Selling your house doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get a less than the desired value. You might be thinking that selling a house will be an expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.
Sell Your House for Cash
Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks like, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are proposed with an all-cash offer which means you have immediate cash for your next purchase.
Avoid Real Estate Agents
As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them. Why? Hiring a real estate agent has many pros, but in the specified situation there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast paced sale which will again cost you dollars.
For Sale By Owner
A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitch.
Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies into an expenditure of more than a hundred dollars.
Sell House With Repair Discounts
Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in a bad condition or requires a little more than repairing, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as is condition to we buy houses for cash companies it is one of the best option rather than doing repairs by yourself.
As stated above doing things on your own will save you from bleeding dollars from the pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman and for minimal repairs probably a plumber. Hiring people for each job can be time, energy and most importantly money consuming. Consider the ‘Do It Yourself’ technique, you can perform many things on your own like painting, cleaning, staging (if required) and repairing. This will work like magic on your estimates, as a result you’ll save thousands of dollars, which helps in retaining your equity. Although, DIYs are fun to do, you also have to keep in mind it will require all your efforts and time which you are surely running out of.
Sell Your House As-Is
Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your house as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you the fair market value of your house by considering the condition of your house as well. They will also propose you with an all-cash, no obligation offer which is a cherry on the cake.
If you want to sell your house fast for cash or have any query regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide with quality solutions for all your problems.
When you are stuck in a rut and have no money to do the existential repairs, opt for selling your house as-is. Selling house as-is doesn’t require improvements before selling to companies that buy houses in any condition. You might be thinking how do I sell my house as-is fast? We have a complete plan of action that serves your purpose of a quick home sale. Scroll down below to see how selling as-is the best option in your tough times.
Selling Your House As-Is, What Does It Mean?
Selling your house as-is means: a seller selling the house in its existing condition with flaws and undone improvements. As-is defines “as it is”, which means the seller won’t pay any additional costs in doing the costly repairs. While transaction the seller and buyer should be in complete mutual agreement of the deal. The buyer has to sign a legal document which indicates he or she comprehends the conditions of the contract and is ready to buy house in any condition.
Why Selling Your House As-Is Is An Option?
There are many reasons why people choose selling house as-is as an option. Home sellers opt for this option where they find themselves in a situation where they cannot afford improvements or have a tight timeline in terms of migrating due to work. In such cases, people tend to sell house fast to exclude the troubles of getting into legal processes, additional closing and repairing costs. Some instances are also emotionally drowning where selling your house as-is is a wiser pick.
For example: when a couple ends up having a divorce or a family which is going through a financial crisis will prefer selling house as-is to avoid foreclosure. Financial distress, migration, unaffordable repairs stand to be the topmost reasons to sell house as-is.
The Best Mode to Sell Your House As-Is Fast
The only best way to sell your house as-is fast is to sell it to we buy houses for cash companies. ‘Elite Properties’ aids you in selling your house fast for cash. Companies tagged under the label ‘we buy houses any condition’ proposes you with an all-cash offer. It is really important to avoid soaring your expectations from the deal. As a seller you have to keep in mind, you are selling your home in its existing condition without performing required improvements hence, you will be proposed with a low-balled offer. The good point here is that these companies provide you with an offer based on the current fair market value of your property.
Benefits Of Selling a House As-Is For Cash
As stated above financial uncertainty leads you to an emotional trauma where the only option to get out of the problem is to sell your house as-is. Choosing the option of selling home as-is for cash provides you with multiple benefits. As you are not selling house by owner or with the help of a real estate agent you don’t have to perform a pre-listing inspection.
When they say ‘cash is the king’ it is certainly true. Although, you might achieve lowballed proceeds of the sale, it still covers your basic requirements. When you sell your house to cash buying companies it eases out the complicated home selling process. We would like to shed light on some benefits of selling your house as is for cash –
- When you choose we buy houses any condition company, you eliminate expenditure on costly repairs
- They don’t ask for any legal documents except the seller’s agreement, which eludes the hassles of legal documentation
- Company like ‘Elite Properties’ allows you to sell your house within 3 days, this enables you to work according to your planned framework
- The company proposes you a no obligation and fair all-cash offer
- The company provides with the closing costs
When you choose ‘Elite Properties’ you don’t get the need to deal with a realtor and get yourself in the lengthy home selling process. You can sell your house in any condition, any location to us and we will provide with an all-cash offer. Call us today on 718-977-5462 and sell your house as-is quickly at a fair price.
