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What is the Minimum Down Payment of a Conventional Loan?

The most common kind of loan utilized to purchase a home is a conventional loan. With a good credit score and a substantial minimum down payment, a conventional loan can be a good fit for you. But how much money do you need for a conventional loan’s minimum down payment?

  • A conventional loan’s minimal down payment is determined by numerous factors, including the sales price and the borrower’s credentials.
  • A conventional loan’s minimal down payment might be as low as 3% of the purchase price.
  • Borrowers who want to avoid paying private mortgage insurance should budget for a down payment of at least 20% of the purchase price.

What is a conventional loan?

Mortgages that are not insured or backed by government organizations are referred to as conventional loans. They’re offered and guaranteed by private lenders, and while most follow government norms and regulations, they’re not issued or backed by the government. “Conforming loans” are those that adhere to government norms and regulations.

Private mortgage insurance (PMI) is normally required on conventional loans if the down payment is less than 20% of the purchase price.

Private mortgage insurance is a monthly charge that is added to your mortgage payment. It protects the lender if you default on your mortgage payments.

Conventional Loan Down-Payment Requirements

Although a minimum down payment of 20% is frequently recommended, it is not required. Depending on your lender and the loan, you can put down as much as you like or as little as 3%.

Because a 20% down payment eliminates PMI, your monthly payments will be lower than those of a borrower who pays PMI. Using our mortgage calculator, here’s what the difference looks like for a home with a sale price of $250,000, a 30-year fixed-rate mortgage, and a borrower with a high credit score:


Down PaymentInterest RatePrincipal & InterestTaxes & InsurancePMIMonthly Payment


In comparison to the buyer who does not have to pay PMI, the monthly payment for the buyer with PMI is $309 higher. This sum includes the PMI payment as well as any additional interest charges. If you pay this until you’re halfway through your 30-year loan, your lender will remove PMI regardless of your equity, that’s an extra $3,708 each year or $55,620 over 15 years.

PMI is required for conventional loans with less than a 20% down payment, but it is not required for those with a 20% down payment. However, keep in mind that if you choose this option, you will incur an extra PMI fee.

Other Conventional Loan Requirements

Your credit score: Credit score criteria for conventional loans vary per lender and loan. Your interest rate will be cheaper if your credit score is higher. You’ll pay less in interest over the term of your mortgage if you get the lowest interest rate offered. If you want to get a loan, you should have a credit score of at least 620.

Your DTI: Another criterion that lenders consider is your debt-to-income ratio (DTI). This ratio is calculated by dividing all of your monthly debts by your gross monthly income. Your DTI shouldn’t be more than 43%, but the lower it is, the more likely you are to get accepted for the entire loan amount. A low DTI indicates to lenders that you will be able to comfortably pay your mortgage in the event of an emergency. 



The total amount of the loan: You can only borrow a certain amount with a conventional conforming loan. In 2021, the average cost of living in most counties was $548,250, or $822,375 in high-of-of-living locations. In 2022, this rises to $647,200, or $970,800 in high-cost-of-living areas. If you believe your home’s price is higher than these figures, you may want to look into other financing options.

Unconventional Loan Options

Conventional loans may be appropriate for some people, but they are not for everyone. Before applying for a traditional loan, be sure you meet the minimum requirements. To find out if you qualify, speak with your realtor or mortgage broker. If you don’t, they might recommend something else.

FHA: The Federal Housing Administration backs loans for consumers with credit scores as low as 500 and down payments as little as 3.5 percent, depending on the lender.

USDA: The United States Department of Agriculture backs house loans for low- and moderate-income customers in rural areas. With a USDA loan, you can put down as little as $0 for a home. There is no prerequisite for credit.

VA loans, which are available to military personnel and their families, are backed by the Department of Veterans Affairs. You don’t have to pay anything upfront, and if you qualify, you can use it as many times as you like. 

Frequently Asked Questions (FAQs)

Q: What is the minimum down payment on a conventional loan without PMI?

If you want a traditional loan without private mortgage insurance, you’ll need at least a 20% down payment. It isn’t essential to qualify for a traditional loan, but it will save you money on PMI.

Q: To acquire a conventional loan, what credit score do you need?

Most lenders require a credit score of at least 620 to qualify for a conventional loan.

 If you don’t meet the minimum credit score standards, you can consider a USDA loan, which doesn’t require a credit score, or an FHA loan, which allows you to borrow with a credit score of at least 500.

Additionally, refer to our experts who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

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home prices

Are Home Prices Likely To Fall In 2022?

Are Home Prices Likely To Fall In 2022? – In terms of real estate horror stories, 2021 was full of them, including sight-unseen bidding wars and mansions flying off the shelf for cash with no inspection.

