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Sell Your House Or To Refinance? Choose What Is Best For You

It’s hard to resist the ‘sell your house’ ads in your mail and also the frustration of mortgage repayments. Keeping up with monthly mortgage repayments can be a tough task. If getting a new loan to cut down the expenses your next thought? You might want to reconsider your options.

The pandemic had a hard hit on everyone, with people losing jobs and it is tough to manage expenses. Refinancing your mortgage can shorten the life of your current mortgage and also provide lower interest rates. It can significantly lessen your monthly mortgage payment although, selling your home makes more sense if you’re unable to manage the monthly installments. If you are confused between to sell your house or to refinance? Choose what is best for you by reading the blog below.

Possible Reasons To Refinance House

Refinancing is a process where you replace your existing mortgage with a new loan. People usually refinance their mortgages to get a new one for lower interest rates and reduce monthly payments. There are many reasons for homeowners to refinance some of them are listed below.

  • To Lengthen Or Shorten The Mortgage Term

Refinancing can help you lengthen the mortgage term which allows you extra time to pay off your loan. It also lowers the amount you are entitled to pay every month. Refinancing also helps in shortening the mortgage term. When you increase your monthly payment you repay faster and save the running interest amount. This way you own your house faster and save thousands on interest.

  • To Change The Structure Of Your Loan

If you have an Adjustable Rate Mortgage (ARM) and you’re past the fixed period, your monthly interest rates may vary significantly. You can refinance the ARM to a fixed-rate loan which will make your monthly repayment and expenses predictable. Changing the structure of your loan gives you the control of your monthly expenses.

  • To Change The Type Of Loan

Homeowners refinance their government-backed loan to conventional loan as they build equity. If you pay 10% of the down payment for a Federal Housing Administration (FHA) loan, you are entitled to pay the mortgage insurance premium. Although, when you build a 20% equity on the conventional loan, you can get away with the private mortgage insurance.

  • To Cash Out Your Equity

In cash-out refinance you replace your old mortgage with a new one with a higher balance. The difference between the old and new mortgage is paid in cash to the homeowner at much favorable terms. As these mortgages have higher principal and low-interest rates it can be used for almost anything like paying off debt or getting new purchases. 

Look For Available Options

Considering refinancing as an option but want to sell your house in the coming future. So why not look at some options? Before jumping to conclusions.

  • Loan Modification

A Loan modification is less expensive than refinancing. When you choose to modify the loan your lender agrees to make changes on mutual terms. It consists of changing your monthly repayment amount, interest rates and your term. In rare cases, the lender might also reduce a chunk of principal from the amount. So, if you are facing financial difficulties this might be an ideal option for you. 

  • No-Closing Cost Refinance

While applying for a refinance, lenders usually offer you a no-closing-cost refinance. By picking this option you merge your closing costs in the principal of the loan. In a no-closing-cost refinance you pay a higher interest rate and pay nothing while closing.

It may sound enticing although, you’d end up paying closing costs on the term of your loan anyway.  However, if you are selling a house early you might only pay a few dollars. A no-closing-cost refinance may be beneficial when you cash out your equity. It provides financial aid if you are selling your distressed home.

  • Choose To Hold Off On Your Refinance

It is always better to skip a home refinance if you are not planning to stay in it for long. It makes sense to hold off on your refinance when circumstances aren’t much favorable. Calculate the time you’d be living in the house to earn the money back from closing.

Sell Your Home For Cash  

Refinancing your home may be flexible but in some cases, it may not be an ideal option.  If you are selling your distressed home, refinancing may not be worth it. Selling your home to a cash buyer is a better deal you can sell remodeled houses to Elite Properties New York and avoid the hassles of refinancing. Elite Properties is a ‘we buy houses for cash company’, which means we buy houses in any condition. You can sell your house fast for cash in NY and close the deal in less than a week. We buy property for cash and also pay the closing costs, which allows you to move faster with your plan. Call us today on 718-977-5462 to know more.

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.

Poor Locality

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.

The Takeaway

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.

Selling a home is an arduous task, it requires a lot of time, effort and money. As easy as it looks, it becomes more challenging with each progressing step. Some homemakers make home selling process seem like finding a needle in the haystack, whereas it is a laid-back method if you avoid these 7 home selling mistakes for a profitable sale.

