Homeownership is considered to be the priority goal when it comes to vision slate of Americans. It has been contemplated as a sign of financial stability among the majority of American communities since ages.
This is why, the thought of losing home can be draining, not just financially, but, emotionally as well. If you’re facing a daunting situation where you’re not able to pay the mortgage payment, or you’re already in arrears then, it’s time for you to take the complete charge and identify reliable ways to get out the labyrinth. Otherwise, it may lead to repossession of your home.
What Is Repossession?
Repossession is the stage just before foreclosure. Foreclosure occurs when you fail to pay three consecutive mortgage installments whereas, the process of repossession starts when you miss your first monthly installment. Your mortgage lender would ask you the reason but, allow you to pay the pending installment the next time. In real estate language, this stage is termed as ‘arrears’.
However, if you still lose out the due installment, you won’t be provided with a grace period. The lender will issue a warning letter against you declaring that you can be evicted from the house at any time and the lender would have the right to sell your house. To avoid such a scenario, you’ll have to repay the outstanding mortgage debts immediately. If you cross this stage without taking suitable action, your house falls in the foreclosure category directly.
Here are the best ways to avoid repossession of your home…
Evaluate Your Budget
Understanding the bifurcation of expenditures and income holds extreme importance. Many families follow specific guidelines for their monthly expenses considering the single revenue source.
- Housing – 35% (rent, mortgage, taxes, repairs, insurance, and utilities)
- Transportation – 20% (gas, oil, repairs, insurance, parking, public transportation)
- Debt – 15% (credit card, personal loan, student loan and other debt payments)
- Other Expenses – 20% (groceries, medical bills, prescriptions, clothing, and personal items)
- Savings and Investments – 10% (monthly contributions to retirement, investment portfolios or savings account)
Rendered percentage above are subject to change or are tentative as the needs and family size vary from house to house.
Mortgage Payment Protection
If your emergency funds are not apt to fulfill the payment then, the next step you can take is checking whether you’re entitled to any benefits such as mortgage insurance. Mortgage Payment Protection Insurance (MPPI) is designed to cover the mortgage payments in events such as mishap, sickness or redundancy which are some of the whys and wherefores which eventually halts your income source.
Communicate With Mortgage Lenders
The moment you fail to repay your mortgage installment you ultimately fall into arrears. In such case, the lender will contact you through legal and private mediums that are calls and letters. If you miss subsequent repayment demands, the lender can rightfully start property repossession proceedings against you. It is advised to respond to the calls and repossession notices regularly to evade such circumstances.
As a precautionary measure, you can ask your lender to modify the term or negotiate the mortgage installments to make the repayment more affordable. Also, do not pay any extra fees or monthly charges if you have already made an agreement of repaying arrears.
Rent Your Home
If you have an alternative place than your home to stay, you could move out of your home and rent it to tenants. Consider having a conversation with your lender prior migrating out of the house as they may charge a higher interest rate on the mortgage if you no longer reside there. Make sure the amount you charge as rent to the tenants, should cover the mortgage payment inclusive of the extra costs of being the landlord.
Renting your home or a lodging a part of it would help in increasing your income which aids you in faster repayment of the mortgage.
Sell Your House
Selling property in the market might not assure inevitability, but it might be the only way to stop repossession. If you are not able to keep up with the repayments or due to some financial crisis you should act quickly and sell your house.
There are several companies that make a proposal based on the current value of the property. Such companies have the cash and infrastructure organized to expedite a purchase, giving you certainty concerning price and timescale, ultimately providing you a higher value of the property. Companies like ‘Elite Properties’ buy houses within 3 days in all cash offer.
‘Elite Properties’ is one of the companies that offer you, we buy houses for cash service in New York in your crucial time.
Mentioned above are the tips to avoid repossession of your home that would surely help in your crucial times. Furthermore, you can contact reputed real estate companies in NY like ‘Elite Properties’ for smooth sailing of circumventing the repossession of your home.
Being one of the renowned facilitators of real-estate services in NYC, they assist their customers in every step. Therefore, keep patience, connect with Elite Properties.
Property values have levitated and tumbled over the past decade, but one thing will always remain the same, the value of your home will be associated with the value of other homes in your market. Many homeowners know the amount they have invested in their property including monthly mortgage, but not everyone knows what the current value of their property holds. So, how does it matter? If you are intended to continue living in your current house for the foreseeable future and repaying mortgage then why would you care about its current market value?
