Perhaps you don’t have money to take care of your existing home or pay your property taxes. Maybe you are struggling to meet the routine expenses and need a pronto solution to get over it. You might have thought about selling your distressed home many times but still never took any steps due to the emotional attachment you have with the home. This is where you’re mistaken. To be honest, wasting time in analyzing the situation won’t do anything. A stitch in time saves nine. Therefore, you should sell your distressed home for sale as soon as possible and utilize the money to buy a new property in NY.

How to Proceed for the Home Selling Journey?

Here are some distressing home selling tips that you must think about before listing your property for sale.

1. Right Pricing is Essential

In the first place, you need to decide on a proper value for your home. Keep in consideration that distressed properties are sold at lower prices than the market rate. However, you need not intentionally lower the price because almost every buyer bargains while buying a property.

For instance, you want to sell the property for $400,000. Now, if you ask for the exact amount from the buyer, he/she will definitely bargain. You’ll be lucky if someone’s ready to pay the price you wish for. But its probability is 2 in 10. So, tell the buyer slightly a high price to get a favorable deal. We suggest you do a thorough research of the distressed house prices in NY and fix a selling price that would get you a price at least nearby to the marginal profit.

2. Focus on the Best and Repair the Rest

Your house might not be in good condition but, you can still sell it easily. For that, you’ll need to do your homework. Simply make two lists comprising the best and worst features of your home. The best feature list is your weapon to manipulate the buyer to pay you a decent price. At the same time, the worst things list will also be helpful in the home selling process.

See, you can’t expect the buyer to pay a high amount until and unless your home has all basic facilities such as good flooring, drainage system, and proper electrical wiring. So, whatever falls under your worst features, try to repair them. If it’s very costly, then, leave it. Otherwise, make sure you’re providing all basic necessities. Having said that, keep your focus on explaining the best features of your home to the buyer. Convincing the buyer in a positive way will definitely prove fruitful.

3. Cleaning Can Work Wonders

It’s totally okay if you can’t invest much money in repairing your property. But you can surely clean the house by wiping down the kitchen cabinets, mopping up the old floor tiles, and getting rid of clutter in the porch area. A clean and tidy house will leave a good impression on your homebuyer even if your home lacks other things. Can’t even afford to hire a cleaner? Do it yourself! It won’t be a cakewalk but, you’ll definitely save a lot of money. Simply buy vinegar or bleach solution and garbage bags for cleaning and organizing your space. It won’t cost you much. You can further involve your friends and family to do the needful.

4. Honesty is the Best Policy

So, you have made two lists, and you’re confident you’ll sell your distressed house like a pro. But, is there anything that you don’t want to disclose to your buyer? It could be anything, like your neighborhood is not that good or commutation is a problem in your area. If there’s something worth telling that you want to hide because you want to sell your property in NY, you’re heading in the wrong direction. Dishonesty is never acceptable whether in a relationship or in a business deal. It could happen that your buyer gets to know such things from outsiders and he/she cancels out the plan of purchasing the distressed property. So, it’s always good to maintain transparency.

How Can Elite Properties Help You to Sell Your Distressed Home Quick for Cash?

If you want to sell your house fast for cash, you can contact Elite Properties. It’s one of the most trustworthy real estate companies in NY. Experienced real estate agents at Elite Properties have helped thousands of people in NY to sell their distressed properties in a hassle-free manner. They take care of everything right from managing essential repairs to property listing to legal paperwork to making a fair offer.

Final Word

It’s natural to have an emotional attachment to your home. But, if you look at the bigger picture, someone else will get shelter because of you. There’s no greater satisfaction than seeing someone happy because of you. Follow the above-mentioned steps, keep a positive attitude, and prepare your distressed home for sale without any tussle. We wish you good luck!

The word ‘foreclosure’ may seem like a nightmare, especially if one’s willing to buy a home in New York. However, there’s no need to fear a foreclosed property. Today’s scenario is completely different in comparison to the real estate market milieu that existed five years ago. At present, banks have started a renovation policy before shortlisting the home for property listings. At first, they inspect the home in foreclosure and do all the necessary repairs which is a huge advantage for buyers as they don’t need to spend money on repairs after buying the foreclosed property. That being said, some of you might still be in a dilemma of whether to buy a foreclosed home or not. So, we have rounded up the top 5 advantages of buying a foreclosed home. They will help you make a sound investment decision.

Go through the following key advantages of buying foreclosed home and then make a decision by yourself…..

1. Great Investment Opportunity

A foreclosed home is a great investment opportunity for buyers because it’s available at cheaper rates than the actual market value.

How’s that possible?

It’s quite natural to have this doubt. So, let us explain to you some details of the foreclosure process. Foreclosure occurs when a homeowner fails to indemnify the mortgage payments, and the bank/lender puts the property for sale for compensating the financial losses. This is why they sell the property at low rates just to get the remaining amount out of it. Further, your monthly mortgage payment would also be less, and will be Buying Foreclosed House.