Congratulations if you were able to find a new home in 2021. If you’re still seeking to buy, you’re undoubtedly wondering if it’s a good idea to buy in today’s market and if anyone will want to buy your house. Will a home acquired in early 2022 lose value or increase in value in the future?

Our business at Elite Properties is real estate. We closely monitor the market and can tell you that statistics indicate that property prices will continue to grow in 2022.

We’d like you to keep in mind that your home is more than just an investment. This is where you will spend most of your time, and a property will be worthless if it does not suit your financial circumstances or lifestyle. Also, if we get into the numbers, these figures will be more relevant to Move-in ready homes.

Let’s take a look at what’s been going on while keeping all of that in mind:

In 2021, home prices reached new highs.

Everyone wanted to buy in 2021, and housing inventory was extremely limited across the country. As a result, prices reached an all-time high this summer.

“Inventory fell in 2020 and 2021 as demand for homes increased, owing to the Great Reshuffling, cheap mortgage rates, and a demographic surge of millennial and baby boomer home purchasers.” According to a September 2021 press release from Zillow, “the combination of little supply and tremendous demand pushed prices into new territory, reaching a record-high 17.7% annual increase in August.”

You might be wondering, “Who will buy my house?”

Although inventory is improving, the market remains heated.

Inventory will improve as more people prepare to list their houses this winter. But we aren’t yet out of the woods! Because there are still more potential buyers than available properties, home prices will continue to climb as a result of the competition. They’ll simply rise at a more moderate pace.

To back this up, let’s take a look at what the experts have to say about home prices likely to fall.

None of the top experts predict a drop in value in 2022. They’re all in agreement that housing prices will continue to rise next year, while they disagree on exact figures.

“Price increase is likely to return to a normal range,”’s Danielle Hale adds, “but this is on top of recent high prices… As a result, prices will [still] reach new highs. The rate of price rise will slow significantly…” So’Home Prices fall is unpredicted.

So, while the market isn’t as hot as it was last year, property values continue to rise.

“The recent unsustainable rate of home price increase will halt sharply,” says Brad Hunter of Hunter Housing Economics. The price of a property will not fall… “However, they will rise at a more sustainable rate.”

Although it’s still a seller’s market, things aren’t as bad as they were last year.

“Along with the predicted slowing of price appreciation in the coming months, the market is beginning to shift toward a balance between buyers and sellers — though that middle ground remains a long way off,” said Nicole Bachaud, Zillow’s economic data analyst.

What does this imply for potential buyers?

While 2022 appreciation will not be as high as 2021, it does not appear that the market has reached its peak and is about to implode. That should help you out.

Elite Properties: If you decide to sell your present house and buy a new one, we can make the process of selling your current home simple and stress-free.

Let’s address some of your concerns:

Q: Will you buy my house in its current condition?

A: Of course! You will not be required to make any repairs.

Q: When you acquire my house, would you charge commissions or fees?

A: No way! When you engage with Elite Properties, there are no agent commissions or fees.

Q: If you buy my house, will you assist me with packing and moving?

A: Of course! We strive to make the process as simple as possible for you, and we’d be delighted to discuss how we can assist you.

Contact us today for a no-obligation quote if you live in areas such as Washington, D.C., Maryland, Virginia, or Pennsylvania. We’ll assist you with moving out of your current residence and into a new one. 

Additionally, refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

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Home Sales With No Commission Are A Reality

Home Sales With No Commission Are a Reality

You’re undoubtedly dreading paying a real estate commission if you’re thinking of selling your property (home sales). You may be wondering if there is any way to avoid having to pay for it. After all, the total commission is usually around 5-6 percent of the selling price, so if your home sells for $250,000, you’ll lose roughly $15,000 in fees.

If that’s money you don’t want to part with, the Elite Properties team is here to explain how commission works and how you may avoid paying it.

How Does a Commission Work?

Real estate commissions are deducted from the home’s sale price, as you are already aware. Although the fee is paid by the buyer, the money would otherwise go to the seller. Typically, the buyer’s agent receives half of the commission and the seller’s agent receives the other half.

Real estate brokers will occasionally agree to different payment structures (such as a flat fee) or a lesser percentage (typically for a high-end home), although this is more of an exception than the rule. Paying a commission is always expensive, regardless of the terms of the arrangement. Sellers will have to pay the extra fees with the extra commission to cover marketing costs.

Getting Rid of The Commission

Of course, listing FSBO (For Sale by Owner) is one option to avoid paying commission—but that just eliminates commission on the seller’s agent’s side. Many agencies will refuse to show your home to potential purchasers if you refuse to pay a commission to the buyer’s agents.

Your buyer pool will be quite small if you solely work with unrepresented clients. You’ll almost certainly have to deal with a large number of folks who aren’t serious about purchasing.

Is it possible to sell a house without paying a commission?

All of this begs the question: Is it possible to sell a home (home sales) without paying a commission? The answer is a resounding YES

There are no commissions or fees when you sell to Elite Properties.

