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  • What Are the Selling Options for a Condemned House in Fresno?

    Owning a condemned house in Fresno can be a daunting challenge. When a property is declared unsafe for habitation, it may seem like the options for dealing with it are limited. However, if you’re looking to sell a condemned house, several paths are available. In this blog, we’ll explore the different selling options for homeowners and how you can navigate this difficult situation.

    Understanding Condemnation

    Before diving into the selling options, it’s essential to understand what it means for a house to be condemned. A property is condemned when local authorities determine that it is no longer safe for occupancy due to severe structural damage, health hazards, or significant code violations. Once condemned, the house cannot be legally occupied until it is brought up to code and passes inspection. For many homeowners, repairing a condemned house is not financially feasible, which is why selling often becomes the most viable option.

    Selling Options for a Condemned House in Fresno

    Sell As-Is to a Real Estate Investor

    One of the most straightforward ways to sell a condemned house is to sell it as-is to a real estate investor or direct buyer like Pinnacle Home Buyers. Investors specialize in purchasing properties in any condition, including those that are condemned. This option allows you to sell the property quickly without investing in costly repairs or renovations.
    Advantages:

    • Quick Sale: Investors can close deals rapidly, often within a few weeks.
    • No Repairs Needed: You can sell the house in its current condition, saving time and money.
    • Cash Offer: Many investors offer cash, which can be beneficial if you need to settle debts or move quickly.

    Disadvantages:

    • Lower Sale Price: Investors typically offer less than market value since they are taking on the risk and cost of repairs.

    List the Property on the Market

    Another option is to list the condemned house on the open market. While this approach can attract a wider range of potential buyers, it requires more effort and may take longer to find a buyer.
    Advantages:

    • Potential for a Higher Sale Price: Depending on the market conditions and the property’s location, you may receive higher offers from buyers willing to take on the renovation project.
    • Greater Exposure: Listing the property with a real estate agent can increase visibility to a broader audience.

    Disadvantages:

    • Longer Time on the Market: Condemned houses typically take longer to sell, especially if repairs are extensive.
    • Repair Requirements: In some cases, buyers or lenders may require certain repairs before closing, which could complicate the sale.

    Sell to a Fix-and-Flip Buyer

    Fix-and-flip buyers are investors who purchase distressed properties intending to renovate and resell them for a profit. These buyers are often more willing to take on properties in poor condition, including condemned houses.
    Advantages:

    • Targeted Buyer: Fix-and-flip buyers are actively looking for properties that need significant repairs, making them an ideal audience for a condemned house.
    • No Need for Repairs: Like selling to an investor, you can sell the property as-is.

    Disadvantages:

    • Negotiation: Fix-and-flip buyers may negotiate aggressively to secure the property at a lower price.

    Auction the Property

    If you need to sell the condemned house quickly, another option is to auction it. Property auctions can attract investors and cash buyers who are willing to take on the risks associated with condemned properties.
    Advantages:

    • Speed: Auctions can facilitate a quick sale, often within a month.
    • Competitive Bidding: If there is significant interest, competitive bidding could drive up the final sale price.

    Disadvantages:

    • Uncertain Outcome: The final sale price at an auction can be unpredictable, and you may end up selling for less than expected.
    • Auction Fees: You’ll need to pay fees to the auction house, which can reduce your net proceeds.

    Consider a Short Sale

    If the mortgage balance on the condemned house is higher than its market value, you might consider negotiating a short sale with your lender. In a short sale, the lender agrees to accept less than the full amount owed on the mortgage.
    Advantages:

    • Avoid Foreclosure: A short sale can help you avoid the negative consequences of foreclosure on your credit report.
    • Sell for Less: You can sell the property for less than what is owed, with lender approval.

    Disadvantages:

    • Lender Approval Required: Short sales require lender approval, which can be a lengthy and uncertain process.
    • Credit Impact: While less damaging than foreclosure, a short sale can still negatively impact your credit.

    Donate the Property

    If the property has little to no value after considering the cost of repairs, you might consider donating it to a nonprofit organization. Some organizations may accept condemned properties, especially if they have plans to rebuild or repurpose the land.
    Advantages:

    • Potential Tax Deduction: Donating the property could provide you with a tax deduction.
    • No Sales Process: You can avoid the hassle of selling the property.

    Disadvantages:

    • No Cash Proceeds: While you may receive a tax benefit, you won’t get any cash from the donation.
    • Finding a Suitable Nonprofit: Not all organizations will accept condemned properties.

    Selling a condemned house in Fresno can seem overwhelming, but several options are available to you. Whether you choose to sell as-is to a real estate investor, list the property on the market, or explore other avenues, it’s important to weigh the pros and cons of each option to determine the best course of action.

    If you’re looking for a quick and hassle-free solution, Pinnacle Home Buyers can help by purchasing your condemned house directly. We specialize in buying properties in any condition, providing a fast and fair cash offer without needing repairs or lengthy negotiations. Contact us today to learn more about how we can assist you in selling your condemned property and move forward confidently. (559) 272-6118 

  • What Happens to the Mortgage When the Property Is Condemned in Fresno?

    When a property in Fresno is condemned, it can create a complex and stressful situation for homeowners, particularly when a mortgage is still in place. Understanding what happens to the mortgage on a condemned property is crucial for making informed decisions. In this blog, we’ll explore the implications of a property being condemned, how it affects your mortgage, and the options available to homeowners in this challenging scenario.

    Understanding Condemnation

    Property is condemned when local authorities declare it unfit for human habitation due to severe safety hazards, structural issues, or violations of local building codes. This designation means the property cannot be legally occupied until it is brought up to code and passes a reinspection. Condemnation can result from factors like neglect, natural disasters, or other significant damages.

    What Happens to Your Mortgage?

    When your property is condemned, the mortgage on the property doesn’t simply disappear. Here’s what you need to know:

    1. You Are Still Responsible for the Mortgage Payments
      Despite the property being condemned, the mortgage loan remains in effect. As the homeowner, you are still legally obligated to make your regular mortgage payments. Failing to keep up with these payments can lead to foreclosure, further complicating your financial situation.
    2. Property Value and Mortgage Balance
      Condemnation typically causes the property’s value to plummet, often to less than what is owed on the mortgage. This situation can result in an “underwater” mortgage, where the outstanding loan balance exceeds the property’s market value. Even though the property is no longer habitable, the mortgage balance remains unchanged unless you negotiate with your lender.
    3. Insurance Considerations
      If you have homeowners’ insurance, you must check whether your policy covers the damages that led to the condemnation. In some cases, insurance might cover part of the repair costs or provide compensation for the loss. However, if the damage is due to neglect or gradual deterioration, coverage may be limited or denied. It’s crucial to review your policy and consult with your insurance provider to understand your coverage.

    Options for Homeowners with a Condemned Property and a Mortgage

    1. Make Necessary Repairs
      One option is to repair the property to bring it up to code and remove the condemnation status. This can be a costly and time-consuming process, but it may be necessary to preserve the property’s value and avoid further financial complications. Once the repairs are completed and the property passes inspection, you can continue living in the home or sell it to pay off the mortgage.
    2. Sell the Property As-Is
      If you’re unable or unwilling to make the repairs, selling the property as-is to a real estate investor or direct buyer like Pinnacle Home Buyers can be a viable solution. Direct buyers specialize in purchasing distressed properties, including those that are condemned. This allows you to sell the property quickly without making repairs, and the proceeds can be used to pay off or reduce your mortgage balance. Remember that the sale price may be lower due to the property’s condition.
    3. Negotiate a Short Sale
      In cases where the mortgage balance exceeds the property’s value, you might consider negotiating a short sale with your lender. A short sale occurs when the lender agrees to accept less than the full amount owed on the mortgage. This option can help you avoid foreclosure, but it requires lender approval and can be a lengthy process. Be prepared to provide documentation showing that you cannot continue making payments and that the property’s value has declined due to condemnation.
    4. Deed in Lieu of Foreclosure
      Another option is a deed in lieu of foreclosure, where you voluntarily transfer property ownership to the lender to satisfy the mortgage debt. This process can be less damaging to your credit than foreclosure and allows you to walk away from the mortgage. However, not all lenders will agree to this option, which may require you to demonstrate that you have exhausted other alternatives.
    5. Foreclosure
      If you cannot make the mortgage payments and no other options are viable, the lender may initiate foreclosure proceedings. Foreclosure is a legal process in which the lender takes possession of the property due to non-payment of the mortgage. Foreclosure can have severe consequences, including damage to your credit score and the loss of any equity you have in the property. It should be considered a last resort.