2. Move-in Ready House

Getting a move-in-ready house is a compelling reason to buy a foreclosed house. As discussed earlier, nowadays, lenders/banks do all the necessary repairs in advance. Why? In today’s world, everybody seems to judge a book by its cover! One may not pay even the marginal rate if the home is in a distressed condition. Therefore, the lender makes all the required repairs beforehand. This clearly depicts that you don’t need to invest the money as well as your precious time to get things done. You can shift to your home as soon as you complete the legalities.

3. Foreclosed House in New York

We have good news for Buying Foreclosed House buyers which could be a bad one for the foreclosed property sellers. According to a recent real estate survey, nearly 40% of properties in New York City are in foreclosure. To be honest, this is quite a big figure. This interprets that foreclosed home buyers have a plethora of good properties to choose from. One can bargain and purchase a foreclosed house that suits their needs.

4. Better Neighborhoods

Foreclosed homes can be a boon if you have always dreamt of living in a posh site in NY. Let’s say there’s a home located in the central area of NY with a net worth of $500,000. If that home falls into foreclosure, its prices could lessen up to $250,000. You can encash such opportunities and be a proud homeowner in NY. In a nutshell, you can easily afford foreclosed properties in elite localities which otherwise could be costly and even beyond your budget.

5. A Step towards Bright Future

Even if you don’t want to shift your house, investing in a real estate property could be fruitful. You can buy a foreclosed home in a good locality and give it for rent. This way, you’ll be able to make a passive income and have property of your own. This is perhaps the best way to gain financial security.

How to Proceed?

First and foremost, decide on the type of foreclosed property you want. After that, make a note of all the amenities and features you seek in a home. Once you are clear about your home goal, contact a reputed real estate agency in NY for exploring your Buying Foreclosed House options. They’ll not only help you throughout the foreclosed property buying transition but also, rationalize all the paperwork and legalities.

Conclusion

Do you seek property in NY with a good neighborhood? At low prices? Keeping in mind all the above-mentioned benefits, a foreclosed home is the ultimate answer! Bear in mind that – Two heads are better than one. Therefore, contact a trustworthy real estate company in NY such as ‘Elite Properties’ to get the most out of the foreclosed home deal.

Selling a real estate property, especially your home can be a stressful and time-consuming affair. No matter how much knowledge you possess of the current real estate market trends, you could still make mistakes and sabotage the probability of selling your home at profitable prices. Keeping that in mind, we have rounded up 10 mistakes that you should avoid when selling your home in New York City.

Mistake 1: Emotional Involvement with Home

There’s an adage, “A house is made of bricks and beams; a home is made of love and dreams” which is absolutely true. It’s very natural to get attached to the place where you’ve nested for so long and shared good times with loved ones. Howbeit, once you decide to sell your home, you need to get over the emotional quotient and act like a businessperson. You might find it rude but you need to maintain an emotional distance. Otherwise, you might end up delaying the home selling process or won’t be able to sell the home with peace of mind.

Mistake 2: Not Hiring an Experienced Real Estate Agent

Although experienced real estate agents will ask for a hefty commission, it’s still worth it to approach them. A good real estate salesperson can guide you throughout the transition and optimize your efforts. With years of knowledge in the real estate market, they can help you get a competitive home selling price. In addition to that, they’ll take responsibility for all the paperwork and legalities involved in selling your property. So, it’s a wise step to hire a real estate agent in NY for a hassle-free transition.

Mistake 3: Keeping Unrealistic Hopes

Keeping unrealistic hopes when selling the home is one of the crucial mistakes that sellers tend to make and ultimately end up in smoke. Assume that you want to buy a house and the seller is asking for too much price as compared to other houses for sale in the same neighborhood. What will you do? You’ll obviously look for other options available to you. Right? Likewise, no buyer will take an interest in buying an overpriced home. Therefore, setting up the price according to the market is the key to a successful home selling deal.

Mistake 4: Neglecting Necessary Repairs

The first impression is the last impression. Therefore, making a good impression on potential buyers is important. Anybody who’s willing to invest in the property would conclusively expect a nice cozy home. In such scenarios, a damaged home can become a deal breaker. Before putting your home for sale, you must do all the necessary repairs such as cracks in the ceiling, leaking faucets, or unhinged cabinets. It’ll leave a positive impression on them and increase the chances of a quick sale.

Mistake 5: Spending too Much on Repairs

As we explained, a seller must upgrade his/her home before putting it for sale. But sometimes, what happens is, that a seller, goes overboard with the damage repairs and eventually spends too much money on it. Bear in mind: Anything in excess is bad. Therefore, one should always spend their hard-earned money wisely. Just check out for the major repairs that need to be done and don’t indulge in revamping the entire house. Else, you won’t be able to earn any profit.

