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How COVID-19 Has Affected The Foreclosure And Short Sales Market

COVID-19; A horrifying pandemic crisis that the world is facing right now. As the situation is affecting many sectors around the globe,real estate isn’t left behind.The raging effect of COVID-19 has created a major void in the market, resulting in a huge downfall with respect to the world market andeconomy.

Many services offered by the real estate market like walkthroughs, rentals, etc. had a hard hit by the virus. As these aren’t the only services that have been suffered, other facilities like foreclosures and short sales have also been adversely affected. In this blog we will tell you How COVID-19 has affected the Foreclosure and Short Sales Market.

The Imprint of Coronavirus on the Foreclosure Market

As everyone is witnessing the catastrophic situation of coronavirus, its effects are also visible in respect with the economy. The loss industries have been facing is immense and would take a while to make up forthe loss. Although, the foreclosure market is going through an uptick, according to the research by FTSE (Financial Times Stock Exchange) and REITs (Real Estate Investment Trusts) say there’s an evident index downfall approximately by 7.7 percent (noted on March 9, 2020).

If this prolongs, it would be difficult for homeowners to keep up with the monthly mortgage payments which will later result in increased foreclosure cases, although it is tough to predict the real estate market. As facts are stated, in some states the mortgage payments have been kept on hold for some time until the pandemic contains.

Coronavirus has Pushed Mortgage Rates Lower

The coronavirus outbreak has made the Federal Reserve to take two emergency rate cuts which apparently brought the bond yields to almost zero. The usual 30-year-fixed-rate-mortgage has been dropped to 3.29% (noted on 5 March). As stated in the records, previously the 30-year-fixed-rate-mortgage was lowest in the year 2012 amid the recession when it hit 3.31%. Additionally, the 15-year-fixed-rate-mortgage also fell by 16 basis point to 2.79% according to Freddie Mac.

The main cause of the mortgage rates to slump is because of the treasury market which has sunken with a lot of margin in the past months. Furthermore, the uncertainty of mortgage rates shall remain in the ditch for a long period.

Corona on Short Sales

When businesses are closed around the globe and many of them can’t go on their jobs, homeowners are forced to sell their houses for a living. Homeowners with no jobs are forced to sell their house for bare minimum profits to perform their regular routine and satiate their daily needs. As a short sale can cost less than the foreclosure to the lender, it always proves to be the most viable way for the lenders to minimize the loss and improve profits. Additionally, a short sale might not damage the credit score of a homeowner.

If you have a hefty amount of mortgage to repay then your only possible option to fulfil the amount is by selling your house to cash buying company.  As there is a rapid increase in short sales it is evident that problems like unresponsive lenders, misplaced documents, erroneous or unrealistic home value assessments, and prolonging processes may make the whole process difficult. In such chaotic situation Elite Properties is one such company which will help you sell your home fast for cash on afair market value. We alsobuy your house as-is, we won’t ask for any lengthy documentation process, which automatically cuts the hassles of a troublesome sale.

You can call us at 7189775462 or visit us at Elite Properties NY to learn more about the home selling process with us. Where everyone around the world is going through the pandemic crisis we’ll help you be at ease with the home selling or short sale process.

If your house isn’t selling, it can be a big problem and a matter of extreme stress to homeowners. If it has been sitting for a long time in the market, it will ultimately lose its value. Simply tweaking your marketing skills and changing your home selling process can favor you a lot. If you think you’ve tried everything, then think again or scroll down below and go through the 7 Tips On How To Sell An Unsellable Home.

  • Postpone The Home Selling Dates

Setting the right time to sell in the market is extremely essential as the price you may achieve certainly relies on it. It is a known fact that real estate is majorly a seller’s market and you’d need to know about the pattern of selling homes. There is a certain time of the year where the sales are highest, spring is the ideal time to sell your house or put it on the market. Whereas, winter is the time when the sales are comparatively low. If you’re not up for the seasonal sale pattern then there’s another way where you can wait for the inventory to drop and then put your home on the list.                     

  • Try Selling Your House Under The Market Price

Mispricing your home can be the easiest mistake you can make while listing your home, so the ideal way to entice buyers is by selling your property for a lower market value. Buyers or real estate investors are always on a hunt to find houses that are priced for less than their fair market value, this kind of sale is also known as ‘fire sale’ according to the real estate lingo.