    Dealing with a condemned property while still carrying a mortgage can be overwhelming. The key is to act quickly and explore all available options to minimize financial damage and protect your interests.

    If you are in this situation, Pinnacle Home Buyers is here to help. We specialize in purchasing properties in any condition, including those that have been condemned. By selling your property to us directly, you can avoid the stress of making repairs, negotiating with lenders, and the potential for foreclosure. Contact us today to learn more about how we can assist you in resolving your mortgage issues and moving forward with peace of mind. (559) 272-6118 

  • How Long Does it Take to Condemn a House in Fresno?

    Condemning a house is a significant action taken by local authorities when a property is deemed unsafe or uninhabitable. If you’re concerned about the condition of your home or an investment property, understanding the timeline and process of condemnation in Fresno can help you make informed decisions, especially if you are looking to sell the home. In this post, we’ll explore how long it takes to condemn a house, the process, and the alternatives available to homeowners.

    What Does It Mean to Condemn a House?

    When a house is condemned, it means that the property has been officially declared unfit for human occupancy. This designation can result from various factors, including severe structural damage, health hazards (such as mold or asbestos), or violations of local building codes. Once condemned, the property may be subject to legal restrictions, and the occupants could be forced to vacate.

    The Process of Condemning a House in Fresno

    1. Initial Inspection
      The process begins when a property is reported or suspected to be unsafe. This could be due to a neighbor’s complaint, a routine inspection, or a report from emergency services after a fire or natural disaster. A local building inspector or code enforcement officer will visit the property to assess its condition.
    2. Notice of Violation
      If the inspector finds significant issues that violate local building codes or safety standards, the homeowner will receive a Notice of Violation. This notice details the specific problems and outlines the steps required to remedy them. Depending on the severity of the violations, the homeowner is usually given a specific timeframe to address these issues, ranging from a few weeks to several months.
    3. Reinspection
      After the deadline for repairs has passed, the property will be reinspected. If the homeowner has not made the necessary repairs, the inspector may issue a final notice, warning that the property will be condemned if the issues are not resolved within a short period, often 30 days.
    4. Condemnation Hearing
      In some cases, particularly when there is a dispute or the homeowner fails to take action, a condemnation hearing may be scheduled. This hearing allows the property owner to present their case and discuss the issues with local officials. If the hearing concludes that the property remains unsafe, a formal condemnation order will be issued.
    5. Condemnation Order
      Once a house is condemned, the local government issues an official condemnation order. This order is a legal document declaring the property unfit for habitation. Depending on local laws, the owner may be required to vacate the property immediately, and utilities may be disconnected. The timeline for this can vary, but it typically takes several months from the initial inspection to the issuance of a condemnation order.

    How Long Does the Entire Process Take?

    The timeline for condemning a house in Fresno can vary widely depending on several factors:

    • Severity of Violations: Minor issues that can be easily remedied may result in a longer timeframe for condemnation, as the owner is given more time to make repairs. Severe structural damage or health hazards may accelerate the process.
    • Response from the Homeowner: If the homeowner addresses the violations promptly, the property may never reach the condemnation stage. However, if the owner is unresponsive or disputes the findings, the process can move more quickly.
    • Local Regulations: The specific procedures and timelines for condemnation can vary depending on where the property is located. In Fresno, the process typically spans from a few months to over a year, depending on the complexity of the situation.

    Alternatives to Letting Your House Be Condemned

    If your property is at risk of being condemned, you don’t have to wait for the government to take action. There are alternatives that can help you avoid the stress and potential legal consequences of condemnation:

    1. Sell to a Direct Buyer
      Selling your home to a direct buyer like Pinnacle Home Buyers can be a quick and efficient solution. Direct buyers specialize in purchasing properties in any condition, including those at risk of condemnation. This allows you to avoid the lengthy process and receive a fair cash offer for your home, even if it’s in disrepair.
    2. Make Necessary Repairs
      If financially feasible, making the necessary repairs to bring the property up to code can prevent condemnation. This option requires time and investment but can save the property from being declared uninhabitable.
    3. Negotiate with Local Authorities
      In some cases, it may be possible to negotiate with local authorities for an extension or alternative solutions, such as a payment plan for repairs. Engaging proactively with local officials can sometimes provide more time to address the issues.

    The process of condemning a house in Fresno is not immediate; it typically takes several months to a year, depending on the circumstances. However, once a property is condemned, the consequences can be severe, including forced relocation and loss of property value.

    If your property is at risk, consider taking action before it’s too late. Pinnacle Home Buyers is here to help by offering a fast and straightforward solution—selling your home directly to us. We buy houses in any condition, allowing you to avoid the headache of the condemnation process. Contact us today to learn more about how we can assist you. (559) 272-6118 

  • What Are the Costs to Demolish a Condemned House in Fresno?

    Demolishing a condemned house can be a necessary but costly endeavor. If you own a property in Fresno that has been declared unsafe or uninhabitable, you may consider demolition a solution. However, before you proceed, it’s important to understand the full scope of expenses involved in tearing down a house. This blog will break down the various costs associated with demolishing a condemned property, helping you make an informed decision if selling the property may end up being your best option.

    Why Consider Demolishing a Condemned House?

    A house may be condemned for several reasons, including severe structural damage, health hazards, or significant code violations. When the cost of repairs outweighs the property’s value, demolition might be the most practical option. Demolition can clear the land for future use, eliminate safety hazards, and potentially increase the property’s resale value.

    Key Costs Associated with Demolition

    1. Permits and Inspections
      Before demolishing a condemned house in Fresno, you must obtain the necessary permits from the local government. These permits ensure that the demolition is conducted safely and complies with local regulations. The cost of permits can vary depending on the size of the property and the complexity of the demolition. On average, permit fees in Fresno can range from $200 to $1,000.
      Additionally, the property may require inspections before and after the demolition. Pre-demolition inspections assess the presence of hazardous materials like asbestos or lead, while post-demolition inspections ensure that the site has been cleared properly. Inspection fees can add another $300 to $800 to your overall costs.
    2. Asbestos and Hazardous Material Removal
      If your condemned house contains asbestos, lead paint, or other hazardous materials, you’ll need to hire a licensed abatement contractor to safely remove these substances before demolition can proceed. Asbestos abatement alone can be quite costly, ranging from $2,000 to $15,000, depending on the extent of the contamination. Lead paint removal and other hazardous material handling can also add significant costs, potentially increasing the total to $5,000 to $25,000 or more.
    3. Demolition Contractor Fees
      The bulk of your demolition costs will come from hiring a professional demolition contractor. The contractor’s fee will depend on several factors, including:
      • Size of the House: Larger homes will cost more to demolish. The average cost to demolish a single-family home in Fresno typically ranges from $5,000 to $15,000, but it can be higher for larger properties.
      • Method of Demolition: There are different methods of demolition, including mechanical demolition (using heavy machinery) and deconstruction (dismantling the house piece by piece). Deconstruction is more labor-intensive and, therefore, more expensive, but it allows for the salvage of materials, which can offset some costs.
      • Site Preparation and Cleanup: The demolition contractor will also need to prepare the site by disconnecting utilities (electricity, water, gas) and ensuring that the site is cleared of debris after demolition. Cleanup costs can range from $2,000 to $8,000, depending on the amount of debris and the level of site preparation needed for future use.
    4. Debris Disposal and Landfill Fees
      Once the house is demolished, the debris needs to be hauled away and disposed of. Disposal costs will depend on the volume of debris and the local landfill fees in Fresno. Typically, debris disposal can cost between $1,000 and $5,000. Some demolition contractors include disposal in their overall fee, while others charge it separately.
    5. Additional Costs to Consider
      • Tree Removal and Land Clearing: If the property has large trees or other obstacles that need to be cleared, additional costs will apply. Tree removal can range from $300 to $2,000 per tree, depending on the size and location.
      • Grading and Site Preparation: After demolition, you may need to grade the land to prepare it for future construction or sale. Grading costs can add another $1,000 to $5,000 to your total expenses.