There are innumerable home selling mistakes that homeowners make, and very often they are common with every house and house owners. If these mistakes can be prevented there is a possibility of a homeowner to increase the yields of the sale by raising the profits by half or more. You must be thinking what are these mistakes? And how to avoid them? The answer is; we will brief you with all the home selling mistakes, so you have a guaranteed sale. If you are a first time home seller then scroll down below for the insights.

Incorrect or High Pricing of Home

Incorrect pricing is the topmost reason for home sale fall through. No matter how emotionally connected you are with your property, the truth is; a home will never be sold if priced incorrectly or high in that case. For you, your property might be the best one, although for others it may be just a functional piece with less or more amenities. It is important for you to detach the emotional ride and adapt a perspective of a potential buyer, and look for improvisations.

A competitive price will always attract potential buyers, this does not mean you have to set a lowballed or a high offer. A high price will drive away buyers whereas a low offer will make them lose interest in the house, thinking the property may have defects.

The Mistake of an Unprepared Sale

Another mistake home sellers make is neglecting necessary repairs; you can’t sell a home that has sewage issues or a leaking ceiling. Remember the first impression is the last impression and the same applies in real estate as well. A buyer can and will pay a high price if your home looks beautiful and is fully functional.

  • The first thing to keep in mind before you proceed with the walkthroughs is to make repairs wherever necessary.
  • Second, enhance the curb appeal of your house; mowing the lawn, painting the walls, cutting excess growth of plants, little things like these will go a long way.
  • The third thing is to do optimum staging, staging your home can make anyone fall in love with your house. Light scented candles, paint neutral colors to the wall, put DIY handicrafts, keep pets away don’t let clutter dominate the beauty of your residence.

It is very easy to negate such issues, but a little or so these concerns might blatantly cause a fall through of sale. Not preparing your home according to the prerequisites of a walkthrough might be your last mistake. While you are letting others in, make sure you show them each corner of your home.

De-cluttering your home, vacating the congested spaces and staging are some pro tips for a successful walkthrough. By doing so you are improvising the sale proceeds as well as making a good impression of yourself and the home in the eyes of the buyer. Make sure you show each niche of your house so that no stones are left unturned. Highlight the dead spaces so that they can create something of their own and design the place according to their taste.

Not Being Flexible With Showings

The fact is undeniable that walkthroughs or showings do require time and effort. Potential prospects must feel warm and welcomed as soon as they enter your house, no visitor would want to see a shabby house with stuff scattered everywhere. If you can’t schedule your timings according to the prospects, you’re in a big loss. There are going to be tough and rigid timelines but being flexible is the only way out, a little time can turn into a big profit someday. Plan your day according to the visitor’s timeline so that the process of walkthrough can be easy and stress-free.

Not Maintaining Transparency with Potential Buyers

Another home selling mistake is being dishonest with buyers. This is the main cause of fall through of sales, evidently because homeowners hide about the conditions of their house. There are a lot of aspects that fall into a good sale unfortunately being opaque is not of them. To avoid this mistake you can create a complete documentation of done repairs, repairs required and money spent altogether inclusive of insurances and taxes so that the buyer is convinced that there are no issues lurking beneath the surface.

Proper disclosures are really important while selling your home; in some states being dishonest with buyer can fail your sale and lead you to a lawsuit which means a trouble forever. It is advisable to talk to the prospects and guide them through the nook and corner of even the ugliest areas. 

Avoiding Flexibility with Negotiations

It’s always good to have an open mindset while you put your home in the market. Negotiating terms before selling your home might give you a profitable sale. Try melting the terms mutually, being stubborn and asking for higher price might lead to a major loss. 

You’re Probably Listing at the Wrong Time of Year

While home selling is carried throughout the year, there are still some perks of selling it at the right time of the year. The question is, what is the appropriate time for selling your house? The answer, late February to Mid-May. Listing your home in colder months would come with many cons like, improper or naught walkthrough requests, no space for necessary improvements, house look drab and covered in snow. Your home might sit back in the market for longer than expected due to the lack of home buying interest. Listing your home at the right time will give you better chances of selling quicker.

