Chris Kennedy | Senior Loan Officer
How Do Private Money Loans Work?
Waiting for an inheritance, but need access to your money faster? Private money loans may be an option for you. Here is what you need to know about private money loans.
A private money loan is based on the equity in the property – personal credit and income are not a major factor.
Pay creditors, attorney costs and settle the estate rather than coming out of pocket
Keep the tax benefit
Buy out other heirs
Settling Estate Obligations With A Private Money
Private money is often a long process sometimes taking up to 3 years. During the private money process heirs may incur expenses like funeral costs, lawyer fees, settling outstanding debts, mortgage payments, taxes, and repairs to the property. A private money loan may allow the heir of the property to borrow against the equity of the property and pay these expenses without coming out of pocket. This could be a huge stress relief for people while dealing with an already stressful situation.
Buying Out Other Heirs With A Private money Loan
When there are multiple heirs inheriting real estate, it’s common for one party to want to maintain ownership while others want to sell their interests. If the heir who wants to keep the property does not have enough cash to buyout the other parties, then a private money loan may be a good solution. Through a private money loan, the heir can borrow based on the equity in the property to payoff the other parties. Hard money lenders like Wilshire Quinn offer fast funding for these types of loans.
(916) 794-0777
chris@thechriskennedyteam.com
NMLS#971546;356310 / DRE#01326779;01759672
Melissa Lamberti | Real Estate Agent @ eXp Realty
About Melissa
Melissa started her career in the mortgage industry in 2004. Following the mortgage meltdown Melissa was honored to work in the funeral industry for eight years. She is passionate about helping families navigate the overwhelming process of selling an inherited home. Melissa became a California Licensed Realtor in 2011. Melissa is a proud Sacramento Native who graduated from the University of California, Davis with a degree in Managerial Economics. Melissa obtained the certification of Certified Real Estate Specialist (CPRES) from US Probate Services. Melissa has had the opportunity to sit on every side of the transaction which ensure you receive the best possible service. Experience the difference.
Our Approach To Selling A Home In Trust, Probate And Conservatorship
We understand selling a home in a trust, probate or conservatorship is daunting. Inherited homes can require a lot of repairs and one of largest challenges is sorting all of the sentimental personal belongings of your loved one. We have a far-reaching network that can help you prepare the home for sale to get you the best possible price. We can sell homes in any condition and we can also assist if a quick as-is sale is the right decision for the family. Getting started is easy. Melissa will meet you at your home and provide a confidential consultation. Melissa's goal is to minimize stress by carefully strategizing the unique needs of each client to make certain your expectations are exceeded.
Factors That Will Help You Sell Your Home
Price
Since early 2020 Sacramento real estate has seen unprecedented price appreciation. Quickly rising interest rates has caused the real estate market to take a breath. Pricing is going to become more important to enhance visibility and attract more buyers. Price your home to increase the number of offers received so you are not locked into negotiations with one buyer.
Competitive Market Analysis
Setting the list price correctly is the first step of successfully selling your home. A Competitive Market Analysis (CMA) is prepared by a real estate professional & contains information about homes that have recently sold similar to yours in size, amenities, location and updating completed. A CMA will tell you what homes are selling for and how long they are taking to sell.
Marketing Your Property
Research shows that over 80% of home buyers start their search online. The internet has transcended traditional marketing. We market your home on social media websites, real estate websites, and the Multiple Listing System (MLS) to ensure your home dominates the internet.
(916) 203-6578
melissalamberti@exprealty.com
DRE # 01907071
