2019 | Page 3 of 4 | Buy and Sell Properties Online New York 2019 | Page 3 of 4 | Buy and Sell Properties Online New York

Year: 2019 Posts

We Buy Houses For Cash – How Does The Process Work?

When do you realize that you are stuck in a situation where you want to sell your house fast but don’t want to wait for the prolonged home selling process? Here is when “we buy houses for cash” companies come into play. This sign on the hoarding can be very pleasing to your eyes while you are finding ways to sell your house fast.

So here we are explaining the topic we buy houses for cash – how does the process work? As the name says it all we will be enlightening you about the depths of the topic. You can likewise choose your options wisely in the coming time for selling your home.

Types of Homeowners That Approach “We Buy Houses for Cash” Companies

There could be endless reasons that a homeowner would sell its property to a We Buy Houses Cash Company. A possible reason could be an unexpected death of an elderly person. Instead of inheriting the property and waiting for to process to complete. They would sell it to companies that buy houses fast. Another reason might be a couple settling in another state after marriage.

One more reason apart from dodging to inherit a home is that nobody likes to implement improvements that cost dollars. The reason is, only to get the house back in a proper working condition with essential amenities to suffice.

We have put forth the potential categories of homeowners who approach these companies and sell house for cash. You can sell a home without being trapped in the hassles of paperwork and legal processes.

sell_your_house_for_cash

Given below are the types of homeowners and their reasons for why they approach these companies –

  • Sellers whose homes are stagnant on the market.
  • Couples who have filed a divorce and would be separating.
  • Homeowners facing bankruptcy.
  • Sellers with homes in probate or foreclosure.
  • Homeowners who are relocating for jobs.
  • Homeowners who are evicting tenants.
  • Unoccupied homes.

It is not necessary that the people mentioned above would be selling their homes for cash for the specified reasons. For example; there could be a possibility that the people selling the houses are additional assets amongst the possessions they own. Another possibility is the homeowner doesn’t want to safeguard the property but, requires hard cash for houses to gain financial stability. Sometimes selling a property is just for mere convenience and shedding that extra baggage of responsibility off their shoulders.

How Does We Buy Houses For Cash Work?

The process of selling a house for cash has several steps. The details for the process of selling a house for cash is given below.

1. Fill Out The Property Details Form

Buyers who buy such properties look for distressed homeowners who would be interested in selling their house below the market price in exchange for a hassle-free, all-cash transaction that involves zero legal processes. The process is extremely simple, you just have to fill up a form and fix a meeting with the potential buyer, rest they’ll take over.

2. Home Evaluation Process

Once the form is filled and reviewed, they will call you for verification and confirmation. They’ll ask if you are a hundred percent sure to sell your property. Further, they will plan a meeting to evaluate the condition of your property. They’ll also fix a price prior to proposing the final offer to you.

3. Buyer Proposed, No-Obligation Offer For Cash

After evaluating the condition of the home, the cash buyer will propose a no-obligation cash offer. It would mean you are not obliged to accept their offer. If you are not happy with the proposal, you won’t be liable to pay any commission to the buyer.

Companies that buy houses for cash purchases your house in whatever condition it may be. They buy ugly and damaged properties; nonetheless, it is expected from the seller not to expect a really high price for the property.

4. Final Purchase Of The House

If you agree to sell property for cash then the cash buyer will purchase your home and perform all the legalizations on your behalf. There will be no real estate agents or any kind of commission involved.

If you don’t want to sell your property but, have noticed these signs around in the neighborhood that say buy my house fast, or if you know anyone who wants to sell the property for cash for houses. You can contact companies like ‘Elite Properties’ and they will get in touch with the seller. If the company purchases the property that you introduced, they’ll pay you the commission as the top finder’s fee.

Finding Cash Home Buyers

Finding cash home buyers is an essential step in selling your home directly for cash. There are several ways to find potential buyers in your area.

  • One option is to search online for local real estate investors or cash home buyers. Many of these buyers have websites where you can submit information about your property and receive a cash offer for houses.
  • Another option is to ask for referrals from friends, family, or neighbors who may have sold their homes for cash in the past. They may be able to recommend reputable cash buyers in your area who they have had positive experiences with.
  • Additionally, you can reach out to local real estate investment groups or attend real estate networking events to connect with cash buyers.

Benefits of We Buy Houses Companies For Cash

  • One of the main benefit of we buy houses cash companies is the speed of the transaction. Traditional home sales can take months to complete, but we house buy house are often able to close the deal within a week or two. This is especially beneficial if you need to move quickly or want to avoid the stress of a prolonged selling process.
  • Another benefit of companies that buy houses quickly is the convenience it offers. By eliminating the need for listing your home and dealing with potential buyers, you can save valuable time and energy. Instead of spending weeks staging your house and hosting open houses, you can receive a fair cash offer, often within days, and close the deal on your own terms.
  • Additionally, we buy houses for cash eliminates the need for costly repairs and renovations. We buy houses any condition are willing to purchase homes in any condition, saving you time and money. Whether your home needs extensive repairs or simply some cosmetic touch-ups, you can sell it as-is without having to invest additional funds into the property because we buy ugly houses.

Common Misconceptions About Selling Your Home For Cash

There are some common misconceptions about selling your home for cash that are important to address.

  • One misconception is that cash buyers only purchase distressed or run-down properties. While it’s true that cash buyers are often willing to purchase homes in any condition, they also buy properties that are in good condition. Whether your home needs repairs or is move-in ready, there is likely a cash buyer who is interested in purchasing it.
  • Another misconception is that selling for cash for houses means accepting a lower offer. While it’s true that cash buyers typically make offers below the market value of the home, this is often offset by the savings in time, repairs, and commissions.
  • Additionally, cash buyers value the convenience and speed of the transaction, which can be a significant advantage for homeowners who need to sell quickly.

