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The State of the Market for Buyers in Louisville Kentucky

The State of the Market for Buyers in Louisville Kentucky

The State of the Market for Buyers in Louisville Kentucky

 

Is it still a buyer’s market today in Louisville?

As experts in the Louisville real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.

 

The State of the Market for Buyers in Louisville

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Louisville, but seem to be rebounding as the rental market increases.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Kentucky market in unique ways.

Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.

Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.

The State of the Market for Buyers in Louisville Kentucky

Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.

Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.

Sound confusing? It is. But We Can Help.

There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.

We’re investing in Louisville because we believe in the community and the people here.

If you need to sell a property near Louisville, we can help you.

We buy properties like yours from people who need to sell fast. The State of the Market for Buyers in Louisville.

Give us a call anytime (502) 631-9392 or fill out the form 
over here today if you’re looking to sell a Louisville house fast!

 

Photo by MiCasa Realty

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How to Stay in my Home after Foreclosure in Louisville

How to Stay in my Home after Foreclosure in Louisville

How to Stay in my Home after Foreclosure in Louisville

A recent study estimates that 47% of foreclosed properties are still occupied.

When you first see that stat you may be surprised… but we’re not.

What most people don’t realize is that banks aren’t in the business to own homes.

They are in the business to loan people money. But when they have to foreclose on a house… the bank is forced to own the home until they’re able to sell it to get all or most of their money back.

But, what they had found is that when a Louisville foreclosed house goes vacant… there is a much greater chance that the house will fall into disrepair.  Often times the bank would rather have you in the property even after you stop paying your payments and the foreclosure is started because it wards of vandals and keeps the house in good working order.

There’s been a lot of talk in the media about people living for free after foreclosure – and even many stories about banks “abandoning” properties.

In those stories, people are avoiding house payments for months, even years.

Man, that sounds great! Let’s all live for free. (wink)

Wait… it can’t be that simple, right?

Right.

No bank would purposely neglect collecting payments. The only way that you get to live without making any payments is when some major mistakes were made.

But you might get lucky! It’s possible, and it’s happened before. However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.

So why are so many foreclosed homes occupied? It’s important to remember that no one wants the house to be vacant. Vacant homes are targets for vandalism and crime.

Staying in the property can help the bank maintain the value of their investment, so it’s actually in their best interests to keep it occupied. Partly because of the ways that the foreclosure laws are structured in Kentucky, banks may ask you to leave while wanting you to stay.

There are a few perfectly legal ways to remain in your home, even after foreclosure.

How To Stay In My Home After Foreclosure In Louisville

Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.

1) Wait it out. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff.

2) Go to court. In very rare cases, judges are granting stays and delaying evictions. This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the past few years, a lot of fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).

How to Stay in my Home after Foreclosure in Louisville3) Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s known as “cash for keys”. It sounds a little greedy, but greasing the wheels does help everything to run smooth. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.

4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property. In some cases, we can even purchase the property and rent it back to you.

It’s really good that you’re reading this page and exploring your options. We help homeowners like you to find creative solutions.

We can’t help everyone, but we might be able to help you.

We buy local Louisville KY houses like yours from people who need to sell fast

Give us a call anytime at (502) 631-9392 or
fill out the form on this website today! >>

 

Photo by Sean Bonini

 

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We Buy Houses In Louisville Companies – Are they credible?

We Buy Houses in Louisville Companies

We Buy Houses In Louisville Companies

If you’ve been driving around in Louisville, chances are you’ve seen some billboards advertising companies that buy houses.

Often times they say things like “We Buy Louisville Houses!” or “Cash For Your House”.

Are these “we buy houses in Louisville companies” credible?

How do I know if the local house buying companies out there are honest and credible?

Well… sometimes they all look the same at the start… but below we’ll walk you through some things to look for in a local house buying company before you should work with them.

Buying and selling houses is a valid and respectable profession that can help communities and house sellers in many ways. But just like any other line of work – a minority of house buyers in any market are the ones who make the rest of us look bad.

There are people who are really great, ethical folks who improve their neighborhoods one property at a time.

And then there’s shady, dishonest people who put money ahead of the well being of their clients and who would sign the contract to sell their own grandmother with one hand while stabbing you in the back with the other – as long as they were making enough money.

Yes, they are out there.

We’ll help you avoid these “shady house buyers” so you can work with honest, ethical, and reputable local companies who can buy your house for a fair all cash offer and close on your schedule.

But let’s not focus on the negative – at least not yet.

First, let’s cover exactly what the best house-flippers are doing.