    Total Cost Estimate

    Considering all of these factors, the total cost to demolish a condemned house in Fresno can range widely from $10,000 to $30,000 or more. To avoid unexpected expenses, it’s important to obtain multiple quotes from licensed demolition contractors and carefully review the scope of work included in each estimate.

    Alternatives to Demolition

    Demolition is not the only option for dealing with a condemned property. If the costs seem prohibitive, you might consider other alternatives:

    1. Sell the Property As-Is
      Instead of spending thousands on demolition, you could sell the condemned property as-is to a real estate investor or direct buyer like Pinnacle Home Buyers. Direct buyers specialize in purchasing distressed properties, including condemned properties. This option lets you offload the property quickly without investing in demolition or repairs.
    2. Renovation and Restoration
      In some cases, renovating the condemned property may be feasible if the necessary repairs are not too extensive. This option requires a significant investment but can potentially restore the property’s value and make it habitable again.
    3. Donating the Property
      If the property holds little value, you might consider donating it to a nonprofit organization. Some organizations may accept the property and handle the demolition or repairs themselves, potentially allowing you to receive a tax deduction.

    Demolishing a condemned house in Fresno can be a costly process with multiple expenses to consider. From permits and hazardous material removal to contractor fees and debris disposal, the costs can quickly add up. However, understanding these costs upfront can help you make the best decision for your situation.

    If you’re facing the challenge of a condemned property and want to explore alternatives to demolition, Pinnacle Home Buyers is here to help. We specialize in purchasing properties in any condition, offering a hassle-free solution that can save you time and money. Contact us today to learn more about how we can assist you with your condemned property. (559) 272-6118 

  • What You Need to Know About Fixing a Condemned House in Fresno

    Fixing a condemned house is no small task. When a property in Fresno is deemed unfit for habitation, it usually means extensive repairs are needed to bring it back to livable condition. Whether you’ve inherited a condemned property or your investment property has fallen into disrepair, understanding the process and associated costs is essential before diving into renovations. Keep reading as we explain what you need to know about fixing a condemned house and explore the other options available to homeowners.

    Understanding the Basics of a Condemned House

    A house is condemned when local authorities declare it unsafe for occupancy due to severe structural damage, code violations, or health hazards. This designation can result from neglect, natural disasters, or other factors that cause the property to deteriorate. Once a house is condemned, it cannot be legally inhabited until it has been repaired and passes a reinspection by local building officials.

    The Process of Fixing a Condemned House

    1. Obtain a Copy of the Condemnation Report
      The first step in fixing a condemned house is to understand the specific reasons for its condemnation. Your local building department can provide a copy of the condemnation report, which will outline the violations and required repairs to bring the property up to code.
    2. Hire Qualified Professionals
      Fixing a condemned house often requires the expertise of multiple professionals, including:
      • Structural Engineers: To assess and design solutions for any structural issues.
      • Contractors: To carry out the necessary repairs, such as roofing, plumbing, electrical work, and more.
      • Architects: If major renovations or redesigns are needed.
      • Inspectors: To ensure that all repairs meet local building codes.
    3. It’s important to hire licensed and experienced professionals to avoid further complications down the line.
    4. Obtain Necessary Permits
      Before starting any work, you’ll need to obtain the necessary permits from the local building department. These permits ensure that the work is being done according to code and will be inspected at various stages. Working without permits can result in fines and further delays.
    5. Make the Required Repairs
      The scope of repairs will depend on the issues identified in the condemnation report. Common repairs for condemned houses include:
      • Structural Repairs: Fixing foundations, walls, or roofs that are damaged or unstable.
      • Electrical and Plumbing Updates: Replacing outdated or dangerous systems to meet modern safety standards.
      • Mold and Asbestos Removal: Addressing health hazards that make the property unsafe for occupancy.
      • Pest Control: Eradicating infestations that contribute to the property’s decline.
    6. Depending on the extent of the damage, these repairs can be extensive and time-consuming.
    7. Schedule Reinspections
      After completing the repairs, you’ll need to schedule a reinspection with the local building department. An inspector will review the work to ensure it meets all code requirements. If the repairs are satisfactory, the condemnation order will be lifted, and the property will be considered safe for occupancy.

    Costs Associated with Fixing a Condemned House

    The cost of fixing a condemned house can vary widely depending on the extent of the damage, the size of the property, and the local cost of labor and materials. Here’s a rough breakdown of potential costs:

    • Structural Repairs: $10,000 to $50,000 or more, depending on the severity of the damage.
    • Electrical and Plumbing Updates: $5,000 to $30,000, depending on the scope of work needed.
    • Roofing Repairs: $5,000 to $15,000, depending on the size of the roof and the materials used.
    • Mold and Asbestos Removal: $2,000 to $20,000, depending on the extent of the contamination.
    • General Contractor Fees: 10% to 20% of the total project cost, which can add up significantly on larger projects.

    It’s important to budget carefully and be prepared for unexpected costs that can arise during the renovation process.

    Other Options for Homeowners

    Fixing a condemned house is a significant undertaking, both financially and logistically. If the costs and complexities seem overwhelming, there are alternative options to consider:

    1. Sell to a Direct Buyer
      If you’re not able to take on the repairs, selling the property directly to a real estate investor like Pinnacle Home Buyers can be an ideal solution. Direct buyers specialize in purchasing homes in any condition, including condemned properties. This allows you to sell the house as-is without investing time and money into repairs. Pinnacle Home Buyers offers a straightforward, hassle-free process and can provide a fair cash offer for your home.
    2. Sell to a Fix-and-Flip Buyer
      Another option is to sell to a fix-and-flip buyer who specializes in renovating and reselling distressed properties. While the offer may be lower due to the necessary repairs, this can still be a viable way to offload a condemned property without dealing with the renovation process yourself.
    3. Consider Donating the Property
      If the property holds little value after repair costs are considered, donating it to a nonprofit organization might be an option. Some organizations may accept the property and take on the repairs themselves, allowing you to avoid the burden of renovation while potentially receiving a tax deduction.

    Fixing a condemned house in Fresno is a complex and often costly endeavor, requiring careful planning, skilled professionals, and a significant investment of time and money. However, for some homeowners, it may be the right path to restoring a property’s value and making it habitable once again.

    If the prospect of renovating a condemned house seems daunting, remember that you have other options. Pinnacle Home Buyers is here to help by offering a quick and easy solution—purchasing your home as-is, regardless of its condition. Contact us today to learn more about how we can assist you in selling your condemned property and move forward confidently. (559) 272-6118 

  • 5 Factors That Determine the Price of Land in CA

    If you’re a landowner considering selling your property in CA, understanding the factors that influence land prices is crucial. Whether you’re looking to sell for development, investment, or to capitalize on current market conditions, knowing what impacts land value will help you get a fair deal. At Pinnacle Home Buyers, we specialize in purchasing and in Fresno, and we’re always on the lookout for opportunities to work with local landowners. Here’s a look at five key factors that can determine the price of land in CA.

