COVID-19; A horrifying pandemic crisis that the world is facing right now. As the situation is affecting many sectors around the globe,real estate isn’t left behind.The raging effect of COVID-19 has created a major void in the market, resulting in a huge downfall with respect to the world market andeconomy.
Many services offered by the real estate market like walkthroughs, rentals, etc. had a hard hit by the virus. As these aren’t the only services that have been suffered, other facilities like foreclosures and short sales have also been adversely affected. In this blog we will tell you How COVID-19 has affected the Foreclosure and Short Sales Market.
The Imprint of Coronavirus on the Foreclosure Market
As everyone is witnessing the catastrophic situation of coronavirus, its effects are also visible in respect with the economy. The loss industries have been facing is immense and would take a while to make up forthe loss. Although, the foreclosure market is going through an uptick, according to the research by FTSE (Financial Times Stock Exchange) and REITs (Real Estate Investment Trusts) say there’s an evident index downfall approximately by 7.7 percent (noted on March 9, 2020).
If this prolongs, it would be difficult for homeowners to keep up with the monthly mortgage payments which will later result in increased foreclosure cases, although it is tough to predict the real estate market. As facts are stated, in some states the mortgage payments have been kept on hold for some time until the pandemic contains.
Coronavirus has Pushed Mortgage Rates Lower
The coronavirus outbreak has made the Federal Reserve to take two emergency rate cuts which apparently brought the bond yields to almost zero. The usual 30-year-fixed-rate-mortgage has been dropped to 3.29% (noted on 5 March). As stated in the records, previously the 30-year-fixed-rate-mortgage was lowest in the year 2012 amid the recession when it hit 3.31%. Additionally, the 15-year-fixed-rate-mortgage also fell by 16 basis point to 2.79% according to Freddie Mac.
The main cause of the mortgage rates to slump is because of the treasury market which has sunken with a lot of margin in the past months. Furthermore, the uncertainty of mortgage rates shall remain in the ditch for a long period.
Corona on Short Sales
When businesses are closed around the globe and many of them can’t go on their jobs, homeowners are forced to sell their houses for a living. Homeowners with no jobs are forced to sell their house for bare minimum profits to perform their regular routine and satiate their daily needs. As a short sale can cost less than the foreclosure to the lender, it always proves to be the most viable way for the lenders to minimize the loss and improve profits. Additionally, a short sale might not damage the credit score of a homeowner.
If you have a hefty amount of mortgage to repay then your only possible option to fulfil the amount is by selling your house to cash buying company. As there is a rapid increase in short sales it is evident that problems like unresponsive lenders, misplaced documents, erroneous or unrealistic home value assessments, and prolonging processes may make the whole process difficult. In such chaotic situation Elite Properties is one such company which will help you sell your home fast for cash on afair market value. We alsobuy your house as-is, we won’t ask for any lengthy documentation process, which automatically cuts the hassles of a troublesome sale.
You can call us at 7189775462 or visit us at Elite Properties NY to learn more about the home selling process with us. Where everyone around the world is going through the pandemic crisis we’ll help you be at ease with the home selling or short sale process.
If your house isn’t selling, it can be a big problem and a matter of extreme stress to homeowners. If it has been sitting for a long time in the market, it will ultimately lose its value. Simply tweaking your marketing skills and changing your home selling process can favor you a lot. If you think you’ve tried everything, then think again or scroll down below and go through the 7 Tips On How To Sell An Unsellable Home.
Postpone The Home Selling Dates
Setting the right time to sell in the market is extremely essential as the price you may achieve certainly relies on it. It is a known fact that real estate is majorly a seller’s market and you’d need to know about the pattern of selling homes. There is a certain time of the year where the sales are highest, spring is the ideal time to sell your house or put it on the market. Whereas, winter is the time when the sales are comparatively low. If you’re not up for the seasonal sale pattern then there’s another way where you can wait for the inventory to drop and then put your home on the list.
