Probate sale might be one of the most used terms in today’s real estate sector. There’s no wonder that you are totally baffled when you hear it for the first time. The more you dig deeper, the more complicated it gets. Well, don’t get too perturbed yet. Allow us to save you from all the troubles of probate sales with this article.
Let’s start with the basics here.
What Exactly is a Probate Sale?
We are pretty much sure you’ve done a bit of research on this topic as of now. Whatever you’ve ‘googled’ and researched on the subject might be pretty much correct. A probate sale occurs when the current owner of the property has passed away without a will bequeathing the house to an heir. An estate attorney or a representative has to sell the property to liquidate the asset and distribute the money obtained from the sale to family members. Probate sale is put on by the probate court. It occurs when the court puts up the property for sale in the market. Even though this sounded simple, once you decide with proceeding with a probate sale the tables will start to turn.
How To Sell a Probate House in NYC?
Selling a probate house is not as simple as selling a home in New York. Not every homeowner’s deceased estate goes through probate too. Many estates can avoid regular probate by qualifying as “small estates” under state law. In a probate sale, the estate attorney hires an experienced real estate agent. It is for listing probate property in New York and selling the home. The price of these properties will be much lower than their current market value. We don’t expect the estate owners to make any repairs before you move in as the owner of the property is legally no more alive. This is a precautionary step by the court to make sure the property is at the best possible price.
The interested buyer is asked to put down at least 10 percent of the propose value as a deposit. The seller has the right to accept or reject the offer from the buyer. Once the seller agrees with the proposal, the court must confirm to make sure it’s a fair and square deal. The probate court will then approve the sale and the place where it should take place.
Once the property is set up for probate auction, anyone present in the courtroom may make a superior bid of at least five percent above the original bid. Once the offer is accepted both by the seller and the court, the administrator must send a Notice of Proposed Action to all the estate’s heirs. The allotment of fifteen days period to the heirs to come up with any objections or disagreements in the Notice.
It would be difficult to proceed all by yourself to enroll the estate in the probate court appealing for a probate sale. You might need the help of an experienced probate sale specialist or a professional real estate agent to sell your probate property without any hassle in NYC.
Should I Buy a Probate House in NY?
With America running behind crazy deals and offers on anything that they can grab, the market of probate sale houses in NYC has drastically grown these past years. You can list your property in probate sale cheaper than the house’s exact market value. But before jumping to conclusions, there are a few things that you need to know before buying a probate sale.
- Probate properties are properties without ownership. As the homeowner has already passed away without bequeathing a will for his/ her heir. So, don’t expect the probate court or the seller’s family to repair that leakage window or the missing pool equipment. What you see is what you get in a probate sale.
- Make sure you went thoroughly through the disclosures. There might be many complex factors that the naked eye might fail to notice. Get the help of an experienced probate sale agent to make sure everything goes smoothly and steadily.
- The representatives will produce the final court judgment. Make sure you are present at the court in person for the hearing.
- Since there are no contingencies in a probate sale, the seller does not have to wait for you to find a loan or sell your existing home. You can get advance approval from the present owners of the estate.
- Working with a real estate agent or a probate expert will always aid you in moving forward with the buy. Real estate agents in NYC can even give you probate sale packages for making the whole process hassle-free. Any agent can represent you. Only a probate sales professional can assure you whether the transaction is to manage correctly. So that you get the property and the terms and conditions you want.
Benefits of buying a probate property
Risks of buying probate property
How Does a Probate Begin?
The smooth transition of probate sales differs from state to state. Different country has different ways and rules on how to handle a probate sale. But, there are still a few things that are common to all probates.
The representative for the probate property will need to file a petition with the local probate court in NY where the deceased homeowner was living at the time of his/ her death. The death certificate and the original will (if exist) should be available. You should have it with you at the time of filing the petition for probate sale. The petitioner is require to send formal legal notices to all the heirs. He has to send legal notices to the known creditors and publish a legal notice in the local newspaper to alert all the other creditors. The court will then conduct a hearing so that any interested buyers are welcome to place a bid on the probate property.
