Selling a house is way more complicated than it seems to be. You have to take care of every in and out for ensuring a profitable deal. Of course, you’ll decide the price to sell your home but, still, you may fall in the pitfall of hidden costs and lose a handsome amount of money. Therefore, before you proceed to put your home for sale, you must be familiar with basic home selling issues and legal ramifications.
Here is a detailed list of hidden costs of selling a home in NY…
Pay Off Mortgage
If you have had taken a mortgage loan for buying a home then, it is crucial for you to pay it off prior thinking of selling the property. Legally, you can’t sell your home without paying your pending mortgage payments. The buyer might sue you for a fraud deal in future. To avoid such complications, we suggest you first complete your loan and then only think of the other way around.
There are so many cases filed against homeowners in NY who didn’t settle the property charges and sold the home linearly. However, the law states that you can’t enforce the buyer to pay the property taxes on your behalf. Once you sell your house then only he/she would be responsible for paying property taxes. Similar to the mortgage loan, you must clear out any outstanding property taxes.
Deed Transfer Tax
Since you want to sell the property in NY, you will be subjected to deed transfer tax or realty transfer fee. Most people get confused and consider it as property tax. Whereas, it is altogether a different entity that the government levies upon the seller as a part of the home selling process. When the buyer and seller agree on a fair market value of the home, they need to contribute some percentage of it to the government. Its value varies according to the states. For instance, you’re selling the home at $500,000. The government may ask you to pay 1% of the total amount. In another state, they may ask for a 2% share.
Estoppel Letter for HOA
If you are a member of Homeowner’s Association (HOA) then, you will require an estoppel letter or certificate from their end mentioning you’ve cleared all the pending dues or payments. The letter should include the name of the homeowner, their address, a brief description of the property, and the date of clearance of pending fee along with the authorized signature of HOA board member. Here, both the seller as well as the buyer is liable to pay the default fee. Therefore, speak to the buyer before finalizing the price of your property.
Home Inspection Charges
Sometimes, what happens is, people, ask for too much money while selling the property and end up disappointed. The reason is quite simple – Nobody will pay according to your expectations. Parameters like your neighborhood, condition of your house, and amenities it hold play a pivotal role in determining the fair market value of the property. Therefore, for deciding a fair market value of your house, you should hire a home inspector.
Attorney Counsel Fees
If you don’t have much knowledge about what legalities needs to be done while selling a home, it becomes imperative to contact an attorney counselor. They can help you understand the legal matters involved in selling a house in NY in details. Don’t be stressed about the fees because it is a plus point for you. An experienced attorney will ensure your documents are processed in the correct way. Furthermore, you can impart the perspicacity to your friends and relatives whenever they face a similar situation in the future.
Home Preparation Costs
In most cases, home sellers expect that the buyers would pay for the repairing and maintenance costs. To be honest, there’s nothing wrong in that. But, when it comes to negotiating the price of the home for sale, homeowners demand a high amount. This practice is not right. Homeowners should understand that the closing costs are directly proportional to the home selling price. So, as a home seller, if you’re asking for basic repairs, you’ll have to deduct its prices from the final market value of your home.
All the above-discussed points fall under the closing costs. One needs to go through the entire process for closing a fair deal. However, if you feel that this procedure is exhausting and byzantine, you can simply contact an experienced real estate agent in NY. From handling the paperwork to listing your property for sale to closing the deal with 100% profitability, they assist you through and through.
Real Estate Company in NY
There are thousands of real estate companies in NY who claim to close the deal within a few days. Howbeit, that’s just an advertising gimmick. Don’t fall in the honey trap of fraudster real estate firms and choose a reliable and trustworthy real estate company like ‘Elite Properties’. After serving in New York for almost a decade, ‘Elite Properties’ is counted among the top-notch real estate facilitators in New York. Transparency is the main feature that drives their business. Therefore, you can approach their team for a hassle-free home selling experience in NYC.
The Bottom Line
A crystal-clear communication with the buyer and maintaining a fair practice in terms of fulfilling necessary legalities is the key to getting a favorable home selling deal. Furthermore, the guidance of an experienced real estate company such as ‘Elite Properties’ can also prove fruitful. Take your time and decide your plan of action. We wish you all the success.
My kitchen interior seems like vintage, cabinets are broken, the roof needs replacement, plumbing work needs to be done, and I don’t want to indulge in a complete makeover…Is there any way to sell my ugly house fast?
Yes! Not only you can sell your ugly home, but also sell it fast. We have figured out some crucial ways which can foster the home selling process without investing much. Have queries? Let’s address your queries one by one.
My House Doesn’t Have Proper Amenities…
That’s a worrisome matter because any potential buyer would definitely have some expectations. Maybe they won’t ask you for a polished home altogether but, they will ask you for basic necessities like decent flooring, plumbing work, adequate space, and a good neighborhood. For this reason, you must do a home inspection; make a list of things that your house lacks and then, take proper actions to meet those needs. In addition to that, do take care of your space in terms of cleanliness. A clean and tidy home can foster the chances of selling ugly home fast. If your budget allows, do hire someone for the maintenance of your home until it gets sold.
Should I List My House on Websites?
We won’t deny the fact that listing the house on top-class websites is important but, before that, you must prepare your house. Preparing the house for property listing will require a sanitized space and its high-quality images. Poor quality images can leave a wrong impact on the mind of potential buyers. They might not contact you if they feel your property doesn’t match their expectations. Remember that right marketing is the key to get a favorable deal.
Who Will Buy My Ugly House?
Property rates in NY are beyond the reach of a common man. This is the reason there are billions of people in NY who don’t have their own space to live. That being said, people are constantly looking for investing in the real estate market for attaining financial security. If your house has basic facilities, it will surely get sold out soon. If you face problems in finding home buyers, you can take help of legitimate real estate companies. They can help you find decent home buyers and that too within a short span.
What Would Be the Home Selling Process?
The home selling process in New York is quite simple if you are aware of the technicalities of the real estate market. You can refer to various authentic websites on the internet for understanding the crux of the current scenario. Start by searching the prices of the house for sale in nearby localities. It will help you decide a fair rate for your house. Plus, make sure to stay transparent while dealing with potential buyers. As you are selling an ugly house, you must tell the buyers everything clearly and include that in your purchase contract. Otherwise, buyers might create issue during the payment. If the buyer is planning to apply for a mortgage loan, ask them to show their mortgage loan approval documents before proceeding. It will minimize the risks of any fraud activity. Don’t get disappointed even if you lose the potential deal by following the right path. At present, the real estate market in NY is hot, and you will definitely find a genuine buyer soon.
What Can Elite Properties Do For Me?
Being one of the most trustworthy real estate companies in NY, Elite Properties always aim to make their customers content. To be honest, the zealous team professionals at Elite Properties go an extra mile when it comes to selling home for fast cash. From listing your ugly house to handling the paperwork to closing the deal, they assist you throughout the transition. Furthermore, they don’t demand any hidden charges which most real estate agents in NYC might ask you. Therefore, you can completely rely on Elite Properties for a hassle-free home selling journey.
Selling an ugly property in New York is not a big deal but, buyers might not agree easily for paying a handsome amount for an ugly house. Seeking professional guidance is perhaps the best way to sell an ugly or distressed house fast. With years of rich experience, the real estate agents can guide you step-by-step. We insist you hire an experienced real estate company like Elite Properties for realistic advice.