Selling a home is a daunting process, it is said to be a very exhausting period in a homeowner’s life. The home selling process involves a lot of legal procedures and paperwork, which causes havoc. The whole phase is a combination of financial, physical, and mental concerns which an individual goes through.
In this catastrophic situation, we would like you to find out the 5 do’s and don’ts of selling your house fast.
Significant Do’s and Don’ts
Scroll down below to see the top 5 important do’s and don’ts that will accelerate the home selling process.
Repay Debts, Keep Legal Documents In Place
Firstly, it is important to keep your documents in order for the legal processes that will take place in the future. You will need documents like sale deed, mother deed, and other mandatory documents required for selling the home. Additionally, it is highly advised to repay the outstanding encumbrances, which will help in building trust with the potential buyer.
If you miss any important document while preparing to sell your house, you might be in big trouble. A missing document will prolong the sale and you won’t receive hefty profits on the property. If you misplace a deed the buyer will propose a lowballed price for your home, which is a big loss. Similarly, if you have any remaining debts, you must clear it off beforehand to obtain a decent credit score.
Preparing Your House For Sale
Shabby conditions are not acceptable, you must make the required improvements to convince buyers. There are multiple prerequisites which should be satisfied before you list your house for sale. Basic things like moving the furniture and spacing out the area will do the trick. Decluttering of unwanted items will make your home look voluminous and airy, which eventually entices buyers.
If you are carrying out improvements, you should keep in mind; overdoing the things will not help. As repairs need a substantial amount of money, it also requires an ample amount of time. It is suggested not to overdo unnecessary repairs or improvements, as it will cost you a handsome amount of money.
Market And List Your Home
Marketing can create wonders. If you market a product rightly, it could lead to the right audience. Similarly, is the case with real estate, if you do appropriate property marketing, it will reach to potential buyers. To market the property start clicking good pictures and write a realistic description of the house, neighborhood and nearby places. Furthermore, you can print flyers, post free advertisements online, print advertisements in newspapers, etc. By promoting your house, you are creating a community of buyers that would be interested in buying your property. Stress on promoting your property over the web, around 80% of home searches begin with surfing on the internet, so why not be a part of the digitalization.
Marketing is to promote a product’s feature and make people utilize it. While all this is true, people think fake assembly of descriptions and pictures would entice buyers. Absolutely not, by writing fake descriptions and staging your home, you are creating a fuss for the future. Fraudulent sales are subjected as crime, it is better to portrait what is actually yours and keep yourself safe.
While calculating the value of your home, it is essential to set a realistic price for listing. Overpricing your home will lead to a loss and also it won’t lure buyers. Furthermore, do not trust the myth that selling your home in spring is the only option to acquire bigger profits. A potential buyer will buy your house in any condition if he or she likes it.
Get In Touch With A Real Estate Agent
Hire a real estate agent who knows the tricks of the trade. Make sure he knows about the locality, neighborhood, recreational areas, comparable properties, etc. A real estate agent will help in evaluating the actual price of your home and make your ship sail smoothly.
A major mistake that most homeowners make is, they rely on the real estate agents very much. Although trusting isn’t wrong, but the blind trust that people put on them could be scary. It is indispensable to conduct simultaneous online research to verify your real estate agent’s evaluations.
A Checklist To Look At, Before Selling Your House
Apart from the given, there are many other aspects which are equally important as the do’s and don’ts. We would like to provide you with a checklist that will help you in selling your home fast.
- Take suggestions and feedback from the real estate agent positively
- Calculate the fair market value of your property and then calculate the property’s worth
- Provide walkthroughs for potential buyers
- Do not hand over the original documents before registration
- Consult with companies that buy houses for cash for faster and profitable deals
- Don’t keep on rescheduling appointment with buyers, they lose interest in the deal
- Repair sewage tanks and pipes
- Light scented candles and put flowers around the corners of your home, as curb appeal is important
- Take care of little things while providing a walkthrough, like keeping your pets out of sight from the buyers. Apparently, everyone is not a pet lover
- Put bright lights in your home so nothing goes unseen or unnoticed
- Don’t let the emotional roller coaster hamper your home sale
Our Concluding Words
While selling a property is a strenuous task, the above do’s and don’ts will make the process easier for you. Keep the mentioned points in mind, rest assured you will close the deal positively. If you are living in New York and suffering through the same problem, get in touch with ‘Elite Properties’. They moreover help you with other real estate crisis and provide with precise solutions. If you want to sell your house fast, inherit a home or get in touch with real estate agent, call on this number 718-977-5462 and get your queries sorted.
We all know how much efforts and sleepless nights it would take for buying a house. Right from searching the enormous database of listings to finding the perfect neighborhood and with an ever-lasting list of paperwork waiting, purchasing a home can indeed become hectic and frustrating. Well, how better can it be when you are planning to couple it with selling a house at the same time? Talk about an overwhelming headache right!