There are a whole lot of reasons to know your home’s current market value such as – Insurance purposes, financial future planning, property tax, relocation, downsizing or trading up, the possibilities are so many.
In recent years, a proliferation of online resources has emerged to provide you with an answer before you actually consult any person of the specialized field. There are many websites at your service which offers an online home value evaluation. Such platforms help in examining the data for an estimate.
You would be asked to enter information about the property. Such as detailed measurement of the carpet area, super built-up area (in square feet), date of construction – completion, and the number of rooms etc. After you have entered all the information given above, the online estimator will evaluate the property’s market value.
Other public records like property transfers, deeds of ownership along with tax assessments could predict your home’s value based on recent sales and listing prices.
BPO or CMA
In real estate broker price opinion is often associated with short sales and foreclosure, but many homeowners and companies like relocation firms call for them. While collaborating with buyers and sellers for listing price or examination value before acquisitions, real estate agents do a comparative market analysis.
A BPO or CMA is another method of estimating your home’s worth. Such evaluation methods rely on the recent sale value of similar properties in the local area or vicinity.
FHFA Index Calculator
Homeowners that wary AVMs could opt for FHFAs House Index Price calculator. The Federal Housing Finance Agency’s House Price Index (HPI) is a broad measure of the movement of single-family house prices. The HPI calculator gives you an idea of how much your house is worth, and how the value of it has changed over the past years. The calculator is designed to help you understand the estimated value of your house.
Hire A Professional Appraiser
An appraisal is mandatory for any lender prior approving a mortgage, and to carry out an estimate. Hiring an appraiser is essential for a proficient outlook. He will assess the condition of your home and provide an expert opinion on its estimated market value.
Things an appraiser will consider before evaluating the property is-
- Verification of property’s existence, acknowledging the location and address in detail
- Examination of the outdoors
- A 360-degree evaluation of exteriors of the home or the respective property
- Listing down pros like – lakes, shopping centers, park, etc. will add up to the seen desirability of the home
- Verification of the area in square footage for accuracy in database
- Evaluation of the prevailing room numbers
- Current conditions of the attic, basement, and garage including their measurements
- Checking for damages (if any) in the property
- Testing functionality and appearance of permanent features such as built-in appliances
- Testing workability of the HVAC systems
- Comparing recently sold homes in your area with your property to determine your home’s market value
Why It Is Important To Know Your Home’s Value?
If you are on the seller’s board then it is incredibly beneficial for knowing the property’s worth, as it helps to derive the estimate or listing price. Even if you are not planning to sell the house, it still stands useful for many reasons.
The benefits of finding a home’s value doesn’t end with a purchase or sale: Refinances, home equity lines of credit, insurance premiums and annual property taxes are all based on home value
Determining a property’s worth would allow evaluating affordability for things in the future.
How To Increase Your Home’s Value?
Little alterations make a big difference! There are many low-cost ways to add value to the home. Homeowners that can afford renovations can opt for it, given below are some points you can consider to increase your property’s worth –
- Spacing up and removing excess or unwanted furniture
- Upgrading your kitchen, repairing breakages and polishing helps grab the attention of a buyer
- Beautify and keep the bathroom clean
- Painting dead walls and adding beautiful pieces that adds to the beautification of the place
- Replacing upholstery, rugs, and carpets
- Hire a certified home inspector
The tips for the assessment of your houses’ worth given above would surely help you, whether you want to sell it or just for an idea about the investment you have made till date in your property.
Furthermore, you can contact reputed real estate companies in NY like ‘Elite Properties’ to keep you safe from real estate crisis and help in the smooth sailing of your plan of action for the coming times.
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.
Perhaps you don’t have money to take care of your existing home or pay your property taxes. Maybe you are struggling to meet the routine expenses and need a pronto solution to get over it. You might have thought about selling your distressed home many times but still never took any step due to the emotional attachment you have with the home. This is where you’re mistaken. To be honest, wasting time in analyzing the situation won’t do anything. A stitch in time saves nine. Therefore, you should sell your distressed home as soon as possible and utilize the money to buy a new property in NY.
How to Proceed for the Home Selling Journey?
Here are some distressed home selling tips that you must think upon before listing your property for sale.
Right Pricing is Essential
In the first place, you need to decide on a proper value for your home. Keep in consideration that distressed properties are sold at lower prices than the market rate. However, you need not intentionally lower down the price because almost every buyer bargains while buying a property.
