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How to Sell Your Home Fast: Insider Tips from Elite Properties NY

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Introduction

Have you ever noticed how some folks seem to sell my house faster than you can blink, while others are left on the list waiting forever? Navigating the home-selling process can feel like a total puzzle, especially in a whirlwind market like New York. But don’t worry, there’s a light at the end of the tunnel: a handful of clever tricks can get things moving and land you a solid deal. At Elite Properties NY, a trusted house buying company, we’ve helped countless homeowners close quickly, sometimes in just a few days. Let’s dive into the insider tips that’ll have buyers lining up, whether you’re going the traditional route or looking for a faster solution. 

Start with a Price That Grabs Attention 

You’ve got to price your home like it’s the best deal at a weekend market, fair, but tempting. Dig into what similar homes in your area have sold for recently. Price too high, and buyers scroll right past your listing; too low, and you’re leaving cash on the table. If you’re unsure, Elite Properties NY can step in with a no-pressure offer that’s spot-on for the market. Getting the price right from day one pulls in serious buyers fast. 

Spruce Up the Front, It’s the First Hello 

Just a bit of work on the outside, like tidying up the shrubs, giving the front door a bright new paint job, or popping some flowers into a pot, can make buyers stop in their tracks. Buyers often decide in seconds if they’re interested. Make that first glance count. 

Clear Out the Junk to Let Buyers Dream 

Nobody wants to walk into a house and feel like they’re at a garage sale. Pack up the family photos, that old recliner, and the kids’ toys scattered everywhere. A clean, open space lets buyers picture their own stuff in there. If that sounds like too much hassle, you can skip it by selling to Elite Properties NY, they’ll take your home as-is, clutter and all, and still get you a fair deal. 

Fix the Small Stuff That Annoys People 

You don’t need to renovate the whole place, but take care of the little things that bug buyers. Think creaky doors, chipped paint, or a faucet that drips like a metronome. Small fixes show your home’s been loved. Or, if you’d rather not deal with repairs, Elite Properties NY buys homes in any shape, saving you the headache. 

Get the Word Out with Great Photos 

A blurry photo taken on your phone isn’t going to cut it. Get some bright, clear pictures that show off your home’s best angles, maybe that big kitchen window or the backyard where you’ve had barbecues. Write a description that makes people feel at home, and share it everywhere you can. If that sounds like too much work, Elite Properties NY can take this off your plate by purchasing your home directly, so you don’t need to worry about listings or open houses. 

Be Ready to Show It Off (Or Not) 

Buyers can be picky about when they want to see your place, so try to be flexible. Maybe set up a Saturday for folks to drop by, or offer a quick video tour if you’re busy. But if you’d rather not have people poking around, Elite Properties NY’s “we buy houses for cash” option lets you skip showings altogether. They’ll make an offer, and you’re done, no fuss. 

Go for a Cash Deal to Wrap It up Quick 

If you’re in a rush, nothing beats a cash sale. Traditional buyers can take forever with bank approvals, but a cash deal? That’s lightning-fast. Elite Properties NY specializes in cash for houses, often closing in just a few days. It’s perfect if you’re thinking, “I need to sell now”, whether you’re moving, downsizing, or just ready for a change. 

Why Elite Properties NY Is Your Go-To 

Here’s the thing: Elite Properties NY isn’t just another company. We’ve been helping New Yorkers like you and me for years, making the selling experience as painless as possible. We’ll give you a fair offer, handle all the paperwork, and let you pick the closing date. No repairs, no fees, just a straightforward way to sell fast. 

Conclusion 

At the end of the day, selling your home quickly comes down to a mix of strategy and simplicity. Price it right, make it look good, and be ready to show it off, or skip the hassle and go straight to a cash deal. Whether you’re fixing up the place or just want someone to buy houses as-is, Elite Properties NY has your back. Head over to www.elitepropertiesny.com or give them a call. A fast sale is closer than you think! 

Frequently Asked Questions:

Your Quick-Sale Questions Answered 

Got questions about selling your home fast? We’ve rounded up the ones we hear most often. 

How fast can I sell my house to a cash buyer?

With Elite Properties NY, you might be done in as little as a week, it all depends on what works for you.  

Do I have to spruce up my house before I sell it?

Nope, not a bit! Elite Properties NY takes your home just the way it is, so you don’t have to mess with repairs and can still walk away with a solid offer. Saves you a ton of time.  

Is there a downside to working with cash home buyers?

Not with a trustworthy company like Elite Properties NY, there’s no hidden gotcha. We’ll  lay out our offer clearly, with no sneaky fees or commissions. It’s a straight-up deal, plain and simple.  

How can I be sure I’m getting a good deal on my house?

Elite Properties NY checks out the local market to make sure their offer matches what your home is really worth. We’ve been at this for years in New York and have an intimate understanding of the local market. 