We provide home sales with no commission. When you work with us, we’ll make you a cash offer on your house the same day, no questions asked.

A commission isn’t the only thing you avoid when you cooperate with us. You can sell your house using the following methods:

1. No repairs: Even if your house is in good shape, it will almost always need to be repaired before it can be sold. This is both costly and time-consuming. We at Elite Properties are unconcerned about these fixes. We’ll buy your house as-is, whether it needs major renovations or minor ones.

2. There will be no showings or open houses: You don’t have to keep your house immaculate and ready for visitors all of the time. We work around your schedule rather than you working around the schedules of possible purchasers.

3. No need to wait: we’ll schedule a same-day meeting to make you a reasonable cash offer. You can even specify the exact day of your closure!

There are no headaches: Selling to us is simple and straightforward from start to finish. At every step of the journey, we’ll be there for you. In many cases, we can even assist you with packing and moving. When we say we buy properties for cash and as-is, we mean it. No repairs, no inspections, no open houses, no agent fees, and a quick closing are all options for selling your home.

Working With Elite Properties Entails the Following Steps:

We are the best company to work with if you want to avoid paying commissions (home sales). We take pleasure in offering a stress-free selling experience that allows you to move out swiftly without having to renovate, stage, or market your home.

We’d love to show you how simple it is to sell your house in Washington, D.C., Maryland, Virginia, or Pennsylvania. Please contact us right away for a quick and reasonable cash offer.

Additionally, refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

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5 Reasons Why Selling Your House To A Cash Buyer Is A Good Idea

5 Reasons Why Selling a House To A Cash Buyer Is A Good Idea

Is there anything more satisfying than having money in your pocket? Perhaps not when it comes to selling a house to a cash buyer. Selling your property to a cash buyer or contemplating cash offers for homes can help you walk away from the closing table with a lot more money than you started with. But, what exactly is a cash offer, and when is it a good idea to sell a house for cash?

What Is The Difference Between A Cash Offer And A Counter-Offer?

Buyer gives seller cash for the cost of home instead of financing from a mortgage lender or any other way. This is a cash offer.

Most home purchasers require some form of finance to be able to purchase a property, which is usually in the form of a mortgage. A cash house buyer, on the other hand, will be able to purchase a property without the need for a mortgage loan or other forms of financial aid. Cash offers are often less than the full market value of a home, but there’s a reason for that. To begin with, cash offers are low-risk because sellers are not concerned about buyer financing falling through. Second, the fact that the seller does not have to spend time, money, or resources selling, improving, or negotiating the property offsets the majority of the drop in the offer price.

Is It Common To Sell A House For Cash?

It’s not uncommon to receive a cash offer. The most usual circumstance in which a cash offer is made is when a property is purchased by an investor or an investment business.

A homeowner can usually sell their home as-is in certain situations. A cash house buyer, on the other hand, may be interested in your property for a variety of reasons.

Some purchasers have cash on hand, like profits from selling their last house. In competitive seller markets, where financing delays may drive the seller to choose a more appealing offer, cash purchasers are also prevalent. This occurs because cash purchasers have an advantage over mortgage buyers when purchasing a home.

In addition, if the property is a fixer-upper, a cash sale may be able to assist the owners in selling their homes as-is. When a house is approaching foreclosure, cash purchasers are frequently courted since homeowners must close fast in these situations.

Is It A Good Idea For Me To Work With A Cash Home Buyer?

Accepting cash offers for homes has various advantages. To begin with, the average mortgage buyer takes 30-45 days to complete the transaction, but a cash offer may take a week or two. Overall, in a competitive market, selecting a cash home buyer offer over a mortgage buyer will benefit sellers. The easiest and most successful buyers are those who present the fewest hurdles.

Elite Properties has been assisting homeowners in Washington, D.C., Virginia, Maryland, and Pennsylvania for years. We’ve helped thousands of customers sell their houses for cash, and as a consequence, we’ve established ourselves as one of the top real estate firms. We’ve helped every single one of our customers sell their home on their terms, for cash. If this sounds appealing, keep reading for the top five reasons why selling to a cash home buyer is a good idea.

  1. A more adaptable and quicker sales process

Cash offers for homes are more appealing to sellers because there is no chance of the acquisition falling through and the transaction closes faster.

A cash home buyer does not require a mortgage since, as the name suggests, they already have the funds to acquire the home. As a result, the application and approval processes for mortgages can be bypassed.

There is less of a danger that the financing will fall through if you don’t have to acquire a mortgage. Financial troubles, such as a job shift or identity theft, might cause a mortgage transaction to fall through. Furthermore, the mortgage underwriting process might take a month or longer, and there’s always the risk that the purchase will go through owing to the buyer’s inability to acquire financing during that period. As a result, mortgage purchasers have a lower level of trust and assurance.