Mistake 6: Choosing the Winter Days

Winter is considered an off-season for the real estate market as compared to other seasons because the number of active buyers during this season is very less. According to recent studies in the real estate industry, the main reason behind it is people either go on holiday or stay at home during the chilly days. Selling your home in winter might adversely impact your house selling process and bring you less marginal value. So, you should avoid selling your house in winter.

Mistake 7: Skimping on Listing High-Quality Images

Nowadays, people have become tech-savvy. The first step they take while buying a house is checking the images of the house for sale on the property listing page. This clearly implies that pictures are of utmost importance. Having said that, refrain from uploading poor-quality pictures as they can lead you in the opposite direction. It may trigger potential buyers not to visit your home. To be more precise, simple pictures won’t do the job. You’ll need to have high-quality images showing fine details of the house. So, showcase the best assets of your house with HD images and increase the chances of selling the house.

Mistake 8: Not being insured

Are you insured? “Why? How does it matter?” Well, this is the reason why most people neglect the insurance part. On average, less than 50 % of sellers are properly insured in NY. There are thousands of good reasons you might give for not being insured but, if you want to sell your property safely, you must be insured. Let’s say a potential buyer meets an accident on your premises and makes false allegations against you or for instance, your dog bites him/her, what will you do? He/she might sue you and ask for money. In such cases, the insurance company will be your savior.

Mistake 9: Faking It

Sellers often make big claims regarding their property and make false promises to potential buyers for selling the property fast. Well, the buyer will definitely be conducting a home inspection before sealing the deal, and he/she may say a big NO about finding out the reality. Therefore, don’t fake anything and keep it simple.

Mistake 10: Signing a Purchase Contract without Basic Inquiry

You must ask the buyer for the pre-approval letter before you close the deal. For instance, you’re selling your home for $400,000, and the buyer agrees. Well, congratulations! That’s what you’ve wished for. This is where you’re mistaken! Never trust anybody without inspecting their mortgage loan approval documents. Stay alert to fraud buyers and scrutinize everything before you sign the purchase contract.

Final Word

Avoiding these 10 home selling mistakes would explicitly ensure a painless home sale. Further, choosing a “we buy houses for cash” company in NYC would help you maximize your profits. You can contact ‘Elite Properties’ which is one of the most reputed real estate companies in NY for selling your house quickly for cash. Apart from the rich experience they hold in the real estate industry, they also implement digital marketing strategies like social media marketing and blogging proactively to sell your property within a short span.

Even though the prices of real estate properties in New York are rising steadily, it is still possible for an average American to achieve the dream of homeownership by opting for ‘pre-foreclosed homes. Homes in pre-foreclosure are accessible at much lower rates than their actual market value. So, if you are looking to buy a property at affordable rates, a home in pre-foreclosure can be a good financial deal for you. However, a realistic approach is necessary to make a financially sound decision.

Pre-Foreclosure Basics

Most people get confused between ‘foreclosure’ and ‘pre-foreclosure’. Well, there’s a thin line between the two. Foreclosure means a legal procedure that occurs when a borrower fails to repay the loan amount to the lender. The lender either sells the home in a property auction or takes complete possession of it. Whereas, a pre-foreclosure ensues when a homeowner falls behind on mortgage payments.

Generally, the pre-foreclosure period starts when the homeowner misses three consecutive payments and the lender issues a default notice to the home buyer asking to pay the debt. During this grace period, the property owner has two options, either he/she has to pay the debt within a specified time frame or sell the property. Therefore, pre-foreclosure can be considered as the initial stage that might lead to foreclosure.

Is it worth buying a Home in Pre-Foreclosure?

There’s a common misconception among most Americans that pre-foreclosure properties are only available in distressed conditions and in undesired neighborhoods. Well, pre-foreclosure has nothing to do with the locality and its condition. For instance, a businessman invests in a real estate property located in a posh area of NY and unfortunately suffers a huge loss in business that leads to the failure of the mortgage payment. Regardless of the fact that he’s a businessman the property is bound to enter the pre-foreclosure phase.

To be honest, financial setbacks can happen to anyone. Homeowners who go through such hardships usually prefer to sell their properties even at discounted rates. Otherwise, the property will completely slip off their hands and fall prey to the foreclosure process. So, you can actually get a good deal by investing in pre-foreclosed property.

Types of Foreclosure Sale

Benefits of Buying a Pre-Foreclosure Property

Here are the major benefits of buying a pre-foreclosure property.

• Less Competition: Competition is less since most properties are not listed.
• Quick Buying Process: Simple and quick home buying process as most homeowners are desperate to sell the property as early as possible to avoid foreclosure.
• Great Deals: You can negotiate and buy the property for less than its current market rate.
• Better Neighborhood: Chances of getting property in a better neighborhood.

How to Buy a Pre-Foreclosure Home?