    1. Location

    The classic real estate mantra “location, location, location” holds especially true for land. Proximity to urban centers, access to highways, and nearby amenities like schools, shopping, or entertainment heavily influence a plot’s value. In Fresno, areas with growing development or potential for commercial use often fetch higher prices. Additionally, properties located near natural features such as lakes, rivers, or scenic landscapes may also attract premium offers.

    How Pinnacle Home Buyers Can Help: We have extensive knowledge of the Fresno landscape and can offer fair market prices based on the potential of your land’s location.

    2. Zoning and Land Use Restrictions

    Zoning laws determine how land can be used, whether for residential, commercial, agricultural, or industrial purposes. The more flexible the zoning, the higher the land value tends to be, as it opens up opportunities for various types of development. Land with restrictive zoning can be priced lower unless there’s a demand for that specific use in the area.

    Our Approach: We understand the complexities of zoning and can offer guidance on how your land’s designation impacts its value. At Pinnacle Home Buyers, we’re always interested in land with potential for various uses, no matter the zoning.

    3. Size and Shape of the Land

    Larger plots of land tend to be priced higher per acre, as they provide more opportunities for development or subdivision. However, the shape of the land can also play a role. Irregular or oddly shaped lots may limit development potential, which can affect the overall price.

    Why Size Matters to Pinnacle Home Buyers: We assess not only the size but also the potential usage of the land. Even oddly shaped parcels may have development potential that others might overlook.

    4. Utilities and Infrastructure

    Land that already has access to essential utilities such as water, electricity, sewage, and internet connections is generally more valuable. The cost of extending these services to undeveloped land can be significant, lowering the overall price of plots that are far from established infrastructure.

    Our team is skilled in evaluating the costs of connecting utilities and infrastructure, which allows us to make competitive offers on land, regardless of its current state of development.

    5. Market Demand and Economic Conditions

    Like all real estate, the price of land is influenced by market conditions. High demand for housing or commercial development in Fresno can drive land prices up. On the flip side, during economic downturns or periods of low demand, prices may stagnate or decrease.

    At Pinnacle Home Buyers, we are constantly monitoring the market trends in Fresno, ensuring that we provide fair and competitive offers regardless of current conditions. Whether you’re selling in a high or low market, we’re always interested in land acquisitions.

    Understanding the factors that affect land pricing can help you make an informed decision when selling your property. At Pinnacle Home Buyers, we pride ourselves on offering competitive prices based on thorough market analysis and fair valuation. If you own land in Fresno and are thinking of selling, contact us today. We’re always ready to discuss how we can make an offer that works for you. (559) 272-6118

  • How to Sell Inherited Land: A Guide for Heirs in Fresno

    Inheriting land can be both a blessing and a challenge. While the land holds sentimental value, it can also present financial, legal, and logistical hurdles. Many heirs in Fresno find themselves unsure of what to do with inherited land, especially if it’s not immediately useful or is located far from their residence. If you’ve recently inherited land and are considering selling it, this guide will help you understand the steps involved and how Pinnacle Home Buyers can assist in making the process smooth and stress-free.

    1. Understand Your Inheritance Rights

    The first step in selling inherited land is ensuring that you have clear ownership. Often, land is passed down through wills or probate, and it’s essential to verify that the title has been properly transferred to your name or the names of all heirs involved. If multiple heirs inherit the property, all parties must agree to the sale or establish a buyout arrangement.

    Tip: If the land is still tied up in probate or if there are multiple heirs, Pinnacle Home Buyers can work with you to navigate these legalities, offering solutions that work for all involved.

    2. Get a Professional Land Appraisal

    Inherited land can vary widely in value based on factors like location, zoning, size, and access to utilities. Before listing the property for sale, it’s crucial to get an accurate appraisal of the land’s worth. This will help you set a fair market price and avoid undervaluing or overpricing it.

    How Pinnacle Home Buyers Can Help: We can provide a free, no-obligation evaluation of your inherited land in Fresno, giving you an honest and competitive assessment of its value.

    3. Understand the Tax Implications

    Selling inherited land can have tax implications, particularly in the form of capital gains taxes. Fortunately, when you inherit property, the tax basis is typically “stepped up” to the land’s value at the time of the original owner’s passing, which could reduce the amount of tax you owe. However, it’s always a good idea to consult with a tax professional to understand the specific financial implications for your situation.

    Our Advice: At Pinnacle Home Buyers, we often work with sellers to ensure they’re aware of any tax responsibilities and how selling might impact their finances.

    4. Prepare the Land for Sale

    Before putting the land on the market, you’ll want to make sure it’s in good condition for potential buyers. This could involve clearing overgrown vegetation, addressing any boundary issues, or resolving utility access concerns. Some inherited land may be in a neglected state if it hasn’t been maintained for years.

    How Pinnacle Home Buyers Can Help: We buy land in all conditions—no need to worry about cleanup or costly preparations. Pinnacle Home Buyers handles all aspects of land acquisition, including any needed improvements.

    5. Find the Right Buyer

    Selling inherited land can be more complex than selling a home. You need a buyer who understands the value of the land and can move forward with the transaction quickly. Traditional buyers may take months to finalize the deal, and that’s not always ideal when multiple heirs are involved or when quick resolution is needed.

    Why Choose Pinnacle Home Buyers: We specialize in purchasing inherited land in Fresno and can offer a fast, hassle-free transaction. Our team understands the unique challenges heirs face and will work with you to close the sale quickly, allowing you to move forward without the stress of ongoing land ownership.

    6. Consider Selling Directly to a Real Estate Investor

    If you’re looking for a simple, fast sale, working with a real estate investment company like Pinnacle Home Buyers can be a smart option. We offer a direct purchase process, meaning there’s no need to list the property, deal with long negotiations, or pay real estate commissions. Selling to us is straightforward: we assess the land, make a fair offer, and close on your timeline.

    Selling inherited land doesn’t have to be a complicated or drawn-out process. By understanding your rights, getting a proper appraisal, and finding the right buyer, you can turn your inheritance into a valuable asset with minimal hassle. If you’re ready to sell your inherited land in Fresno, Pinnacle Home Buyers is here to help. We offer a fair, quick, and stress-free way to sell, allowing you to move forward with confidence.

  • Pulling Permits for Home Repairs in Fresno: A Guide for Home Buyers, Sellers, and Investors

    Whether you’re a home buyer, seller, or investor in Fresno, understanding the permitting process for home repairs is crucial. Permits ensure that work complies with local building codes and safety standards, protecting the investment in your property. This guide will cover the basics of unpermitted work, the permitting process, and how Pinnacle Home Buyers can help by buying houses as-is, allowing sellers to avoid making repairs.

    Understanding Unpermitted Work

    Unpermitted work refers to any construction, renovation, or repair done without obtaining the necessary permits from local authorities. This can include:

    • Structural changes
    • Electrical or plumbing upgrades
    • Additions and remodels
    • Roofing and siding replacements

    Unpermitted work can lead to significant issues, including fines, legal problems, and complications when selling a property. It’s essential to ensure that all work is permitted and up to code to avoid these issues.

    The Permitting Process

    1. Determine the Need for a Permit

    Not all home repairs require a permit. Minor cosmetic changes, like painting or flooring, typically don’t need one. However, any work involving structural, electrical, plumbing, or mechanical systems usually does. Check with the local building department in Fresno to determine if your project requires a permit.