Are you planning to buy a home for the first time? Well, that’s undoubtedly a smart financial move. However, you may have to face certain challenges such as finding the right location or financing your purchase during the initial phase. So, before you take a step ahead in achieving your American dream of homeownership, you should gain some practical knowledge of investing in real estate. It will help you get a bird’s eye view of the current market situation, ensure you won’t end in smoke, and make your abode journey easier.
Considerations Before You Take the Plunge
Here are some basic yet important questions you need to answer before proceeding. They will positively help you navigate in the right direction.
What Kind of Property Will Meet Your Needs?
Buying a home for the first time can be a test of your patience and forbearance. Don’t get us wrong, but finding a home that meets your needs is actually not a cinch. Its better you start the journey by making a list of all the features/amenities you expect in your dream home. Let’s say your goal is to have a spacious home located in the central area of the NY with a small backyard. Then, you can either opt for brownstones or townhouses. If you want a cost-effective property with low maintenance, walk-up housing, which is the most common housing in New York, would serve your purpose. You have to figure out things according to your preferences and standard of living.
Do you qualify for the Mortgage You Expect?
During the home buying process, it’s crucial for you to know how much mortgage you qualify for. You may plan to buy a home with a net worth of $450,000. However, the lender may not provide more than $250,000. Why? The lender will analyze certain factors such as your total income, job security, and outstanding debts prior to assigning you the capital. They’ll directly say a no if your debt-to-income ratio depicts that you’ll not be able to afford the mortgage payments. So, it’s a wise step to calculate your credit before applying for the mortgage loan.
Do You Have a Trusted Source Who’ll Guide You throughout the Process?
As we mentioned earlier, buying a home can be a daunting task. A trusted source can prove to be a boon for a first-time house buyer because no matter how much groundwork you do, there will always be something where you’ll feel the need of seeking professional help. A real estate agent can provide you a number of options that match your expectations and are within your reach in terms of price range. In addition to that, they can also help you get a loan, complete the paperwork legalities, and streamline the process. Therefore, you must contact an experienced real estate agent in NY to make your transition a hassle-free one.
Home Buying Process
Here are the five significant steps that can demystify the entire home buying procedure.
Pick the Right Type of House
Contradictory to common mindset, there are a plethora of affordable real estate properties for sale in NYC. Make sure to do thorough research of such properties, online as well as by paying a personal visit. At first, check out the houses on the internet by exploring the property listing pages of top real estate companies in NY. This way, you’ll get the description of available houses including their high-quality images. Once you’re done, choose the top 10 or top 5 houses of your choice and contact the real estate agent for further details. Sort out the best property and move on to the next step for fulfilling your desire.
Explore Your Secure Financing Options
Assistance programs that offer low down payment and discounted interest rates for first-time buyers are available across different states of NY. Therefore, you must discuss regarding the different types of mortgages with your real estate agent. Investing your time in exploring the secure financial options may seem like a mentally draining process but, it will surely pay off in the long run.
Make an Offer
Many people get confused during the negotiation and end up frustrated. To avoid such situations, talk turkey to the real estate agent and decide a final price that you can offer for the property. Your real estate agency will then proceed and keep your proposal to the seller.
Consider Doing a Home Inspection
Once the seller agrees to your proposal, consider doing a home inspection by personally visiting the house. You can also hire a professional home inspector to save yourself from any kind of pitfalls. If you find something major that needs to be repaired, ask your seller to either do the needful or deduct the price from the final offer.
Close the Deal
You’ll need to sign a ton of legal papers while closing the deal. Carefully read the ‘legal jargon papers’ and if everything falls into place, go ahead and sign the agreement to seal the deal.
Mistakes to Avoid as First-Time Buyer
Buying a home for the first time is indeed very special. Even the slightest mistake while buying a home can result in failure. So verify the following things first and then take a decision.
Looking for Home First and Loan Afterwards
This is the most common mistake that first-time buyers do and regret later. As a first-time home buyer, you need to keep in mind that the property might fall into foreclosure or short sales if you fail to repay the loan within the specified period. So instead of daydreaming about the home, face the practical world by visiting a lender’s office first.