There is no mortgage application, documentation, underwriting, or appraisal when you sell a home for cash. The buyer will need to arrange for title insurance and insurance, as well as present evidence of finances and sign closing documents, but this should only take a week or two. A buyer who makes a cash offer must produce proof of finances to the seller, demonstrating that the buyer is ready and able to close swiftly.

You don’t need to hire a real estate agent when you sell your house for cash. As a result, you won’t have to wait for them to take photos, advertise your home, or hold open houses for you. A quicker closing means more money in the seller’s pocket.

A cash offer’s closure entails merely a settlement statement, title, deed, and a cashier’s cheque. Because no loan fees or transactions are required, there is less paperwork and overall closing costs.

  1. There is no need to make changes or updates.

When selling your house for cash, you may usually sell it as-is. When you sell your home “as-is,” the buyer has the option to take it or leave it. Before a buyer agrees to buy your house, you do not have to commit to making repairs or upgrades. As a result, with cash offers for homes, there are usually few, if any, contingencies.

  1. There are no real estate fees.

When you make a cash offer on a home, you avoid having to pay a commission to a real estate agent. Commission fees are typically approximately 6%, which can add up to a significant portion of your selling price. A seller will save money on upgrades, bank fees, agency costs, and interest fees by taking less money from a cash house buyer than they would from a mortgage buyer.

  1. Stay away from the nitty-gritty.

A buyer also does not require an appraisal, as a mortgage buyer’s lender would.

The mortgage lender will need a home appraisal. This will add to the cost of purchasing a home. As a result, a cash home buyer will typically skip this step. As a result, a cash offer can assist people in selling their houses fast by removing the cost and time associated with obtaining an assessment.

Some of the same fees will be paid by cash home buyers. For example, a buyer must pay an earnest money deposit as well as transfer taxes, escrow fees, and closing costs in either situation. In addition to homeowner’s insurance, HOA fees (if applicable), and property taxes, the homeowner is responsible for purchasing homeowner’s insurance.

  1. Aids in the Avoidance of Foreclosure

When your home is on the way to foreclosure to an unpaid mortgage, consider selling your house to a cash buyer. It’ll allow you to pay off your debt and start again. Elite properties have assisted innumerable homeowners in this predicament, as well as those wishing to downsize, sell a house they recently inherited, elders looking to relocate, and persons in a variety of other situations that necessitate a quick and painless home sale. Contact us immediately if you’d like to work with a cash house buyer. We’ll work with you on your schedule, and you’ll walk away from the closing with cash in hand. You’ll get early results for Selling a House To A Cash Buyer.

Cons of selling your House for Cash.

Before thinking of selling your house for cash, you must also know its disadvantages of it.

Low Buy Offers

The borrowers are eager to buy because they hope to locate undervalued houses. And can later resale for a rapid profit. They refurbish and resell them.
In other situations, they might renovate and lease them. No matter what their goal is, they want to pay the least amount. The aim is to buy houses for no with over 50% to 30% of what they can sell for in the future. Selling a house to a cash buyer can really give you some low-buy offers. 

The sale has no guarantee

There is no definite guarantee of a close until the contract is fulfilled to the last detail. You have the money in your hand, even if a rapid closing and an all-cash transaction are undertaken.
Some of these advertisers might have the capital and be planning to shut down. Others have received training to place contracts on houses before shopping the transaction. It is to see if someone else will pay more. They let the contract expire, wasting your time if they can’t find someone within that time range.
Or they can try to persuade you to use a novel kind of finance, such as owner financing or a lease option.

Deduct Repairs & Improvements from Your Price

While some buyers won’t need you to perform any repairs or even clean up your house. By this, they will deduct this fee from the sale price. You can guarantee that they will subtract that amount from what they are offering. It’ll along include the profit margin they want to make.
That might be up to 25% less than the anticipated resale price. The majority of people won’t offer more than 70% of the market worth, less any closing and repair charges. In this case, they would aim to make an offer that is closer to $45,000 on a $100,000 house.  You’ll have the best shot of selling a house to a cash buyer.

Lack of Competing Bidders

You’ll be limited to one “take it or leave it” quote. If you Realtor they will handle all your buyers and market your house to millions of home searchers. The Realtor will handle all your buyers and market your home to millions of home shoppers. Listing your home with a Realtor could create a bidding war and more competition for your home.

Are businesses that buy homes for cash legitimate?

Many companies buying houses for cash have the license for it. You should be aware of their business practices and the way they operate.

Additionally, refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

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Reasons For Refusal Of Mortgage Pre-Approval

Reasons For Refusal Of Mortgage Pre-Approval

The first step in purchasing a home is Mortgage Pre-approval. But what happens if your preapproval is turned down?