    2. Submit a Permit Application

    Once you’ve determined that a permit is necessary, the next step is to submit an application. This process generally involves:

    • Providing detailed plans or blueprints of the proposed work
    • Describing the scope of the project
    • Paying an application fee

    In some cases, you may need to work with a licensed contractor to prepare the application and ensure that the plans meet local building codes.

    3. Plan Review

    The building department will review the submitted plans to ensure they comply with local codes and regulations. This review process can take anywhere from a few days to several weeks, depending on the complexity of the project.

    4. Obtain the Permit

    If the plans are approved, you’ll receive the permit, allowing you to begin the work. Make sure to display the permit on-site as required by local regulations.

    5. Inspections

    Throughout the construction process, you’ll need to schedule inspections at various stages. Inspectors will verify that the work is being done according to the approved plans and meets all code requirements. Common inspection points include:

    • Foundation
    • Framing
    • Electrical and plumbing rough-ins
    • Final inspection

    6. Final Approval

    Once all inspections are passed, the building department will issue a final approval or a certificate of occupancy, confirming that the work is compliant with all regulations.

    Consequences of Unpermitted Work

    Failing to pull the necessary permits can lead to several problems, such as:

    • Legal Penalties: Fines and legal action from local authorities
    • Reduced Property Value: Buyers may offer less for a property with unpermitted work
    • Insurance Issues: Insurers may deny claims related to unpermitted work
    • Safety Concerns: Work done without permits may not meet safety standards

    How Pinnacle Home Buyers Can Help

    At Pinnacle Home Buyers, we understand that dealing with permits and repairs can be stressful and time-consuming. As real estate investors, we specialize in purchasing properties as-is, meaning you don’t need to worry about pulling permits or making repairs. Here’s how we can assist:

    • Quick Offers: We provide fast and fair offers, allowing you to sell your property without delay.
    • No Repairs Needed: We buy houses in any condition, so you don’t need to spend time or money on repairs or permits.
    • Hassle-Free Process: Our streamlined buying process ensures a smooth and stress-free transaction.

    By choosing Pinnacle Home Buyers, you can avoid the complications of unpermitted work and the permitting process, making it easier to sell your home quickly and efficiently.

    Navigating the permitting process for home repairs in Fresno is essential for home buyers, sellers, and investors. Ensuring that all work is permitted and up to code can prevent legal issues, protect property value, and ensure safety. However, if you prefer to avoid the hassle, Pinnacle Home Buyers offers a convenient solution by purchasing houses as-is. Contact us today to learn more about how we can help you sell your home without the stress and expense of dealing with permits and repairs. (559) 272-6118 

  • How to Check Construction Permits When Buying or Selling a House in Fresno

    When buying or selling a house in Fresno, it is crucial to ensure that all construction work was properly permitted. Proper permits ensure that work complies with local building codes and safety standards, protecting both buyers and sellers from future problems. This guide will cover how to check if the proper permits were pulled for past work, how to handle unpermitted work, the permitting process, and any associated costs.

    Checking Construction Permits

    1. Understand What Requires a Permit

    Before diving into the permit-checking process, it’s essential to know what types of work typically require a permit. These can include:

    • Structural changes (e.g., room additions, deck construction)
    • Electrical and plumbing upgrades
    • Major renovations
    • Roofing replacements
    • HVAC installations

    Minor cosmetic changes like painting or flooring often do not require a permit.

    2. Request Permit Records from the Seller

    When buying a house, start by asking the seller for documentation of any permits pulled for work done on the property. This can include copies of permits, inspection reports, and final approvals.

    3. Visit the Local Building Department

    The most reliable way to verify permits is to visit the Fresno building department. You can request permit records for the property in question. Some building departments also offer online databases where you can search for permits using the property address.

    4. Use Online Resources

    Many cities have online portals where you can check permit records. These portals allow you to search for permits by address and view details about the type of work done and its approval status.

    5. Hire a Professional Inspector

    A professional home inspector can often identify signs of unpermitted work. While they cannot verify permits directly, they can highlight areas of concern that may warrant further investigation with the building department.

    Handling Unpermitted Work

    1. Identify the Extent of Unpermitted Work

    If unpermitted work is discovered, it’s essential to determine the extent and nature of the work. This might involve a thorough inspection by a licensed contractor or home inspector.

    2. Consult with the Local Building Department

    Contact the Fresno building department to discuss the unpermitted work. They can provide guidance on the steps needed to bring the work up to code, which may include obtaining a retroactive permit or making corrections.

    3. Apply for a Retroactive Permit

    A retroactive permit involves submitting plans and documentation for the unpermitted work to the building department. The work will need to be inspected to ensure it meets current building codes. If deficiencies are found, corrections will be required.

    4. Make Necessary Corrections

    If the unpermitted work does not meet code, you’ll need to hire licensed contractors to make the necessary corrections. Once the work is brought up to code, it will need to be re-inspected.

    5. Pay Any Associated Fees

    Obtaining retroactive permits and making corrections can involve various fees, including:

    • Permit application fees
    • Inspection fees
    • Penalties for unpermitted work
    • Contractor fees for corrections

    The Permitting Process

    1. Determine the Need for a Permit

    Check with the Fresno building department to determine if your planned work requires a permit. Common projects needing permits include structural changes, electrical or plumbing upgrades, and major renovations.

    2. Submit a Permit Application

    Submit detailed plans or blueprints of the proposed work along with a description of the project. Pay the required application fee. This step may require working with a licensed contractor.

    3. Plan Review

    The building department will review the plans to ensure they comply with local building codes. This review process can take anywhere from a few days to several weeks.

    4. Obtain the Permit

    Once the plans are approved, you’ll receive the permit, allowing you to begin the work. Make sure to display the permit on-site as required by local regulations.

    5. Schedule Inspections

    Throughout the construction process, schedule inspections at various stages to ensure the work is being done according to the approved plans and meets all code requirements.

    6. Final Approval

    After all inspections are passed, the building department will issue a final approval or a certificate of occupancy, confirming that the work is compliant with all regulations.

    Associated Costs

    The costs of pulling permits and addressing unpermitted work can vary widely, depending on the scope of the project and local regulations. Typical expenses include:

    • Permit Application Fees: $50 – $2,000, depending on the type and scope of work
    • Inspection Fees: $100 – $500 per inspection
    • Correction Costs: Variable, depending on the nature of the deficiencies
    • Penalties/Fines: Up to $5,000 or more for significant violations
    • Contractor Fees: Variable, based on the work needed to bring the property up to code

    Solutions for Unpermitted Work

    At Pinnacle Home Buyers, we understand that dealing with permits and unpermitted work can be overwhelming. As real estate professionals, we can helpyou determine if you should list the property or sell it directly. Both options can be beneficial depending on the specific situation. 

    When you choose a direct sale, you will not need to worry about pulling permits or making repairs. 

    • Quick and Fair Offers: We provide fast and competitive offers, allowing you to sell your property without delay.
    • No Repairs Needed: We buy houses in any condition, so you don’t need to spend time or money on repairs or permits.
    • Streamlined Process: Our straightforward buying process ensures a smooth and stress-free transaction.

    By choosing Pinnacle Home Buyers, you can avoid the complications of unpermitted work and the permitting process, making it easier to sell your home quickly and efficiently.

    Checking construction permits is an essential step when buying or selling a house in Fresno. Ensuring that all work is permitted and up to code can prevent legal issues, protect property value, and ensure safety. If unpermitted work is discovered, it’s important to address it promptly and properly. Our team can help you list the property, earning the highest price possible. However, if you prefer to avoid the hassle, Pinnacle Home Buyers offers a convenient solution by purchasing houses as-is. Contact us today to learn more about how we can help you sell your home without the stress and expense of dealing with permits and repairs. (559) 272-6118

  • Unpermitted Work in Your Fresno House? Learn How to Obtain a Permit After the Work Has Been Done to Ensure a Smooth Selling Process

    As a homeowner or investor in Fresno, discovering unpermitted work in a property can be a daunting experience. Unpermitted work can complicate the selling process, whether it’s a remodel, an addition, or any other improvement. However, obtaining a permit after the work has been done is possible and can help ensure a smooth sale. In this blog, we’ll detail the steps to legalize unpermitted work, outline the associated expenses, and explain how investors like Pinnacle Home Buyers can assist by buying the property as-is.

