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.

1. 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.
2. 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.
3. The representatives will produce the final court judgment. Make sure you are present at the court in person for the hearing.
4. 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.
5. 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

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?

Buy and Sell a House At the Same Time 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:

1. Buying a house before selling the current house in NYC
2. 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. Buy and Sell a House At the Same Time 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.

The Benefits of Simultaneous Buying and Selling

When it comes to buying and selling houses, many homeowners find themselves faced with the dilemma of how to manage both transactions simultaneously. Buy and Sell a House At the Same Time, this dual process can actually offer several benefits.

• Firstly, by buying and selling at the same time, you can avoid the hassle of moving twice and the associated costs.
• Additionally, you have the potential to save on financing costs, as the proceeds from the sale of your current home can be used towards the purchase of your new one. When you buy and sell simultaneously, you may be able to negotiate better terms and prices for both transactions. This can result in cost savings and a more favorable overall financial outcome.
• You have the ability to set your own timelines and make decisions that align with your goals and priorities. This can create a sense of empowerment and ensure that the process is tailored to your specific needs.
• Other is the potential for a seamless transition between homes. By coordinating your transactions, you can minimize the time spent between homes, avoiding the need for temporary housing or storage solutions. This can save you both time and money.
• Furthermore, by synchronizing the transactions, you minimize the risk of being left without a place to live during the transitional period.
• Simultaneous buying and selling also allows you to take advantage of favorable market conditions and capitalize on potential gains.
• Overall, the benefits of managing both transactions together far outweigh the challenges that may arise.

The Challenges of Buying and Selling Houses Simultaneously

Buying and selling houses simultaneously is not for the faint of heart. It can be a complex and challenging process that requires careful planning and execution.

• One of the main challenges is coordinating the timelines of both transactions. You need to find a buyer for your current home while also finding the perfect new home to purchase. This can be a delicate balancing act that requires a strategic approach.
• Another challenge is managing the financial aspect of the dual transactions. You may need to secure financing for your new home while also ensuring the sale of your current home goes smoothly. This can involve coordinating with lenders, appraisers, and other professionals to ensure everything is in order.
• Additionally, there is the emotional aspect of the process. Moving can be a stressful experience, and when you add the pressure of buying and selling simultaneously, it can feel overwhelming. It’s important to take care of your mental and emotional well-being throughout the process, as it can have a significant impact on your overall experience.

Tips for a Successful Simultaneous Buying and Selling Process

To ensure a successful simultaneous buying and selling process, consider the following tips:

• Start early: Begin preparing your current home for sale and searching for your new home well in advance to allow ample time for each step of the process.
• Communicate openly: Maintain clear and open communication with your real estate agent, mortgage specialist, and other professionals involved in the process.
• Be flexible: Understand that unexpected delays or changes may occur, and be willing to adjust your plans accordingly.
• Research and educate yourself: Stay informed about market trends and seek expert advice to make informed decisions.
• Stay organized: Keep track of important documents, deadlines, and appointments to ensure a smooth and organized process.
• Seek professional guidance: Work with experienced professionals who specialize in simultaneous buying and selling to guide you through the process.

By following these tips, you can navigate the dual process of buying and selling houses with confidence and success.

Winding Up

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 for Buy and Sell a House At the Same Time.

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.

Conclusion

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.

Conclusion

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.

The aggrandizement of services that aid homebuyers and sellers in completing their own real estate needs is relatively recent, and it may have left you pondering whether procuring a real estate agent is becoming a relic of a bygone era. Hiring real estate agent is a daunting task. Going solo when it comes down to real estate might save you a handful sum of money. And you can cut down the significant commissions you need to pay the agents.

Well, the question is:

Would you rather try flying solo or reach out for a helping hand? 

Hiring Real Estate Agent may save you a lot of money as well as time.

Buying or selling a property even in a buyer’s market is challenging and time-consuming. A significant proportion of people don’t trust or rely on real estate agents to meet their needs. However, these guys will be forever missing the luxuries of what a real estate agent can bring to their plates. Buying and selling properties indeed take time, and with the help of the right expert, one can surely save a lot of time and make things hassle-free for themself.