What Reputable Louisville House Buyers Are Doing

  • Helping folks improve their lives by accessing the money they need right away. People often need the cash in their house to cover unexpected medical expenses, or to relocate to be close to a relative. We can make that happen in just a few days, and we deliver peace of mind.
  • Helping sellers get rid of a burdensome property without the hassle of having to list it with a broker and wait months and month for a sale.
  • Creating local jobs. We hire plumbers, contractors, electricians, brokers, title reps, loan officers, administrators and many other folks along the way. The average real estate transaction involves 86 people from start to finish. Our investments help create real jobs for people around Louisville Kentucky.
  • Buying US products. We spend tons of money on materials that are made right here in the USA – that creates jobs in our timber mills, factories, supply shops, distribution centers and more. The US economy depends on steady improvement, and that requires investment from folks like us.
  • Increasing the value of Louisville neighborhoods. When we improve a house, we’re helping to increase the value of the entire community. We often repair abandoned and neglected houses, turning them into beautiful homes for families. That activity strengthens Louisville.
  • Increasing the tax base. When a new buyer takes over one of our properties, they’ll pay a higher tax rate based on the new and improved value. Those taxes go to pay for our schools, fire, police, libraries, streets and other valuable pieces of infrastructure.  Again, improving our neighborhoods.

Pretty cool stuff, right?

Lots of people think of house-flipping as a get-rich-quick scheme. That’s fueled by silly “reality” shows that amp up the drama because the reality of what we do on a daily basis is actually pretty boring.

Most of our work is coordinating with lots of people to make sure things are happening on time. We have to keep track of lots of moving parts.

So let’s get back to how you can use this information to find out if someone is a credible investor, and not just pulling a house buying scam.

How To Ensure You’re Working With A Reputable Local House Buyer

When you talk with a local house buyer to potentially buy your house… ask them some of the questions below to ensure they’re reputable, knowledgeable, and honest.

Reputable House Buying Companies In Louisville

Reputable House Buying Companies In Louisville

Ask open-ended questions like:

  • How do you help your clients?
  • What do you do for people?
  • Can you tell me more about your services?
  • What aspect of your business makes you the most proud?
  • How would you describe your investment philosophy?
  • How can I know that you’ll close on my house when you say you will?

Second, look for tell tale signs of tactics that those few shady operators tend to use.

  • “Kitchen table closings” – If a property buyer tries to get you to sign the deed (ownership) of your house over to them at your house, rather than a professional place like a closing attorney or title company… be leery.  Most reputable house buying services will perform the actual closing of the sale at a neutral 3rd party place… like a title company. This ensures everything is done right and on the up and up.
  • Pressuring you into a fast closing – If a house buyer tries to pressure you into selling your house and says that you have to make the decision today, be leery. Most reputable house buying services will make you and offer and that offer will be on the table for at least 2-7 days (minimum) for you to make a decision.  The reason reputable house buying services like ours at Fast Cash House Buyers, LLC do place deadlines on our offers is because the market changes and values can change week to week depending on other sales in the area, also… we buy multiple houses a month and when we make you an offer we’re assuring you that the cash to purchase your house is ready and we’ll reserve that cash for several days so if you do want to sell your house, we can close on your schedule.  If you feel the offer isn’t a fit for you, then we’ll assign those funds to help another seller with their home sale.

Most scammers are looking for a quick score, and not an in-depth interview.

Chances are good that they’ll find excuses to get off the phone and move on to someone who doesn’t ask too many questions.

True investors who run honest and ethical Louisville house buying services, however, are building long-term businesses based on relationships and community development.

So when you’re looking at one of the “we buy houses in Louisville companies“… never be afraid to ask questions!

Give us a call anytime at (502) 631-9392 or
fill out the form on this website today! >>

 

Photo by John Sharin

 

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Can I Sell My Louisville House In Foreclosure?

 

Can I sell my Louisville house in foreclosure

Can I Sell My Louisville House In Foreclosure?

Do you have a Louisville Kentucky house that’s in foreclosure right now? Many people going through the Kentucky foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: Yes.

The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.

Selling Your Louisville House In Foreclosure – How it works

There are a lot of folks in Louisville who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.

Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.

Working With Banks During The Foreclosure Process

  1. Bank Foreclosure ProcessAlways over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
  2. Don’t miss deadlines. If anything will be late, call with advance notice.
  3. Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
  4. Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
  5. Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
  6. Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you.

If you’re looking to sell your Louisville house in foreclosure fast, call us now.

We specialize in helping homeowners in situations including foreclosure around Louisville and the whole state of Kentucky get out of difficult situations and avoid foreclosure. In certain circumstances we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.

If you need to sell a property near Louisville, we can help you. 

We buy properties like yours from people who need to sell fast.

Give us a call at (502) 631-9392 anytime
or fill out the form over here today! >>

 

Photo by Jay Tomic Bobas

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