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Top Things To Know Before Proceeding With Short Sales in Real Estate

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.

May 10, 2018 Leave a comment

How Investing In Real Estate Can Be The Next Big Thing In 2018

with:Elite Properties

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.

May 4, 2018 Leave a comment

Welcome to Elite Properties Blog

with:Elite Properties

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.

April 11, 2018 Leave a comment

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