For instance, you want to sell the property for $400,000. Now, if you ask for the exact amount to the buyer, he/she will definitely bargain. You’ll be lucky if someone’s ready to pay the price you wish for. But its probability is 2 in 10. So, tell the buyer slightly a high price to get a favorable deal. We suggest you do thorough research of the distressed house prices in NY and fix a selling price which would get you a price at least nearby to the marginal profit.
Focus on the Best and Repair the Rest
Your house might not be in good condition but, you can still sell it easily. For that, you’ll need to do homework. Simply make two lists comprising the best and worst features of your home. The best feature list is your weapon to manipulate the buyer to pay you a decent price. At the same time, the worst things list will also be helpful in the home selling process.
See, you can’t expect the buyer to pay a high amount until and unless your home has all basic facilities such as good flooring, drainage system, and proper electrical wirings. So, whatever falls under your worst features, try to repair them. If it’s very costly, then, leave it. Otherwise, make sure you’re providing all basic necessities. Having said that, keep your focus on explaining the best features of your home to the buyer. Convincing the buyer in a positive way will definitely prove fruitful.
Cleaning Can Work Wonders
It’s totally okay if you can’t invest much money in repairing your property. But you can surely clean the house by wiping down the kitchen cabinets, mopping up the old floor tiles, and getting rid of clutter in the porch area. A clean and tidy house will leave a good impression on your homebuyer even if your home lacks other things. Can’t even afford to hire a cleaner? Do it yourself! It won’t be a cake walk but, you’ll definitely save a lot of money. Simply buy vinegar or bleach solution and garbage bags for cleaning and organizing your space. It won’t cost you much. You can further involve your friends and family to do the needful.
Honesty is the Best Policy
So, you have made two lists, and you’re confident you’ll sell your distressed house like a pro. But, is there anything that you don’t want to disclose to your buyer? It could be anything, like your neighborhood is not that good or commutation is a problem in your area. If there’s something worth telling which you want to hide because you want to sell your property, you’re heading in a wrong direction. Dishonesty is never acceptable whether in a relationship or in a business deal. It could happen that your buyer gets to know such things from outsiders and he/she cancels out the plan of purchasing the distressed property. So, it’s always good to maintain transparency.
How Can Elite Properties Help You to Sell Your Distressed Home Quick for Cash?
If you want to sell your house fast for cash, you can contact Elite Properties. It’s one of the trust-worthy real estate companies in NY. Experienced real estate agents at Elite Properties have helped thousands of people in NY to sell their distressed properties in a hassle-free manner. They take care of everything right from managing essential repairs to property listing to legal paperwork to making a fair offer.
It’s natural to have an emotional attachment towards your home. But, if you look at the bigger picture, someone else will get a shelter because of you. There’s no greater satisfaction than seeing someone happy because of you. Follow the above-mentioned steps, keep a positive attitude, and prepare your distressed home for sale without any tussle. We wish you good luck!
Selling a real estate property, especially your home can be a stressful and time-consuming affair. No matter how much knowledge you possess of the current real estate market trends, you could still make mistakes and sabotage the probability of selling your home at profitable prices. Keeping that in mind, we have rounded up 10 mistakes that you should avoid when selling your home in New York City.
Mistake 1: Emotional Involvement with Home
There’s an adage, “A house is made of bricks and beams; a home is made of love and dreams” which is absolutely true. It’s very natural to get attached to the place where you’ve nested for so long and shared good times with loved ones. Howbeit, once you decide to sell your home, you need to get over the emotional quotient and act like a businessperson. You might find it rude but you need to maintain an emotional distance. Otherwise, you might end up delaying the home selling process or won’t be able to sell the home with a peace of mind.
Mistake 2: Not Hiring an Experienced Real Estate Agent
Although experienced real estate agents will ask for a hefty commission, it’s still worth to approach them. A good real estate salesperson can guide you throughout the transition and optimize your efforts. With years of knowledge in the real estate market, they can help you get a competitive home selling price. In addition to that, they’ll take responsibility for all the paperwork and legalities involved in selling your property. So, it’s a wise step to hire a real estate agent in NY for a hassle-free transition.
Mistake 3: Keeping Unrealistic Hopes
Keeping unrealistic hopes when selling the home is one of the crucial mistakes that sellers tend to make and ultimately end up in smoke. Assume that you want to buy a house and the seller is asking for too much price as compared to other houses for sale in the same neighborhood. What will you do? You’ll obviously look for other options available to you. Right? Likewise, no buyer will take an interest in buying an overpriced home. Therefore, setting up the price according to the market is the key to a successful home selling deal.
