potential losses and damages.

As a resident of the Gulf Coast, you may also want to consider TWIA, or the Texas Windstorm Insurance Association. TWIA provides windstorm and hail insurance in the Texas seacoast. However, in order to qualify for TWIA, you must have already obtained a flood insurance policy and met specific criteria outlined by the organization.

Moving forward, there are additional criteria to consider to help you determine if the company you’re considering is the right right one for you. Consider the following:

1. Deductible: What is the deductible on the policy? Remember, the deductible is the amount you must pay before the insurance company will cover damages. A lower deductible can be less painful if the time comes that you need to use your coverage!
2. Premium: The premium is the monthly amount that you owe to cover the insurance policy. Fortunately for you, Texas law requires insurance companies to offer rates that are “reasonable, adequate, not excessive to the risks for which they apply, and not unfairly discriminatory.”
3. Customer Service Reviews and Ratings: When dealing with property damage, you want to ensure that your policy provider is committed to helping you and honest to their word. The last thing you want is for a company to nickel and dime you when you are facing homelessness or severe property damage. When selecting a provider, review their ratings and read their customer satisfaction reviews. Also, review the ratings related to their claims process. A rapid response from your claims company is essential.

What If My Home Was Damaged, But I Did Not Have The Right Coverage?

This is the unfortunate circumstance no one wants to be in. Sadly, there are thousands of individuals each year who are confronted with home damage and find out too late that their kind of losses they sustained were not covered by their basic policy, leaving them without financial assistance to cover major damage. If this has happened to you, check out our blog: What To Do With A Damaged Home? You could also call us, and we would be happy to assist you with both education about your potential next step and an updated assessment of your home’s value.

If your home was flooded by Hurricane Harvey, and you would like to just sell it as-is please click here

Just a hint…….YES!

The market is changing… but is it a good time to sell your home?

Last month we posted an article titled 5 Things About the Baytown Market You Need To Know, in which we expressed that the current market is a good one for sellers. However, the market is shifting out of your favor; changing trends are creating an urgency for sellers to move quickly.

In this article, we will outline the trends impacting your home’s value in Baytown and discuss why now is a good time to sell your home and prepare for your future.

● Unemployment Rates Are Rising: As of July 2018, unemployment rates in Baytown, Texas remain over 10% and display no signs of improvement. Not only do rising unemployment rates shrink the buying pool, but they also discourage individuals from entering the property market due to personal fears related to their economic futures.

● Foreclosure Rates Are Increasing: The economy in Baytown is struggling, and the area is experiencing an economic decline. Not only are unemployment rates rising, but annual home incomes are also declining, creating an increase in foreclosed homes. How does this affect potential sellers? Foreclosure rates in Baytown here.
1. Increased foreclosure rates indicate a smaller pool of potential buyers, and
2. More foreclosed homes on the market means housing prices shift downwards, creating more competition for you to sell your home (Foreclosed homes offer the opportunity for a discounted price on properties).

● Interest Rates Are Rising: During the week of July 26, 2018, the 30-year fixed-rate mortgage averaged 4.54%, up two basis points according to the weekly data from mortgage provider Freddie Mac. The 15-year fixed-rate mortgage averaged 4.02%, also up two basis points. Why does this matter? Rising interest rates equate to more expensive borrowing.

● Housing Prices Remain High: Despite the economy’s downturn and the increase in interest rates, housing prices remain high. Supply still remains low in Baytown, Texas, providing a competitive advantage to potential sellers. If supply increases however, housing prices drop due to increased competition in the market.

What Does This All Mean?

Many economists are suggesting that the housing cycle is reaching its end. Looking at a broader perspective – that of the housing market across the nation – the supply of homes in the second quarter of 2018 rose to three times the rate of the previous year– the highest jump in inventory the US economy has seen in three years!

By historically reviewing real estate trends, analysts can decipher anticipated trends in the market, and the current shift towards a slowing market in the national housing market indicates that we may be transitioning towards a buyer’s market.

What does this mean for the homeowner? Well, it may be time to sell. If you were thinking about selling now or in the future, it may be time to get on the ball. The downward trend that analysts predict over the next six months will create a small window of opportunity for potential sellers. If sellers are uncertain about their decision, they may risk losing their opportunity to sell when the market is in their favor, ultimately decreasing their potential return on the property.

Selling now may even create a new opportunity for the homeowner to prepare for the declining real estate market.

What Can You Do WHEN You Sell?

1) Move to an economically stronger neighborhood that provides a more secure asset. Purchasing in an area that has higher rental rates and lower unemployment rates can create more stability for the long term value of your home.
2) With the declining market, investing in a property that creates potential for income can be a smart move. If the market does continue to shift downwards, and more individuals are forced out of their homes, a higher demand for rental units is created. Smart property owners will prepare for this shift and purchase an asset the provides an option for monthly income via renting.

Still Uncertain?

If you are still questioning what the best decision is for you or have questions about the market, it may be time to reach out and discuss your options with a professional. There is no Magic 8 Ball that can tell you the future of the real estate market, but there are educated professionals who can give you a research-based analysis of what your future may hold. We here at Gulf State Homebuyers can provide you with a free consultation, educating you not only on the market but also on the value of your home.

To get started, just contact us, and one of our agents would be happy to assist you.