This might not be your ideal choice but in this state of utter despair this might be the most enticing option for you. As investors are constantly looking for such deals, some companies might actually surprise you by buying your property in as-is condition for a fair price. Try selling your house to ‘we buy house for cash’ company; Elite Properties New York they will buy your house in any condition and additionally offer you a no-obligation offer.

  • Consider Deep Cleaning, Improvements And Curb Appeal

A clean house will always sell for a huge profit, keeping in mind the functional aspects of it. Fixing serious issues like your electrical and HVAC system will work wonders if they were in a rough condition. Plumbing, windows and checking for leakages from roof or sewage pipes are important points to remember. Make sure all the functional aspects of the house are covered before selling. If you’re not able to cover the improvement’s expense then include it as an incentive with the house.

The next important thing to focus on is the curb appeal of your house. If a home isn’t good-looking from the outside it’s never going to sell. You can counter the easy and less pricey things first and then move on to the costly improvements as and where needed. Just by cleaning the sidewalks, mowing the lawn and cleaning the exteriors of your house can make a visible difference.

  • Up Your Marketing Game

It’s all about the virtual world these days; the easiest way to list your home on the market is by putting it online for people to take a view. Adding to the rest, the results will only show if you market your home right. MLS or Multiple Listing Service can be extremely handy once you choose to put your home online, this particular service enables you to find the right buyers on a wider platform.                                               

Good marketing is equivalent to profitable sales so while listing your home make sure you’re putting out precise information for prospective buyers. Click sharp images of your complete house and also try making a video from the entrance to each room for a better perspective to buyers. A buyer would possibly skip pictures but not a video; make sure the quality of your video is clear, crisp and shot in bright light.                    

  • Documentation Of Property Is Essential

If you’re putting your home in the market it is important for you to keep complete written information about your property and the changes made or required in the coming future. Keeping an updated information about your property will help you in an easier sale and would promise better profits. No matter your house is in whatever condition it will always be sold for a fair price if you’ve been transparent with the potential buyer.                 

  • Think Through A Short Sale

This might be your last option to reach the final results and achieve a fair price on your property.  In most cases statistically quoting; people end up owing more than the property’s worth which is practically impossible to remunerate. There are cases where most of the lenders (in case you have an outstanding mortgage) may or may not agree for a short sale additionally, not every seller will qualify for a short sale. In such circumstances it is best to opt for a short sale although it is important to do your research before diving in.                                                                                                

  • Sell Your Home For Cash To Elite Properties

Going through a mortgage, debts, improvements and top of it selling an unsellable house can be a lot to bear. In such an unfortunate condition your first option should be selling your home for cash to cash buying companies in New York like us. Selling your home for cash to us might be a boon in an ugly situation. We buy houses as-is which means you are saved from the hassles of making repairs. We close the deal in as less as 3 days which means you can take your money and repay your debts in no time.

We guarantee a fair all-cash offer with an additional no-obligation offer where you can terminate the proposal and you won’t have to pay any commission. If the deal is finalized we’ll also pay the closing and associated fees, so what is stopping you? Sell your house for cash to us and we’ll promise you a profitable all-cash sale. Call us on 718-977-5462 or visit us at Elite Properties to sell your house today.

A steady job is the most important parameter to keep up with the mortgage loan. If your boss has fired you or you have left the job due to the frustrating work environment, and you don’t have any other source of income to pay the mortgage then, we have some tips that can help sail your ship smoothly.

Stay calm and read the mortgage payment tips to understand what practical options are available for paying the mortgage loan when you’ve lost your job.

  • Calculate Your Money and Start Saving

First things first, try avoiding the stress as much as you can. Keep a positive attitude that everything is going to be fine. Without a stable mental state, you won’t be able to cope with the situation. Once you settle down, calculate the total money you have. By ‘total money’ we mean your savings and emergency funds. Once you know the total amount, outline your basic monthly budget and utilize the rest of the money for the mortgage payment. In the meanwhile, start searching for a new job. You will surely get one.

If this option is not feasible, you can try for the next one.

  • Sell the Unnecessary Items

There are many household items such as furniture or kitchen accessories and even clothes which we don’t use on a daily basis. You can collect such items and sell them right away. A garage sale might seem an insignificant thing to do in such a stressful situation but, it could help you arrange mortgage payment. If you are worried about the buyers then, you can try placing free ads over various portals and hold an online auction. Otherwise, you can opt for a traditional way of selling.