Tips For Selling Your Home For Cash

If you’re considering selling your home directly for cash, here are some tips to help you navigate the process:

  • Research cash home buyers in your area and choose reputable buyers with positive reviews and testimonials.
  • Get multiple offers to ensure you’re getting a fair price for your property.
  • Be prepared to negotiate. While cash buyers often make fair offers, there may be room for negotiation.
  • Understand the terms and conditions of the sale. Make sure you’re clear on the timeline, closing costs, and any other details before proceeding.
  • Consult with a real estate attorney to ensure all legal aspects of the sale are handled properly.

The Bottom Line

Now when you know the in-depth process of how we buy houses for cash companies work, you could easily sell your house fast for cash and obtain good returns on your ugly property. Furthermore, if you are residing in NYC and want to sell your house fast, then we buy houses for cash is the only option for the people who buy houses for cash. Get in contact with ‘Elite Properties’ and sell your house within 3 days in any condition, any location. The company will pay your legal fees and closing cost. Call them today at 718-977-5462, and keep all your estate crises at bay.

When do you realize that you are stuck in a situation where you want to sell your house fast but don’t want to wait for the prolonged home selling process? Here is when “we buy houses for cash” companies come into play. This sign on the hoarding can be very pleasing to your eyes while you are finding ways to sell your house fast.

So here we are explaining the topic we buy houses for cash – how does the process work? As the name says it all we will be enlightening you about the depths of the topic. You can likewise choose your options wisely in the coming time for selling your home.

Types of Homeowners That Approach “We Buy Houses for Cash” Companies

There could be endless reasons that a homeowner would sell its property to a We Buy Houses Cash Company. A possible reason could be an unexpected death of an elderly person. Instead of inheriting the property and waiting for to process to complete. They would sell it to companies that buy houses fast. Another reason might be a couple settling in another state after marriage.

One more reason apart from dodging to inherit a home is that nobody likes to implement improvements that cost dollars. The reason is, only to get the house back in a proper working condition with essential amenities to suffice.

We have put forth the potential categories of homeowners who approach these companies and sell house for cash. You can sell a home without being trapped in the hassles of paperwork and legal processes.

sell_your_house_for_cash

Given below are the types of homeowners and their reasons for why they approach these companies 

  • Sellers whose homes are stagnant on the market.
  • Couples who have filed a divorce and would be separating.
  • Homeowners facing bankruptcy.
  • Sellers with homes in probate or foreclosure.
  • Homeowners who are relocating for jobs.
  • Homeowners who are evicting tenants.
  • Unoccupied homes.

It is not necessary that the people mentioned above would be selling their homes for cash for the specified reasons. For example; there could be a possibility that the people selling the houses are additional assets amongst the possessions they own. Another possibility is the homeowner doesn’t want to safeguard the property but, requires hard cash for houses to gain financial stability. Sometimes selling a property is just for mere convenience and shedding that extra baggage of responsibility off their shoulders.

How Does We Buy Houses For Cash Work?

The process of selling a house for cash has several steps. The details for the process of selling a house for cash is given below.

1. Fill Out The Property Details Form

Buyers who buy such properties look for distressed homeowners who would be interested in selling their house below the market price in exchange for a hassle-free, all-cash transaction that involves zero legal processes. The process is extremely simple, you just have to fill up a form and fix a meeting with the potential buyer, rest they’ll take over.

2. Home Evaluation Process

Once the form is filled and reviewed, they will call you for verification and confirmation. They’ll ask if you are a hundred percent sure to sell your property. Further, they will plan a meeting to evaluate the condition of your property. They’ll also fix a price prior to proposing the final offer to you.

3. Buyer Proposed, No-Obligation Offer For Cash

After evaluating the condition of the home, the cash buyer will propose a no-obligation cash offer. It would mean you are not obliged to accept their offer. If you are not happy with the proposal, you won’t be liable to pay any commission to the buyer.

Companies that buy houses for cash purchases your house in whatever condition it may be. They buy not only ugly but also damaged properties; nonetheless, it is expected from the seller not to expect a really high price for the property.

4. Final Purchase Of The House

If you agree to sell property for cash then the cash buyer will purchase your home and perform all the legalizations on your behalf. There will be no real estate agents or any kind of commission involved.

If you don’t want to sell your property but, have noticed these signs around in the neighborhood that say buy my house fast, or if you know anyone who wants to sell the property for cash for houses. You can contact companies like ‘Elite Properties’ also they will get in touch with the seller. If the company purchases the property that you introduced, they’ll pay you the commission as the top finder’s fee.

Finding Cash Home Buyers

Finding cash home buyers is an essential step in selling your home directly for cash. There are several ways to find potential buyers in your area.

  • One option is to search online for local real estate investors or cash home buyers. Many of these buyers have websites where you can submit information about your property also receive a cash offer for houses.
  • Another option is to ask for referrals from friends, family, or neighbors who may have sold their homes for cash in the past. They may be able to recommend reputable cash buyers in your area who they have had positive experiences with.
  • Additionally, you can reach out to local real estate investment groups or attend real estate networking events to connect with cash buyers.

Benefits of We Buy Houses Companies For Cash

  • One of the main benefit of we buy houses cash companies is the speed of the transaction. Traditional home sales can take months to complete, but we house buy house are often able to close the deal within a week or two. This is especially beneficial if you need to move quickly or want to avoid the stress of a prolonged selling process.
  • Another benefit of companies that buy houses quickly is the convenience it offers. By eliminating the need for listing your home and dealing with potential buyers, you can save valuable time and energy. Instead of spending weeks staging your house and hosting open houses, you can receive a fair cash offer, often within days, and close the deal on your own terms.
  • Additionally, we buy houses for cash eliminates the need for costly repairs and renovations. We buy houses any condition are willing to purchase homes in any condition, saving you time and money. Whether your home needs extensive repairs or simply some cosmetic touch-ups, you can sell it as-is without having to invest additional funds into the property because we buy ugly houses.

