We know there are many reasons to enhance the curb appeal of your house and increase its resale value. Many homeowners, although, are not aware of the reasons which may reduce the house’s worth. Selling your house needs a lot of attention either with the upkeep or the functional aspects of the structure. A buyer on the other hand will check the aesthetical appearance as well as the condition of the house.
Factors like bad location, old construction and crime rates can potentially lower the value of a house. It is a well known fact that a good house will never sit in the inventory for long time. If you are a seller and want to sell properties online, you must check the ‘5 Reasons That May Reduce The Value Of A House’.
Following are the points which may reduce your home’s worth –
A Shabby Exterior Facade
If you want to sell home fast for cash, a good looking exterior is must. Potential buyers pay attention to the exterior surfaces as nobody wants the extra maintenance cost while buying a house. As wisely put, ‘The first impression is the last impression’ it applies in home sales as well. According to a survey, potential home buyers only take 10 seconds to like property, just by looking at its exteriors. Conclusively, it is always a good to maintain the home’s exterior beauty to sustain its value in the market. By adding a fresh coat of paint, mowing, and cleaning the lawn may make a huge visible difference.
Inefficient Energy Ratings
Since 2018 energy performance certificates were introduced in the market to comprehend the energy efficiency of a house. Energy efficiency is correspondent to the pricing of a home, higher the ratings higher the property prices will be. It is illegal to sell or put your house on rent if your energy-efficiency rating is below ‘E’ on the unit. Many buyers end up purchasing the property and paying huge electricity bills reason being the poor energy ratings. A good energy rating can shoot your home’s worth by approximately 14%, which is a great profit margin for home-sellers.
A locality is a compilation of good schools, hospitals, departmental stores, no crime rates and easy access to multiple places. To sell your house fast for cash in NY it becomes essential to have basic amenities accessible. A study shows how proximity to certain places can decrease your home’s worth by specific amount of percentage (sources).
- Bad school – 22%
- Strip clubs – 14.7%
- Homeless shelters 12.7%
- Cemetery – 12.3%
- Funeral homes – 6.5%
- Power plants – 5.3%
- Shooting ranges – 3.7%
If your home is around these places you’ll have to work more on the aesthetics so that no one walks past by your house. Additionally, foreclosures in the neighborhood make a bad impact on the home sale. While selling your house, appraisers look at the comparable selling price in the neighborhood. The comparable price plays an important role in estimating your property’s worth and foreclosed houses may turn down the appeal.
The Escalating Mortgage Rates
The formula of home selling predominantly depends on the mortgage rate in the market. High mortgage rate means fewer buyers whereas; low mortgage rate means more buyers. Potential buyers usually start their hunt when mortgage rates are low as the monthly repayment fits in their budget.
Home affordability decreases for buyers when the rates are high as they pay extra over the life of a loan. As a seller, increased mortgage rates don’t help you to sell your house fast. Your home isn’t valuable for buyers because they pay extra on the home as well as the mortgage repayment.
Additional Points To Consider
We’ve spoken about the aesthetics or the curb appeal of a house, which plays a huge role in home selling. There are certain things which lower your house’s worth like installing a pool, doing excessive DIYs, cluttered rooms, poor HVAC systems, etc.
There are specific things to keep in mind before listing your home in the market –
- Take care of the plumbing and upkeep
- Remove the shabby wallpapers
- De-clutter your house; get rid of the extra things in your home
- Keep the decor to minimum
- Remove the carpets which covers the whole floor
- Mow and clean the lawn, whether it’s a front or a backyard
- Get rid of invasive plant species or climbers
- Keep your pets at pay (while walkthroughs)
We comprehend a house is not just a structure it also has many memories attached to it. Suicides or violent deaths in a home can be a big reason for people to back out from buying it. It is advised to disclose little details to build transparency with potential buyers to avoid hassles later.
Selling a house is a daunting task and there are multiple things which may add and reduce the value of your house. If you want to sell remodeled houses or you want to sell your house as-is, get in touch with Elite Properties. We buy houses for cash which allows you to employ the yields of the sale as per your preferences. Additionally, we buy houses in any condition that eludes the hassles of maintenance and legal processes.
