Author: sryan

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

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. 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.

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.

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.