Here we’ll discuss how to buy a pre-foreclosed property.

• Find Pre-Foreclosure Leads

First and foremost you need to find legitimate pre-foreclosure leads. It might be a daunting task as most pre-foreclosure properties are not listed. So, roll up your sleeves and start by preparing a list of areas where you want to have a home. Once it’s done, you can make an analysis by reviewing public records or local newspapers and then visit those areas personally to find out about pre-foreclosed homes. This will give you a fair chance to check on the property as well as the neighborhood. However, if you want to simplify this process, we suggest you hire a ‘we buy houses for cash company.

• Research the Neighborhoods

Shifting to a new home is a long-term commitment. Therefore, a good neighborhood is equally important as the home you want to move in is. So, do research about the neighborhood without fail. Look out for nearby schools, hospitals, banks, and transportation facilities to avoid problems in the future. In addition to this, you should also closely inspect the condition of surrounding homes and buildings.

• Find an Authentic Lender for Receiving a Pre-approval Letter

Finding an authentic lender is one of the trickiest aspects of buying pre-foreclosed homes. What happens is, that you may want to buy a hot property worth $500,000 but, the lender may approve only $300,000. To avoid such unfortunate events, getting a pre-approval letter from the lender is necessary.

A pre-approval letter is basically a legal document that helps you understand your maximum borrowing amount. The precise amount is calculated on the basis of your gross monthly income and debt payments. Therefore, you can actually decide your budget only after getting a pre-approval letter from the lender. Apart from that, it’ll also depict that you are qualified for buying the property.

• Important Documents You’ll Need

You must possess the following documents in order to get the pre-approval letter in a hassle-free way.

• Driving license
• Credit report
• Two pay stubs that reflect year-to-date earnings
• Two years of tax return report
• Recent bank statements

Sometimes, you might need to submit some other official documents. So, it’s always better to consult a real estate agent in NY to understand everything in detail.

• Decide on a Property

Of all the pre-foreclosed homes that you’ve seen, you must narrow down your search to a few homes. Visit each of them personally and do an inspection. You can also hire a trustworthy home inspection officer to ensure the right decision. This procedure will hardly take a couple of hours. Monitor everything minutely including the electrical system and plumbing. Then, choose the one that fits your budget and has the desired amenities.

• Make an Offer

Making an offer is easy once you have a pre-approval letter in your hand. You’ll know your financing options, and thus, you can outline the budget accordingly. Contact your real estate agent in New York and discuss how much you are willing to pay for the pre-foreclosed property. Your real estate agent will take your proposal to the seller. If your seller accepts your offer, then you’ll need to make a purchase contract.

• Financing Commitment

Financing commitment is a crucial step. To get the specified loan amount you’ll have to send the purchase contract to the lender. The lender will examine the contract and ask you for the following set of documents before issuing a commitment.

• Mortgage application
• Property details
• A complete list of assets and liabilities
• Property Appraisal
• Application fee (May differ from individual to individual)

You can close the deal smoothly by following the above legalities.

Bottom Line

Buying a pre-foreclosure property is not just a safe financial investment but also an opportunity to have homeownership in New York. Be patient and refer to the above guidelines to understand the technicalities of buying a pre-foreclosed home. Further, you can also contact ‘Elite Properties’, which is one of the most trustworthy real estate companies in NY for more experienced advice.

Are you planning to buy a home for the first time or are you among First-Time Home Buyers? Well, that’s undoubtedly a smart financial move. However, you may have to face certain challenges such as finding the right location or financing your purchase during the initial phase.

So, before you take a step ahead in achieving your American dream of homeownership, you should gain some practical knowledge of investing in real estate. It will help you get a bird’s eye view of the current market situation, ensure you won’t end in smoke, and make your abode journey easier.

Considerations Before You Take the Plunge

Here are some basic yet important questions you need to answer before proceeding. They will positively help you navigate in the right direction.

1. What Kind of Property Will Meet Your Needs?

Buying a home for the first time can be a test of your patience and forbearance. Don’t get us wrong, but finding a home that meets your needs is actually not a cinch. It’s better you start the journey by making a list of all the features/amenities you expect in your dream home.

Let’s say your goal is to have a spacious home located in the central area of NY with a small backyard. Then, you can either opt for brownstones or townhouses. If you want a cost-effective property with low maintenance, walk-up housing, which is the most common housing in New York, would serve your purpose. You have to figure out things according to your preferences and standard of living.

2. Do you qualify for the Mortgage You Expect?

During the home-buying process, it’s crucial for you to know how much mortgage you qualify for. You may plan to buy a home with a net worth of $450,000. However, the lender may not provide more than $250,000. Why?

The lender will analyze certain factors such as your total income, job security, and outstanding debts prior to assigning you the capital. They’ll directly say no if your debt-to-income ratio depicts that you’ll not be able to afford the mortgage payments. So, it’s a wise step to calculate your credit before applying for a mortgage loan.