Here’s how hiring a real estate agent can assure you of achieving the ‘all-time American Dream’ of owning a property in your name…

1. Hiring an Expert

Rather than being entitled as an agent, they prefer being called experts. Real estate agents are the best when it comes to their line of business. You’ll experience the pinnacle of professional real estate services by hiring a property expert. Right from negotiations to the final settlement of the price, they’ll act as a loyal mediator between you and the seller omitting you from all the hectic formalities and paperwork.

Negotiation is a tricky business, and there’s an excellent chance that the other party can easily bamboozle one without an adequate record of experience in this line of business. A real estate expert has enough experience when it comes down to revealing all the ambushes and deceptions and taking countermeasures. So, whether you are selling a property or buying one, hiring a real estate expert will always give you the upper hand.

2. Are The Encyclopedias of Property Listings

Finding a house with your specific interests can be challenging. If you are a working person who rarely gets time to spare, this becomes even more challenging. Moreover, what if the house with your interests is on the other side of the state? This is where a real estate agent comes in handy! They have an enormous database of property listings that can match your interests. Tell them what kind of house, neighborhood, or even locality you need. They can present you with the shortlisted properties which resemble your attention. All you need to do is pick one.

Most real estate agents have a secure and robust network when it comes to property listings. They make use of these networks to keep in touch with all the property owners and sellers all over the state. A real estate agent can not only experience hassle-free services but also be given access to the network mentioned above of extensive property listings.

3. Saves Time and Money

Roaming around your locality or neighboring state in search of available properties can drastically eat your time and money. Well, we would say there’s no point in drifting along with the current without a destination or goal. With the aid of a property dealer, the path toward your target will be apparent, and you can set the course at full speed. Property dealings always include a lot of paperwork and legal procedures and don’t forget the expenses too. A real estate agent can volunteer for you to take all the trouble of hefty paperwork and costs providing you with the ownership of the property or house.

For example, selling a property that is listed under foreclosure or short sale is pretty challenging and hectic. Most of you might feel like you are going through the most terrible phase of your life. With the property listed under foreclosure or short sales even, interested buyers might back off thinking of all the legal troubles they might need to go through. By hiring an experienced real estate agent, selling your foreclosed or distressed properties will be quicker and more straightforward.

Still not convinced about hiring a real estate agent?

Let us brief you on a few more scenarios in the real estate business. When stepping into the real estate business, most of you might have come across the terms like foreclosure, short sales, distressed properties, estate sales, probate sales, and much more. Hiring a real estate agent will make it easy to acquire properties that are under these complex scenarios.

a. Real Estate Agent For Foreclosure

Foreclosure of property occurs when the borrower fails in paying the mortgage he/she is obliged to pay the property owner. Even though the number of foreclosed properties is gradually decreasing in number these days, they still do exist. As for a buyer looking for potential property, there’s a fair chance that a foreclosed property might exactly be the house in his/her dreams. However, the reality is pretty much harsh. Instead of a smiling face handing over the key to the property, you’ll be welcomed with a ton of paperwork and legal procedures which can even last up to a minimum of seven months. The same happens when you are trying to sell one too.

With a real estate expert who knows his way around the market and its characteristics, selling or buying a property in foreclosure doesn’t plot an issue. Since they are experts in their line of business, finding a buyer for your foreclosed home will be more comfortable. Their motto is to help you by leaving you out of all the troubles by providing a hassle-free business deal. You need to select the shortlisted buyers provided by the agent who is willing to give you a fair deal for the property.

b. Real Estate Agent For Short Sales

A short sale specialist or a lawyer? This might be the first question that comes to your head when planning to list your property for short sales. Opting for a short sale specialist rather than sticking to a lawyer can help you in many ways. Since lawyers only know about legal procedures that need to be presented in the court regarding the property they won’t do much help in advising what to do and what not to do when going for a short sale.

A short sale specialist has completed thousands of these cases. He is much more experienced when it comes to such scenarios. They can even find you a proper buyer for your property who can provide you with a fair and desired price. Don’t forget that the legal procedures will be taken over by the agent itself. It’ll indirectly imply they’ll be providing everything a lawyer can provide.

c. Real Estate Agent For Distressed Properties

Distressed properties have always been a headache for property dealers. These are the properties that are rarely maintained or nearly distressed but still pack a punch. Finding potential buyers for your distressed property can be challenging and daunting without a property expert. They are professionals in negotiating and convincing buyers to buy the property. The same goes when you are planning to buy a distressed property to save your wallet. Since every distressed property isn’t approachable even though they look promising from the outside. An expert beside you who knows what to look for in distressed property and understands its market value can land you a great deal without hurting your pocket.