If you have other queries related to the topic or you want to know more about home selling process call us today 718-977-5462.
If you are a damaged property owner, you are certainly looking for selling your damaged house fast. Damaged houses prove to be a big cost consumer, it clutches a lot of repair costs which can’t be covered just by your equity. We understand selling a damaged house is frustrating and stressful as it needs repairs and your situation as a homeowner is desperate. Hence, we would like to provide you with best options to sell your damaged house fast. Whatever the condition of your house would be, we will promise a guaranteed sale.
Reasons That Cause Damage to Your House
There are multiple reasons that cause damage to your house; natural calamities or peculiar occurrences of events the array is extensive. Natural crisis like strong gusts of wind, heavy rainfall, tornados, hurricanes, hail storms and fire are some of the major reasons that damage your house enormously. Other than natural calamities instances like bad tenants, theft and vandalism are also some of the causes of damage to your property. While these instances can’t be ignored, the best way out of it is to sell your damaged house fast. As considering improvements will be extremely costly.
Why Repairing Is Not a Feasible Option?
The reasons stated above can extensively damage your house. If your home is damaged due to the natural mishaps it will definitely cost you thousands of dollars which is still not enough. These damages require a lot of money that can leave you broke. In some instance the damages are so major that repairing the house will cost you twice the retail price of your house. Repairing a ceiling or flooring will consume maximum of your saving while else will only add up to costs. If you’re considering repairing as your option, think twice as it will consume your time, energy and a big chunk of capital.
While repairing is not a feasible option, you can always think to sell your damaged house fast to we buy houses for Cash Company. You can sell your house within 3 days to us at Elite Properties and we will propose you with a no obligation, all-cash offer. This will provide you with fair amount of money in hand in return to your damaged house which will help in funding for your new shelter.
Location Plays a Vital Role
Similar to other reasons selling your damaged house requires a good location. When you have a damaged house in a bad location, it will certainly require a lot of filtration. People perceive some neighborhoods as bad although the surrounding might be pleasing. In a nutshell, bad location will affect your home sale negatively.
For example: A house near a school is considered as a good location while a house near railroad tracks is labeled as a bad location for evident reasons.
If you are residing in a bad location or a bad neighborhood you can put focus on the good points to sell your house fast. A right approach is to lower the price of your house and emphasize the features of your house. If you are residing in New York you can sell it to us, we buy houses in any location.
We Buy Houses in Any Condition
Sell your damaged house as-is to Elite Properties. Selling your distressed property to us will save you money and time. While selling through a real estate agent will take you ages, selling your damaged house to us will cut the repair costs. We will close the deal in less than a week so you can devour the perks of working around your timeline.
The burden of repairing a damaged house is taxing and lengthy, selling it to cash buying companies is the most convenient way out of the chaos. Elite properties makes your life easier with fast closings and all-cash offer. If you want to sell your damaged house fast, call us here 718-977-5462 and we will buy your house in any condition and any location.
Are you thinking about selling your house fast? Consider staging, a hassle free way to lucrative sale and no additional costs to pay. Staging is all about making your home more presentable and enticing for prospective buyers and you don’t even need a professional hand to stage your home. You can do it yourself in the way you would like it to be. It is a great way to eliminate clutter from your home and make it look spacious and attractive without spending dollars.
Buyers are peachy keen observers, they judge your home in a jiffy with just a single look, which makes it extremely important to stage your home properly. A simple symmetric alignment of furniture or cleaning up the clutter can make a big change in the appearance of your property. Staging makes a big difference in the margin of the sale, learn how staging helps in selling your house fast with following effective tips.
Cleaning Is a Priority
Cleanliness is godliness, we are very thorough with this phrase, but we often forget to apply it when it comes to staging a house. Cleaning is an essential tool to sell your house fast and make buyers believe that you believe in a hygienic living. Kitchen and bathrooms should be at the top of your cleaning list, a clean bathroom will always get bonus point while selling your house. Put room fresheners (mostly flowery smells) clean the dirty stains in the kitchen and bathroom and you are good to go.