Common Misconceptions About We Buy Houses For Cash

There are some common misconceptions about selling your home for cash that are important to address.

  • One misconception is that cash buyers only purchase distressed or run-down properties. While it’s true that cash buyers are often willing to purchase homes in any condition, they also buy properties that are in good condition. Whether your home needs repairs or is move-in ready, there is likely a cash buyer who is interested in purchasing it.
  • Another misconception is that selling for cash for houses means accepting a lower offer. While it’s true that cash buyers typically make offers below the market value of the home, this is often offset by the savings in time, repairs, and commissions.
  • Additionally, cash buyers value the convenience and speed of the transaction, which can be a significant advantage for homeowners who need to sell quickly.

Tips For Selling Your Home For Cash

If you’re considering selling your home directly for cash, here are some tips to help you navigate the process:

  • Research cash home buyers in your area and choose reputable buyers with positive reviews and testimonials.
  • Get multiple offers to ensure you’re getting a fair price for your property.
  • Be prepared to negotiate. While cash buyers often make fair offers, there may be room for negotiation.
  • Understand the terms and conditions of the sale. Make sure you’re clear on the timeline, closing costs, and any other details before proceeding.
  • Consult with a real estate attorney to ensure all legal aspects of the sale are handled properly.

Frequently Asked Questions

1. How much do ‘we buy houses’ companies pay?
These “we buy houses” companies evaluate homes individually, taking into account factors like location, condition, and the local real estate scene. They’re all about quick sales, offering convenience, especially if you’re in a hurry. It’s not only a fast track to selling, but also it’s a good idea to shop around and explore your options before making a decision.

2. Do I need an attorney to sell a house in New York?
Not mandatory, to have an attorney when selling a house.

3. Is it a good idea to pay cash for a house?
The decision to pay cash for a house depends on individual circumstances and financial goals. Paying cash can offer benefits such as avoiding interest payments and securing a quicker transaction. However, it not only reduce liquidity but also limit investment diversification. Consider factors like overall financial health, opportunity cost, and long-term goals before deciding.

4. Is Home Investors a legitimate company?
Yes, Home Investors is a legitimate company. It is a real estate investment company that specializes in buying homes for cash, often in distressed or as-is conditions.

5. How to negotiate buying a house with cash?

  • Research Market: Understand local property values.
  • Pre-Approval: Have proof of funds and a bank letter.
  • Act Quickly: Cash transactions close faster.
  • Strong Offer: Competitive, fair price.
  • Negotiate Terms: Emphasize simplicity, flexibility.
  • Professionalism: Present as a serious buyer.
  • Due Diligence: Thorough inspections.
  • Close Quickly: Coordinate efficiently.
  • Flexibility: Open to compromise.
  • Positive Attitude: Maintain respect and positivity.

The Bottom Line

Now when you know the in-depth process of how we buy houses for cash companies work, you could easily sell your house fast for cash and obtain good returns on your ugly property. Furthermore, if you are residing in NYC and want to sell your house fast, then we buy houses for cash is the only option for the people who buy houses for cash. Get in contact with ‘Elite Properties’ and sell your house within 3 days in any condition, any location. The company will pay your legal fees and closing cost. Call them today at 718-977-5462, and keep all your estate crises at bay.

There are several key advantages of buying a foreclosed home it could be tremendously rewarding as far as investment is concerned. It is crucial to ask questions before purchasing a foreclosed property like – for how long has the property been on the market? You’ll be paying cash or mortgaging? How much money will you have after the purchase? So on and so forth, if you have answers to such questions then you are rolling in the right direction.  It’ll clearly give a heads-up for purchasing it.

We would also like to enlighten you further on the ways to buy a foreclosed property. It comes in multiple forms like short sales or pre-foreclosures, we hope it helps you get the right property.

Buying Foreclosed Property Through Auctions

It is essential for you to understand that foreclosed properties are sold as-is. If the house has shabby exteriors or worn-out floors, the property will be auctioned anyway with prevailing faults.

The home buying process is much simpler in auctions. Here the highest bidder wins even if it is for a small amount. This particular type of bidding is known as an absolute bid. There is another way of bidding also called the reserve bid in which the property has to be auctioned for the given price or else the lender gets the title. The purpose of selling foreclosed properties is to achieve the highest price on them.

If you have made up your mind to buy a foreclosed home through an auction then for obvious reasons, you won’t be able to get your hands on a walkthrough. Paying for an unevaluated property could be a bane for your pocket. There are clear chances you’ll end up paying a lot more than anticipated due to additional repairs that come later in the play. As soon as you buy the house, you are designated as the rightful homeowner of the property and eventually, you stand liable for all the necessary home improvements that occur post-purchasing.

Hence, even if you have bought the property for a cheaper cost through the traditional way, repairs can make your pockets bleed money. Do your thorough research and talk with brokers who are willing to work with you and try not to go into the process blindly.

Buying Foreclosed Property Through Banks

There are mainly two types of foreclosed homes which are –

  1. REO(Real Estate Owned) Properties
  2. Bank Owned Properties

Both of the above-foreclosed properties are under the ownership of the lender which is mostly the bank, the only way of differentiation is the stage of the foreclosure process. Before you proceed with buying the property at auctions or through banks make sure you get a mortgage.

Whereas buying a foreclosed property through cash could be the soundest option. But it may be not so feasible for many homebuyers. If you have thoughts about buying a foreclosed property with the help of a loan then it is advisable to prequalify. And then get a preapproval letter before you start with the research and proceed with the home buying process. The latest preapproval letter from the lender or bank will aid in providing detail of how much money you can have in the form of a loan. It is based on the lender’s evaluation of your credit score or income.