    Understanding Unpermitted Work

    Unpermitted work refers to any modifications or improvements made to a property without the required permits from local authorities. This can include:

    • Room additions
    • Electrical or plumbing upgrades
    • Structural changes
    • Major renovations

    Unpermitted work can lead to several issues, including fines, legal troubles, and difficulties when selling the property. Therefore, it is essential to address these issues before selling your home. Because requirements vary by area, it’s important to learn about the regulations put in place in your area. 

    Steps to Obtain a Permit for Unpermitted Work

    1. Assess the Work

    The first step is to thoroughly assess the work that has been done. This might involve hiring a professional inspector to evaluate the changes and identify any potential code violations.

    2. Gather Documentation

    Collect any available documentation related to the unpermitted work. This could include plans, receipts, or records that detail what was done to the property.

    3. Consult with a Licensed Contractor

    A licensed contractor can provide valuable insights into what must be done to bring the work up to code. They can help identify deficiencies and suggest necessary corrections.

    4. Submit an “As-Built” Permit Application

    In certain areas, homeowners can apply for an “as-built” permit, which is essentially a retroactive permit for work that has already been completed. The application will likely require:

    • Detailed plans or blueprints
    • A description of the work done
    • Any corrections needed to meet current codes

    5. Schedule Inspections

    Once the application is submitted, the local building department will schedule inspections to verify that the work complies with current building codes. If the work doesn’t meet code, corrections will need to be made, and re-inspections will be necessary.

    6. Pay Fees

    There are various fees associated with obtaining permits and inspections. These can include:

    • Permit application fees
    • Inspection fees
    • Penalties for unpermitted work

    7. Final Approval

    After all inspections are passed and any necessary corrections are made, the building department will issue the final permit. This legalizes the unpermitted work and clears any potential hurdles for selling the property.

    Associated Expenses

    The costs of legalizing unpermitted work can vary widely depending on the scope of the work and local regulations. Typical expenses include:

    • Inspection Fees: $100 – $500 per inspection
    • Permit Fees: $50 – $2,000 depending on the type and scope of work
    • Correction Costs: Variable based on the nature of the deficiencies
    • Penalties/Fines: Up to $5,000 or more for significant violations

    It’s essential to factor these costs into your budget when planning to sell a home with unpermitted work.

    Solutions That Can Help

    At Pinnacle Home Buyers, we understand the challenges associated with unpermitted work. As real estate investors, we specialize in purchasing properties as-is, which means you don’t need to go through the hassle of obtaining permits or making costly corrections. Here’s how we can assist:

    • Fast and Fair Offers: We provide quick and competitive offers for your property, allowing you to avoid the lengthy traditional selling process.
    • No Repairs Needed: We buy houses in any condition, so you don’t need to worry about making repairs or bringing the work up to code.
    • Stress-Free Process: Our streamlined buying process ensures a smooth transaction, saving you time and reducing stress.

    By choosing Pinnacle Home Buyers, you can sell your house quickly and move forward without the burden of addressing unpermitted work.

    Unpermitted work in your Fresno home doesn’t have to derail your plans to sell. By following the steps outlined above, you can obtain the necessary permits and ensure a smooth selling process. However, if you prefer to avoid the hassle and expense, Pinnacle Home Buyers is here to help by purchasing your property as-is. Contact us today to learn more about how we can assist you in selling your home quickly and efficiently. (559) 272-6118 

  • 6 Advantages of Selling Your Home to a Direct Buyer in Fresno That You Might Not Know About

    Selling a home in Fresno is a major decision that affects your life in many ways. Whether you are downsizing, relocating, or looking for a change, finding the right buyer for your property is essential. While some people prefer to sell their homes through real estate agents, others choose to work with direct buyers. Both options can be the right choice. It all depends on your situation. If you are struggling with an old or unwanted property, or considering selling a home with major damage, there are many advantages to selling your home to a direct buyer that you might not know about. In this blog, we will explore six of these benefits so that you can make the best decision for your situation.

    1. A Direct Sale Typically Moves Quickly

    One of the most significant advantages of selling your Fresno home to a direct buyer is that you can sell it quickly. When you work with a real estate agent, the process can take several months, depending on the market and your unique property. You may also have to worry about the sale falling through due to an issue with the buyer’s financing. However, direct buyers can make an offer on your home within a few days, and the sale can be completed in as little as one week. This is especially beneficial if you need to sell your home quickly for personal or financial reasons.

    2. Do Not Spend Money Making Repairs or Renovations

    When you sell your home through a Fresno real estate agent, you will likely need to make repairs and renovations to attract potential buyers. This can be costly and time-consuming, and you will not be guaranteed to recoup your investment. However, direct buyers are often willing to purchase homes as-is, without any repairs or renovations. This can save you time, keep more money in your wallet, and simplify the selling process for Fresno homeowners.

    3. Pay No Commissions or Listing Fees

    When you work with a Fresno real estate agent to list our house, you will need to pay commissions and fees. These costs can quickly eat away at your profits, costing home sellers thousands of dollars. Agent commissions alone can range from 5% to 6% of the sale price, which can be a significant amount of money. You will also have to factor in cleaning, staging, marketing, and listing fees. However, when you sell your home to a direct buyer, you can avoid paying any of these costs. This can save you thousands of dollars and eliminate the stress and waiting that comes along with a traditional listing.

    4. You Can Sell Any Home Despite the Condition

    Direct buyers are often willing to purchase homes in any condition, including those that are outdated or in need of repairs. This is because they are not looking for a perfect home, but rather a property that they can invest in and improve. This can be beneficial if you need to sell a Fresno house that needs work but do not want to spend the time or money to fix it up.

    5. There Are No Open Houses or Property Showings to Cater To

    When you work with a real estate agent, you will need to hold open houses and showings to attract potential buyers to your property. This can be time-consuming and stressful, especially if you have a busy schedule, a big family, or do not want strangers walking through your home. However, when you sell your home to a direct buyer, you can avoid open houses and showings altogether. This can make the selling process much easier and less stressful, allowing you to focus on more important things.

    6. You’ll Receive Your Money Right Away

    When you sell your home to a direct buyer, you can often receive cash quickly. This can be beneficial if you need to sell your home quickly for personal or financial reasons. Cash buyers can make an offer on your home within a few days, and the sale can be completed in as little as one week. This can be a lifesaver if you need to move quickly or cannot afford to wait for a traditional sale.

    There are many advantages to selling your home to a direct buyer that you might not know about. From selling your home quickly to avoiding costly repairs and renovations, direct buyers can make the selling process much easier and less stressful. If you are considering selling your home, it is worth considering a direct buyer. With their help, you can sell your home quickly, easily, and profitably. Pinnacle Home Buyers works with homeowners throughout the Fresno area to help them find the solution that is in their best interest. Reach out to us today if you have questions about selling your home, our company, or the solutions we offer! (559) 272-6118

  • How to Make Sure Your Contractor is Insured in Fresno

    How to Make Sure Your Contractor is Insured in Fresno

    You’ve wanted to renovate your cramped, outdated kitchen for ages. Or perhaps you are deciding between staying in your home after major damages or selling and walking away from some potential pricey repairs. Like many, asking around among friends and co-workers may initially help find and hire a contractor, but making sure your contractor is insured in Fresno is of vital importance.