Decluttering Of Personal and Unwanted Items
A process that comes extremely handy while de-cluttering is the “TDS” process. TDS simply means “Toss,” “Donate,” and “Store.” While staging your house, you could go through some massive mess and decluttering takes forever. You can use the TDS method to get things sorted and sell your house fast.
For example: Toss the used items like clothes, random junk or e-garbage and donate it to the one who needs it or host a garage sale and sell it for lowballed prices.
Rest, store the things that you really need. While removing the clutter from your storages make sure you throw, recycle or sell the unwanted items to make space for the important ones. Store your items in a fashion that they are not visible to the prospective buyers.
Add Color / Make Use of Dead Spaces/ Accessorize Rooms
While adding a touch of fresh paint might sound expensive we will tell you how to paint walls in a budget? First scrape off the shabby paint from the walls with the help of a sand paper then add a coat of primer and two coats of paint by yourself. By doing this you are straight away cutting of the costs of hiring a painter plus, you can paint the walls according to your choice. Utilize your living room and use the dead wall as your center of attraction. Painting just the dead or the central walls will immediately give a pop of color without doing much work.
Tip: Try using neutral colors that will be loved by both genders, keeping dominant and gender specific colors slashes the attraction of a potential buyer.
If you have dead spaces like lobbies, niches or window corners make use of it. Try arranging a low height seating around the window, add coffee tables in the niche of your living room. Doing just a little as this will potentially maximize your sale. Buyers love to see how each space can be used to get the maximum use out of a room or house that they are paying for. Accentuating the dead areas and making them livable will provide you with a hefty gain.
Accessorizing interiors can change the aesthetic appeal of a house completely, which also helps in selling your house fast. You don’t have to buy expensive handicrafts or décor, just cleaning the chandeliers till sparkly clean and adding fresh flowers in the flower vase will do the trick. You can also switch the bright white lights with yellow toned lights or hanging lights to give a sense of warmth.
Let Natural Light In and Update Upholstery
Cleaning the windows can work their magic. While a walkthrough make sure all your windows are open in the daytime to let the natural light in. Letting sunlight in makes the space look bigger and wider.
An important point is to clean your upholsteries and draperies. Give a quick wash to your curtains and upholsteries to enhance the appeal of your house. If you have two or more sets of upholsteries and curtains try making a subtle combination of them. Strike a balance between the paint and furniture that will complement and complete your home’s look.
Trim the Extra Greens and Rake the Spaces Outside
Whether you have a porch, a front yard or a back yard it is important to keep it clean and pleasant. Rake the leaves and cut off the excess growth of plants. Put welcome mats in the porch, add hanging plants on the door and keep away the litter box if you have pets. Doing this will make your buyers feel special and welcomed.
Increase the Curb Appeal / Make Required Improvements
A quick look from the outside makes the first call for walkthroughs. Buyers often focus on the outsides of a place to finalize a walkthrough. Luring your buyers with appealing exteriors is a must, but how? First off, get rid of the dull painted exteriors. Add big and bold hanging house numbers, get the porch sparkly clean, clean the windows and mow the lawns. These are some points to consider to increase the curb appeal of your house.
If your home is pretty and not functional it’s not worth buying. A buyer might give up on looks for once but not the functionality. Take measures to constantly check your HVAC systems, sewage tanks, water pipes, toilet and bath fittings, etc. to avoid last minute repairs.
Keep Pets Away, Add Scents to Cover the Odor
If you have pets at your home, try to keep them away from buyers. We comprehend pets are an integral part of your family, but some people might not be pet lovers. Some buyers can be pet friendly while some pet allergic. It is your due responsibility to keep them away until the house tour is complete. It is not just the pets but their litter boxes and food plates that need to wiped out for some time.
Sell Fast for Cash
Everything boils down to a fast home sale that provides you with plenty of profit. If you think the traditional way of staging and selling is too much, you can contact we buy houses for cash companies like ‘Elite Properties’. They will buy your house in any condition and propose with an all cash offer post which they stage your house and sell it further to prospective buyers. If you are residing in New York and want to sell your house fast without the hassles of staging and preparing your home for market get in touch with us. You can contact on the given number here 718-977-5462 and they’ll do the rest.