Buying Foreclosed Property Through Brokers

The professionals know the best, and real estate agents are highly experienced in their stream. They will assess your property inclusive of factors like the current condition of the house, locality, and neighborhood. If you are a first-time foreclosure buyer we advise you to get in touch with a broker. The brokers know the tricks of the trade as far as REO’s come into play. Hiring a real estate agent would surprisingly cut down your legwork and time and steer you to your desired property.

Although it is the most advised suggestion for new home buyers, we would also like to inform you that buying a distressed property through agents could be rash on the budget as you will have to pay the commission costs to him or her which makes it a less fair deal.

Make Cash Offer On House In Foreclosure

There are companies that buy houses for cash in New York and sell it to you post-flipping. ‘Elite Properties’ is one such company that helps buyers and provide necessary services to those who are facing foreclosure, they will also help you in stopping foreclosure. These companies buy foreclosed home and renovate them by providing necessary amenities to the future consumer. They do the primary improvements like sewage repairs and HVAC repairs including some renovation of tiles or ceilings. Furthermore, these remodeled properties are listed in the market for sale at modest prices. Homebuyers wish to buy foreclosed properties at reasonable prices.

Companies that buy houses for cash are saviors if you are running out of time. By paying cash for foreclosure properties, you can buy your dream house without worrying about the renovation. All you get is brand-new properties with no flaws. They will propose the final deal and give you a moving date according to your specifications. All you have to do is finalize the cash offer and get things done. You require no paperwork or any kind of legalization at all.

Last Words Before Purchasing A Foreclosed Property

Given above were the four ways of buying a foreclosed home. After reading the blog above, you will be able to make better decisions for yourself. It will take you closer to buying your dream home even if it is a distressed property. If you are residing in New York City and wish to buy and sell properties then get in touch with ‘Elite Properties’ they will provide you with the exact solutions for all your real estate crises and guide you through the right path.

Nothing is worse than knowing your expired listings, and you did everything possible to keep them on the gushing real estate market. You start interrogating the struggles you took for putting it up on the list. To be practical these situations can occur just for reasons like the price was not reasonable or the condition of your home was bad, it can literally be anything.

Hence we would like to share our thoughts about the topic; what to do next when your house listing has expired?

Reasons to Sell Your House

Before thinking of listing your house on the market again it is really important to assess your problems carefully and then proceed towards any futuristic step. There have to be legitimate reasons for selling your house, which can be endless. Some of them could be maybe the couple is going through a divorce or relocating because of the job.

Here, you have to make sure if you actually want to sell your house and list it on the market or maybe you just need to work on your personal life more and take your home off the market if listed already; checking your motivation and saving energy is really essential for the long run.

Consider Measures That Can Help You Sell Your House Quickly

Considering the measures that can actually help you in the potential listing can be a boon and your expired listings. But what are the measures that will help you relist your house?

1. Condition

If your house has good exteriors and interiors but the plumbing has rusted or the sewage pipe is broken, you have to consider making improvements towards the points that can put you at risk of losing your property from listing.

2. Renovation

The condition of your house is really important if your house has been on the market for a prolonged duration is it advisable to take it off the list and start taking steps towards its renovation? Evaluate the necessary changes required in the property and begin from the top because a good beginning makes a good ending although, we would also like to inform you it will cost a runny pocket.

3. Give A Thought On Buyer’s Objections

If your listing has expired then obviously it has already gone through a lot. Check for the flaws in the property which can be an obstacle in the home selling process. If a buyer has neglected your property but is ready to buy it post improvements you’ll have to consider their feedback and work towards it as nobody likes to lose a potential buyer.

Renewed Appraisal

One significant thing you can think through after your expired listings are getting an all-new appraisal. Real estate or the housing market has been underlined as volatile. There is no prediction if the prices of any property can surge for a profit or plummet for a big loss. The best option for you here is to get a renewed real estate appraisal. It will help in achieving the exact value of your home furthermore, aiding in relisting your property.

Secondly, if you are really motivated to sell your house quickly, you can get in contact with a good real estate agent. He will help you in relisting your home and even getting an appraisal done.

Have a Conversation with Your Agent

First things first plan a meeting with your agent after your expired listings. Have a discussion on what effective steps can be taken further to market your home. He’ll compare your home in the market along with the neighboring properties. This helps to find out potential reasons why it got expired and how can you fix the glitches.

Furthermore, you can also contact other agents if you are not satisfied with your current real estate agent or restructure your marketing strategy. To make your property more convincing to buy, take high-quality interior and exterior images of your house. You can post it on social media platforms or contact online prospects and provide a walkthrough of your property.

Sell Your House Fast For Cash

Last but not least, if you have a question like how to sell my house fast for cash? You can always contemplate selling your home to a cash buyer. It does not mean if your listing is expired no one will buy your home. It means there are countless potential buyers who can propose a cash offer. Besides you can contact companies that buy houses for cash like ‘Elite Properties’. They will buy your house for cash and close the deal in as less as 3 days. We hope these methods will help you with collecting efforts and relisting your property on the market again.

Buying distressed properties can be enticing for buyers and potential investors. They can avail these properties in the least amount of money spent. Investing in distressed properties can be a fruitful deal for house flippers and rehabbers. This is because they invest just a little capital to get maximum returns from the sale. Although it is extremely important to understand the know-how of the particular topic.

If you are planning to buy or invest in distressed properties you have chosen the right bay. We are here to enlighten you, and also share some pro tips for buying distressed properties.

Find Properties Around The Locality

To find properties it is advisable to start with the locality, there are some things you’ll have to look for while buying a house. Signs like –

  • Overgrown plants around the property
  • Chapped exteriors that need new painting
  • No electricity or electricity supply
  • Legal notices pasted on doors
  • Newspapers or deliveries lying outside of the home

These are some signs of how you can identify a distressed property. Once you know the location and pick the house of your choice, you can get in touch with a local tax assessor for extracting information about the whole property. Some homeowners keep their information accessible with a note of ‘To sell’ or ‘Available for sale with a phone number so you can easily get in touch with them.

