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.
Are you in need of some urgent cash and have to sell your house fast to meet the ends? Then, sell your house fast for cash to a real estate company that buys houses for all cash…
Most of you might have come across “we buy houses for all cash” ads in your day-to-day life. It could be in a flyer, or in a banner across the road or might even be in your inbox as well. Usually, we ignore these ads thinking these are scams and approaching them might be dangerous. But, what if unexpected financial troubles have caught up and now you are forced to sell your house or property? In these situations, you might be looking for a way to get fast cash, which in turn lead you to the doorstep of most of the “we buy houses for cash” companies. Well, the real question is “How much can you trust these companies and ads”?
Seeing flyers on electricity and telephone poles that read in all bold, “we buy houses for cash” won’t do much of a convincing but, believe-it-or-not these companies are legit and has a prominent role in real-estate business. These companies will buy houses slightly under market value, make the needed repairs and sell the property at a much higher price to get profit.
How To Find Out the Company You Chose is Legitimate
It isn’t necessary that every detail on the “we buy houses for cash” flyer is accurate. Before approaching the company to sell your house make sure you aren’t being framed. Here’s how you can find out whether the company you chose is legitimate or not:
A Company with Website: The first step you must take before ringing the company’s phone number is to surf their website. If the Company’s name and logo are displayed on the website, the firm might be legal and is working under the California online privacy protection act. This will ensure all the details you enter on the website at the time of the query isn’t leaked to the public or can be accessed by any third-party company. Make sure to omit the companies that hide their names from the website as it would be difficult to trace them at the time of an issue or conflict.
A Company Which Displays Contact Information:Contact information is pretty essential and only choose the company who aren’t ashamed to display their contact information. It would be great if you work along with a company which has a dedicated customer service sector. This will make sure you are well informed about the status of the services availed.
A company with listing on Multiple Business Listing Sites: Google the company up and check whether they are listed on Business listing sites like Yelp, LinkedIn, Hot Frog, Yellow Pages, and others. A company with listing on multiple platforms can be trusted to an extent.
Check For Positive Reviews: Checking for customer reviews regardless of it being positive or negative can tell you a lot about the company and its function. This will also let you know whether the company has any previous recorded issues or conflicts with customers and the market.
Checking all these before trusting or proceeding the company will ensure that you have a reliable buyer and hassle-free services. A trustworthy real-estate company can be the best solution for your fast cash needs if you have a house to sell.
Why You Should Sell Your Home to a “We Buy Houses for All Cash” Company
1. An Immediate Relief
If you are stuck up in some financial situation and need some urgent money and the only thing you can sell is a house, then these companies can be your immediate relief. Their professionals will be evaluating your house or property and will provide you with a no-obligation cash offer. Most of the times the amount they offer will be less than that of the current market value of the property but, they’ll make sure the offer is reasonable and digestible for you.
2. Sell Your Distressed Property
If you have a distressed property, then selling it can be one of the hectic and challenging scenarios you have to go through. Finding a proper buyer is easily said than implemented. This is where “we buy houses for cash” companies come in. You can sell your property to these companies, and since it is a distressed property, any offer they put forward can be approachable. But, this doesn’t mean you have no option to negotiate.
3. Save Yourself From a Foreclosure and Short Sales
If you are facing foreclosure, a real estate company that buys houses for cash can aid you. With proper consent from your mortgage dealer, you can sell your house on short sales to the companies mentioned above and save your some money for a temporary apartment.
4. Fast Closings
These companies can close a business deal in a span of time as less than seven days. Since, there are no approved financing, appraised values, inspections and other things that pop up at the time of selling a house, bypassing all these steps will help in closing a deal faster.
What would you choose, a “We Buy Houses” company or rather wait for a buyer? We buy houses companies are legitimate, and you could easily fill your pockets just in days. Since you have proper tools and resources now after reading this article, finding a professional company wouldn’t be that hard. But, always know that “We Buy Houses” companies aren’t for every seller.