    Things can get ugly – and appallingly expensive – if your contractor isn’t insured. If things don’t go perfectly, you can land in a world of drawn out disputes, expensive fixes you have to foot the bill for, and far more stress than you initially bargained for. You can avoid such a situation, however, by making sure your contractor is reputable and fully insured.

    Difference Between Bonding and Insurance

    Most reputable contractors advertise themselves as “bonded and insured.” But what, exactly, does that mean?

    A surety bond assures that you’re protected if the contractor skips out and doesn’t finish the project or if he winds up doing sub-par, shoddy work. This bonding ensures that you won’t have to use your own cash or homeowner’s insurance to foot the bill in such cases.

    A contractor’s insurance protects you against the cost of both damages and lawsuits. If during the renovation project, some kind of damage occurs to your home, you (or your insurer) won’t have to pay for repairs. Also, if one of the contractor’s employees is injured working on your project, you won’t be liable.

    What Kind/How Much Insurance?

    Taking steps to make sure your contractor is insured in Fresno is just the beginning. You also need to make sure the contractor has adequate coverage and the right types of insurance.

    First, would the contractor’s insurance cover major damage to your home? If, say, you live in a $1.5 million home, and your contractor’s insurance would cover only $500,000 in damages, then you probably need to keep looking.

    Your contractor should carry general contractor liability insurance comprising the following types/levels of coverage:

    • Liability insurance – Covers injury to you or your family and protects you from lawsuits
    • Workman’s Comp – Protection for the contractor’s employees in the event of injury (not required in all states for smaller contractors, so you’ll need to ask)
    • Property damage – Covers damages to your home during the course of the project

    Steps You Need to Take

    But how, precisely, can you make sure your contractor is insured in Fresno? There are several steps you can take mitigate your risk and make sure you’ve chosen a reputable, fully insured contractor.

    • Check out the contractor with the Better Business Bureau
    • Check references and talk to former customers
    • Have a formal in-depth meeting with the contractor before signing any contract
    • Ask to see insurance and bonding documents
    • Get everything in writing – all aspects of work to be done, work milestones and payment schedule, completion date, contingency clauses, and so on

    How Does Your Contractor Deal With Subcontractors?

    Suppose, for example, your remodel project involves adding a room to your home. In that case, the general contractor will probably hire subcontractors to do the framing and brick laying. But are the subcontractors insured?

    It sometimes happens that subcontractors are brought in on a cash basis. There’s no record of their employment by the general contractor, and, as a result, they aren’t covered by the contractor’s insurance (or bonding) should something go wrong. So, in addition to investigating your contractor’s insurance status, you also need to determine how they deal with subcontractors.

    Knowing how to make sure your contractor is insured in Fresno is crucial for any major work done in or on your home. Your local real estate professionals can also be a good resource when you’re checking out contractors.

    If you’re still feeling overwhelmed and want to walk through all of your options, we would be glad to assist you! Feel free to contact us by phone at (559) 272-6118 or fill out our contact form to get in touch.

  • Homeowners Insurance 101: A Guide for Homebuyers in Fresno

    Homeowners Insurance 101: A Guide for Home Buyers in Fresno

    Homeowners insurance. You know you should probably have it, and if you have a mortgage, you’re required to have it. But how much do you know about it beyond that – what it covers (and does not cover), the types of policies, how much coverage you need? What happens in case of minor damage from a storm, or even something as rare as fire damage? If you’re not familiar with these things, you may very well be overpaying and/or be underinsured. To help you out, we’ve put together this homeowners insurance guide for homebuyers in Fresno.

    Homeowners Insurance Overview

    Homeowner’s insurance is a safety net. It will “compensate you if an event covered under your policy damages or destroys your home or personal items. It will also cover you in certain instances if you injure someone else or cause property damage.”

    The three main functions of this insurance are to…

    1. “Repair your house, yard and other structures.
    2. Repair or replace your personal belongings.
    3. Cover personal liability if you’re held legally responsible for damage or injury to someone else.”

    There are three basic levels of coverage with homeowner’s insurance  – actual cash value, replacement cost, and extended replacement cost/value. In addition, “[p]olicy rates are largely determined by the insurer’s risk that you’ll file a claim.” This risk is assessed on the basis of “past claim history associated with the home, the neighborhood, and the home’s condition.”

    Types of Policies

    There are several types of homeowner’s insurance (also called “policy forms”), with some providing more coverage than others. The most common policy types are . . . 

    HO-1 AND HO-2

    The least popular policies, provide the least amount of coverage and “payout only for damage caused by issues listed in the policy. Together these two types account for about 8% of homeowners coverage. HO-2insurance, the more common of the two, typically covers your house and belongings only for the 16 [listed] causes . . . HO-1, which isn’t widely available, is the most bare-bones type of homeowners insurance. It covers losses from an even shorter list of perils than the HO-2 form.”

    HO-3

    “HO-3 insurance policies, also called ‘special form,’ are by far the most common,” accounting for almost 80% of coverage on owner-occupied homes.  “If you have a mortgage, your lender is likely to require at least this level of coverage. HO-3 insurance policies generally cover damage to your home from any cause except those the policy specifically excludes, such as an earthquake or flood. However, where it concerns your belongings, an HO-3 policy typically covers only damage from 16 ‘named perils’ unless you buy extra coverage.”

    HO-5

    Also known as comprehensive form or premier coverage, this type of policy provides the broadest and most extensive coverage. “It pays for damage to your home and belongings from all causes except those the policy excludes by name. . . . It’s typically available only for well-maintained homes in low-risk areas, and not all insurers offer it.”

    Replacement Cost, Actual Cash Value, and More

    You also need to be aware that “[i]fyour home is destroyed, your homeowner’s insurance company isn’t likely to simply write you a check for the amount listed on your policy. Your payout could differ depending on the cost to rebuild and the coverage you chose – and much of it will be paid directly to contractors rebuilding your home, in many cases.”

    Concerning this, here are some things you need to consider when deciding on coverage:

    REPLACEMENT COST

    This is coverage that will pay however much it takes to rebuild your home(and that may exceed your policy limits). “This situation may arise, for instance, if construction costs have increased in your area while your coverage has remained level.”

    ACTUAL CASH VALUE

    “Actual cash value coverage pays the cost to repair or replace your damaged property, minus a deduction for depreciation. Most policies don’t use this method for the house itself, but it’s common for personal belongings.”

    FUNCTIONAL REPLACEMENT COST VALUE

    This type of coverage will pay to repair damage to your home, but possibly with cheaper materials than the original. For example, damage to plaster walls may be repaired with drywall, which is cheaper.

    REPLACEMENTCOST VALUE

    “Replacement cost value coverage pays to repair your home with materials of ‘like kind and quality,’ so plaster walls can be replaced with plaster. However, the payout won’t exceed your policy’s dwelling coverage limits.”

    EXTENDED REPLACEMENT COST VALUE

    This type of coverage “will pay out more than the face value of your dwelling coverage, up to a specified limit, if that’s what it takes to fix your home.” This limit is typically a percentage or a dollar amount, but in either case, it provides “a cushion if rebuilding is more expensive than you expected.”

    Guaranteed Replacement Cost Value

    “Guaranteed replacement cost value coverage pays the full cost to repair or replace your home after a covered loss, even if it exceeds your policy limits.” The catch, though, is that this level of coverage isn’t offered by all insurance companies.

    Determining Amount of Coverage Needed

    Now, you need to determine exactly how much coverage you need from your homeowner’s insurance. You’ll need enough coverage to rebuild/repair your home in the case that is destroyed or severely damaged. You can estimate the cost to rebuild by multiplying your home’s square footage by per-square-foot local construction costs. YourFresno agent can also provide some guidance here. Just call(559) 272-6118 to find out more.