Invest In A Good Neighborhood

Buying a home in a good neighborhood is always essential for futuristic planning if you want to further sell it; a healthy neighborhood will eventually become the point of focus for buyers. If you find a place that has a gloomy neighborhood the chances of people buying the home are naught also, and the probability of regaining a lively society is next to impossible. On the other hand, if your house is in a good neighborhood it will be sold faster and a large bunch of people would invest in it.

Walk-Through Of The Distressed Property

A walkthrough is an important aspect before buying a distressed property, it ensures the conditions of the house and gives you a brief of required upkeep. The buyer eventually is liable to make the repairs and examine other prerequisites of the property in case of a resale scenario.

A specialty home inspection also comes in easy reach when talking about distressed property. The inspector will keenly examine the home. He’ll enlist all the potholes that need to be filled. He or she will also provide you with a detailed estimate required for the maintenance and further repairs although, it is advisable to keep aside a fair amount of 20% to cover the expected and non-expected repairs to avoid havoc or mishaps.

Know About The Local Laws About Foreclosure

You should also comprehend the laws of the locality; if you are residing in New York purchasing a distressed property could be much more time-consuming than expected. In some places, the judicial process can take up to 12 months while in other states lenders will close the deal in less or in about 60 days. Hence, buying a distressed property in New York can be a tough task in itself.

The foreclosure laws tend to vary from state to state. As a prospective buyer, you should do your due diligence beforehand. Additionally, the processes may also vary due to the constant changes in law or jurisdiction. It is to advise you to get in touch with a lawyer before proceeding with the process of buying distressed properties.

Seek Professional Help To Cut Down Time

The distressed property buying process includes a lot of chaotic situations which waste a lot of your time. In many instances, it takes months to settle a deal because there are more parties involved other than the homeowner. In such cases, it’s advisable to hire a real estate agent experienced with distressed sales. He will help save you time. A specialized real estate agent knows all the technical know-how related to the topic.

Primarily, you should limit yourself to foreclosures. Because short sales might show a scarred credit score which is never good for a homebuyer or an investor. However, in a short sale, the possibilities of properly maintained properties are higher since the homeowner controls it and is encouraged to sell at a good price.

Keep Finances in Place

The most important part before buying a distressed property is to get a pre-approved mortgage. Lenders or third parties (banks) only accept serious offers or investors. As a point to shed light, this is a very competitive market, investors and house flippers will buy distressed houses as-is. They rehab them to sell them to bigger property management companies for a better cost. These people mostly make an all-cash offer here. You’ll have to put forth pieces of evidence of how you are reliable as a buyer for the bank or lender to accept your proposal.

There are some more things we’d like to shed light on as a disclaimer-

    • If the house is in a really shabby condition, there are zero chances that the bank will get you pre-approved
    • You might want to spend more than expected funds on the property if it has a wide and long list of damages
    • In worst-case scenarios, you’d have to opt for a second loan to cover the repair costs
    • If you find getting pre-approved is a task tagged impossible you could consider other lenders or lending sources like credit unions or regional banks; these people pay people who have a flawed credit scores.
    • Opt for FHA loans that require down payments with smaller digits.
    • Conduct due diligence to determine credit lien or taxes are filed in contradiction of the property. It is to ensure you don’t suffer through any catastrophe.

We Buy Houses in Any Condition

    Companies that buy houses for cash could be a savior to you. Companies that buy houses as-is are a lot easier to work with. They buy your worn-out property and flip it later. Post flipping they sell remodeled houses for a better price to interested buyers or investors. When you choose these companies you don’t have to worry about the paperwork and legal procedures. This also includes the repair and improvement costs. If you want to buy distressed properties from such home-buying companies they will present you with an all-new version of your dream home with no repair required.

      Last Words, Before You, Make an Offer

        Now, that you know the fundamentals of buying a distressed property rest assured you will make the best offer with all this knowledge in your pocket. Keep in mind putting money on a distressed property would not be your ideal plan but it will certainly give you maximum return after carrying out the extensive repairs. If you find yourself stuck in any other real estate crisis feel free to get in touch with us at ‘Elite Properties’ we promise to cater to all your queries and provide you with the best possible solutions.

          Water is one of the most destructive elements which can enormously damage the whole structure of your house. Water Damages can occur due to floods, heavy rains, or constant leakage from water pipes. It is tremendously necessary to act fast as soon as you see droplets seeping into your house and before it deteriorates all parts of your property.

          We understand occurrences of these situations are not pre-determined. Here we are shedding light on the topic, of what to do to sell a house with water damage.

          Act Fast, To Save From Water Damage

          The very first thing you’ll have to do is to get all the valuable items out of the flooded or wet area. Shift them to a dry place. Wooden furniture has a propensity to absorb water and retain it for a long time which could be damaging. By being proactive and moving the furniture you can save potential future repair costs.

          If your home does not have enough sunlight coming in, you should switch on the fans and dehumidifiers; they’ll help in drying the areas much faster. Places like basements are known as dark spaces they have no sunlight seeping in at all, and the decay there is rapid and comparatively faster than in any other space in the house.

          If your house is under insurance you should get in touch with the company at the soonest. The next step is to click pictures of the damage caused by the floods. Being thorough in the detailed documentation will help a lot as a piece of evidence also when you sell your house it acts as proof of honesty towards prospective buyers.

          Evaluate the Damage and Start Cleaning

          It’s not just water that is going to damage the house. There are additional elements that come into play like mold, which can cause permanent damage. It takes just 48 hours for mold to germinate. As soon as things get in contact with the mold it will start defiling the furniture, walls, ceilings, and other junk as well.