Selling an inherited property can always be the safest option rather than preserving or moving in it. An inherited property is a beautiful gift that is passed on to you, but with the very same gift comes burden as well. In such a situation selling the inherited property is the smartest move. If you have never sold a home before, you are certainly going to face challenges during the inherited home selling process. As difficult as it is we will provide you with a full-fledged mode of ‘How to find the value of your inherited property’ that will help with the process to sell your house fast.
Calculating Cost- Basis of an Inherited Property
The cost-basis calculations of an inherited property vary from other mandatory taxes. The cost-basis calculation is based on the Fair Market Value of the property at the time of the homeowner’s death. It can also be calculated when the homeowner transfers the assets to the descendant.
In case, if the worth of an asset or property drops during or post-death, you can choose a valuation date. The valuation date is six months after the death of the owner. By choosing a valuation date you can help reduce the outstanding taxes on the inheritance.
Note: There are no federal taxes levied on an inherited property in some states. Although, few of them still clasp a tradition of levying duties as per the relationship with the person who died.
For example: The spouse of the person died is not liable to pay inheritance taxes. Whereas, a descendant often pay the duties.
Get the House Inspected and Appraised
It is very important to get the actual value of inherited property. Getting a home inspection and an appraisal serves to get the actual worth of your property. Before you price your home make sure you hire an evaluator who holds experience with inherited property. There are multiple factors that derive the appraised value of your inherited house. The price of the property will be appraised on the grounds of the condition, required improvements and current market value.
Price Suitably To Sell Your House Fast
People often forget pricing your inherited property high may never lead them to the desired sale profit. We know an inherited property has many memories attached to it although, it is crucial to move on with it. Don’t let the memories decide the price of your house. Weigh your needs and act accordingly, if you are in a rush propose a lowballed offer and get away with the pain of maintaining the property.
You can utilize many online tools to carry out a Comparative Market Analysis (CMA) and get an accurate price by comparing comps. Keep in mind hiring a real estate agent will not come handy. Selling your home through an agent will take days and months including the agent’s fees and property taxes.
Add “Repair Discount” In the Offer
An inherited property requires endless repairs. You need a big chunk of separate amount other than extra costs and taxes to pay. As the property is transferred under your name, you become liable for all the repairs you conduct. You can choose to do the required improvements solely if you have enough time and dollars to spend. You can also choose to give a ‘repair discount’. By giving a repair discount you are eliminating the hassle of performing the repairs yourself, which eventually saves you a lot of time and money. Repair discounts also entice buyers as the figure of the property is deducted by some amount.
Capital Gains On Selling Inherited Property
If you have made up your mind to sell your inherited property, you cannot free yourself from the tax obligations. When you sell an inherited property the cost – basis is the date of death or the alternate date (valuation period). If you opt to sell an inherited house fast, your capital gains will be minimal. Although, if you hold onto inherited assets for less than a year you will be taxed as same as it would cost for a year.
For example: If the cost-basis of your inherited property is 3 million dollars and the price for which you sold your property is 3.1 million dollars, you are only liable to pay capital gains for the extra one million dollars.
Inheritance Tax Exemptions
Inheritance taxes vary from state to state. The exemptions from inheritance taxes depend on the relationship with the person died. Generally, the surviving spouse is exempted from the inheritance tax. The closer the relationship with the deceased the lower the taxes levied.
Similarly, inheritance tax threshold varies from the state to the relationship with the decedent. The threshold amount varies from 500 dollars to 40 thousand dollars, the tax rate ranges from 1% to 18%. Usually, a state might charge 13% tax on your inheritances.
Sell Your House Fast For Cash
If you want to sell your inherited property fast, contact cash buying companies like ‘Elite Properties’. The company will buy your home as-is in any condition, which means getting away from the hassle of legal processes. Opting these companies will save your ample amount of time and money furthermore, they propose an all cash offer.
When you are proposed with ‘inherited property for fast cash offer’ and have multiple beneficiaries, it is easy to split the yields of the sale. If you are thinking to sell your inherited house fast, we will buy it for quick cash. Get in touch with ‘Elite Properties’ and get ready for a stress free home selling process.