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Buy-Homes-in-any-condition

Why New York Homeowners Are Ditching Traditional Sales for Cash Buyers

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Introduction

Selling a home in New York can feel like dodging taxis in Times Square stressful, unpredictable, and full of surprises. Whether you’re in a snug Queens condo or a weathered Rochester ranch, the traditional real estate game often means months of waiting and costly fixes. That’s why more New Yorkers are choosing a house buying company like Elite Property NY, where we buy houses as is with cash offers that cut the hassle. What’s driving this shift? Here’s why companies that buy houses for cash are the smart choice across the Empire State. 

  1. No Need to Fix Your Fixer-Upper

Picture this: your Harlem brownstone has peeling paint, or your Long Island split-level sports a kitchen older than a Walkman. Renovations can drain your wallet new floors or a roof repair could run thousands just to please fussy buyers. At Elite Property NY, we buy homes in any condition, no questions asked. Got leaky pipes or cracked drywall? Fuhgeddaboudit. We buy houses as is, so you can skip the contractor bills and sell without lifting a hammer.  

  1. Speed That Beats a New York Minute

In a state where life zips faster than a yellow cab, traditional home sales drag like traffic on the Brooklyn Bridge. Maybe you’re relocating to Albany, sorting out an estate in Poughkeepsie, or just tired of sky-high property taxes. Open houses, buyer negotiations, and loan delays can stretch on for months. With Elite Property NY,  we buy houses for cash, closing deals in as little as 7 days. That’s speed you can count on when time’s not on your side.  

  1. Skip the Real Estate Rollercoaster

Traditional sales are a wild ride, buyers back out, mortgages fall through, or inspections nitpick every scuff mark. It’s enough to make you scream in the middle of Grand Central. Companies that buy houses for cash, like Elite Property NY, keep things rock-solid. No waiting for bank approvals, no haggling over a squeaky door. We make a fair offer, and the deal sticks perfectly for New Yorkers done with the market’s ups and downs.  

  1. Solutions for Life’s Curveballs

New York life doesn’t play nice. Facing foreclosure in the Bronx? Going through a divorce in Manhattan? Stuck with an inherited home in Syracuse packed with decades of stuff? A house buying company like Elite Property NY specializes in these messy moments. We buy homes with liens, probate issues, or bad tenants, handling the headaches so you can move forward stress-free. It’s like having a friend who knows the ropes and has your back.  

  1. Pocket More Cash, Pay Zero Fees

In a city where a bagel and coffee can cost a ten-spot, every dollar counts. Traditional sales hit you with 5-6% realtor commissions, plus closing costs that sneak up like a rent hike. When you sell to Elite Property NY,  we buy houses for cash with no fees or commissions. Our transparent offers mean what you see is what you get, letting you keep more of your hard-earned money.  

Why Elite Property NY Stands Out 

Elite Property NY is a trusted house buying company deeply rooted in New York, with a knack for turning tough sales into seamless solutions. From Westchester’s suburbs to Brooklyn’s brownstones, our team knows the local market inside and out. We buy houses in any condition, offering fair, no-pressure cash offers tailored to your needs, whether you’re dodging foreclosure, navigating probate, or offloading a rundown rental. With years of experience and a commitment to transparency, we handle every detail, closing as fast as 7 days with no hidden costs. Choose Elite Property NY for a process as reliable as your favorite bodega.  

Conclusion: Sell Your Home the Smart Way with Elite Property NY 

Selling a home shouldn’t feel like battling a crowd at Penn Station. With companies that buy houses like Elite Property NY, you can ditch the repairs, dodge the fees, and close faster than you can grab a slice at your go-to pizzeria. As trusted New York home buyers, we understand the grind of this wild market and are here to make selling your home a breeze, no matter its condition. Whether you’re in a tight spot or ready for a new chapter, we buy home with fair cash offers tailored to your needs. Contact Elite Property NY today.

 

Frequently Asked Questions (FAQs) 

Q: How does selling to Elite Property NY work?
A: It’s simpler than ordering a deli sandwich. You share some details about your property, we visit (often within 48 hours), and then we present a no-obligation cash offer. If you’re good with it, we take care of the paperwork and close on your schedule, sometimes in just 7 days. 

Q: Will I get an offer even if my house is a total wreck?
A: Absolutely. Crumbling steps in Buffalo or moldy walls in Bayside, we don’t blink. We buy houses as is, so you can walk away without touching a paintbrush or calling a contractor. 

Q: How do you come up with the offer price?
A: We dig into your home’s location, condition, and recent sales in the New York market, think comps in places like Bed-Stuy or White Plains. A no-nonsense and fair deal that works for you and us is what we aim for. 

Q: Any fees or costs that I need to worry about?
A: Not a single one. When you sell to a house-buying company like Elite Property NY, there are no realtor commissions, closing costs, or sneaky fees. The offer we give is the cash you keep. 

Q: How fast can I sell my house?
A: Faster than a pizza delivery in Brooklyn. Most deals wrap up in 7–14 days, but we’re flexible if you need a bit more time to get your ducks in a row. 

Ready to sell your New York home without the runaround? Reach out to Elite Property NY for a free, no-strings-attached offer. We buy houses for cash, in any condition, and we’ll have you moving on faster than you can hail a cab in Times Square. 