Can we avoid Probate?
We all know how much effort and sleepless nights it would take for buying a house. Right from searching the enormous database of listings to finding the perfect neighborhood and with an ever-lasting list of paperwork waiting, purchasing a home can indeed become hectic and frustrating. Well, how better can it be when you plan to couple it with selling a house simultaneously? You also have to think about Buy and Sell a House At the Same Time.
Talk about an overwhelming headache right?
Buying a new home while selling the current one in NYC at the same time is all about timing. It might seem like a Sisyphean task but, with the right approach and a bit of luck, it can be possible. Your primary goals for buying and selling the house at the same time might be to get the highest reasonable price for your current residence, to buy a new one at a lower price, and to get done with the whole process without any hassle. Well, with an experienced real estate agent by your side, all of these can be fulfilled with ease. Allow us to break this whole scenario into fragments so that you can digest it better.
Let’s categorize this into two different strategies:
- Buying a house before selling the current house in NYC
- Selling house before buying a new one in NYC
Each of these instances mentioned above will have its pros and cons, and it’s you who must decide which is more feasible according to your living standards. Let’s have a brief look at each of these strategies.
Buying a House Before Selling in NYC
Just as the title states, the process is relatively straightforward. You will proceed with the purchase of a new home while your current home is already listed for sale. You can already see through the disadvantages of this approach. This might never bother you if you are financially capable but, the real question is,
Are you really up for it?
You might never know when you are going to end up selling your old home after you’ve listed it for sale. The longer it takes, the longer you’ve to pay mortgage payments. Now you’ll have to pay the mortgage for two properties for an unknown period.
Another challenge is finding the fund for down payments and closing costs for the new home. As we said earlier, this wouldn’t bother you much if you are financially stable.
The next step is checking the equity on your old home. If you have equity in the old house, then you’ll make a profit whenever you sell it. If you have negative equity, then there are a whole new set of challenges that you need to face. If you owe more on a mortgage loan than the house is worth, you will have a hard time selling it. Negative equity complicates the whole process of buying and selling a home.
Then, how can I make it happen?
1. Purchase with Significant Savings
Simple but effective. If you have enough savings to pay for your new home’s down payment, closing costs, inspections, and moving expenses, proceed with this strategy. You can sell the old home later after the dust settles. You can also sell your house to “we buy houses for all cash in NYC” companies. They can provide you with faster settlement and cash.
2. Purchase with a Home Equity Line Of Credit
Being eligible for a HELOC will aid you in purchasing your house before selling the old one. A home equity line of credit allows you to borrow against the equity in your current home. If you qualify, then you can access money for your down payment with HELOC and then pay it off when you sell your home.
3. Bridging Finances
Bridge loans or Bridging finances are similar to personal loans but offered at rates substantially higher than regular home loans. This is a short-term loan provided by a bank to cover your immediate fund needs for your new home’s down payment.
4. Renting Home
Listing a house for rent in New York can be one of the best options. You can try it when you are planning to buy a house before selling the old house. This will allow you to cover the mortgage costs while delaying the need to sell the home. List your home now and find renters for your old home. If you don’t want to go through the troublesome process of finding a proper renter, it would be a wise decision to hire a real estate agent to cover up for you.
5. Buy From a Trusted Network
Don’t be deceived by the outer attractions of a house. When you are planning to buy a new home with a lot of dollars involved, make sure you are getting the best. Well, you don’t need a downgrade right? Buy or look for new houses from trusted real estate agents in NYC.
Selling a House Before Buying in NYC
Most of you might find this a safer option as there is less financial risk involved. It is simple and clear because you use the money that you get from selling the old house to fund the down payment and closing costs of the new house. This will also negate the risk of ending up with two mortgage payments. But there are more logistical hurdles involved than meets the eye for this approach. There’s a long history of homeowners who’ve overestimated their current home prices and purchased with an optimistic foresight only to find themselves in a deep financial crisis.