Though it may be discouraging, it does not necessarily imply that your home-buying ambitions are over. Here’s what went wrong and what you can do to enhance your chances of getting approval in the future.

What Is Mortgage Preapproval and How Does It Work?

A mortgage pre-approval letter is a letter from a lender stating that, based on the financial information you’ve submitted, you’ll most likely qualify for a mortgage loan. The letter will also state the amount of money you may be eligible for.

Every lender’s pre-approval procedure is different. Some may only require basic information such as your name, annual salary, and predicted credit score, while others may require a credit check and extensive financial paperwork.

A pre-approval is not the same as a mortgage approval; it does not imply that the loan will be funded. Preapproval letters are intended to assist you in the home buying process by providing you with a budget and demonstrating to sellers that you are a good candidate for financing.

Why Do Lenders Refuse to Issue Preapproval Letters?

Lenders reject applications for a variety of reasons, but it all boils down to how dangerous of a borrower you are. High debt-to-income (DTI) ratios were the cause of about a third of declined mortgage applications, according to the Consumer Financial Protection Bureau’s (CFPB) examination of 2019 mortgage-application denials.

Poor Credit and collaterals are the grounds for denials from lenders. In 2019, 8.9% of mortgage applications have denied.

Here are some of the variables that may have contributed to your denial:

You Have An Excessive Debt-to-Income Ratio

Your debt-to-income ratio (DTI) measures how much of your monthly income your loans consume, such as school loan payments, credit card bills, and your projected future mortgage payment. According to the CFPB’s investigation, DTI was responsible for about 30% of the refused applications.

Your Credit Record Isn’t Up To Mark

It’s also possible that your credit history played an impact. Lenders look at your payment patterns, how much of your credit limit you’re using, and how many credit cards and loans you have when reviewing your credit history.

Late payments, collections accounts, and a large number of debts could all play a role in your denial. According to the Consumer Financial Protection Bureau, poor credit history was the reason for 19% of refused applications in 2019.

Low Home Value/Bad Collateral

Your home serves as security for your loan. If you don’t pay back your loan, your lender may foreclose on your home and sell it to recoup their losses.

The lender may reject your application if the residence isn’t valuable enough, especially in comparison to the amount you’re asking to borrow. According to the Consumer Financial Protection Bureau, insufficient collateral was the basis for around 14% of all purchase application denials in 2019.

What To Do If You Are Turned Down

If your lender declines your preapproval request, find out why. Obtaining an explanation for your refusal can assist you in identifying the problem (high DTI, low credit ratings, etc.) and devising a strategy to address it:

  1. Improve your credit score by paying down credit card balances, clearing any collections accounts, catching up on missing payments, and notifying credit bureaus of any inaccuracies identified on your credit report.
  2. Consistency is key: Make sure you pay your payments on time, every time, and that you have a solid job. Both of these things can help you become approved.
  3. Pay off your debts: The more debt you can pay off, the lower your DTI will be. Aim for a DTI of less than 43 percent.
  4. Create a second source of income: Raising your income can help you lower your DTI. Consider picking up a side gig or asking for a raise, but keep in mind that lenders often look at your income for the last two years when determining your capacity to repay your mortgage.
  5. It’s also a good idea to apply to a few different lenders. Because qualifying requirements differ by lender, shopping around can help you increase your chances of getting approved.

Final Thoughts

Your homebuying quest isn’t over just because your preapproval application was declined. You have to find out why the bank refuses your loan. You can take action to address the concerns and make sure to check your report in a regular manner.

A financial or housing consultant can also help you. They can advise you on the best course of action for your specific situation and credit.

Additionally, refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

What Is A Security Deposit For Renting A Home?

What Is A Security Deposit For Renting A Home?

A Security Deposit is a sum of money paid to guarantee the use of a piece of property. This phrase associates itself with leasing or renting an apartment. It can also refer to situations where a security deposit is necessary. The Security deposit for renting a home is an essential thing. You should take care of it before going out there to look for a rented place. 

Security deposits, often known as “damage deposits,” are either refundable or nonrefundable. This means you may or may not be able to recover your money. It’s beneficial to know when and why a security deposit is a must before providing it.

Security Deposit Definition and Examples

A security deposit, in its broadest sense, is money you pay to someone else as part of a contract to utilize their property or services.

When it comes to rental properties, a more specific security deposit term is employed.
A security deposit is “the money to secure the landlord in the event of tenant damages the place or fails to pay. The landlord might need a security deposit before you move into an apartment that you rent or lease.
Depending on where you live, the local landlord-tenant laws, may change and exceed one to two months of rent. The security deposit is the financial security for the landlord in the event of a breach of the lease, damage, or eviction.

The landlord can keep your deposit if your lease contract permits it to pay any financial losses or damage they suffer as a result of your activities.

What are the basics of a Security Deposit?