Not Paying Attention during Home Inspection
All that glitters is not gold. Therefore, paying undivided attention during the home inspection is necessary. Make sure you access everything including the drainage system, roofing, plumbing, and electrical wiring.
Don’t fall in the honey trap of fraud sellers who offer you unbelievable deals. The modus operandi of fraudsters is to take advantage of your ignorance. Stay cautious and understand all the clauses while you sign the agreement. The best way to avoid real estate frauds is to seek professional help. It will significantly minimize real estate related risks.
The Bottom Line
In a nutshell, the more informed you are beforehand, the less stressful you’ll feel during the decision-making process. Do follow these tips sincerely and we’re sure you’ll get your dream house in New York soon!
Probate sale might be one of the most used terms in today’s real estate sector. There’s no wonder if you are totally baffled when you hear it for the first time. The more you dig deeper, the more complicated it gets. Well, don’t get too perturbed yet. Allow us to save you from all the troubles of probate sales with this article.
Let’s start with the basics here.
What Exactly is a Probate Sale?
We are pretty much sure you’ve done a bit of research on this topic as of now. Whatever you’ve ‘googled’ and researched on the subject might be pretty much correct. A probate sale occurs when the current owner of the property has passed away without a will bequeathing the house to an heir. An estate attorney or a representative has to sell the property to liquidate the asset and distribute the money obtained from the sell to family members. Probate sale is usually put on by the probate court and occurs when the court puts up the property up for sale in the market. Even though this sounded simple, once you decide with proceeding with a probate sale the tables will start to turn.
How To Sell a Probate House in NYC?
Selling a probate house is not as simple as selling a home in New York. Not every homeowner deceased estate go through probate too. Many estates can avoid regular probate by qualifying as “small estates” under the state law. In a probate sale, the estate attorney hires an experienced real estate agent for listing probate property in New York and sell the home. Even though the price of these properties will be much lower than their current market value, don.’t expect the estate owners to make any repairs before you move in as the owner of the property is legally no more alive. This is a precautionary step taken by the court to make sure the property is sold at the best possible price. The interested buyer is asked to put down at least 10 percent of the proposed value as a deposit. The seller has the right to accept or reject the offer from the buyer. Once the seller agrees with the proposal, the court must confirm to make sure it’s a fair and square deal. The probate court will then approve the sale and the place where it should take place.
Once the property is set up for probate auction, anyone present in the courtroom may make a superior bid of at least five percent above the original bid. Once the offer is accepted both by the seller and the court, the administrator must send a Notice of Proposed Action to all the estate’s heirs. A fifteen days period is allotted to the heirs to come up with any objections or disagreements in the Notice.
It would be difficult to proceed all by yourself to enroll the estate in the probate court appealing for a probate sale. You might need the help of an experienced probate sale specialist or a professional real estate agent to sell your probate property without any hassle in NYC.
Should I Buy a Probate House in NY
With America running behind crazy deals and offers on anything that they can grab, the market of probate sale houses in NYC has drastically grown these past years. You can get a property listed in probate sale cheaper than the house’s exact market value. But before jumping into conclusions, there are a few things that you need to know before buying a probate sale.
- Probate properties are the properties without ownership as the homeowner has already passed away without bequeathing a will for his/ her heir. So, don’t expect the probate court or the seller’s family to repair that leakage window or the missing pool equipment. What you see is what you get in a probate sale.
- Make sure you went thoroughly through the disclosures. There might be many complex factors that a naked eye might fail to notice. Get the help of an experienced probate sale agent to make sure everything goes smooth and steady.
- The representatives will produce the final court judgment. Make sure you are present at the court in person for the hearing.
- Since there are no contingencies in a probate sale, the seller does not have to wait for you to find a loan or sell your existing home. You can get advance approval from the present owners of the estate.
- Working with a real estate agent or a probate expert will always aid you in moving forward with the buy. Real estate agents in NYC can even give you probate sale packages for making the whole process hassle-free. While any agent can represent you, only a probate sale professional can assure you whether the transaction is managed correctly so that you get the property and the terms and conditions you want.
How Does a Probate Begin?
The smooth transition of probate sales differs from state to state. Different country has different ways and rules on how to handle a probate sale. But, there are still a few things that are common to all probates.