  • Rent a Room

To be honest, there are thousands of people in NY who are looking for a suitable place to live. So, if you have an ‘extra’ room in your home then, you can try renting it out. Let’s say your family is small and you have got enough space to accommodate more people. In such cases, you can permit people to stay in your guest room or the room which is spare. It will not only arrange mortgage payment but also, give you the satisfaction of helping a needy person.

  • Contact Your Lender

Most people make the mistake of hiding from their lenders when they know they are short of money. Therefore, we want to specially tell you that it’s not a wise thing to do. Maintaining transparency is the key to convincing the lender. Please, make sure you talk to your lender at the earliest. Understanding your situation, your lender might offer you another plan for a temporary basis. For instance, your lender can ask you to go for the forbearance unemployment agreement. It allows you to repay the pending payments after a certain time interval. For the time being, you can pay less money. This will save you from losing your house. Once you get a job, you can fill the gap by repaying the mortgage amount.

  • Sell the House Before it falls under Foreclosure

‘Foreclosure’ means your property can be taken legally by your lender if you fail to pay three consecutive mortgage payments. If the foreclosure occurs, you won’t have any choice but to lose your home forever. Thus, foreclosure is extremely risky. You should do whatever it takes to avoid foreclosure. If you’ve tried other authentic ways and still you aren’t able to find a staunch solution, selling your home in NY is the last resort. Selling your property before foreclosure or a short sale will at least ensure you get some money back. This money can be helpful during the crisis until you have a decent job in hand.

  • Contact ‘We Buy Houses for Cash’ Companies in NY

Selling your house in NYC as soon as possible could be a hard nut to crack. The easiest way to approach the situation is finding a ‘we buy houses for cash’ company in NY. Such real estate companies help you throughout the transition right from listing your house for sale to speaking to potential buyers to the important paperwork. You don’t need to go deep in the legalities once you hire an experienced real estate agent. Just make sure to get in touch with a trustworthy and reliable real estate firm in NY.

  • Fraudster Alert

While we are advising you to take assistance from a real estate company in NYC, you must take care of a few things. To be honest, there are many fraudsters who will promise to sell your house fast but, when the time comes they won’t fulfill their commitments. Such companies ask you to pay in advance and then, don’t answer your calls/emails. Beware of sugar talkers and research thoroughly about the company’s past projects and clients on the internet. You can also take guidance from your relatives and friends who have relevant knowledge or experience associated with the real estate sector.

Final Word

Try to get a new job and meanwhile follow these tips to deal with the mortgage payment failure issue. Remember that every dark cloud has a silver lining. If you need assistance, you can contact ‘Elite Properties’, one of the highly reputed real estate firms in New York. The real estate agents at Elite Properties are known for being transparent and faithful to the customers. Most importantly, don’t lose hope and stay positive. It can work wonders for you.

The aggrandizement of services that aid homebuyers and sellers in completing their own real estate needs is relatively recent, and it may have left you pondering whether procuring a real estate agent is becoming a relic of a bygone era. Going solo when it comes down to real estate might save you a handful sum of money by cutting down the significant commissions you need to pay the agents. Well, the question is: Would you rather try flying solo or reach out for a helping hand?

Buying or selling a property even in a buyer’s market is challenging and time-consuming. A significant proportion of people doesn’t trust or rely on real estate agents to meet their needs. However, these guys will be forever missing the luxuries of what a real estate agent can bring to their plates. Buying and selling properties indeed take time, and with the help of the right expert, one can surely save a lot of time and make things hassle-free for themself.

Here’s how hiring a real estate agent can assure you in achieving the ‘all-time American Dream’ of owning a property in your name…

1. Hiring an Expert

Rather than being entitled as an agent, they prefer being called experts. Real estate agents are the best when it comes to their line of business. You’ll experience the pinnacle of professional real estate services by hiring a property expert. Right from negotiations to the final settlement of the price, they’ll act as a loyal mediator between you and the seller omitting you from all the hectic formalities and paperwork.