You’ll have to move in twice! Since, you’ll need to find a new place to rest your head at the time of selling the house, stepping into an apartment or a rental would be required. This is still a waste of funds according to the size and nature of space your family needs. Selling your house before closing in your new desired home might also end up in tragedy. You’ll never know how much time it would take to find a perfect new home to fit your family and make yourselves comfortable. If you are proceeding without a proper plan, this whole scenario can be a single ticket for being homeless.
How to proceed with it then?
1. Start Searching For A New Home Now
The moment you list the house for sale, start searching for a new one right away. Finding a perfect home just like in your dreams might be a bit challenging especially taking into account the less period of time you’ll have. Hire an experienced real estate agent to find you a new home to ease out all the stressful dwelling procedures.
2. Sell Distressed House Fast
Finding a buyer for distressed houses can be challenging. Opting for “we buy houses for all cash companies in NYC within 3 days” for selling distressed property is the best and smartest option. Most of the trustworthy real estate companies in New York will buy houses in 4-5 days if the required formalities are met from both your side and the company.
3. Rent a House
Sometimes closing one sale before starting another one can be the best option. It would be wise to rent out a home or an apartment all throughout the procedure to make sure everything goes along smoothly and subtly.
4. Sign a Rent-Back
Most of you might not be aware of a rent-back provision. A rent-back provision is an agreement where the new owner allows you to stay for 60-90 days longer in your old home. This will give you enough time to deal with all the moving and paperwork without making things complicated. But, before you proceed with this option make sure you are in a seller’s market where buyers have to be more flexible in accepting to your terms.
If you’re considering these strategies for buying and selling a house in NYC at the same time, we recommend consulting with a real estate agent before proceeding further. A listing agent might be the perfect one to suggest what’s best for you. He/she can find a proper buyer/ renter for your old home and can find you a perfect new home as in your dreams.
Buying your house might have probably been one of the most significant investments you’ve ever made as a homeowner. But as time passes you might feel like your “All American Dream” fell a bit short. As much as buying a house is difficult, it is also quite daunting to selling house when you’re in need.
Spending every lunch break and recess time surfing through the local real estate listings might help you in knowing the current market value of your property, but it’ll never tell you the right time to sell it. Trusting your basic instincts and moving forward with selling your house might lead you to a large pit rather than filling your bank with dollar bills. Well, if you are confounded with the jejune offers you got for your property, step down from selling your house. Our life can take unrealistic and unpredictable turns here and there. This might leave us in a financial crisis or even a mental crisis. Maybe it might also force you to sell your hard-earned house to meet your immediate money needs. But, you must make sure that selling your home should be your last resort before jumping to conclusions.
Knowing the right time to sell your house has always been challenging and a daunting task. One must be aware of all the market trends and anti-swindler strategies before ripping off the Band-Aid and selling his/her house.
Here are some signs which can help you to understand that it is officially the time to part ways with your house…
1. Your Family Grew and Doesn’t Fit In Anymore
Your current house must have felt perfectly comfortable when you were newlyweds. Well, a 2bhk apartment or a condo must have been sufficient for both of you. But as time passed by, you began thinking of adding a new member to your family. Times were joyous and momentous with the new baby’s arrival, and you were living the dream. Fast forwarding a few more years, now you have a dog, toddler, and a new baby on the way which makes your house ill-fitting for accommodating all. This is the moment you must decide you need a bigger home to provide for the needs of everyone.
While searching for the optimal house, make sure your kids get independent rooms to sleep in and have ample space for storing all toys and amenities (especially for babies). Getting a house within a limited period might be challenging, so it would be a wise decision if you start looking for remodeled homes or hire an experienced real estate agent.
2. You Know The Market is Active and Strong
Living in a potential property market can be intriguing and at the same time exciting. The constant proposals from real estate agents and brokers making your mornings miserable and the periodic ‘sold-out’ boards that pop up in your neighborhood might urge you in selling the house. And don’t forget how your neighbor managed to gain a fortune just by selling his/her house.