Try Selling Your House Under The Market Price
Mispricing your home can be the easiest mistake you can make while listing your home, so the ideal way to entice buyers is by selling your property for a lower market value. Buyers or real estate investors are always on a hunt to find houses that are priced for less than their fair market value, this kind of sale is also known as ‘fire sale’ according to the real estate lingo.
This might not be your ideal choice but in this state of utter despair this might be the most enticing option for you. As investors are constantly looking for such deals, some companies might actually surprise you by buying your property in as-is condition for a fair price. Try selling your house to ‘we buy house for cash’ company; Elite Properties New York they will buy your house in any condition and additionally offer you a no-obligation offer.
Consider Deep Cleaning, Improvements And Curb Appeal
A clean house will always sell for a huge profit, keeping in mind the functional aspects of it. Fixing serious issues like your electrical and HVAC system will work wonders if they were in a rough condition. Plumbing, windows and checking for leakages from roof or sewage pipes are important points to remember. Make sure all the functional aspects of the house are covered before selling. If you’re not able to cover the improvement’s expense then include it as an incentive with the house.
The next important thing to focus on is the curb appeal of your house. If a home isn’t good-looking from the outside it’s never going to sell. You can counter the easy and less pricey things first and then move on to the costly improvements as and where needed. Just by cleaning the sidewalks, mowing the lawn and cleaning the exteriors of your house can make a visible difference.
Up Your Marketing Game
It’s all about the virtual world these days; the easiest way to list your home on the market is by putting it online for people to take a view. Adding to the rest, the results will only show if you market your home right. MLS or Multiple Listing Service can be extremely handy once you choose to put your home online, this particular service enables you to find the right buyers on a wider platform.
Good marketing is equivalent to profitable sales so while listing your home make sure you’re putting out precise information for prospective buyers. Click sharp images of your complete house and also try making a video from the entrance to each room for a better perspective to buyers. A buyer would possibly skip pictures but not a video; make sure the quality of your video is clear, crisp and shot in bright light.
Documentation Of Property Is Essential
If you’re putting your home in the market it is important for you to keep complete written information about your property and the changes made or required in the coming future. Keeping an updated information about your property will help you in an easier sale and would promise better profits. No matter your house is in whatever condition it will always be sold for a fair price if you’ve been transparent with the potential buyer.
Think Through A Short Sale
This might be your last option to reach the final results and achieve a fair price on your property. In most cases statistically quoting; people end up owing more than the property’s worth which is practically impossible to remunerate. There are cases where most of the lenders (in case you have an outstanding mortgage) may or may not agree for a short sale additionally, not every seller will qualify for a short sale. In such circumstances it is best to opt for a short sale although it is important to do your research before diving in.
Sell Your Home For Cash To Elite Properties
Going through a mortgage, debts, improvements and top of it selling an unsellable house can be a lot to bear. In such an unfortunate condition your first option should be selling your home for cash to cash buying companies in New York like us. Selling your home for cash to us might be a boon in an ugly situation. We buy houses as-is which means you are saved from the hassles of making repairs. We close the deal in as less as 3 days which means you can take your money and repay your debts in no time.
We guarantee a fair all-cash offer with an additional no-obligation offer where you can terminate the proposal and you won’t have to pay any commission. If the deal is finalized we’ll also pay the closing and associated fees, so what is stopping you? Sell your house for cash to us and we’ll promise you a profitable all-cash sale. Call us on 718-977-5462 or visit us at Elite Properties to sell your house today.
Losing your home in a fire is a traumatic situation for any home owner. Such situations can leave people in emotional and financial drainage. As the amount of loss is high and the scope of improvement is naught. The amount of tangible destruction that these items cause to the property is devastating. In such instances people often tend to ask a question, how do I sell my house fast with fire damage? First off, ask a question to yourself do you want to repair and sell your house? Or sell it directly to cash buying company?