The Bottom line

Investing in hiring a real estate agent will always be a boon when planning to buy or sell a property. They can lead and guide you in the right way to meet all your real estate needs.

Are you planning to buy a new property? How about a distressed home?

Buying a distressed property might hold the key to your dream home or a considerable fortune. A distressed property is put up in the market for auction when its owner is unable to repay the mortgage that he/she owes to the property lender. Even though finding potentially distressed properties is a lot more challenging than it seems, with the help of an experienced real estate agent it can be as easy as a walk in the park. Some of these might be ready for immediate occupancy while others may take ample time.

You might have come across a lot of responses (both negative and positive) from different people when you tell them you are planning to buy a damaged home. Well, we won’t be ruling out every aspect they say, but getting a property in a prime area and that too at an indubitably amazing price tag does seem tempting. If you are still doubtful about getting one, read some of our takes on it before discarding the idea completely.

Why you should buy a distressed house?

1. The Price Tag

Well, the main catchy factor is the price tag itself. A distressed property is usually listed in the market for an enticingly throw-away price than its market value. Since most of them are almost broken-down homes, home lenders are lurking in the market for a proper buyer.

Not every distressed property can be a great deal for you. Make sure you know your way around real-estate scenarios before buying the property or get the help of a trusted real estate company to experience the whole procedure with no hassle.

2. A Stepping Stone to Your Real-Estate Career

Buying a damaged property might seem frivolous, but it could hold the key to a great fortune. If you are planning to invest in real estate, then getting a distressed property might be a fair choice. Since their price is less than that of the market price, you can save an ample amount of money too. A few repairs here and there will make it approachable to flip. So, if you are planning to build a career as a home flipper, finding and buying distressed properties can give you a head start.

3. Own a Property in Prime Locations

Buying properties in prime locations like Brooklyn, Queens, and Manhattan can be pretty harsh on your bank balance. So, for these top areas, buying a distressed property rather than a new one will benefit you in many ways. You’ll not only get the property registered in your name but also can enjoy the luxuries of the city.  Find a good interior designer to spice up your interiors and you are all set to go!

4. Negotiable

Most of the properties listed under foreclosure and short sales might be damaged or quoted as distressed property. This means the price tag for these properties can vary depending on the home lender. You’ll be having the upper hand in deciding the price when approaching an owner of distressed property. Since most of the owners try to get rid of the property as soon as possible, they might even agree to a price cut of as less as 15% or more (totally depends on your negotiation skills!).

Conclusion

In some cases, a distressed property might require complex paperwork, which in turn delays the whole business process. With the help of a qualified real estate company, you’ll have the luxury to leave all the complicated tasks to them and acquire the home right away. Other than this, having a trustworthy distressed property specialist will help you in finding the best properties listed for sale, and that too for a great deal. Be patient and educate yourself and work with professionals who can recognize the gross value and the future value of the property just by seeing it.

Are you trying to sell or buy a property under short sale?

You probably must have heard the term “short sales” a lot in these past years. Short sales are something we hear more often when it comes down to the real estate area. Short Sale meaning isn’t something every commoner will understand. So, let us be more clear on the topic here. A short sale is when someone sells his house, with the awareness and approval of the mortgage lender for less than what he/she owes to the lender. If the lender accepts the terms, then you can proceed with selling the property.

For example, consider you’ve defaulted on the payments and your mortgage lender has filed a foreclosure in the bank against the property. Panicking won’t do anything when you are facing foreclosure. You can talk with the lender and put your property on short sale hoping for other buyers to buy the property. So, you owe your lender $500,000 but, the new interested buyer is only willing to pay $400,000 for the property. You might not be in a situation to pay off the difference amount too. So, convincing your lender to agree to a less amount than you owe is short sales.

Most lenders and banks agree to the terms as this is time-consuming and a lot of hassle. The final result is a win-win situation as the seller is no longer saddled with the debt and the buyer gets the property at a bargain price.