Mistake 4: Neglecting Necessary Repairs
The first impression is the last impression. Therefore, making a good impression on the potential buyers is important. Anybody who’s willing to invest in the property would conclusively expect a nice cozy home. In such scenarios, a damaged home can become a deal breaker. Before putting your home for sale, you must do all the necessary repairs such as cracks in the ceiling, leaking faucets or unhinged cabinets. It’ll leave a positive impression on them and increase the chances of a quick sale.
Mistake 5: Spending too Much on Repairs
As we explained, a seller must upgrade his/her home before putting it for sale. But sometimes, what happens is, a seller, go overboard with the damage repairs and eventually spend too much money on it. Bear in mind: Anything in excess is bad. Therefore, one should always spend their hard-earned money wisely. Just check out for the major repairs that need to be done and don’t indulge in revamping the entire house. Else, you won’t be able to earn any profit.
Mistake 6: Choosing the Winter Days
Winter is considered an off-season for real estate market as compared to other seasons because the number of active buyers during this season is very less. According to recent studies in the real estate industry, the main reason behind it is people either go on holidays or stay at home during the chilly days. Selling your home in winters might adversely impact your house selling process and bring you less marginal value. So, you should avoid selling your house in winter.
Mistake 7: Skimping on Listing High-Quality Images
Nowadays, people have become tech-savvy. The first step they take while buying a house is checking the images of the house for sale on the property listing page. This clearly implies that pictures are utmost important. Having said that, refrain from uploading poor quality pictures as they can lead you in the opposite direction. It may trigger the potential buyers not to visit your home. To be more precise, simple pictures won’t do the job. You’ll need to have high-quality images showing fine details of the house. So, showcase the best assets of your house with HD images and increase the chances of selling the house.
Mistake 8: Not being insured
Are you insured? “Why? How does it matter?” Well, this is the reason why most people neglect the insurance part. On an average, less than 50 % sellers are properly insured in NY. There are thousands of good reasons you might give for not being insured but, if you want to sell your property safely, you must be insured. Let’s say a potential buyer meets an accident on your premises and makes false allegations on you or for instance, your dog bites him/her, what will you do? He/she might sue you and ask for money. In such cases, the insurance company will be your savior.
Mistake 9: Faking It
Sellers often make big claims regarding their property and make false promises to the potential buyers for selling the property fast. Well, the buyer will definitely be conducting a home inspection before sealing the deal, and he/she may say a big NO on finding out the reality. Therefore, don’t fake anything and keep it simple.
Mistake 10: Signing a Purchase Contract without Basic Inquiry
You must ask the buyer for the pre-approval letter before you close the deal. For instance, you’re selling your home for $400,000, and the buyer agrees. Well, congratulations! That’s what you’ve wished for. This is where you’re mistaken! Never trust anybody without inspecting their mortgage loan approval documents. Stay alert from fraud buyers and scrutinize everything before you sign the purchase contract.
Avoiding these 10 home selling mistakes would explicitly ensure a painless home sale. Further, choosing a “we buy houses for cash” company in NYC would help you maximize your profits. You can contact ‘Elite Properties’ which is one of the most reputed real estate companies in NY for selling your house quick for cash. Apart from the rich experience they hold in the real estate industry, they also implement digital marketing strategies like social media marketing and blogging proactively to sell your property within a short span.
Even though the prices of real estate properties in the New York are rising steadily, it is still possible for an average American to achieve the dream of homeownership by opting for ‘pre-foreclosed homes’. Homes in pre-foreclosure are accessible at much lower rates than its actual market value. So, if you are looking to buy a property at affordable rates, home in pre-foreclosure can be a good financial deal for you. However, a realistic approach is necessary to make a financially sound decision.
Most people get confused between ‘foreclosure’ and ‘pre-foreclosure’. Well, there’s a thin line between the two. Foreclosure means a legal procedure that occurs when a borrower fails to repay the loan amount to the lender. The lender either sells the home in a property auction or takes the complete possession of it. Whereas, a pre-foreclosure ensue when a homeowner falls behind on mortgage payments. Generally, the pre-foreclosure period starts when the homeowner misses three consecutive payments and the lender issues a default notice to the home buyer asking to pay the debt. During this grace period, the property owner has two options, either he/she has to pay the debt within a specified time frame or sell the property. Therefore, pre-foreclosure can be considered as the initial stage that might lead to foreclosure.