Many homeowners opt for a second mortgage which is an additional loan against your home. If planned well a second mortgage can be your savior in bad times or a trap of financial edge. There are many things to keep in mind while applying for a second mortgage. We will provide you with a complete guide about the second mortgage, how it works? Advantages, disadvantages and everything you would want to know.
What Is a Second Mortgage?
A second mortgage means taking a loan against the equity of your home, which means the equity acts as a collateral. This loan is also known as a ‘second mortgage’ as you already have a prevailing loan on your property. The amount that a lender offers for a second mortgage depends on the built equity of your home. The repayment of a second mortgage will only proceed only when you pay off the primary mortgage. Usually, the interest rates for the second mortgage are higher and the amount borrowed is lower than of the primary mortgage.
How Does A Second Mortgage Work?
A second mortgage is provided by lenders through employing your equity as security. In such an instance if you have a mortgage on your property or not, you can still secure a second loan by redeeming your equity that was heaping over the years.
The amount given for the second mortgage is calculated by estimating the current market value of your home and subtracting the installments paid for the first loan. For example: If your home costs 300,000 dollars and the remaining debt from the first mortgage is 210,000 dollars then you have collected 900,000 dollars of equity. Here, the lenders may lend you around 60% to 80% with respect to your equity.
Types of Second Mortgages
There are three types of mortgages that fall under the broad term of the second mortgage. The names of the mortgages are –
Standard Home Equity Loans
Home equity loan is the traditional category of loan where the fixed amount is given to you for a fixed term. The amount remunerated is spread over the span of 5 – 15 years. Once the loan closes you receive all your money in a lump sum amount.
Home Equity Line Of Credit (HELOC)
A Home Equity Line Of Credit gives you the liberty to draw money whenever you need it until the maximum amount of credit line. HELOCs also have a draw period which is usually 10 years. During this period you can utilize the line of credit while you only pay the interest on your principal. Post the draw period your payments (including interest and principal) are remunerated over the remaining loan tenure.
What is a piggyback loan? A piggyback loan is a category of second mortgage that acts an additional loan to your primary mortgage. Instead of trading your home equity for borrowing money, a piggyback loan becomes your supplementary loan. Many homeowners choose piggyback loans to elude the hassles of PMIs.
A piggyback loan means using two loans to finance the purchasing of a single property with less than 20% equity. The loan has a ratio of 80/10/10 meaning: you’ll be lent with 80% of the amount from the lender, 10% will be provided by the piggyback mortgage and the remaining 10% will be the down payment that you will provide.
Tips to Opting For a Second Mortgage
It is advisable to always make a full-fledged plan before you proceed to apply for the second mortgage. We would like to share some tips on how you can get yourself prepared before applying for a second mortgage.
Craft a Financial Strategy
Ask questions to yourself like how will you utilize the money from second mortgage? What will your repayment structure look like? Will you have enough money as a backup for emergencies? Asking such questions will help you plan a better framework to repaying and employ your second mortgage.
Understand your credit score
Extracting your credit score will give a better understanding and provide you with options to choose a suitable loan. Your credit scores affect the amount you will be lent with hence, it is also important to keep it on the positive side.
There is a complete list of documents that you need to provide while applying for the second mortgage. Although you might be asked for additional documents depending on what kind of loan you apply for, there are some necessary ones listed below –
- W2 earnings statements or 1099 income statements for the last two years
- Federal tax returns for the last two years
- Bank statements for the last few months
- Recent paycheck stubs
- Proof of other income, such as tips, Social Security payments, investment income, etc.
Ways to Use a Second Mortgage
As second mortgage equally stands to be a big amount to spend. You’ll have to put your funds at appropriate places where you can increase your property’s worth. There some common ways to do so like –
These stand to be the most common choices amongst the homeowners as they directly improvise the sale of your home. When your home looks good, it bids for a higher price which means profits and easy repayments.
A second mortgage has lower rates but, it might significantly change your situation from losing a home to a better repayment structure.
Education and Healthcare
The second mortgage can provide you with a substantial amount for funding your child’s educational needs like college or tuition fees.
Emergencies are very unfortunate, you never know what surprise life might have for you. It is important to have a healthcare plan with lower interests on your side.