          Post floods you can evaluate what items have major damage. If there are wooden pieces the recovery time should be within 6 weeks. But, if you have furniture made from particle board or bison board, we can’t save it. If there is any upholstery that has come in contact with water it has to go to the dry cleaners, these people know how to deal with such fabrics. You can also promptly wash the clothes which were soaked in flood water to avoid decay and mold formation. Kindly note, that the organic fabric can immediately clasp mold, it is advised to wash them as soon as possible.

          Avoid Expensive Repairs

          Water damage can hit hard on your pockets. And if you are thinking of repairing the damages caused by floods, think twice. Carrying repair work would cost you dollars. It would burn up your equity taking it further by extending the repair costs. You could consider talking to some contractors around to get the best bid for the repair work. If your house has been damp for many days for obvious reasons it would require mold repair, ceiling repair, painting so on and so forth. Hence, improvements will require a lot of capital. It is advisable to sell your house for cash. By doing this you are not only getting rid of the water-damaged property but also getting a fair deal in all cash.

          Selling House As-Is

          As mentioned above, you will have to act fast and make decisions accordingly. As water can severely harm the surfaces of your property. But, what if you miss out on things and fall into a troublesome situation? The best way you can tackle the scenario is by selling the property to companies that buy houses for cash. When you do not have enough funds for repair and you don’t want to waste your time on the prolonged process of selling a house as-is will act as a savior in this situation. It is the best route to cut down your time and save dollars.

          We Buy Houses Any Condition

          We have provided you with some essential tips that can come in handy while you plan to sell your house with water damage. There are companies that buy houses as is. Like ‘Elite Properties’ which will buy houses in any condition and close the deal in as less as 3 days. So, whatever the damage could be they’ll buy your house and set you free from the ugly property and never-ending paperwork. Furthermore, if you are facing any other real estate crisis you can get in touch with us at www.elitepropertiesny.com we’ll be happy to help you and give you the best possible solutions.

          The home buying process has many different aspects to it which are linked together. One has to conceive it thoroughly and get to know all the fundamentals in the world of real estate. One of the major element of it is ‘Property Chain’.

          Here, we will be explaining, everything about property chain. Scroll down to dive in deep.

          What Is A Property Chain?

          To be explained into simple words, property chain is a full-fledged system where people buy and sell properties from one person to another, meaning; when you a buy a home from someone, they’ll be moving to a new house, which eventually means even they have purchased the place from someone so on and so forth, it continues. This type of transaction is known as an upward chain.

          A property chain mainly consists of two people or two parties (i.e. the sellers or buyers). Further, it can increase the number of people involved. The linking starts with an individual who yearns to buy a house and ends on the one who only wishes to sell and not buy these are two different things. The case is different when you buy the home for the first time; first time buyers’ chain only moves upward in the same direction reason, you do not have to sell a property for buying a new one.

          The transactions or chains consist of many people namely a chartered surveyor, mortgage lender, appraiser, real estate agent and many more, which means more addition to the rest. It is required for everyone to fulfill their due-diligence in a timely manner so that the process doesn’t lack behind. If anyone from the chain fails to do so the progress of the process will decline to lead to a slower pace of the sale process.

          Points To Consider While In A Property Chain

          As the home sale process has many chores that have to be achieved in the given time frame, like getting an approved mortgage with specified principles including the closing date; the process can be time-consuming and lengthy. While conducting these steps, there is a high chance of missing out on things which could delay the deal.

          Provided below are some of the points you could keep in mind while transacting properties-

          • A pre-hand mortgage with agreed principle
          • Making a deal and agreeing upon property SSTC. (Agreeing upon SSTC means the offer proposed by the buyer has been accepted by the seller but hasn’t completed the legalizations or paperwork.)
          • Hiring a solicitor
          • Arranging legal surveyors
          • Finalizing the mortgage with the lender
          • Exchanging agreements and closing dates

          Ways Of Skipping Property Chains

          Here are some ways out to skip the property chain –

          Choose a first-time buyer, as they are not in chain.

          Sell your house fast for cash and move in for a rented lodging. By doing this you are eluding yourself from the chain. This could be an advantage for you while making a deal, as a chain-free buyer, you’ll be enticing more sellers.

          If you have your finances in place and are looking for multiple options in property, always opt for upward chains which are short. Example: if the seller has a second property and doesn’t plan to move in it voila, you are sorted.

          If you have to sell your property, a real estate developer may ask for a part-exchange. Here the developer will purchase your property as-is to make it a fast-paced process. They will be buying home in an as-is condition you are not expecte to keep hopes of high returns.

          If you are in a tearing rush, you can find a seller who agrees upon the move-out date regardless of they have a property previously bought or not. Sellers in some cases eventually end up agreeing to move for a semi-permanent stay as they want to skip the chain.

          Why Chains Fall-through?

          There are many possible reasons for a chain to fall-through, according to a survey around three cases out ten i.e. 28% have witnessed major fall-through while purchasing properties. In many cases, the major fall through occurs from buyers side and the rest remaining were sellers who pulled out the deal as the process is apparently prolonging and energy-consuming.

          There are many other reasons combined for a property chain to collapse –

          • When a buyer or seller changes their mind for not continuing with transactions
          • Surveys revealing major property catastrophes
          • Buyer or seller loses jobs, falls ill or any other personal reasons
          • The buyer cannot make up to the required mortgage loan for what they previously agreed on.
          • Legalizations and paperwork stays held or is prolonging

          As a piece of advice, it is highly recommended- if you are going through from any of the above situations you should sort them prior to finalizing or even making an offer. If you are on the seller’s side make sure your real estate agent does his due – diligence and assures that the buyer is not suffering from any of the reasons stated above.

          How To Break-free From The Property Chain

          When you are in a chain, losing a purchase would cost you thousands of dollars. Breaking the chain is the possible thing you could do, there are three ways to break the property chain.