3. Do You Have a Trusted Source Who’ll Guide You throughout the Process?

As we mentioned earlier, buying a home can be a daunting task. A trusted source can prove to be a boon for a first-time house buyer because no matter how much groundwork you do, there will always be something where you’ll feel the need of seeking professional help. A real estate agent can provide you with a number of options that match your expectations and are within your reach in terms of the price range. In addition to that, they can also help you get a loan, complete the paperwork legalities, and streamline the process. Therefore, you must contact an experienced real estate agent in NY to make your transition a hassle-free one.

Home Buying Process

Here are the five significant steps that can demystify the entire home-buying procedure.

1. Pick the Right Type of House

Contradictory to the common mindset, there are a plethora of affordable real estate properties for sale in NYC. Make sure to do thorough research on such properties, online as well as by paying a personal visit.

First, check out the houses on the internet by exploring the property listing pages of top real estate companies in NY. This way, you’ll get the description of available houses including their high-quality images.

Once you’re done, choose the top 10 or top 5 houses of your choice and contact the real estate agent for further details. Sort out the best property and move on to the next step for fulfilling your desire.

2. Explore Your Secure Financing Options

Assistance programs that offer low down payments and discounted interest rates for first-time buyers are available across different states of NY. Therefore, you must discuss the different types of mortgages with your real estate agent. Investing your time in exploring secure financial options may seem like a mentally draining process but, it will surely pay off in the long run.

3. Make an Offer

Many people get confused during the negotiation and end up frustrated. To avoid such situations, talk turkey to the real estate agent and decide a final price that you can offer for the property. Your real estate agent will then proceed and keep your proposal to the seller.

4. Consider Doing a Home Inspection

Once the seller agrees to your proposal, consider doing a home inspection by personally visiting the house. You can also hire a professional home inspector to save yourself from any kind of pitfalls. If you find something major that needs to be repaired, ask your seller to either do the needful or deduct the price from the final offer. First-Time Home Buyers should be very careful with this.

5. Close the Deal

You’ll need to sign a ton of legal papers while closing the deal. Carefully read the ‘legal jargon papers’; if everything falls into place, go ahead and sign the agreement to seal the deal.

Mistakes to Avoid as First-Time Buyer

Buying a home for the first time is indeed very special. Even the slightest mistake while buying a home can result in failure. To verify the following things first and then take a decision.

1. Looking for Home First and Loan Afterwards

This is the most common mistake that first-time buyers do and regret later. As a first-time home buyer, you need to keep in mind that the property might fall into foreclosure or short sales if you fail to repay the loan within the specified period. So instead of daydreaming about the home, face the practical world by visiting a lender’s office first.

2. Not Paying Attention during Home Inspection

All that glitters is not gold. Therefore, paying undivided attention during the home inspection is necessary. Make sure you access everything including the drainage system, roofing, plumbing, and electrical wiring.

3. Fraudster Alert

Don’t fall into the honey trap of fraud sellers who offer you unbelievable deals. The modus operandi of fraudsters is to take advantage of your ignorance. Stay cautious and understand all the clauses while you sign the agreement. The best way to avoid real estate fraud for First-Time Home Buyers is to seek professional help. It will significantly minimize real estate-related risks.

The Bottom Line

In a nutshell, the more informed you are beforehand, the less stressful you’ll feel during the decision-making process for First-Time Home Buyers. Do follow these tips sincerely and we’re sure you’ll get your dream house in New York soon!

There are times when it becomes difficult to take any decision especially when it comes to real estate affairs. Deciding whether to buy a remodeled homes, or a new one is definitely a time-consuming and challenging task for a first-time buyer as both have their pros and cons. Since buying a real estate property is a long-term commitment; you shouldn’t take it lightly and gain apt information regarding the laws, finance, and practical aspects before proceeding.

While we comprehend the appeal of investing in a new property, buying a renovated house might just be the wise decision you’ll make. To make your real estate journey a hassle-free experience, here’s an important question you need to ask yourself.

Does Remodeled House in NY Make Sense for Your Needs?

If we keep aside the real estate technicalities, one major issue that might arise during the decision-making process is budget: Is it convenient to buy a remodeled house as a first-time buyer? The answer to this question will depend on your financial planning and your family’s needs. First, you need to contact an experienced real estate agent and discuss all your concerns in detail. The real estate agent will show you the renovated house for sale according to your needs and if you feel satisfied with the features of the remodeled home; you can go one step ahead and do an analysis of the remodeled house price with respect to its current condition and location.

To find out remodeling house estimated costs, consider visiting the neighbors. You can inquire regarding the newly remodeled houses for rent as well as sale in the locality. It will give you a rough idea in reference to the house prices in that area. In addition to that, just speak to your real estate expert about the additional hidden costs and precise tax rate which you will need to pay for buying a remodeled home. This step-by-step procedure will definitely help you overcome the decision-making dilemma.