Fire damage can be a serious thing to tackle as nobody is prepared for the later consequences of the loss. The destruction caused can be to such extent that homeowners prefer selling fire damaged property rather than spending dollars in repairing. First off, get a home inspection done to get the actual worth of your property post the accident. Once you know the value and the percentage of damage you can calculate the amount required for improvements. As you have chosen selling as your option you can list your property by yourself which will evidently cost a lot. Else, you could sell your house as is to cash buying company and save yourself thousands of dollars and time.
How to Sell Your Fire Damaged House Fast?
Selling a house with fire damage could be difficult but companies that buy houses in any condition makes everything easy. These companies do not ask you for any legal documents for closing the deal. Although, it is advised to keep a copy of your insurance, claims, police reports and repairs that you made. Selling house as is slashes many hassles of paperwork and saves you a lot of time and money inclusively. We buy houses companies like ‘Elite Properties’ buy your house for cash in any condition. As stated above choosing such companies will save your time as they close the deal within 3 days. Choose for yourself if you want to spend money on repairs and rehabilitation of your property or gain a cash offer by selling your house with fire damage. Selling your house in as is condition will additionally provide you with the Fair Market Value of your house.
If you are thinking to sell a fire damaged house, you need to do home improvements and home repair to make it ready for sale. Scroll down below to follow the things need to be done –
Get To the Cleaning and Improvements
Repairing your home promises you a better sale but it also comes with a price. Relying on the ratio of the damage repairs can be relatively expensive or even unaffordable. If your home has gone through structural damage, you’ll be bleeding thousands of dollars from pocket. Whereas internal damages can be less expensive. If the majority of damages are claimed you’ll probably only need a little amount to cure the burnt damage.
Fire causes extreme damages to the property, some damages leave the house in an uninhabitable condition. Although, it can be worked out if you have time and dollars to spend. A fire hit house can set you back by 4,000 to 40,000 dollars minimum. The costs vary with the amount of damage caused, in most cases you might need to reconstruct the entire home which is double the retail value of the property. Additional costs will play a massive role in repairing the roof and ceiling if it had caught fire.
Furthermore, repairing requires a lot of your time which goes into the monitoring of the improvements. It takes a toll on your head if you hire contractors to do the needful and creates unwanted hassles. Here the best option to save yourself from the situation is to sell your house as is.
Isolate Damaged Items and Coordinate with Insurance Companies
An insurance claim can cover repair costs or can provide you with the payment for your new home. Although, they have certain restrictions and factors to be assessed upon, which doesn’t aid in anything but energy consumption and stress. As per the policies, some insurance companies might ask you to do a proper documentation of the damage caused. You are expected to click pictures and write descriptions in detail for the inventory. Some mandatory things required to put in the list are –
- Model number
- Serial number
- Purchasing date of the item
- The amount
- A short description of the item
Fire damage claims are the top priority for insurance companies. The company sends an inspector to inspect the damages within a few days so the claims are processed as soon as possible. It is advised to organize the documents promptly to avoid chaos. If you are providing the given details then it becomes easy for the company to document it and claim for the rest.
There are three mandatory steps to claim an insurance –
- Reporting of the incidence
- The company sends an insurer to evaluate the loss and how much you will be paid
- Post the above step the company sends the check through the mail or transfers the amount directly to your bank account
With the ever increasing fire damage property cases it becomes crucial for you to thorough the fire insurance claiming / filing process. In situations where you need to empty the property quickly, you’d leave your vital items in the home. Here, you can urge the insurer to provide you with the advance amount from the insurance to cure the loss.
Find a Temporary Livable Place
As your home is not in a habitable condition you would want to move out until the damages are cured. Such situations are really excruciating as you are already paying for repairs and rent just adds on the expense.
Selling Your House with Fire Damage
A cash home buying company might be your single source of receiving profit and getting rid of fire damaged property with no improvements done. You do not require a realtor to sell your home for cash you can do it yourself and get provided with a no obligation cash offer.
Although, if you choose the traditional way of the home selling process it is suggested to be prepared for a time and money consuming course. If you are stuck with any other real estate related crisis, Elite Properties New York will be at your rescue. Call us on the number given here 718-977-5462 to learn ‘How do I sell my house fast with fire damage’.