Advantages and Disadvantages of a Second Mortgage
Each thing has its pros and cons similarly, it is the case with second mortgages as well. We will state some advantages and disadvantages of having a second mortgage.
Advantages of second mortgage
- Large loan amounts become accessible
- You get lower interest rates
- Tax benefits
Disadvantages of second mortgage
- Reduces your home equity
- Limits the ability to borrow
- Additional closing costs and monthly payment
- Higher interest rates
By now you might have understood about the complete process, pros, cons and a lot about the second mortgage. Although, second mortgages are extremely convenient it is also important to determine if they fit your needs.
If you need any assistance with respect to real estate, you want to sell your house fast or have any other requests you can contact us on ‘Elite Properties’ and we’ll provide complete assistance to your queries.
Take each step carefully or you’ll lose it. With multiple processes involved, home selling is a big and difficult transaction. You’ll have to deal with certain things across the lengths of the process to make a speedy sale. There are numerous tips and tricks to make a fast-paced sale as far as first-timers home sellers are concerned.
As nobody explains about the whole scenario of the home selling process to beginners. We are here to share the 5 tips for first time home sellers. The tips below will help you with an effective sale, promising greater profits.
Set Your Home Selling Goals
It is extremely important for you to set your home sale according to the timeline. Ask questions that satiate your purpose of the sale. Your timeline influences differently on how you sell your home and also set a price. For example: If you want to sell your house fast then you have to propose a lowballed offer. Another situation, if your timeline is flexible, you’ll probably want to wait for some time, make required repairs and then sell for a higher price.
Prepare Your Home for Sale
There are two phases in which you’ll have to work for preparing your home for sale. First is enhancing the curb appeal. Second, to make necessary repairs in your home that requires special attention like ill-fitted drainage system or constantly leaking sewage tanks. Lastly, you can choose staging to attract potential buyers. As a first –timer it is important to keep in mind not to go overboard with staging as it might look fake.
A buyer will always see your home’s exterior first hence, enhancing the curb appeal of your house is important. How do you enhance the curb appeal of your exteriors? If you have a front yard check if the grass is trimmed, the porch is swept neatly, no garbage bags are kept on the front door. See if the exteriors of the property do not have any cracks or peels. You can also paint a coat of fresh color if required to make the exteriors more enticing.
If you are thinking about how to sell my house fast? Then the sole answer for it is “Repairs”. Repairs play a vital role in the home selling process. Although, it is important for you to understand over expenditure is a big no as it affects your closing costs. You can start by making a list of minor and major repairs. Major improvements will consist of curing ceilings, painting walls, bathroom fixtures, etc. whereas minor repairs can be stated as changing upholsteries, polishing the furniture, etc.
While major change requires dollars, minor ones can be covered by staging by spending less money. As staging requires no money, we’ll tell you how it is done.
- You can strategically arrange the furniture in such a fashion that your room looks spacious
- Change the dull white lights to bright yellow lights to provide a sense of warmth in the house
- Clean up your upholstery, blinds and curtains to make them look fresh
- De-clutter the extra furniture or handicrafts that block walkthroughs
- Mow the lawn
- Clean the windows till crystal clear
- Keep flowers on the center table to add color in the room
- Put aroma candles in rooms and bathrooms
- Put carpets and welcome mats
By performing as little as stated above you can make a big difference in your home sale. Staging attracts many buyers and provides you with a profitable sale.
Research and Decide a Feasible Home Price for Selling
When you are selling house by owner or self-listing in the market, pricing the home stands to be the most crucial part of the home selling process. A seller will always want the highest bid in the shortest span to close the sale quickly. Carry a CMA (Comparative Market Analysis) and look for a feasible price that suits your needs. Keep in mind the price should also cover your closing costs including improvement charges. A CMA will enable you to understand the current price of the market as well as the neighborhood and locality around.
While listing you can also mention the expiry date on your house’s offer. Mentioning an expiry date creates hustle between buyers further, you can pick the one offer which feels appropriate.