So, if you are selling or buying a property and are considering short sales in real estate, here are the top things you need to know before proceeding with short sales and fixing the deal…

Know the Difference Between Short Sales and Foreclosure

This is something most of you might get confused about. Short sales and foreclosure are entirely different scenarios. In a foreclosure, the role of the homeowner is slightly less than in short sales. People who try to avoid foreclosure by working out a deal with the lender or bank usually go for short sales. And there isn’t any tension about evicting the previous owners in short sales as in foreclosure. Well, things do get messy in foreclosure!

Unlike a foreclosure, short sales in real estate don’t impact your credit much. Still, it’ll damage your credit score but not for as long as the damage done by a foreclosure. You’ll even have the chance to apply for a home loan for two years while in short sales.

Takes A Lot of Time

A short sale doesn’t refer to the time involved as the whole term is somewhat misleading. A short sale can take up to five to nine months to close; sometimes even longer. If it’s the bank you are dealing with, don’t expect the bank to come to you and tell you how much it would accept for the property. So, what you must make sure of is that while negotiating with the interested buyer, you should get the price that has been approved by the lender or the bank for the property.

Finding a suitable buyer to buy a short-sale property or buy a short-sale house can be troublesome without the help of an experienced short-sale negotiator. So, the whole short sale process is time consuming and a bit nettling.

Make Sure You Are Eligible For Short Sales

Saving your property by avoiding foreclosure with short sales seems pretty alluring. But, have you cross-checked your eligibility for proceeding with the short sale services? You must meet all the criteria and might require written proof stating your eligibility from the bank or the mortgage lender. This itself will be time-consuming but have patience!

For being eligible for short sales, you must owe more money to the bank or the lender than the house’s total worth. If you are eligible for any loan modification, then you can rule out all the possibilities of a short sale approval. Written proof that states you can no longer afford the monthly payment and any proof of financial hardships, like being laid off or divorced or having excessive medical bills will make you eligible for proceeding with a short sale.

Make sure you pass all these eligibility criteria before even trying for short sales as this is full of hassle and time-consuming.

It’s Time You Consider a Helping Hand

Buying or selling the short-sale property will be a lot more troublesome if you are planning to go ahead alone. You’ll be facing a lot of pressure mentally and emotionally through the whole process. The first thing you need to do is find a trustworthy agent to sort out your problem. A real estate agent who’s experienced in every aspect of real estate can make a huge difference especially if you are selling short-sale property.

The short sale process involves a lot of legal procedures and paper works. It will leave you frustrated in no time. A Short Sale specialist who’s familiar with all these stages will help you push further without any difficulties. Well, the time flies, and you need to act more quickly in finding a buyer, or you can still face foreclosure.

Conclusion

Keeping your patience and confidence is the main key to every successful short sale. The right agent who knows his way around will be a boosting factor when going for short sales in real estate. Also, beware of the cunning smiling-faced agents who disguise and mislead you by offering a helping hand when you are vulnerable.

Last year in 2017, the U.S. economy started with a boom with heavy investments in the stock market and investing in real estate but slowed down during mid-year followed by climatic disasters which solely contributed to approx. $93 billion in economic losses which were mostly covered up with a major rise in imports at the end of the year – resulted in an overall economy of 2.6% annual growth rate.

The three dominant factors that will be a driven impact on the real estate investment:

The rise in demand for warehouse needs with E-commerce growth:

With a tremendous sweep in the e-commerce market fueling, the gargantuan warehouses’ need for goods storage has expanded drastically in the recent past. Business analysts already have estimated the future demands which are going to grow exponentially in the coming years. With demands including for large distribution centers or mini delivery hubs, will still be remaining high even if the pricing goes up as per the market set standards.

Pent-up housing demand among millennials:

The need for housing in the forthcoming lustrum is the second big dominant factor. Housing prevails over other secondary investments and therefore bolsters real estate demands.

It is to be estimated that around 23 million millennials in coming next five years who are currently studying and residing with their parents are likely to be moving to bigger cities like NYC, Los Angeles, Washington D.C., Chicago, and Las Vegas for job and work opportunities and thus demand for housing apartments will be going to rise up.

Increased Interest rates:

The Increasing economic growth results in a rise in interest rates. Real Estate is likely to be beneficial from it. The shift in the mortgage interest rates and properties, and state and local sales taxes are likely to be beneficial to commercial real estate investors. These interest states are in high-cost metro regions like New York, DC, LA, Chicago DC, and the Bay areas. As job seekers and workers, are moving to the suburbs for renting closer to their work areas. This will be good news for house owners and landlords.

