December 2019 | Buy and Sell Properties Online New York December 2019 | Buy and Sell Properties Online New York

Month: December 2019 Posts

Can you sell House With Termite Damage In New York?

Termites can do dangerous damage to your home if gone unnoticed. If you are on the verge of selling your house and you notice the lurking issues of termites beneath the surfaces, you’ll have to start acting fast. You must have questions like; is it possible to sell my house fast with termite damage? Who will buy my house with termite damage? Can you sell With Termites Damage? The answer is yes.

Selling your home with termite damage is possible with multiple modes and means.

1. Find Out About The Damage

If you suspect that there’s termite damage on your home, call an expert who will inspect the area and provide you with a free estimate.

2. Pest Inspection Is a Must

Paying for a pest inspection is a must when you spot specks of termite infestation in nooks and corners. While listing your home in the market you wouldn’t want people to notice the ugly eaten particles of wood on your stairs, doors, or cabinets. You’d want to call for an expert who deals with such intricate situations more often. Calling an expert will cut down the hassles of handling termites. But it will cost you a lot of money that you wouldn’t want to spend while listing your home.

3. Fix The Damage

Once you’ve determined that there is termite damage on your house, you need to fix it before you sell. This means removing any damaged wood and replacing it with new material.

It turns out to be important to deal with the damages and repair them. You should do this prior to listing your home on the market. Termites have a defined way of damaging things, you have to act fast when you see signs like discarded wooden droppings on the way. There are many signs from which you can distinguish there are termites residing in your house.

4. Signs of Termite Infestation

  • Blistering or dark spots on wooden flooring
  • Hollow wood
  • Wings
  • Tubing
  • Droppings

5. Offer a Warranty to Potential Buyers

To make potential buyers feel good about buying a termite-infested house is to offer them a warranty period, post the pest infection. Usually, a termite repair treatment offers a year guarantee period. You can later transfer to the potential buyers at the time of purchase. The warranty defines a history of termites in your house which helps with the sales, it also defines that the property has been well maintained.

6. Negotiate Price And Terms

If you’ve been thinking about selling your home, now is the perfect time to start looking for buyers. However, before you begin negotiating with potential buyers, make sure you understand what you need to do to sell your home. This includes getting rid of any issues that might prevent a buyer from buying your home.

7. Reveal the Known Issues

As bad as it sounds it can help you in a lucrative sale. When you list your home under the tag of ‘termite damage’ for obvious reasons it won’t be the first pick between buyers. Although, if you find potential buyers on your side you’ll have to be proactive and keep things crystal clear. Informing buyers about the termite damage and how you tackled it could be beneficial for you and the buyer as well. It will assure the buyers that the home was been taken care of and maintained throughout. Also, provide them with all the documents that prove adequate care was taken on time from the right people. Before proceeding with the sale, take in writing that the buyer agrees to buy the house in as-is condition to avoid chaos later.

8. Keep an Open Mind for Offers

As you sell your house with termite damage with optimum repair, it becomes important for you to be open to lowball offers or you can cut down the price by a large chunk. Keep an open mind for negotiating offers for a lesser profit, as there are many reasons for a buyer to not buy your house in the first place.

9. Sell Your House As-Is

If your home is tagged under the label of termite damage, it becomes impossible to sell it even after you’ve cured all the impairment. Opting for the traditional way of selling your home might never provide enough yield for the sale. Because it is risky for buyers to invest in an as-is house. In such a scenario, the best way is to sell your house as-is for cash to ‘we buy houses’ companies.

You can avoid this Termite damage by going through this guide.

Bottom Line

To sell your house with termite damage, you’d want to convince buyers and do a lot of unwanted things while you are short of time. Moreover, you can consider selling your house as-is to ‘cash buying companies. Elite Properties can be your ideal choice when you want to sell your house fast with termite damage in New York. Selling your house to us will assure you an all-cash offer with no obligations. You can contact us at Elite Properties or call us at 718-977-5462 and rest assured we will buy your house in as-is condition. Furthermore, if you have any queries regarding real estate we will be happy to help and give the best possible solutions to all your problems.

What is Probate?

Probate is a judicial process where a will is in review and proven to the court. The will states that the heir/heirs is entitled to oversee the estate and the specific assets. An heir is a person who is chosen by the decedent. He will manage the assets post his/her death. The will defines instructions on how it is to administer.

Why should you Avoid Probate?

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

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

How can You Avoid Probate?

1. Crafting a Living Trust (Revocable Trust)

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

2. Joint Ownership Transfers with Rights of Survivorship

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

  • Joint Tenancy
  • Tenancy By The Entirety

3. Joint Tenancy

Couples who own equal shares of valuable possessions like homes, commercial sectors, businesses, and vehicles can transfer them to the surviving spouse. They do not have you go through the probate process. 

4. Tenancy By The Entirety

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

5. Registering Transfer-on-Death for Security (TOD)

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

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

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

7. Life Insurance at Your Bay

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

We Buy Probate Houses for Cash

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

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