List Your Home in Market
Majority of the home sales take place virtually, potential buyers view listings online to check multiple offers. You can utilize social media to your advantage, click true images of your home and post them on public platforms. Write a beautiful convincing description about the property to engage prospects. You can also do virtual tours and Vlogs to give an in-depth look of your home. Furthermore, you can opt for the traditional way of marketing your home by posting ads on newspapers and mass media.
Note: Try to sell your house in the peak season which is spring. Spring is the busiest season which means more prospects and offers.
Sell Your House Fast
Selling your home to “we buy houses for cash” companies is the easiest option when you want to sell your house fast. Companies like ‘Elite Properties’ buy your house as-is and provide you with an all-cash offer. While approaching such companies you don’t have to worry about the staging and improvements. Additionally, you don’t have to worry about the sale season as these companies buy houses throughout the year. As selling a home is a daunting and difficult task companies tagged under ‘we buy ugly houses’ label act as saviors.
If you are residing in New York and are selling home for the first time then get in touch with us or call us on 718-977-5462, we will buy houses within 3 days and pay you the closing costs as well. Rest assured home selling would be as simple as you could imagine.
Maximum homeowners with big houses wish to keep tenants for a passive income. Although, the dream of having cooperative tenants who timely pay rent hardly exists, in most cases it is non-existent.
In such situations, you tend to feel helpless and are likely to seeking help with the home selling process. If you are one of them who are stuck in a rut, then you can learn how to sell a house with bad tenants.
Difficulties That Occur While Dealing With Tenants
Troublesome is the word; tenants are known to be the problem creators of the tiniest issues. There are multiple reasons that landlords are forced to evict tenants or drag them to the court. Reasons like property damages, inopportune rent/bill payers, pet owners, whiners, etc. These are some of the difficulties that occur while dealing with bad tenants. Here, you have to make sure that you screen your tenants thoroughly before letting them in.
1) Issues That Landlords Face While Deciding To Sell House Fast
Every issue has a specific outcome. Selling a house that has a bad reputation is impossible, nobody invests in a property which is low in standards. While you are planning to sell your house fast, there are obstacles which influence the home sale. Issues like high turnover rates, late rent payments, legal troubles, constant evictions, and disruptive tenants make it much more challenging. Other secondary things like pest problems, broken appliances, roofing issues are some of the improvement issues that a landlord faces.
2) Is It Possible To Sell My House With Sitting Tenants?
Nothing stops you, you can still sell your house fast and list your property in the market. The only struggle will be to spot potential buyers. You’ll have to try hard to collect interested buyers and tell them about the complete tenant situation. If you are still struggling to get access to the property then you are left with two options which are –
- Look for a clause in the agreement that allows access under specific circumstances, where one can legally access property by giving 24 hours of notice.
- Option two, offer one-off reduction to the tenants
2.1) Consider Eviction
If your tenant is violating clauses from the agreement you can take legal actions. It is highly advised to not to lose your calm as it will make things worse. If situations still slip out of your hand then eviction is the only option left. You’ll have to approach a legal upper-hand and go through the legal processes. You can contact we buy houses New York companies and get things done. The company will buy your house for cash and also take care of the tenants as well.
Companies like ‘Elite Properties’ will provide you with a fair, all-cash offer. You can sell your house within 3 days in any condition and still get a profitable deal.
2.2) Know Your Landlord Rights
The most important thing you would want to note down is the decision of selling the property is not affected by any means. If you have a tenant that has Assured Shorthold Tenancy Agreement then it gives them the right to stay until the contract expires.
If you have signed an open-ended agreement that has no expiry date then start looking for a break clause that permits you to lay off the tenancy agreement. Lastly, if you are uncertain about the situation then consult a solicitor.
3) Sell My House Fast
Many people get stuck while selling their house, why? People have a misconception that if they sell their house fast, will they receive the cash? The answer is yes. Selling your house to companies that buy houses for cash will provide you with fair deals additionally, they buy your house as is. If your situation is desperate and the tenants are not willing to move out, this is an ideal option for you.
You can also sell your house as is with or without tenants, get in touch with we buy rental properties company like Elite Properties. They buy houses for cash and take care of the rest of the procedures like sending notices to tenants, preparing documents, etc. Selling your home to a ‘we buy houses for cash’ company will make the home selling process quick and keep you away from all the legal hassles as well.