Advantages of Having Remodeled House

It’s always good to take calculated risks while investing in real estate. We are sharing the top benefits of investing in a move-in-ready property to help you take a crystal clear decision.

1. Significant Money-Saving

The prices of real estate properties in NY are at an unswerving high. However, remodeled houses are considerably cheaper than newly built ones. According to our recent survey, the investment in new real-estate property could cost you 20% to 30% more in comparison with a remodeled home in NY. So, as a first-time buyer buying a remodeled home can be a smart financial move.

2. Better Neighborhood

Existing homes are generally near downtown areas, more often in a centralized location, unlike new homes which are mostly built in exurbia.  So, you won’t have to face any problems with commuting and have easy access to local markets, hospitals, banks, educational institutions, and your workplace.

Another advantage that you get with a remodeled home is an established neighborhood. Having a decent neighborhood is imperative as moving to a house is a long-term commitment. Apart from that, it is necessary from the point of view of safety and security too. So, that’s a huge advantage that shouldn’t be overlooked.

3. Upgrade to a Larger Space

Remodeled homes are much more spacious than the houses that we see in metropolitan cities today. In addition to that, you can also add a second story to increase the house per square footage. However, the rationale for a remodeled property in NY may vary from locality to locality. Be sure to research regarding the codes and laws in the locality where you intend to buy a remodeled house.

Choosing an experienced real estate salesperson could play a vital role in such cases. They can help you with the most authentic information about your neighborhood. Once you are aware of the local zoning laws, it becomes easier for you to take a decision.

4. Less Paperwork and Legalities

Legal paperwork and documentation are crucial parts of selling and buying a real estate property. In the case of a remodeled house, you won’t have to redo the entire documentation work. You’ll just need to change the personal details on the original documents and pay the required transfer and re-registration fees. Furthermore, mortgage frauds are much more evident in New York City nowadays.

Many unscrupulous house owners who’ve purchased a new property but failed to pay the mortgage loan may sell you their foreclosed or distressed property. However, when you buy a remodeled house, such risk won’t be there. But as a first-time buyer, you should scrutinize the documents properly to avoid such scams.

5. Retain Repairing Costs

Renovated homes can easily stand the litmus test of time aesthetically as well as structurally for a long period. Even if something needs to be fixed, you don’t have to worry about the repair credit. It would entirely fall into the realm of responsibility of the seller for a substantial amount of time. It could be between 10 to 20 years. Just make sure to discuss the ‘home warranty’ clause with the seller prior to signing the home agreement.

However, the renovation process consumes a noticeable amount of time, and the probability of getting a remodeled house in NYC at your convenience isn’t always facile. There might be several elements that you would like to implement in the remodeled home before stepping in. For example, the old stone foundations, sinks, or chimneys might require tuckpointing, and for that, you will have to keep patience until the home which you aim to buy gets completely ready. On average, the renovation process might take several weeks or even months. You can hire ‘we buy houses for cash company in NY to avoid such complications and have a hassle-free transition. In addition to that, they can also help if you have an unused property that you want to renovate and sell fast.

Property Listing

As per our current data & statistics, nearly 60% to 70% of remodeled homes in NY are yet to be sold. To reap a rewarding experience, you can take guidance from a reputed ‘we buy houses for cash company in NY. You can visit their website and check the property listing of available remodeled homes along with a detailed description and images.  Once you like a property, you can contact the company’s representative for a detailed quotation. Don’t hesitate to negotiate the price and choose the best one which meets your need.

Final Word

All the above-mentioned advantages give a leading edge to the renovated house/remodeled homes in the new-versus-renovated home battle. We suggest you settle upon a trust-worthy real estate company and do a realistic assessment of the renovated home for sale if the scenario is that the remodeled house is available in a much lesser price range, you can buy remodeled home in NY straight away.

The amount of downsizing homes has gradually increased in the past few years, and we do suggest trying it out for yourself. Even though this idea wasn’t one among your all-American dream, sometimes stepping down from your current home to a much smaller one would be the best strategy to save yourself from a financial crisis or being bankrupt. Life might turn upside down without your consent and going along with the flow might submerge you in deeper troubles.

But, a majority of people fail to understand the right time to let go of their current home to a smaller one. By the time he/she picks up the situation, it might be too late. Downsizing homes in NYC is pretty much simple with all the experienced real estate agents in the locality. Well, the ‘we buy a house for cash’ campaigns of most of the real estate brokers in NY are pretty endearing too. Let’s have a look at the advantages of downsizing houses in NYC.

What are the advantages of Downsizing?

1. Gradual Increase In Cash Flow

Whatever the plot is, it always comes down to finance. The less you spend, the more you save. The same goes for real estate platforms too. If you are spending less or paying a lesser mortgage amount to your property owner, you are likely to save a few more bucks every month that you can allocate for other needs. Some extra money can come in handy always.