          Sell Before Buy Later – here for simultaneous purchases you don’t have to negotiate on the price or time and as a bonus, the seller will reduce their prices reason being they will be selling the property with a tag of chain-free.

          Obtain A Bridging Loan –bridging loan allows you to purchase your dream home. If the sale process prolongs then repayment could be pricey over the duration.

          Extension Of The Current Mortgage –collecting money over the present property will help you contribute to deposit money for your new place or you could rent a part of your residence to meet the mortgage payment.

          Concluding Lines

          Hope we were able to counter your queries about property chains if you want to know more about them or any real estate related crisis we will be happy to help with a solution. If you are residing in New York then get in touch with us at ‘Elite Properties ’, we’ll be happy to cater to all your queries.

          Selling a property with sitting tenants could be a real deal for sellers. By this, you can list your house on the market when the sale price is at its peak. You can continue to receive your rental income. As good as it sounds, there are multiple difficulties associated with selling a house with sitting tenants. If you are planning to sell your house you’ve stopped by the right place.

          Given below are things to consider while selling a tenant-occupied house

          • Get Thorough With the Tenancy Rules

          Tenancy laws and regulations differ from place to place. It is best advised to consult with a real estate attorney for clarity of the home selling process especially when it is tenant occupied. If you are planning to sell your tenanted property, do not forget some buyers may be former landlords which means they know the game better than you. Here it is essential to favor your tenant and save the deal from falling apart.

          In some places, the law favors tenants approximately by 80% which means the owner will be held liable for all the mishaps. Meaning if the tenant infringes any clause or remains in the property post the expiry of the agreement, you’ll be entitled to the obligations legally. In this case, you will have to go to court and get them removed with all the legalizations.

          • Incentivize your Tenants

          It is not about bribing but sweetening the deal, make an offer that your tenant couldn’t deny. First off, you can cast an eye over other similar properties in your neighborhood to compare the rent. If you find that the digits you’ve been charging are comparatively less, you can offer two times more money. It’ll include the number of months that are left on the tenant’s lease agreement. To end everything on a happy note and without any interruptions from your tenant you could also pay them the moving cost or you could promise them the next security deposit in the new place.

          • Tenant Occupied Walk-through

          Buyers often ask for a walk-through before buying the house. Therefore, it is essential to serve a notice to your tenants prior to providing viewings. If not done, there are high chances that your tenants might not co-operate. As a seller, you can only conduct walk-throughs if you have it well stated on the tenancy agreement. Legally you will have to notify your tenant in writing, for carrying out a walk-through 24 hours in advance. If you fail to do so, you won’t be able to progress with the procedure and eventually lose a potential buyer.

          If you miss the specific clause and you have a potential buyer in your favor, the best option is to compromise with the tenant by decreasing the rent to some extent or any settlement that is agreed on the mutual terms. It is highly advisable to maintain healthy relationships with your tenants. If they are not on good terms with you, you might be facing havoc in your sales.

          Now, when you know what things should be considered before selling tenanted properties, we would like to shed light and provide ways to sell a tenant-occupied house.

          Option 1

          Communicating With The Tenants

          If you are a property owner, selling tenanted properties could be a boon for you as it does not come with a prohibition. The question that arises is, how to sell a house with tenants? The best way out is to communicate with your tenants. Tell them about the whole scenario of selling your property.

          In such cases, the tenants is entitle to stay in the property until the lease reaches its closing stage. As the situation seems uncertain to many tenants. After reading the clauses they can trespass upon the contract with a mutual decision with the landlord and find another accommodation. If the tenant decides to breach the contract with a mutual decision then he or she is not liable to pay the hefty penalties.

          If your tenant agrees for you to proceed with the selling process, let them know about the new landlord so they are comfortable with him or her. A new landlord means unpredictable conditions; it is highly advisable to let your tenants know about it while you go on with the home selling process.

          Option 2

          Propose Your Tenant A Chance To Buy The House

          If your tenant has been living with you for a long time, for obvious reasons he or she might be loving the place. This could be a big opportunity for you to sell your house to your tenant. If your tenant agrees to the offer, hiring a real estate attorney would be beneficial during the process. Once the proposal is accepted, there are a few transactions that can likely happen.

          A lease-to-own or a lease-purchase agreement is the core of any rent-to-own property. Here, the seller provides the buyer with multiple options like-

          • One-time, non-refundable fee. this allows the tenant to purchase the home within the year at a fixed price. While they keep paying the rent.
          • The lease-purchase-agreement is created. So that a portion of the monthly rent is carried down in the down payment of the house.
          • Lastly, is the seller-finance agreement; here it is required as a property owner your mortgage payments are completely naught. In this case, if your tenant cannot afford a mortgage, the property owner will act as a lender. And the tenant would agree to pay the price of the house in a few years, this is called seller-financing. As an advantage from the seller’s perspective, you are receiving interest on the debt plus an extra time to say goodbye to your property.

          Option 3

          We Buy Houses For Cash Companies

          The easiest way out of the havoc is to opt for this option. “We buy houses for cash” companies buy your house as-is and precede with the procedures of further renting or selling the property. Cash home buying companies will buy the property from you with or without sitting tenants. Unless your lease is yet to expire we’ll buy the house with sitting tenants and post expiry sell it to potential prospects. If your home is vacant, then it is a golden nest egg. By choosing this option you are saving time, money, and labor in searching for buyers.

          Option 4

          Expiry Of The Tenant Contract

          Want to sell a tenanted property, but don’t want to risk losing potential prospects? The best way out is to wait until the end of the lease. A prolonged lease affects the sales of the tenant-occupied house. The reason is your property sits vacant on the market and buyers back out as your house becomes timeworn. On the other hand, if your agreement has the early termination clause, the tenant is entitle to stay in the house until the lease expires.

