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Stuck With Mortgage Repayment In COVID? This Is How 2021 May Look Like For You

The year 2020 was a rollercoaster ride and repayment of mortgages came along with its problems. Many homeowners who opted for the government-backed mortgage programs missed taking its advantage. This made them lag behind their mortgage loan repayments. As the suspension of the programs is closing, people are stuck in rut thinking about how would they satisfy the outstanding payment? If you are one of them who are stuck with mortgage repayment in COVID? This is how 2021 may look like for you.

Act Fast To Avoid Foreclosures

If you are one of the homeowners who are facing a financial crunch during the coronavirus pandemic you’ll have to act fast. At the beginning of 2021, you may have to make use of your credit or the built-up equity to save your house. This may save you from being evicted from the house but it won’t suffice in the longer run. If you are considering these options try and do proper research before diving in. You can also choose to have communication with lenders and figure out a solution to avoid foreclosure. 

Additionally, you can also contact we buy houses for cash companies and sell your house to them. This way you save your equity and the remaining sales amount in hand that will help you start afresh.

Investing While Moving Out May Not Be The Best Decision

If you are planning to list your home in the market it may come with additional costs. While the situation is already tough, listing your home will require many thousand dollars to close a deal. If your house is in a good condition you may get away without spending any money on the improvements. When your house is in a bad condition and requires a lot of work, it is better to sell it to a cash buying company.

If you opt for the traditional estate sale process New York, it will require agents, staging inclusive of closing costs and commissions. Choose your options wisely as staying afloat during the crisis is important without bearing the loss of your property. 

Consider Selling Your Property As-Is

Let us say 2021 is going to be tough as far as repayments are in the picture. The traditional home selling process will be a tedious task and will come with a huge budget. Owning a home in America is a dream for many and when you sight losing it, it’s heartbreaking.

To survive the financial catastrophe and avoid foreclosures you can contact Elite Properties New York or call us at 718-977-5462. We will buy your house as-is with no required paperwork and give you hard cash in return. Additionally, we also pay the closing costs with no hidden fees and extra expenditures. We provide you with the fair market value of your property and close the deal in less than 7 days. This way you pay the outstanding mortgage and invest in another home.

Selling your house doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get a less than the desired value. You might be thinking that selling a house will be an expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.

Sell Your House for Cash

Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks like, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are proposed with an all-cash offer which means you have immediate cash for your next purchase.

Avoid Real Estate Agents

As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them. Why? Hiring a real estate agent has many pros, but in the specified situation there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast paced sale which will again cost you dollars.

For Sale By Owner

A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitch.

Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies into an expenditure of more than a hundred dollars.

Sell House With Repair Discounts

Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in a bad condition or requires a little more than repairing, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as is condition to we buy houses for cash companies it is one of the best option rather than doing repairs by yourself.

Consider DIY

As stated above doing things on your own will save you from bleeding dollars from the pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman and for minimal repairs probably a plumber. Hiring people for each job can be time, energy and most importantly money consuming. Consider the ‘Do It Yourself’ technique, you can perform many things on your own like painting, cleaning, staging (if required) and repairing. This will work like magic on your estimates, as a result you’ll save thousands of dollars, which helps in retaining your equity. Although, DIYs are fun to do, you also have to keep in mind it will require all your efforts and time which you are surely running out of.

Sell Your House As-Is

Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your house as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you the fair market value of your house by considering the condition of your house as well. They will also propose you with an all-cash, no obligation offer which is a cherry on the cake.

If you want to sell your house fast for cash or have any query regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide with quality solutions for all your problems.

When you are stuck in a rut and have no money to do the existential repairs, opt for selling your house as-is. Selling house as-is doesn’t require improvements before selling to companies that buy houses in any condition. You might be thinking how do I sell my house as-is fast? We have a complete plan of action that serves your purpose of a quick home sale. Scroll down below to see how selling as-is the best option in your tough times.

Selling Your House As-Is, What Does It Mean?

Selling your house as-is means: a seller selling the house in its existing condition with flaws and undone improvements. As-is defines “as it is”, which means the seller won’t pay any additional costs in doing the costly repairs. While transaction the seller and buyer should be in complete mutual agreement of the deal. The buyer has to sign a legal document which indicates he or she comprehends the conditions of the contract and is ready to buy house in any condition.

Why Selling Your House As-Is Is An Option?