The representative for the probate property will need to file a petition with the local probate court in NY where the deceased homeowner was living at the time of his/ her death. The death certificate and the original will (if exists) must also be produced at the time of filing petition for probate sale. The petitioner is required to send formal legal notices to all the heirs, send legal notices to the known creditors and publish a legal notice in the local newspaper to alert all the other creditors. The court will then conduct a hearing so that any interested buyers are welcome to place a bid on the probate property.
Are you trying to sell or buy a property under short sale?
You probably must have heard the term “short sales” a lot in these past years. Short sales are something we hear more often when it comes down to real estate area. Short Sale meaning isn’t something every commoner will understand. So, let us be more clear on the topic here. A short sale is when someone sells his house, with the awareness and approval of the mortgage lender for less than what he/she owes to the lender. If the lender accepts the terms, then you can proceed with selling the property.
For example, consider you’ve defaulted on the payments and your mortgage lender has filed a foreclosure in the bank against the property. Panicking won’t do anything when you are facing a foreclosure. You can talk with the lender and put your property on short sales hoping for other buyers to buy the property. So, you owe your lender a $500,000 but, the new interested buyer is only willing to pay a $400,000 for the property. You might not be in a situation to pay off the difference amount too. So, convincing your lender to agree for a less amount than you owe is short sales. Most of the lender and banks agree to the terms as this is time-consuming and with a lot of hassle. The final result a win-win situation as the seller is no longer saddled with the debt and the buyer gets the property at a bargain price.
So, if you are selling or buying a property and is considering a short sale, here are the top things you need to know before proceeding with short sales before fixing the deal…
Know the Difference Between Short Sales and Foreclosure
This is something most of you might get confused upon. Short sales and foreclosure are entirely different scenarios. In a foreclosure, the role of the homeowner is slightly less than in short sales. People who try to avoid a foreclosure by working out a deal with the lender or bank usually go for short sales. And there isn’t any tension about evicting the previous owners in short sales as in foreclosure. Well, things do get messy in foreclosure!
Unlike a foreclosure, short sales don’t impact your credit much. Still, it’ll damage your credit score but not for as long as the damage done by a foreclosure. You’ll even have the chance to apply for a home loan for two years while in short sales.
Takes A Lot of Time
A short sale doesn’t refer to the time involved as the whole term is somewhat misleading. A short sale can take up to five to nine months to close; sometimes even longer. If it’s the bank you are dealing with, don’t expect the bank to come to you and tell how much it would accept for the property. So, what you must make sure is that while negotiating with the interested buyer, you should get the price that has been approved by the lender or the bank for the property. Finding a suitable buyer to buy short sale property or buy short sale house can be troublesome without the help of an experienced short sale negotiator. So, the whole short sale process is time-consuming and a bit nettling.
Make Sure You Are Eligible For Short Sales
Saving your property by avoiding foreclosure with short sales seems pretty alluring but, have you cross-checked your eligibility for proceeding the short sale services? You must meet all the criteria and might require a written proof stating your eligibility from the bank or the mortgage lender. This itself will be time-consuming but have patience! For being eligible for short sales, you must owe more money to the bank or the lender than the house’s total worth. If you are eligible for any loan modification, then you can rule out all the possibilities of a short sale approval. A written proof that states you can no longer afford the monthly payment and any proof of financial hardships, like laid off or divorced or having excessive medical bills will make you eligible for proceeding with a short sale.
Make sure you pass all these eligibility criteria before even trying for short sales as this is full of hassle and time-consuming.
It’s Time You Consider a Helping Hand
Buying or selling short sale property will be a lot more troublesome if you are planning to go ahead alone. You’ll be facing a lot of pressure mentally and emotionally through the whole process. The first thing you need to do is find a trustworthy agent to sort out your problem. A real estate agent who’s experienced in every aspect of real estate can make a huge difference especially if you are selling short sale property. The short sale process involves a lot of legal procedures and paper works, which will leave you frustrated in no time. A Short Sale specialist who’s familiar with all these stages will help you push further without any difficulties. Well, the time flies, and you need to act more quickly in finding a buyer, or you can still face foreclosure.
Keeping your patience and confidence is the main key to every successful short sale. With the right agent who knows his way around will be a boosting factor when going for short sales. Also, beware of the cunning smiling faced agents who disguise and misleads you by offering a helping hand when you are vulnerable.