          The safest way out of the chaos is to wait until the lease expires. You can also list your property three months before the lease expires. By doing this, you will be receiving rent until the specified date of the contract. You’ll also be building equity for further home-improvement projects which will provide you with potential buyers.

          Unseen Problems, Potential Solutions

          If you are thinking to sell your house, keep in mind there is a big market outside. This means there will be buyers who don’t want to be a landlord who wishes to buy it. In such circumstances, you cannot call off the deal before its expiry. And the new buyer has no right to evict the tenants by any means. Meaning, that if the buyer wishes to buy the house, he or she will have to close the deal inclusive of resting tenants.

          • The possible solution to this problem could be – if your tenant breaches any clause of the contract you can favor them by not taking any action and requesting them to be on your side while the process of home-selling.
          • Secondly, you have to conduct a whole lengthy home improvement process when your tenants leave which is a headache to many homeowners.
          • People rent because they cannot afford to buy a house or there could be a high possibility that your tenant might be saving or building equity to buy a house in coming times.

          As said earlier you can offer to sell your home to the tenants by making a joint agreement. By doing this, you obtain a guaranteed deal with less chaos.

          Conclusion

          Selling a tenant-occupied home is always more complicated than selling a vacant home, we hope we have shown you the bigger picture of the story and provided the best possible ways of selling a house with tenants. If you are residing in New York and have any queries related to real estate you can get in touch with ‘Elite Properties’ we’ll be happy to help you in your stressed time and provide reliable solutions for your problems.

          One should have immense knowledge about the home buying process, as it has a lot of misconceptions and confusion. Since you are a newbie, this surely is going to be a complicated process. The knowledge you conceive about the real estate market differs because it is an ever-evolving market. Buyers would likely fall into the pothole of delusions, without comprehending the facts about the home-to-buy process.

          Therefore, here we are providing you with some of the myths and facts about home buying.

          A Near Perfect Credit Score

          First off, a credit score is nothing but a number. You as a buyer will be evaluated for verification. From that, the eligibility for buying an asset is confirmed. Your credit score shows the managerial aspect of your finances. It has nothing to do with home buying. Credit scores are evaluated on factors like your revenue source, assets, and employment history which has your salary statement on track. So when you have this myth on your mind that you should necessarily have a perfect credit score, you have a piece of good news below.

          The myth-buster here is that – There is a fundamental understanding that if your credit score is high you will be able to repay the debts much easier.  Hence, you are seen as a loyal remunerator. Ultimately you are not on the financial uncertainty from the creditor’s perspective. In fact, there are some loans under the special category for people who have low-end credit scores.

          20% Down Payment Is a Must

          Rationally, when you are buying a property, you’ll have to pay a minimum of 20% of the total amount of the home, again a misconception that has a hidden fact that people should know. If you do so, that is paying the ideal percentage, you are saving a lot of money in the form of additional interest, which you are liable to pay covering the span of your loan.

          20% is recognized as an ideal percentage to put down for Home Loan. But it isn’t mandatory when you are applying for an FHA (Federal Housing Administration) Loan or VA(Veterans Affairs) loan. You can put down as less as 3% – 3.5% on the desired property. You should be thorough with the terms and conditions as these are Government-backed loans and come with higher restrictions on credits and other finances. Whereas, there are some cases where there is no down payment required at all if the buyer is qualified.

          30-Year Loan, Best Policy

          A 30-year loan is the most convenient option for home buyers, this is the most common myth among buyers. Homeowners opt for a particular loan category. This strikes down the increased interest rates and provides you with a lot of time to repay the outstanding debts.

          But again as a buyer, the actual fact is; that it is not compulsory if you have your finances in place. You can pick a 10, 15, or 20-year fixed-rate mortgage. Choosing this option will cut down your time but, it will also increase your monthly payments. In such a scenario, you have to be confident about the feasibility of repayments that would strike down your other expenses.

          Buying Home For the First Time Is Unapproachable

          There is a myth around people for endless years that buying a home for the first time is nearly unapproachable. But the reality is if you have a reliable company and good guidance home buying process is as smooth as butter.

          Definitely, home buying is one of the most complex phases of your life. Buying a home is every individual’s dream and to turn this dream into reality ‘Elite Properties’ in New York will help you in the journey. We have extended knowledge of home buying and the local housing market. To that, we add to it our real estate agents are genuine and hold expertise in all the real estate-related problems which make the process of buying a home effortless.

          It’s Only About The Monthly Payments

          There is a big misconception that buying a home only revolves around monthly payments, which is a lie. Whereas the truth is, when you are planning on an estimate, there are many other factors that come into play. It may be inclusive of monthly payments like added upfront closing costs, insurance, property tax, maintenance, and many more. When you consider all of the above, you would be able to calculate the expenses and make a realistic budget.

          Your monthly mortgage payments also have various components to them like principal, interest, escrow payment, and Private Mortgage Insurance (PMI). These are the components that make up the total of your monthly payments.

          Buying Over Renting Is the Best Option

          As the myth revolves around it states, renting sounds like the best option around, you might want to recheck once. The fact is – When you buy a home, you would be paying homeowner’s insurance which is higher than the renter’s insurance. You although won’t be entitled to pay for the maintenance and repairs whatsoever, which is a better deal. It is considered essential to weigh both options before landing on a specific decision. As renting a home could be more economically feasible. But buying a home on the other hand would be a stable investment. It does not require upfront charges for extra luxury.

          The Conclusion

          One could be easily duped by the home buying myths and facts. But our objective is to drive homebuyers on the right path and provide them with their dream property. Whether you are a first-time home buyer or you want to sell your house for cash, Elite Properties, caters to all the real estate problems. And we can give you the most accurate and helpful solutions.

          Now, you can decide the best thing is for you, and rest assured you won’t fall for fallacies. This will help you buy the home of your dreams.

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