There are many reasons why people choose selling house as-is as an option. Home sellers opt for this option where they find themselves in a situation where they cannot afford improvements or have a tight timeline in terms of migrating due to work. In such cases, people tend to sell house fast to exclude the troubles of getting into legal processes, additional closing and repairing costs. Some instances are also emotionally drowning where selling your house as-is is a wiser pick.

For example: when a couple ends up having a divorce or a family which is going through a financial crisis will prefer selling house as-is to avoid foreclosure. Financial distress, migration, unaffordable repairs stand to be the topmost reasons to sell house as-is.

The Best Mode to Sell Your House As-Is Fast

The only best way to sell your house as-is fast is to sell it to we buy houses for cash companies. ‘Elite Properties’ aids you in selling your house fast for cash. Companies tagged under the label ‘we buy houses any condition’ proposes you with an all-cash offer. It is really important to avoid soaring your expectations from the deal. As a seller you have to keep in mind, you are selling your home in its existing condition without performing required improvements hence, you will be proposed with a low-balled offer. The good point here is that these companies provide you with an offer based on the current fair market value of your property. 

Benefits Of Selling a House As-Is For Cash

As stated above financial uncertainty leads you to an emotional trauma where the only option to get out of the problem is to sell your house as-is. Choosing the option of selling home as-is for cash provides you with multiple benefits. As you are not selling house by owner or with the help of a real estate agent you don’t have to perform a pre-listing inspection.

When they say ‘cash is the king’ it is certainly true. Although, you might achieve lowballed proceeds of the sale, it still covers your basic requirements. When you sell your house to cash buying companies it eases out the complicated home selling process. We would like to shed light on some benefits of selling your house as is for cash –

  • When you choose we buy houses any condition company, you eliminate expenditure on costly repairs
  • They don’t ask for any legal documents except the seller’s agreement, which eludes the hassles of legal documentation
  • Company like ‘Elite Properties’ allows you to sell your house within 3 days, this enables you to work according to your planned framework
  • The company proposes you a no obligation and fair all-cash offer
  • The company provides with the closing costs

Last Words

When you choose ‘Elite Properties’ you don’t get the need to deal with a realtor and get yourself in the lengthy home selling process. You can sell your house in any condition, any location to us and we will provide with an all-cash offer. Call us today on 718-977-5462 and sell your house as-is quickly at a fair price.

Are you 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. 

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.

Selling a property with sitting tenants could be a real deal for sellers as you can list your house on the market when the sale price is on peak and additionally continue to receive your rental income. As good as it sounds, there are multiple difficulties associated with selling a house with sitting tenants. If you are planning to sell your house you’ve stopped by the right place.

Given below are things to consider while selling a tenant occupied house

  • Get Thorough With the Tenancy Rules

Tenancy laws and regulations differ from place to place it is best advised to consult with a real estate attorney for clarity of the home selling process especially when it is tenant occupied. If you are planning to sell your tenanted property, do not forget some buyers may be former landlords which means they know the game better than you. Here it is essential to favor your tenant and save the deal from falling apart.

In some places, the law favors tenants approximately by 80% which means the owner will be held liable for all the mishaps. Meaning if the tenant infringes any clause or remains in the property post the expiry of the agreement, you’ll be entitled to the obligations legally. In this case, you will have to go to the court and get them removed with all the legalizations.

  • Incentivize your Tenants

It is not about bribing but sweetening the deal, make an offer that your tenant couldn’t deny. First off, you can cast an eye over other similar properties in your neighborhood to compare the rent. If you find that the digits you’ve been charging are comparatively less, you can offer two times more money including the number of months that are left on the tenant’s lease-of-agreement. To end everything on a happy note and without any interruptions of your tenant you could also pay them the moving cost or you could promise them the next security deposit in the new place.

  • Tenant Occupied Walk-through

Buyers often ask for a walk-through before buying the house which is why it is essential to serve a notice to your tenants prior to providing viewings. If not done, there are high chances that your tenants might not co-operate. As a seller, you can only conduct walk-throughs if you have it well stated on the tenancy agreement. Legally you will have to notify your tenant in writing, for carrying out a walk-through 24 hours in advance, if you fail to do so, you won’t be able to progress with the procedure and eventually lose a potential buyer.

If you miss the specific clause and you have a potential buyer in your favor, the best option is to compromise with the tenant by decreasing the rent to some extent or any settlement that is agreed on the mutual terms. It is highly advisable to maintain healthy relationships with your tenants, if they are not in good terms with you, you might be facing havoc in your sales.