Is it worth buying a Home in Pre-Foreclosure?
There’s a common misconception between most Americans that pre-foreclosure properties are only available in distressed condition and in an undesired neighborhood. Well, pre-foreclosure has nothing to do with the locality and its condition. For instance, a businessman invests in a real estate property located in a posh area of NY and unfortunately suffers a huge loss in business that leads to the failure of the mortgage payment. Regardless of the fact that he’s a businessman the property is bound to enter the pre-foreclosure phase. To be honest, financial setbacks can happen to anyone. Homeowners who go through such hardships usually prefer to sell their properties even at discounted rates. Otherwise, the property will completely slip off their hands and fall prey to the foreclosure process. So, you can actually get a good deal by investing in pre-foreclosed property.
Benefits of Buying a Pre-Foreclosure Property
Here are the major benefits of buying a pre-foreclosure property.
- Less Competition: Competition is less since most properties are not listed.
- Quick Buying Process: Simple and quick home buying process as most homeowners are desperate to sell the property as early as possible to avoid foreclosure.
- Great Deals: You can negotiate and buy the property for less than its current market rate.
- Better Neighborhood: Chances of getting property in a better neighborhood.
How to Buy a Pre-Foreclosure Home?
Here we’ll discuss how to buy a pre-foreclosed property.
Find Pre-Foreclosure Leads
First and foremost you need to find legitimate pre-foreclosure leads. It might be a daunting task as most pre-foreclosure properties are not listed. So, roll up your sleeves and start by preparing a list of areas where you want to have a home. Once it’s done, you can make an analysis by reviewing public records or local newspapers and then visit those areas personally to find out pre-foreclosed homes. This will give you a fair chance to check on the property as well as the neighborhood. However, if you want to simplify this process, we suggest you hire a ‘we buy houses for cash’ company.
Research the Neighborhoods
Shifting to a new home is a long-term commitment. Therefore, a good neighborhood is equally important as the home you want to move in is. So, do research about the neighborhood without fail. Look out for nearby schools, hospitals, banks, transportation facilities to avoid problems in the future. In addition to this, you should also closely inspect the condition of surrounding homes and buildings.
Find an Authentic Lender for Receiving a Pre-approval Letter
Finding an authentic lender is one of the trickiest aspects of buying pre-foreclosed homes. What happens is, you may want to buy a hot property worth $500,000 but, the lender may approve only $300,000. To avoid such unfortunate events, getting a pre-approval letter from the lender is necessary. A pre-approval letter is basically a legal document that helps you understand your maximum borrowing amount. The precise amount is calculated on the basis of your gross monthly income and debt payments. Therefore, you can actually decide your budget only after getting a pre-approval letter from the lender. Apart from that, it’ll also depict that you are qualified for buying the property.
Important Documents You’ll Need
You must possess the following documents in order to get the pre-approval letter in a hassle-free way.
- Driving license
- Credit report
- Two pay stubs that reflect year to date earnings
- Two years of tax return report
- Recent bank statements
Sometimes, you might need to submit some other official documents. So, it’s always better to consult a real estate agent in NY to understand everything in details.
Decide on a Property
Of all the pre-foreclosed homes that you’ve seen, you must narrow down your search to a few homes. Visit each of them personally and do an inspection. You can also hire a trustworthy home inspection officer to ensure a right decision. This procedure will hardly take a couple of hours. Monitor everything minutely including the electrical system and plumbing. Then, choose the one that fits your budget and have the desired amenities.
Make an Offer
Making an offer is easy once you have a preapproval letter in your hand. You’ll know your financing options, and thus, you can outline the budget accordingly. Contact your real estate agent in New York and discuss how much you are willing to pay for the pre-foreclosed property. Your real estate agent will take your proposal to the seller. If your seller accepts your offer, then you’ll need to make a purchase contract.
Financing commitment is a crucial step. To get the specified loan amount you’ll have to send the purchase contract to the lender. The lender will examine the contract and ask you for the following set of documents before issuing a commitment.
- Mortgage application
- Property details
- A complete list of assets and liabilities
- Property appraisal
- Application fee (May differ from individual to individual)
You can close the deal smoothly by following the above legalities.
Buying a pre-foreclosure property is not just a safe financial investment but also an opportunity to have homeownership in New York. Be patient and refer the above guidelines to understand the technicalities of buying a pre-foreclosed home. Further, you can also contact ‘Elite Properties’, which is one of the most trustworthy real estate companies in NY for more experienced advice.