A security deposit is one-time, refundable money given to the landlord besides the rent. The collection of a security deposit is not required by the law. It only helps you protect yourself from tenants causing damage or leaving without paying rent. While your state may have a cap on how much you can collect, all states let you collect at least one month’s worth of rent.
There is something you need to know about security deposits:
1. Limit on State Security Deposits – The amount requested from tenants as a security deposit varies by state in the United States. There is no upper limit on the amount in some states, such as Texas and Illinois. In Connecticut, a security deposit cannot be greater than two months’ worth of rent. If a tenant is 62 years of age or older, this cap is lower than one month’s rent.
2. Due date for deposits – You have to collect the security deposit before giving the possession to the tenant. This clause needs to be in the lease and allows you to end the agreement if the tenant is unable to pay the whole sum.
3. Holding Deposits– States do not have rules about where the security deposit is deposited by you. But it can be deposited in its own interest-bearing account.
4. Giving deposit back – The state legislation governs the time for releasing or holding the security deposit.

How does A Security Deposit work?

A security deposit is necessary before you can use the facilities or services. If you’re moving into a new apartment, you have to pay the security deposit in full upon lease signing. State and/or local landlord-tenant laws safeguard security deposits for rental agreements.

The laws can dictate:

  • How much can a landlord want as a security deposit?
  • When are security deposits due?
  • Where must this money be kept?
  • When can I get my security deposit back, and how long do I have to get it back?
  • When does a landlord have the right to hold a tenant’s security deposit?

Your landlord can keep all or part of your security deposit to cover cleaning and repairs. This happens if you vacate an apartment with stained carpets or broken fixtures. You can also look for FAQs when it comes to Security Deposit.

You may lose your deposit if you violate your lease and leave early. The deposit will be used to cover any remaining rent payments.




Landlord-tenant regulations may also outline what options you have as a renter for reclaiming your security deposit. If you suspect your landlord is unjustly withholding your deposit, you may be eligible to bring a civil complaint in small claims court.

Do You Need a Security Deposit?

When you rent an apartment or another place to reside, the landlord will almost always require a security deposit. If you don’t have the funds to pay a significant deposit upfront, you might be able to negotiate an alternate deal.

For example, you can split the deposit over the first three months of your lease term. Let’s get to know key takeaways about Security Deposit for Renting.

Key Takeaways

  • The payments made in advance as a part of the contract to get access to the property is a Security Deposit.
  • When renting a property, the lease agreement should specify the security deposit. The landlord-tenant legislation governs the lease agreement.
  • Depending on the conditions of your agreement with a service provider or landlord, security deposits may be refundable or non-refundable.
  • If your security deposit is not given in an unfair manner, you can sue them in civil court to get it back.

Additionally, refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

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Do You Have To Relocate? Sell Your Home Quickly

The necessity to relocate is one of the most common reasons for people to sell your home quickly. In areas such as Washington D.C., Maryland, Virginia, and Pennsylvania areas, there are numerous government and military employers and employees, which frequently necessitate migration. The need to buy real estate is increasing day by day.

Moving is necessary for other life transitions. Downsizing for retirement, relocating to a warmer climate to avoid our harsh winters, or a variety of other circumstances may necessitate the sale of a home.

We’d like to tell you about our approach if you need to relocate and sell your house fast in Maryland, Washington D.C., Virginia, or Pennsylvania for any reason.

Repairs are not needed to sell your home.

Even if your home is in good shape, there are always several issues that need to attend to before it is going to sell. The expenditures might build up, the time commitment can be lengthy, and repairs can be inconvenient. With Elite Properties you don’t have to be concerned about these fixes. We will buy your house as-is, whether it needs major renovations or minor ones.

There are no commissions or fees.

The majority of the time, sellers must pay commissions and fees to both their real estate agent and the buyer’s agent. So, if your house sells for $200,000, you’ll have to deduct around $12,000 from the amount and pay it to your real estate agents. There are no commissions or fees when you sell to Elite Properties.

Cash Offer that is both quick and reasonable

We realize the need for speed when relocating and your hectic schedule. When you cooperate with us, we’ll set up a same-day appointment to make you a reasonable cash offer. For you, it’s quick and simple! You can also choose your exact closing date when selling to Elite Properties Homebuyers, ensuring that the sale of your house fits into your schedule.

You can also choose your exact closing date when selling to us, ensuring that your property sale works into your schedule.

We Assist you with your relocation 

In many cases, we can assist our clients in packing, organizing, decluttering, and relocating to their new homes. Another way we make the procedure as simple as possible for our valued clients is through this method.

What options do you have if you need to relocate for work?

There are the top 3 options to sell your home when relocating for a job.

Option#1: You can request a cash offer on your home.

If there is a deadline for relocation and you can’t wait for 4-5- days for a buyer loan, you can ask for a cash offer on your home. Consider this option if your time is of the essence and you want to move early. Your house has serious problems that would prevent a buyer from using conventional finance.