    What you shouldn’t do is “focus on what you paid for the house, how much you owe on your mortgage, your property tax, or the price you could get if you sell. If you base your coverage on those numbers, you could end up with the wrong amount of insurance. Instead, set your dwelling coverage limit at the cost to rebuild. You can be confident you’ll have enough funds for repairs, and you won’t be paying for more coverage than you need.”

    When it comes to your belongings, your personal property, “you’ll generally want coverage limits that are at least 50% of your dwelling coverage amount, and your insurer may automatically set the limit that way.” You can, however, lower the limit or purchase more coverage if you need to/

    With respect to the liability limit, experts advise having a “limit at least high enough to cover your net worth,” including “savings, investment accounts, and other assets, minus auto loans, credit card balances, and other debts.”

    Cost of Homeowners Insurance 

    So what does homeowner’s insurance cost? The national average is about $1,600 per year, but this is an average and individual prices can be much higher or lower. In addition, your credit score can also affect the cost of your insurance.

    And then there’s the deductible – the amount you have to pay out of your pocket before the insurance kicks in. Here are the two main things to keep in mind when choosing your policy’s deductible:

    1. A higher deductible will reduce your premium, but you’ll pay a lot more when you file a claim.
    2. With a lower deductible, you’ll pay a higher premium, but will pay a lot less out of your pocket for a claim.

    When It’s Time to Buy

    Ultimately, homeowners insurance isn’t a luxury – it’s a necessity. But there are so many influencing factors and available options, it’s difficult to know what kind of policy and coverage is right for you. An experienced Fresno agent can provide valuable assistance in many of these areas. We suggest that Fresno home buyers trying to untangle the homeowner’s insurance puzzle, contact us today at (559) 272-6118.

  • 6 Smart Tips to Help You Sell a Damaged Home in Fresno

    A damaged home in Fresno can be a nightmare to sell. Most buyers are not interested when there is visible damage on a listing, preferring homes ready for immediate occupancy. However, if they have the time, inclination, and finances to take on a project, some buyers may take a chance and toss an insultingly low number out to see if it sticks, which can be rather disheartening for sellers. The longer a listing lingers, the more likely the sellers will realize a lower final sales price.

    If you’ve got a damaged home and want to make the sales process less stressful while earning the most profit, read on as we explore six smart tips to help you sell a damaged home in Fresno.

    Pricing

    One of the easiest ways to sell a home is to list it at the right price. Professional buyers like those at Pinnacle Home Buyers can help you understand your current market value. Our professional buyers at Pinnacle Home Buyers are happy to help you determine the right price to sell a damaged home in Fresno. At Pinnacle Home Buyers, our professional buyers are local investors who know the Fresno real estate market and can help you understand your competition, which plays a role in determining the price.

    Don’t Hide Anything

    Remembering the legalities of disclosure laws is our next tip to help you sell a damaged home in Fresno. Professional buyers like those at Pinnacle Home Buyers can help you understand the potential expenses and timeline to correct any areas of concern. At Pinnacle Home Buyers, our professional buyers work with a team of skilled tradespeople and professionals to provide reliable data for their offer. At Pinnacle Home Buyers, we practice total transparency and lay every detail on the table for sellers.

    Minor Repairs

    Another tip to help you sell a damaged home in Fresno is to improve the appearance by making minor repairs. Professional buyers like those at Pinnacle Home Buyers can help you understand where to focus your repairs on gaining the most from your investment in your damaged home. Our professional buyers at Pinnacle Home Buyers want you to agree that their offer is fair. At Pinnacle Home Buyers, we’re your neighbors who live and work alongside you here in Fresno, and we want to make a deal you’ll feel good about long after closing. 

    Targeting Your Market

    Understanding your target market is our next tip to help you sell a damaged home in Fresno. You’ll want to find cash buyers who purchase homes needing repairs or total rehabilitation. Professional buyers like those at Pinnacle Home Buyers can alleviate your concerns about making repairs because we buy homes as-is for cash. 

    Know Your Options

    Gathering the information on your selling options is the next tip to help you sell a damaged home in Fresno. If the extent of the repairs is minor and you have the time, finances, and emotional fortitude to tackle the job, it may be well worth the additional profits you would realize. Professional buyers like those at Pinnacle Home Buyers will help you compare your profits from listing vs. a direct sale. At Pinnacle Home Buyers, our professional buyers will help you determine which works best for your circumstances, even if it’s listing with an agent.

    Pinnacle Home Buyers

    Our final tip? A direct sale to professional buyers at Pinnacle Home Buyers is the smartest way to sell a damaged home in Fresno. At Pinnacle Home Buyers, our professional buyers make it easy to sell a damaged home fast, with a guaranteed closing date you can select. The pros at Pinnacle Home Buyers work with a full-service in-house team of professionals to make the process efficient. At Pinnacle Home Buyers, sellers never pay commissions or closing costs. Call Pinnacle Home Buyers at (559) 272-6118.

  • Should You Make Repairs to Your Fresno House Before Selling It?

    It can be challenging to determine if you should make repairs to your Fresno house before selling it to increase your final sales price or keep your money in your pocket and sell it as-is. However, many essential factors add up to the answer. So read on as we explore if you should make repairs to your Fresno house before selling it. 

    Circumstances

    Sellers must bear the costs of making repairs to your Fresno house before selling it and hope that they make a sizeable return on the investment in the property. Unfortunately, it takes money to make money, and repairs may not be an option for sellers without the funding. Additionally, living on a property during construction is unpleasant at best and can wear on sellers who tire of the noise, mess and hassles. Professional buyers like those at Pinnacle Home Buyers have the power of cash backing their purchases, so we buy houses as-is. When you sell directly to professional buyers at Pinnacle Home Buyers, you can leave all the worries about selling and passing the inspection behind. 

    Increased Profits

    Buyers seek properties ready to move into, so it may be worth making repairs to your Fresno house before selling it. No matter how many repairs you make, other factors may help determine if this is the right move. For example, is the after-repair value or ARV worth the expenditure? Much depends on professional estimates, and you must reach out to multiple providers to compare and save. Additionally, sellers must consider the location of the property and the features of the home and their appeal to today’s buyers. Professional buyers like those at Pinnacle Home Buyers work with a full-service in-house team of industry specialists to quickly provide you with reliable numbers. The professional buyers at Pinnacle Home Buyers will detail the profits of listing your home in the conventional method after repairs vs. our offer, which we want you to agree is fair so that you can make an educated decision about the best option in your situation.

    Time

    Time is money, so to truly understand the costs you face, you need to consider the costs of holding the property while professionals complete the repairs and during the listing period. You must have a reliable estimate of the time to make repairs to your Fresno house before selling it. Professional buyers like those at Pinnacle Home Buyers and their team will provide you with a timeline for the repair work you can take to the bank. On the other hand, if time is not on your side, the professional buyers at Pinnacle Home Buyers can provide you with a guaranteed closing date, often within a matter of days. Now, relax; if the thought of packing and moving everything in a few days does not align with your plans, talk to your professional buyer from Pinnacle Home Buyers about making arrangements to stay until the best date for your closing.

    Why not talk to the professional buyers at Pinnacle Home Buyers about whether or not you should make repairs to your Fresno house before selling it, with no obligation? At Pinnacle Home Buyers, our professional buyers will stop everything and take the time to listen to you; and we understand that you have important questions and concerns and are happy to help provide the answers. To save you even more money, the professional buyers at Pinnacle Home Buyers never charge commissions, and there are no hidden fees to surprise you and deplete your profits. We offer the amount you’ll have in hand after the closing. And you won’t even pay closing costs. Why not see the difference working with Pinnacle Home Buyers can make for you? Call Pinnacle Home Buyers at (559) 272-6118.