Buying a new home while selling the current one in NYC at the same time is all about timing. It might seem like a Sisyphean task but, with the right approach and a bit of luck, it can be possible. Your primary goals for buying and selling house at the same time might be to get the highest reasonable price for your current residence, to buy a new one at a lower price and to get done with the whole process without any hassle. Well, with an experienced real estate agent by your side, all of these can be fulfilled with ease. Allow us to break this whole scenario into fragments so that you can digest it better.
Let’s categorize this into two different strategies:
- Buying house before selling the current house in NYC
- Selling house before buying a new one in NYC
Each of these instances mentioned above will have their pros and cons, and it’s you who must decide which is more feasible according to your living standards. Let’s have a brief look into each of these strategies.
Buying a House Before Selling in NYC
Just as the title states, the process is relatively straightforward. You will proceed with the purchase of a new home while your current home is already listed for sale. You can already see through the disadvantages of this approach. This might never bother you if you are financially capable but, the real question is, are you really up for it?
You might never know when you are going to end up selling your old home after you’ve listed it for sale. The longer it takes, the longer you’ve to pay mortgage payments. Now you’ll have to pay the mortgage for two properties for an unknown period. Another challenge is finding the fund for down payments and closing costs for the new home. As we said earlier, this wouldn’t bother you much if you are financially stable. The next step is checking equity on your old home. If you have an equity in the old house, then you’ll make a profit whenever you sell it. If you have a negative equity, then there are a whole new set of challenges that you need to face. If you owe more on mortgage loan than the house is worth, you’re going to have a hard time selling it. Negative equity complicates the whole process of buying and selling a home.
Then, how can I make it happen?
1. Purchase with Significant Savings
Simple but effective. If you have enough savings to pay for your new home’s down payment, closing costs, inspections and moving expenses, proceed with this strategy. You can sell the old home later after the dust settles. You can also sell your house to “we buy houses for all cash in NYC” companies for faster settlement and cash.
2. Purchase with a Home Equity Line Of Credit
Being eligible for a HELOC will aid you in purchasing your house before selling the old one. A home equity line of credit allows you to borrow against the equity in your current home. If you qualify, then you can access money for your down payment with HELOC and then pay it off when you sell your home.
3. Bridging Finances
Bridge loans or Bridging finances are similar to personal loans but offered at rates substantially higher than regular home loans. This is a short-term loan provided by a bank to cover your immediate fund needs for your new home’s down payment.
4. Renting Home
Listing house for rent in New York can be one of the best options you can try when you are planning to buy a house before selling the old house. This will allow you to cover the mortgage costs while delaying the need to sell the home. List your home now and find renters for your old home. If you don’t want to go through the troublesome process of finding a proper renter, it would be a wise decision to hire a real estate agent to cover up for you.
5. Buy From a Trusted Network
Don’t be deceived by the outer attractions of a house. When you are planning to buy a new home with a lot of dollars involved, make sure you are getting the best. Well, you don’t need a downgrade right. Buy or look for new houses from trusted real estate agents in NYC.
Selling a House Before Buying in NYC
Most of you might find this as a safer option as there is less financial risk involved. It is simple and clear because you use the money that you get from selling old house for funding the down payment and closing costs of the new house. This will also negate the risk of ending up with two mortgage payments. But there are more logistical hurdles involved than it meets the eye for this approach. There’s a long history of homeowners who’ve overestimated their current home prices and purchased from an optimistic foresight only to find themselves in deep financial crisis.
You’ll have to move in twice! Since, you’ll need to find a new place to rest your head at the time of selling the house, stepping into an apartment or a rental would be required. This is still a waste of funds according to the size and nature of space your family needs. Selling your house before closing in your new desired home might also end up in tragedy. You’ll never know how much time it would take to find a perfect new home to fit your family and make yourselves comfortable. If you are proceeding without a proper plan, this whole scenario can be a single ticket for being homeless.
How to proceed with it then?
1. Start Searching For A New Home Now
The moment you list the house for sale, start searching for a new one right away. Finding a perfect home just like in your dreams might be a bit challenging especially taking account of the less period of time you’ll have. Hire an experienced real estate agency to find you a new home to ease out all the stress dwelling procedures.
2. Sell Distressed House Fast
Finding a buyer for distressed houses can be challenging. Opting “we buy houses for all cash companies in NYC within 3 days” for selling distressed property is the best and smartest option. Most of the trustworthy real estate companies in New York will buy houses in 4-5 days if the required formalities are met from both your side and the company.
3. Rent a House
Sometimes closing one sale before starting another one can be the best option. It would be wise to rent out a home or an apartment all throughout the procedure to make sure everything goes along smooth and subtle.
4. Sign a Rent-Back
Most of you might not be aware of a rent-back provision. A rent-back provision is an agreement where the new owner allows you to stay for 60-90 days longer in your old home. This will give you enough time to deal with all the moving and paperwork without making things complicated. But, before you proceed with this option make sure you are in a seller’s market where buyers have to be more flexible in accepting to your terms.
If you’re considering these strategies for buying and selling a house in NYC at the same time, we recommend consulting with real estate agent before proceeding further. A listing agent might be the perfect one to suggest what’s best for you. He/she can find a proper buyer/ renter for your old home and can find you a perfect new home as in your dreams.