Option#2: Hire a Real Estate Agent to sell your home.

You can always hire a Real Estate Agent to help you sell the property. Use these three essential suggestions from our experts to hasten the sale of your home.
  • De-clutter and clean the house to make it appear bright and fresh.
  • Improve the outside appearance
  • Take care of any mechanical problems ASAP
  • Set the appropriate price using the CMA.

Option#3: Rent your house instead of selling it

You can keep your house as a rental if there is a large demand for rentals in your neighborhood. There are cases where people can make a lot of money renting out their home as they paid a low amount for it and have modest monthly payments.

Bottom Line

At Elite Properties, we strive to make the process as simple and stress-free as possible for our clients.

You don’t have to bother about fixing your house, hiring an agent, paying commissions and fees, hosting open houses, or being subject to the schedules of possible buyers if you don’t want to.

When we say we buy properties for cash and as-is, we mean it. No repairs, no inspections, no open houses, no agent fees, and a quick closing are all options for selling your home.

Refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

We’d love to meet you and be delighted to demonstrate how simple the sales process may be. Get started right away with a free quotation!

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5 Common Real Estate Disclosures You Must Be Aware Of

5 Common Real Estate Disclosures You Must Be Aware Of

As far as residential real estate is considered, sellers of homes with certain problems or flaws may hear a piece of advice from their friends or family that they must simply “put a coat of paint on it” or “that’s the succeeding owner’s problem.” You also have to work with real estate disclosures. 

What the majority of sellers fail to realize is that they are usually required to disclose specific information to prospective buyers. Real Estate disclosures are meant to inform potential buyers of any hitches with the property that might have an impact on its value or use. “Buyer beware” only holds as far as certain issues are considered.

Now, we are aware that selling a house can be exhausting, and we are here to make the process as stress-free as possible. This is why we wanted to ensure that homeowners recognize common disclosures that could have an impact on the sale of their homes. We’ve put together certain information that will update you on the realities as a seller.

Disclosure Basics

The necessities for real estate disclosures vary centered on state law. Some states lean severely towards buyer protection and command multiple pages of real estate disclosures, while other states adopt a buyer-beware approach.

All disclosures should be black and white, despite whether your state provides a specific form to use. In all states, sellers should give latent buyers the property disclosures before or at the time of execution of the agreement.

What exactly is a seller’s disclosure form or seller disclosure statement?

The foundation of the majority of state disclosure documents is the same. There are some questions about the possessions whether there is damage or broken is pose to you. The features include a foundation, skylights, plumbing, a swimming pool, HVAC, etc.
There are some states that compel you to reveal the issues and disclose the issues about the home. You should be aware of further disclosures made by other states.
If you need help filling out a disclosure document in a state, you must consult with a real estate lawyer. 

Why Disclose?

Real estate disclosures are there to offer help to protect all parties involved in a sale. Homebuyers, of course, need to be aware of what exactly they’re getting themselves into with a specific property. 

Sellers are secure by disclosures in two main ways. First of all, disclosures lessen the chance of buyers backing out at the last minute. Secondly, properly following disclosure law safeguards sellers lawfully. If a seller failed to disclose information that is must by state or federal law, the buyer can file a lawsuit years after the transaction in some areas. But, disclosures can bring some very grave issues to light and decrease the number of latent buyers who will want to deal with the disclosed issues.

Let’s get right to the most common ones now.

5 Common Real estate Disclosures

If you’re rolling up your sleeves to sell a property, you must be aware of these 5 common disclosures. Not all of them hold in every state, so ensure your own state’s rules.

  1. Lead:

    For the houses built before 1978, you’ve to disclose the existence of lead paints and their hazards. Sellers should also provide buyers with any records they have involving lead on the property, a lead warning statement, and a pamphlet created by the U.S. Environmental Protection Agency (EPA). This is the only federally instructed real estate
  2. Water Damage:

    Water damage caused due to leaks and floods can result in health problems by creating mold and can compromise the structure of the house. This damage is not always apparent while the sale particularly if the sale is not taking place at the time of the rainy season. Many states necessitate sellers to disclose leaks and water damage.
  3. Legal Issues: 

    Maximum states also call for sellers to reveal any legal issues with the property. These issues could comprise the existence of property liens, building code desecrations, easements on the property, or boundary line disputes with the neighbors. The legal issues will have an impact on the potential new owners. So, it should be disclosed to the buyer.
  4. Structural And Mechanical Issues:

    You must disclose any Mechanical and Structural Issues to the property. This would accommodate issues with the plumbing, electrical systems, heating, air conditioning, or structure of the home. Some states have a very precise form to fill out concerning the condition of each household system, while other states just need you to inform the potential buyer about any key problems.
  5. Neighborhood Annoyances: 

    Many states involve you to inform potential buyers about neighborhood nuisances.
    Neighborhood annoyances may include late-night parties, invasive odors, or violent dogs. Anything that would have an impact on buyers’ enjoyment of the home and neighborhood has to be revealed.