The New Tax scheme favors the real estate

As for now, there are no changes have been made to the prevailing FIRPTA (Foreign Investment in Real Property Tax Act), LIHTC (Low Income Housing Tax Credit), carried interest rules, and 1031 revenue reinvestment laws,  which suggests that commercial real estate market continues to remain irresistible to both overseas and domestic investors.

Real estate experts forecast the GDP growth to be increased by approximately 2.6% in 2018. This is a more rapid growth than the average of a 2% annual pace over the past seven years.

Why does investing in Real Estate bring a hefty return?

It is to believe that investing in the stock market is one sort of investment. It brings a huge return in a very short period of time. But also, it takes moments of time for it to crash and incur major return losses.
But this doesn’t generally happen in the case of investing in real estate. The investment should be made in the right market under the right conditions. This can be really helpful in generating the most consistent flow of passive income. Also, you will have the privilege of the increased property value over time with appreciation.

A city’s asset plays a big role

Every city has its key asset which attracts new visitors and residents – investing

In those cities initially may cost you big, but it definitely yields a high return in a long run.

Also, many of the small cities like – Portland, Telluride, Aspen, or the other new developing ones, are trying to create an environment. This allows residents, tenants, and visitors – to live, work, and have all needful amenities covered up. It should be with a mix of office, retail and residential spaces so residents don’t have to travel far for their needs. These small cities in the coming years will be a boon for real estate business and investing in these cities will definitely be a smart choice.

An Elite Page With Abundant Information on Real Estate and Much More

Real Estate is one of the finest investment strategies you can look forward to if considered seriously. It indeed isn’t child’s play. One might become a millionaire or easily lose property worth his lifetime savings just in a blink of an eye. Well, every business has its pros and cons. And Elite Properties will help you to get best offer. But that doesn’t make the real estate business something you should leave only for white-collared professionals. Everyone got a shot at real estate. This is the only profession where you can clearly see how much you have escalated both mentally and financially.

We, Elite Properties have been one of the prominent real estate companies in New York City since 2009. Throughout our 9 years of thriving for success, we have learned and practiced many strategies which will impact a drastic inclination on your success graph. With a determined motto for sharing the information we acquired, Elite Properties are starting a blog that only contains legit information on all real estate-related conveyancing and vendor ship. Through this blog, we intend to share all the pivot information and tips for a fast and hassle-free real estate business.

What Elite Properties Have to Offer You?

Elite properties are one of the top-notch real estate platforms in NYC. We help you buy and sell a house in a hassle-free manner. Property consultants at Elite Properties are extremely professional. They have years of experience in dealing with all kinds of real estate matters. Here’s why you should opt for Elite Properties to buy a house in New York.

• Unbiased Approach –

  Customer-eccentricity is the key feature of Elite Properties. They value the time and money of their customers. Rather than making tall claims, they are committed to satisfying the needs of their clients.

• Thorough Evaluation –

  Consultants at Elite Properties provide you with an honest market analysis and exact portfolio valuations. The valuable insight will help you understand the current trends in the real estate market in NYC.

• Clear Objectives –

  Depending on your financial status they recommend the best property deals for you. They keep everything transparent and along with the benefits. They will make you understand the risks associated with the real estate sector.

Buying or selling a property when it’s under some legal consequences or formalities is hectic and daunting if not proceeded cautiously. People who don’t know much about real estate and the jargon might really feel like they are running around circles when it comes to selling or buying. Real Estate agents and dealers take advantage of this situation. They convince their clients to accept an unfair offer on their property. It would be too late when they finally realize they have been framed. Being a regular visitor to our blog will help you to get a hang of all the recent updates on real estate and its hurdles.

So, if you are facing any trouble in understanding what real estate is and the things adjoining it like foreclosure, short sales, estate sales, probate sales, trustee, distressed properties, tenants, or anything else related to the aforementioned things, the Elite Properties blog should definitely be one among your bookmarks. Our blogs will also be covering all the tips and tricks you must follow to buy or sell your property quickly. We’ll also let you know which locality is reigning ahead in the real estate business so that if you have a property nearby it would be high time you thought of selling it.