2. Save on Utility Bills

A smaller house uses less energy on electricity and other resources. Well, air conditioning in a smaller room is a lot more energy-efficient and pocket-friendly when compared to a larger room. The same goes for water too. By downsizing homes, you can see a drastic decrease in utility bills.

3. Save More Time

Let’s talk about maintenance now. Even if you have rooms that aren’t being used on a regular basis when it comes to a home renovation or house painting you must include these extra rooms too. This results in more maintenance and time. Shifting to a small house in NY will always help you to save some extra time and effort.

4. Less Stress

With everything going along as you desired, less responsibility, more leftover money, and greater flexibility, the amount of stress you’ll experience will be less. Homeowners who have successfully downsized appear happier when they are no longer overwhelmed by the demands of a larger home.

The Right Way to Downsize in New York

1. Plan for a Long-Term

Planning is the core of everything. Considering all the scenarios before searching for your new home is a wise plan. Whether you need a guest room, a home office, or even an extra garage, make sure all your requirements are met accordingly in your new house. You can hire a real estate expert in NY to sell your home and buy a new house in NYC.

2. Keep an account of the Hidden Expenditures

Well, downsizing seems like a pretty good idea, but it does involve selling your current home. Make sure your home is in sellable condition. If not, you should use some resources and money to make the home sellable. So, when it comes to the final expenditure make sure you aren’t losing money.

3. Hire an Expert

It would be better to hire a real estate company in NYC to sell your current home and buy a new one. They can make the whole process easy and hassle-less. Selling your house to ‘we buy houses for quick cash’ companies in NY will be an excellent choice if you are in a hurry to shift to your new home. Having an expert in the real estate sector is always an advantage.

Are you planning to sell your house for cash? Accepting a deal for your property from a cash buyer might be the best decision that you’ll never regret later in the long run. With numerous ‘we buy houses for cash’ companies being established in the locality, the demand for cash buyers is running over the roof. Even though such companies and establishments might seem shady to the naked eye, they are indeed a blessing in disguise.

Introduction

When you are planning to sell a property in NY, most of you will be left with few options opting for a property chain to top the list. Even though a property chain to sell your house in NYC seems to be a profitable idea it can really get on your nerves within no time once the mortgage gets declined, or buyers refuse to commit to buying your property. The property chain scenario will blow off your dreams of buying a new house with its prolonged time period and complicated procedures. The only thing that can be your pipe dream is the ‘sell your house for cash’ scenario. Here are some of the advantages of selling a house to a ‘we buy house for fast cash’ company.

Sell Your House Fast

Selling to a cash buyer in NYC is indeed an excellent opportunity for everyone. But it is more suited to people who ‘need’ to sell their property, rather than just ‘want’ to sell.

Did you understand the difference between need and want here?

Well, allow us to make the frame clear to you.

Selling a property for cash will be apt if you are facing foreclosure, bankruptcy, or other financial difficulties. This approach is feasible when selling your house and is the last resort you can try. The traditional home selling procedures will take a lot of time and might be hefty on your bank. Well, you can’t expect foreclosure to wait around till you’ve found a suitable buyer. Instead of waiting for someone to show up with a prominent offer for your foreclosed property, a cash sale is much faster. This will save you from foreclosure and becoming homeless. You’ll be able to arrange the desired money right in time to relocate or buy a new home quickly.

Sell Your Home As Is

When a cash buyer offers a price for your home, it means they are fine with buying your home as-is. You don’t need to worry about the extra renovation charges or repair costs. Well, this might be a massive relief for you as we do know how the expenses can shoot up when trying to replace the air conditioning or demolish the wearied-out patio. By selling your house to a cash buyer, you shouldn’t be worried about putting your home in a showroom condition which means you save a lot of time and money. If you are hoping to sell your house hassle-free, finding a company that buys houses for all cash in NY can be your best option.

A Hassle-Free Real Estate Solution

The house selling process tends to be lengthy and complicated. A person who doesn’t know his/her way around the industry will find it difficult to sell the property in NY. Find a suitable and professional cash buyer who can offer fair prices for your property. You’ll experience real estate at its best with hassle-free services. Forget about all those hefty paperwork, loan denials, unsure buyers who always back out near the end, and much more. Speed, convenience, and the ability to avoid complications still matter when it comes to selling a property that you’ve been holding near to your heart. With less hassle, you’ll move on faster from your emotions towards the home.

Conclusion

Always look for someone who is professional and has experience in real estate. An experienced cash buyer might be able to get you the right price you’ve always wanted for your house. Find the nearest property dealer or a real estate company in NY. They’ll help you in selling your home for fast cash and to sell it quickly.

The moment you decide to buy a new house; begins an everlasting debate in your subconscious mind. Every wannabe homeowner or real estate agent has faced this question at least once in their lifetime. Which should I buy: a short sale or a foreclosed house? Get to know about Short Sale vs Foreclosure.