Consequences Of Disclosing

Disclosing properly is the way to go. But what will ensue after you disclose? Mostly, buyers will oversee smaller issues if they like the house, mainly in a hot market.

When it comes to greater issues, the buyer may ask you to fix something before the property changes hands, or they may ask you to take some money off the purchase price. If you and the buyer can’t agree, the buyer may walk away compelling you to begin the entire process all over again.

When In Doubt, Disclose

As we stated, required disclosures fluctuate by state. If you’re confused about disclosure, it is best to err on cautiousness and then disclose it. In addition to the liability benefits, disclosing meticulously helps buyers know that they can trust you as the seller sufficient to go through with the deal. And of course, it’s just the right thing to do! Referring to a real estate attorney can help ensure you’re doing everything appropriately.

Avoid The Trouble By Selling To Elite Properties

If you’d like not to worry about disclosures and how buyers will respond, there’s an easier solution.

At Elite Properties, we buy homes as-is and offer you a fair cash offer. We pride ourselves on providing a trouble-free selling process.  This aids you in moving out quickly, without any of the hassles of fixing or selling your house. Call us at 718-977-5462 today.

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Is It Time To Downsizing the Home?

Is It Time To Downsize Your Home?

Choosing the right time to downsizing the home or real estate property can be difficult. We’re often emotional when it comes to our homes or real property, and it can be tough to move on from a home that’s been associated with us. So how do you decide that it’s truly time to move on?

As real estate experts, we buy houses, and the team here at Elite Properties has assisted thousands of people to stand by this decision.

And here’s what we are aware of: If one of the five situations below applies to you, it could be the appropriate time to downsize.

Situation 1# Your finances have changed.

If your income has outdone your expenses, downsizing can aid you in getting back to a sustainable financial situation. You may have moved from two incomes to one, or your hours at work have been slashed. Maybe your taxes and utilities have escalated. When we buy houses, we often realize these are the reasons from our clients.

Whatsoever the reason for your current financial status, be aware that a smaller house usually costs less to maintain. And in case you’re already having concerns paying the mortgage, ensure you’re aware of all your options!

Situation 2# Your household has changed.

This can occur for many reasons—a few positive and a few negative. If your kids are college-goers, if you’ve undergone a divorce, if you’ve lost a near and dear family member—all these family changes will probably impact how much of your home you’re actively using. If your house has extra rooms and a three-car garage when you own a single car, it’s time to downsize.

Situation 3# You’re traveling quite a bit.

Are you among those lucky retirees who are spending most of their time traveling? Or does your job keep you in the get-set-go mode? Because we buy houses, we have worked with several clients that have government or military jobs that keep them away from home for longer periods. Downsizing might seem appropriate to you. When you save money on home costs—mortgage, taxes, utilities, and upkeep—you can put that extra money (and of course time!) towards your travel and other activities. Are you a snowbird who goes south for a good half a year or you’re planning several different trips overseas for work or pleasure, there’s no point in expending a lot on a home you hardly use?

Situation 4# You don’t want the maintenance.

If you’re having a worry about keeping up with the maintenance of a larger home, downsizing can be the right option for you. Or maybe it’s just that your main concerns have changed and you value having free time at hand over having a bigger house. You don’t wish to be mowing a big lawn or setting the right faucet leaks when you could be reading or relaxing!

Whatever the reason could be, decreased capability or desire to spend time on home maintenance can be a great motive to downsize. As simple as that, your home should be a source of enjoyment, not exhaustion or frustration.

Situation 5# You’d like to age in place.

If you decide to stay independent, it is logical to downsizing the home and get yourself set up to age in place. Maintenance is one of the key factors, but it goes beyond that.

To age in place, you’ll perhaps desire a single-level, accessible home. Whether or not you use any mobility aids at present, you’ll want to make sure everything is accessible to a wheelchair or walker. You may need wider doorways, gadgets that are operable from sitting height, and grab bars in basic locations. Without a doubt, these accommodations can be put in almost any house. But it’s quite easier and less costly to make a smaller home accessible. We specialize in buying houses that our clients want to move from and settle in a more accessible home.

Elite Properties Homebuyers

If you’ve opted to downsize, we’re ready to help.

We’ll offer you a quick and fair cash offer for your present home(real estate property) just as it is now; no repairs, no inspection, no commissions or fees. You can even decide on your exact closing date to coordinate faultlessly with the purchase of your new, smaller home. Our team will walk you through every step of your quote. This includes a review of what your home would likely bring on the open market.

Additionally, refer experts from Elite Properties who can assist you in making the right decision. We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

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