Do Not Avoid We Buy House for Cash Offers

We comprehend selling your home needs a lot of time, money and energy. If you are in a situation where selling your home is taking a toll on your head then sell it to us at Elite Properties. Selling your house to ‘companies that buy houses for cash’ guarantees you a profitable sale, as a bonus ‘we buy houses in any condition’ which means; selling home as per your convenience.

If you find yourself stuck in a rut and want to make a faster sale then contact us at 718-977-5462 or reach out at Elite Properties. Sell your house fast for cash and make the home selling process easy, we won’t request for any documents or any efforts to stage your home.

What is probate? In simple translation, probate means; a judicial process where a will is reviewed and proved to the court. The will states that the heir/heirs are entitled to oversee the estate and the specified assets. An heir is a person who is chosen by the decedent to manage the assets post his/her death. The will defines instructions on how it can be administered.

Why avoid probate? More of a bane less of a boon. Probate can be an expensive and lengthy process for you and the successors (heirs) both. It can end up lasting for months or even years in the worst-case scenario. The process involves a lawyer and a probate attorney, which means additional costs like hiring fees. In such an instance, you would want to end up eluding probate and carry on with the passing or distributing of the assets to the heirs.

We comprehend you work hard to earn a single penny, and you wouldn’t want to let a big chunk of it flow to the government in the name of probate. You must have proper planning on how probate can be avoided, under what circumstances. There are multiple situations where you can let go probate, and in some, it is a must. If you’re a married couple and wish to set up a trust for your children, you will have to pass through probate. A couple who has joint assets may avoid probate as under further conditions the surviving spouse receives everything without going through any legal process. If you wish to stay away from the hassles of being stuck in probate, you can know how to avoid the probate process below.

Crafting a Living Trust (Revocable Trust)

Creating a living trust is the simplest way to avoid probate. A living trust is similar to a will that is created when an individual is alive. You will have to add a name (any relative, friend, or guardian) in the trust to take over as the trustee after your death, also known as successor trustee. Here, you will have to transfer ownership of your property to yourself as the trustee of the assets. Post registering the estate (or assets in this case), will be controlled by the trust. After your death, the successor trustee is entitled to transfer the assets to the trust heirs without any probate process.

Joint Ownership Transfers with Rights of Survivorship

If you’re a couple, joint ownership transfer with the rights of survivorship works well to avoid probate, as all the assets or estate is passed on to the surviving spouse. This particular law is recognized in two facets;

  • Joint Tenancy
  • Tenancy By The Entirety

Joint Tenancy

The couples who own equal shares valuable possessions like homes, commercial sectors, businesses, and vehicles can transfer them to the surviving spouse without being stuck in the probate process. 

Tenancy By The Entirety

Tenancy by the entirety is exclusively applied to real estate and strictly stands for married couples. The particular category is beneficial to guard your estate against creditors in case of catastrophes.

Registering Transfer-on-Death for Security (TOD)

Registering transfer-on-death registration is an important aspect of saving yourself from the probate process. You can register your stocks, bonds, and security assets in the transfer-on-death (TOD) form. The specified beneficiary receives the brokerage accounts and assets automatically at the time of a decedent’s death without any probate proceedings.

Payable-on-Death Designations for Bank Accounts (POD)

The payable-on-death account entails a beneficiary’s name, which is decided by the person opening a brokerage or a bank account. The law states that the decedent preserves all rights to an account until his or her death. A beneficiary can claim the account straight from the bank without going through the probate evaluation by the court.

Life Insurance at Your Bay

If you have signed up for life insurance with an optimum level of coverage, it is probably the best decision of your life. If you have life insurance, post your death, the beneficiary will receive the profits from the company free from the hassles of probate. Not forgetting, the inheritance is not subjected to the regular income taxes, which is a bonus.

We Buy Probate Houses for Cash

If you want to sell your probate house for cash in New York, you can contact us at Elite Properties or call us on 718-977-5462. At Elite Properties we propose you with an all-cash offer on your probate house. We are a ‘we buy houses for cash company’ which means we buy houses in any condition, any location for all cash, and offer you a no obligation offer. The above literally typifies that there’s no pressure to say ‘no’ for an offer so call us today and we’ll handle the burden of your unwanted property. 

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.

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