Negotiation is a tricky business, and there’s an excellent chance that the other party can easily bamboozle one without an adequate record of experience in this line of business. A real estate expert has enough experience when it comes down to revealing all the ambushes and deceptions and taking countermeasures. So, whether you are selling a property or buying one, hiring a real estate expert will always give you the upper hand.

2. Are The Encyclopedias of Property Listings

Finding a house with your specific interests can be challenging. If you are a working person who rarely gets time to spare, this becomes even more challenging. Moreover, what if the house with your interests is on the other side of the state? This is where a real estate agent comes in handy! They have an enormous database of property listings that can match your interests. Tell them what kind of house, neighborhood or even locality you need, and they can present you with the shortlisted properties which resemble your attention. All you need to do is pick one.

Most of the real estate agents have a secure and robust network when it comes to property listings. They make use of these networks to keep in touch with all the property owners and sellers all over the state. By hiring a real estate agent, you are not only experiencing hassle-free services but also given access to the network mentioned above of extensive property listings.

3. Saves Time and Money

Roaming around your locality or neighboring state in search of available properties can drastically eat your time and money. Well, we would say there’s no point in drifting along with the current without a destination or goal. With the aid of a property dealer, the path towards your target will be apparent, and you can set the course at full speed. Property dealings always include a lot of paperwork and legal procedures and don’t forget the expenses too. A real estate agent can volunteer for you to take all the trouble of hefty paperwork and costs providing you with the ownership of the property or house.

For example, selling a property which is listed under foreclosure or short sale is pretty challenging and hectic. Most of you might feel like you are going through the most terrible phase of your life. With the property listed under foreclosure or short sales even, interested buyers might back off thinking of all the legal troubles they might need to go through. By hiring an experienced real estate agent, selling your foreclosed or distressed properties will be quicker and more straightforward.

Still not convinced in hiring a real estate agent?

Let us brief you up with a few more scenarios in real estate business. When stepping into real estate business, most of you might have come along the terms like foreclosure, short sales, distressed properties, estate sales, probate sales and much more. Hiring a real estate agent will make it easy to acquire properties which are under these complex scenarios.

a. Real Estate Agent For Foreclosure

Foreclosure of property occurs when the borrower fails in paying the mortgage he/she is obliged to pay the property owner. Even though the number of foreclosed properties are gradually decreasing in number these days, they still do exist. As for a buyer looking for a potential property, there’s a fair chance that a foreclosed property might exactly be the house in his/her dreams. However, the reality is pretty much harsh. Instead of a smiling face handing over the key to the property, you’ll be welcomed with a ton of paperwork and legal procedures which can even last up to minimum seven months. The same happens when you are trying to sell one too.

With a real estate expert who knows his way around the market and its characteristics, selling or buying a property in foreclosure doesn’t plot an issue. Since they are experts in their line of business, finding a buyer for your foreclosed home will be more comfortable. Their motto is to help you by leaving you out of all the troubles providing a hassle-free business deal. You need to select the shortlisted buyers provided by the agent who are willing to give you a fair deal for the property.

b. Real Estate Agent For Short Sales

A short sale specialist or a lawyer? This might be the first question that comes to your head when planning to list your property for short sales. Opting for a short sale specialist rather than sticking to a lawyer can help you in many ways. Since lawyers only know about legal procedures that need to be presented in the court regarding the property they won’t do much help in advising what to do and what not to do when going for a short sale. A short sale specialist has completed thousands of these cases and is much more experienced when it comes to such scenarios. They can even find you a proper buyer for your property who can provide you with fair and desired price. Don’t forget that the legal procedures will be taken over by the agent itself, which indirectly implies they’ll be providing everything a lawyer can provide.

c. Real Estate Agent For Distressed Properties

Distressed properties have always been a headache for property dealers. These are the properties that are rarely maintained or nearly distressed but still packs a punch. Finding potential buyers for your distressed property can be challenging and daunting without a property expert. They are professionals in negotiating and convincing buyers to buy the property. The same goes when you are planning to buy a distressed property to save your wallet. Since every distressed property isn’t approachable even though they look promising from the outside. With an expert beside you who knows what to look for in a distressed property and understand its market value can land you a great deal without hurting your pocket.

The Bottom line

Investing in hiring a real estate agent will always be a boon when planning to buy or sell a property. They can lead and guide you in the right way to meet all your real estate needs.

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.

Conclusion

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.

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