Now, when you know what things should be considered before selling tenanted properties, we would like to shed light and provide ways to sell a tenant occupied house

Option 1

Communicating With The Tenants

If you are a property-owner, selling tenanted properties could be a boon for you as it does not come with a prohibition. The question that arises is, how to sell a house with tenants? The best way out is to communicate with your tenants and tell them about the whole scenario of selling your property.

In such cases, the tenants are entitled to stay in the property until the lease reaches its closing stage. As the situation seems uncertain to many tenants, after reading the clauses they can trespass upon the contract with a mutual decision with the landlord and find another accommodation. If the tenant decides to breach the contract with a mutual decision then he or she is not liable to pay the hefty penalties.

If your tenant agrees for you to proceed with the selling process, let them know about the new landlord so they are comfortable with him or her. New landlord means unpredictable conditions; it is highly advisable to let your tenants know about it while you go on with the home selling process.

Option 2

Propose Your Tenant A Chance To Buy The House

If your tenant has been living with you for a long time, for obvious reasons he or she might be loving the place. This could be a big opportunity for you to sell your house to your tenant. If your tenant agrees to the offer, hiring a real estate attorney would be beneficial during the process. Once the proposal is accepted, there are a few transactions that can likely happen.

A lease-to-own or a lease-purchase agreement is the core of any rent-to-own properties. Here, the seller provides the buyer with multiple options like-

  • One-time, non-refundable fee; this allows the tenant to purchase the home within the year at a fixed price, while they keep paying the rent.
  • The lease-purchase-agreement is constructed so, that a portion of the monthly rent is carried down in the down-payment of the house.
  • Lastly, is the seller-finance agreement; here it is required as a property owner your mortgage payments are completely naught. In this case, if your tenant cannot afford a mortgage, the property owner will act as a lender and the tenant would agree to pay the price of the house in a few years, this is called seller-financing. As an advantage from the seller’s perspective, you are receiving interest on the debt plus an extra time to say goodbye to your property.

Option 3

We Buy Houses For Cash Companies

The easiest way out the havoc is to opt for this option. “We buy houses for cash” companies buy your house as-is and precede with the procedures of further renting or selling the property. Cash home buying companies will buy the property from you with or without sitting tenants, if your lease is yet to expire we’ll buy the house with sitting tenants and post expiry sell it to potential prospects. If your home is vacant, then it is a golden nest egg. By choosing this option you are saving time, money and labor of searching buyers.

Option 4

Expiry Of The Tenant Contract

Want to sell a tenanted property, but don’t want to risk losing potential prospects? The best way out is to wait until the end of the lease. Prolonged lease affects the sales of the tenant-occupied house, the reason being your property sits vacant on the market and buyers back out as your house becomes timeworn. On the other hand if your agreement the early termination clause the tenant is entitled to stay in the house until the lease expires.

The safest way out of the chaos is to wait until the lease expires or list your property three months before the lease expires. By doing this, you will be receiving rent until the specified date of the contract also you’ll be building equity for further home-improvement projects which will provide you with potential buyers.

Unseen Problems, Potential Solutions

If you are thinking to sell your house, keep in mind there is a big market outside. Which means there will be buyers who don’t want to be a landlord wishes to buy it. In such circumstances, you cannot call off the deal before its expiry, and the new buyer has no rights to evict the tenants by any means. Meaning, if the buyer wishes to buy the house, he or she will have to close the deal inclusive of resting tenants.

  • The possible solution to this problem could be – if your tenant breaches any clause of the contract you can favor them by not taking any action and requesting them to be on your side while the process of home-selling.
  • Secondly, you have to conduct a whole lengthy home improvement process when your tenants leave which is a headache to many homeowners.
  • People rent because they cannot afford to buy a house or there could be a high possibility that your tenant might be saving or building equity to buy a house in coming times.

As said earlier you can offer to sell your home to the tenants by making a joint agreement. By doing this, you obtain a guaranteed deal with less chaos.

Conclusion

Selling a tenant occupied home is always more complicated than selling a vacant home, we hope we have shown you the bigger picture of the story and provided the best possible ways of selling a house with tenants. If you are residing in New York and have any query related to real estate you can get in touch with ‘Elite Properties’ we’ll be happy to help you in your stressed time and provide the reliable solutions for your problems.

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