Before You Dive In To Sell Your House with Bad Tenants
We hope you consider the given conducts and try to take each step with utter precaution. In the blog above we have mentioned how to deal with bad tenants and make a faster sale. Furthermore, you can contact ‘Elite Properties’ at New York and get all your real estate issues sorted before you end up in a mess.
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.
When you realize that you are stuck in a situation where you want to sell your house fast but don’t want to wait for the prolonging home selling process? Here is when “we buy houses for cash” companies come into play. This sign on the hoarding can be very pleasing to your eyes while you are finding ways to sell your house fast.
So here we are explaining about the topic we buy houses for cash – how does the process work. As the name says it all we will be enlightening you about the depths of the topic. You can likewise choose your options wisely in the coming time for selling your home.
Types of Homeowners That Approach “We Buy Houses for Cash” Companies
There could be endless reasons that a homeowner would sell its property to a We Buy Houses Company. A possible reason could be an unexpected death of an elderly person. Instead of inheriting the property and waiting for to process to complete. They would sell it to companies that buy houses fast. Another reason might be a couple settling to another state after marriage.
One more reason apart from dodging to inherit a home is that nobody likes to implement improvements that cost dollars. Reason being, only to get the house back in a proper working condition with essential amenities to suffice.
We have put forth the potential categories of homeowners who approach these companies and sell house for cash. You can sell a home without being trapped in the hassles of paperwork and legal processes.
Given below are the types of homeowners and their reasons for why they approach these companies –
- Sellers whose homes are stagnant on the market
- Couples who have filed a divorce and would be separating
- Homeowners facing bankruptcy
- Sellers with homes in probate or foreclosure
- Homeowners who are relocating for jobs
- Homeowners who are evicting tenants
- Unoccupied homes
It is not necessary that the people mentioned above would be selling their homes for cash for the specified reasons. For example; there could be a possibility that the people selling the houses are additional assets amongst the possessions they own. Another possibility is the homeowner doesn’t want to safeguard the property but, require hard cash to gain financial stability. Sometimes selling a property is just for mere convenience and shedding that extra baggage of responsibility off their shoulders.
How Does “We Buy Houses For Cash” Work?
1. Fill Out The Property Details Form
Buyers who buy such properties look for distressed homeowners who would be interested in selling their house below the market price in exchange for a hassle-free, all-cash transaction that involves zero legal processes. The process is extremely simple, you just have to fill up a form and fix a meeting with the potential buyer, rest they’ll take over.
2. Home Evaluation Process
Once the form is filled and reviewed, they will call you for the verification and confirmation. They’ll ask if you are a hundred percent sure to sell your property. Further, they will plan a meeting to evaluate the condition of your property. They’ll also fix a price prior to proposing the final offer to you.
3. Buyer Proposed, No-Obligation Offer For Cash
After evaluating the condition of the home, the cash buyer will propose a no-obligation cash offer. It would mean you are not obliged to accept their offer. If you are not happy with the proposal, you won’t be liable to pay any commission to the buyer.
Companies that buy houses for cash purchases your house in whatever condition it may be. They buy ugly and damaged properties; nonetheless, it is expected from the seller to not to expect a really high price for the property.
4. Final Purchase Of The House
If you agree to sell property for cash then the cash buyer will purchase your home and perform all the legalizations on your behalf. There will be no real estate agents or any kind of commission involved.
If you don’t want to sell your property but, have noticed these signs around in neighborhood which say buy my house fast or if you know anyone who wants to sell property for cash. You can contact companies like ‘Elite Properties’ they will get in touch with the seller. If the company purchases the property that you introduced, they’ll pay you the commission as the top finder’s fee.
The Bottom Line
Now when you know the in-depth process of how “we buy houses for cash companies” work, you could easily sell your house fast for cash and obtain good returns on your ugly property. Furthermore, if you are residing in NYC and want to sell your housefast, then we buy houses for cash is the only option for you. Get in contact with ‘Elite Properties’ and sell your house within 3 days in any condition, any location. The company will pay your legal fees and closing cost. Call them today on 718-977-5462, and keep all your estate crisis at bay.