The key to finding whether it’s the right time to sell your home depends on the market. If the market is hot, you must go for it without any second thoughts. For example, consider you bought your house in the late 2008s for a whopping $870,000. Within a decade your locality has flourished, and the property market has shot up with the arrival of a new highway or a metro station. Now, you might have offers for your house starting from a minimum of $1,050,000. You got two options, either wait for the price to upsurge more or sell it now and start fresh somewhere else with a hefty profit.
3. You Are in Need Of Some Immediate Money
We’ve mentioned how life can take unexpected turns. If selling your house is your only way out from a gruesome incident, then you must go for it. But, make sure selling your home is your last resort and not your first option. The money you get from selling your house can indeed help you out of this temporary financial situation, but it will leave open the gates for a homeless life if you don’t plan the whole situation with negligence.
Selling your house to “we buy houses for cash” companies might be the best alternative if you need some immediate money.
4. Your House No Longer Fits Your Lifestyle
If your lifestyle has changed drastically in these past years and your house isn’t providing you with all your needs, then you must consider selling your home. Well, what would you do with a mansion, when all your kids have moved out and you barely use the rooms apart from the living room and bedroom you sleep in?
Another scenario can be jobs. Your company might assign you to a different place for job purposes which in turn extends your commute. What if your new office is on the other side of the state? Selling your house and looking for a new one in the locality of your new office might be the best possible solution you have. Finding a new home immediately might be difficult. Hiring a professional property agent and signing for a remodeled house can meet your immediate house needs.
5. You Need To Save Yourself From Foreclosure
Facing foreclosure? Selling your home to save yourself from foreclosure is a pretty good idea if you have no other way to pay your defaulted mortgage. Inform your mortgage provider and agree with listing your house under short sales. Short sales will grab the attention of many property dealers, property agents, and potential property buyers. If you are lucky enough you can land a great deal that can save you both from foreclosure and bankruptcy. Well, all you need is a short sales expert by your side.
6. You Have a Distressed Property
Keeping a distressed property or being an owner of distressed property is a headache. The trouble of finding a buyer or any interested agents might be challenging. Since these properties aren’t in good shape with almost nil repairs and refurbishments, assigning a proper price tag for these houses can get really tricky. Most of the owners might nod unwillingly for a price tag that is far too less than the market value.
Keeping hold of distressed property is a hectic situation where the owner might even be willing to sell the property at half the price. Well, it all depends on the buyer’s ability to negotiate. So, selling your distressed property won’t help you much financially, but it can eliminate any future complications. Selling your house to companies that buy houses in any condition can be a great opportunity to start your career in real estate.
There are many “we buy houses for cash” companies in the market. Selling your house to companies that buy houses for cash can help you land a great deal without any hassle. Hiring a real estate agent might be the best possible decision you can take in selling your house immediately.
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 says We Buy Homes For Cash…
Most of you might have come across “we buy homes for cash” ads in your day-to-day life. It could be in a flyer, on a banner across the road, or might even be in your inbox as well. Usually, we ignore these ads thinking they are scams and that approaching them might be dangerous. But, what if unexpected financial troubles have caught up and now you are force to sell your house or property? In these situations, you might be looking for a way to get fast cash. This leads 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 homes for cash” won’t do much of a convincing. But, believe-it-or-not these companies are legit and have a prominent role in the real-estate business. These companies will buy houses slightly under market value. They make the needed repairs and sell the property at a much higher price to get a 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:
1. A Company with a 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. It 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 can’t leak to the public or can have access 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.
2. A Company That Displays Contact Information: Contact information is pretty essential. Only choose the company who aren’t ashamed to display their contact information. It would be great if you work with a company that has a dedicated customer service sector. This will make sure you are well informed about the status of the services available.
3. A company with a listing on Multiple Business Listing Sites: Google the company up and check whether they are listed on Business listing sites. These listing sites include Yelp, LinkedIn, Hot Frog, Yellow Pages, and others. A company with a listing on multiple platforms can be of trust to an extent.
4. Check For Positive Reviews: Checking for customer reviews regardless of whether it is 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 with 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, the only thing you can sell is a house, then this company 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 time the amount they offer will be less than 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. 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 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 the 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.