We have been helping people to sell and buy houses in NYC for the past nine years. Till today, whenever a customer approaches us with the same question. We make sure he/she leaves with the exact answer they were looking for. Even though both foreclosure and short sale come under the category “the current real estate trends of New York”, buying one wouldn’t be as easy as it seems. Only go for these if you have got ample time and a strong gut.

“There’s really no cut-and-dry answer. It depends on the buyer and what the buyer’s priorities are”. If you are running low on budget or trying to find the best possible deals for buying homes in NY, opting for foreclosed and short-sale homes can be the best option. As there are Yin and Yang for every living and non-living thing in this world, both foreclosure, and short sales also have their pros and cons. You might be wondering whether this is again a Short Sale vs Foreclosure article. Our one-word answer to the question is “Yes”. This is indeed a Short sale vs. Foreclosure article but with a “twist”.

Buying On a Budget

Owning a home has always been an all-American dream for most of us. Matt Hamilton approached us with the same goal in his mind. Since he has been living as a tenant since 2010, buying a home in NYC was pretty much a dream come true for him. He recently switched jobs and needed a neighborhood to accommodate his nuclear family comfortably. We gave him two options; a foreclosed home and a house listed under short sale as he was on a budget. We helped him to shortlist the list down to two houses and made sure his decision was respected and full filled.

A full-fledged home within your budget is the appealing factor for both foreclosure and short sales houses. If the situations are in favor of the buyer, he/she can acquire the desired home for almost as low as 37% of the real listed price of the property.

It’s a Risk Worth Taking

There’s always risk involved when buying a short sale or foreclosed home. A foreclosed home might be closed down by the bank. It may happen (foreclosure by a bank) due to the default in mortgage payments. Such houses might be closed down for weeks or months and the repairs conducted will be near to nil. Considering this factor, short sales are much better as the present owners will be living there before you move in and all the repairs and renovations done will reflect in the final price of the house.

The biggest challenge is that you are buying a property in NY with just looking at the pictures as taking a walk-through or having the property inspected by a professional is not allowed in both of these scenarios.

Foreclosure vs. Short Sale

Most of you might have come across the flyers which say “foreclosure homes for sale and foreclosure auction“. Well, before taking these lightly know that there might be a fortune hidden behind. When it’s short sale vs foreclosure, everyone will have their own opinions. Rachel McGraw, who bought a short sale property in NYC about a year ago says she’s a big fan of short sale houses. “The deal was great, and with the help of a professional short sale negotiator from Elite Properties got me a fortune”, says Rachel. We helped grab her house for a dot of $225,000 while the home was listed for $50,000 extra.

1. The time it takes to complete a foreclosure deal is shorter than a short sale

Foreclosure takes less time in completing the paperwork and handing the key over to the buyer. A majority of the buyers writing offers for foreclosure homes will receive a response within 48 hours. If it’s a bank foreclosure property, the whole tiresome process can be done in a period as short as 30 days.

In buying a foreclosure, you will be dealing with a motivated and unemotional business-minded seller. This seller’s primary goal is to sell the property quickly for all cash. When it comes to buying a short sale house you might be dealing with an owner who has mixed emotions about the property and might, in turn, slow the whole process down.

2. Follow your Gut When buying a foreclosure in New York

Well, if you get a gut feeling that the price offered for a property is the best price you can ever get, then just go for it. Buying a penthouse apartment in NYC is a lot less scary with the ‘as is ‘factor in foreclosure. The city itself offers a decent standard of living for almost every type of house and condo.

With short sales, even though you can get a house in its best condition, it isn’t sure that you can always land the perfect deal. The location matter a lot and the house must be in a buyer’s market. In a buyer’s market, the seller might be willing to consider all the terms and conditions of the buyer. But it’ll be after successful confirmation of the property deal.

3. Banks favor Short Sales rather than Foreclosure

A foreclosed property has always been a burden for both banks and lenders. That is the main reason why banks don’t entertain property foreclosure. Listing your property under short sales will benefit the seller as well as the bank. Working with a knowledgeable buyer’s agent will increase your chances of short-sale negotiation. By this, you can land a great deal with the bank.

Experience Does Matter

Hire a foreclosure expert in NY to deal with all the troublesome situations that you might face in buying a property. He/ she will have the knowledge and experience needed to cover all the documents and paperwork relating to purchasing a foreclosure property.

The same goes for short sales too. An experienced short sale specialist might help you to land the best deals for your desired property. This is the difference between Short Sale vs Foreclosure Homes. There are even real estate agents in NY who offers short sale packages in New York to attract more and more customers in buying short sale properties. Hire a professional real estate agent who provides foreclosure services and short sale services so that you’ll have access to their enormous short sale and foreclosure listings in NYC.