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Distressed Property

What is a Distressed Property, and How Can You Sell It?

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A Simple Guide from Elite Properties New York 

Heard of a “distressed property” and wondered what it means? If you’re in New York, you’ve probably seen them—maybe a beat-up house in Brooklyn or a condo someone can’t pay for. At Elite Properties New York, we buy houses as-is, and we’ve handled tons of these. Let’s keep it simple: what they are, why they’re a big deal, and how you can sell my house without stressing out.  

What’s a Distressed Property? 

A distressed property is a home in trouble—either the owner can’t afford it, or it’s falling apart. Here’s what that looks like: 

  • Money Trouble: The owner’s behind on mortgage payments or taxes. In New York, where homes can cost $750,000 or more (going by 2025 trends), missing payments can lead to the bank taking it back—called foreclosure. Picture someone in Queens who can’t keep up. 
  • Beat-Up Condition: The house is a mess—think leaky roofs, broken pipes, or walls you wouldn’t wish on your worst enemy. It’s not just “needs a little love” (what realtors call TLC—short for Tender Loving Care, like a place needing paint or a new rug). This is serious damage. At Elite Properties New York, we buy houses in any condition, so we’ve seen it all.
    In 2023, over 357,000 homes hit foreclosure nationwide, and New York’s got plenty of its own, from old Manhattan apartments to suburban wrecks.

How and why does it matter? 

For folks selling, it’s all about climbing out of a tough spot—think dodging the bank taking your home or facing a huge repair bill. For buyers, it’s like spotting a sweet deal they can’t pass up. At Elite Properties New York, we buy houses in any condition with cash for homes, handling the mess—think broken pipes or back taxes—so sellers can walk away quickly. It’s a swap: fast relief for a slightly reduced payout. 


How Can You Sell a Distressed Property? 

Stuck with one in NYC or nearby? Selling’s not easy, but we’ve got options. Here’s how to sell my house: 

  1. Figure Out What’s Wrong
    Check the house—does it have big issues? Then look at what you owe versus what it’s worth now. That’s where you start. 
  1. Sell It the Usual Way (If It’s Okay)
    If it’s still livable, Elite Properties New York can list it for you. Price it low to get attention—you’ve got to tell buyers what’s wrong (NY rules)—and it might sell in a few weeks. 
  1. Sell It As-Is to Fast Buyers
    Can’t fix it? Sell it as-is. We’re one of the companies that buy houses for cash in NYC—we’ll take it quick, closing in as little as 3 days, though you’ll get less than full value. 
  1. Put It Up for Auction
    Need it gone fast? Auction it through NY sales. It’s speedy, but the price depends on bidders. 
  1. Let the Bank Take It
    Wait too long, and the bank takes it if you’re behind. They sell it, you get nothing—a last resort, not a plan. 

 Tips from Elite Properties New York 

  • Skip the Fees: We cover closing costs—no commissions or hidden charges. 
  • Trust Our Know-How: We’ve worked NYC’s market—Brooklyn to Staten Island—for over a decade. 
  • Sell It Fast: We can close in as little as 3 days with a fair cash offer.

Conclusion 

A distressed property is a home that’s either broke or broken—too much debt or too many cracks. Selling one in New York means picking the right move: a regular sale, a fast deal with cash for homes, or working with the bank. At Elite Properties New York, we buy houses in any condition and have turned these tough spots into smooth exits for clients—whether it’s a crumbling Bronx rental or an over-mortgaged condo in Manhattan. Don’t let it drag you down—sell my house smart and move on. Reach out—we’ll make it easy.  

Frequently Asked Questions 

 1: How do I tell if my property’s distressed? 

ANSWER: If you can’t pay the mortgage, the bank’s threatening to take it, or it’s too wrecked to live in, it’s distressed. Compare what you owe to what it’s worth—if you’re in the red, that’s a clue. 

2: Will Elite Properties New York buy my beat-up house? 

ANSWER: Yes! As one of the companies that buy houses for cash, we buy houses as-is across NY. Contact us—we’ll give you a straight-up cash for homes quote, no pressure. 

3: Are auctions a gamble for sellers?
ANSWER: Yep—you might get less than you want, and the price is whatever buyers bid. It’s fast but risky. 

4: What’s the worst mistake people make?
ANSWER: Dragging it out. Waiting too long can mean losing it to the bank—act quick, and we can help. 

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Foreclosure vs. Short Sale Which Is the Better Option for Homeowners

Foreclosure vs. Short Sale: Which Is the Better Option for Homeowners?

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Introduction

Homeowners facing financial difficulties often find themselves at a critical crossroads: Foreclosure vs Short Sale, which is the better option? The critical nature of mortgage debt demands homeowners need to grasp the consequences of both foreclosure and short sale before making a final decision.

When homeowners must exit the mortgage market through foreclosure or short sale, they encounter completely different financial as well as credit and emotional outcomes. Further in this blog,  it explains how to compare different choices along with their effects, as well as presents evidence that showing your home to someone who pays cash makes the most financial sense. The blog presents strategic approaches combined with methods to handle these situations while strengthening financial security for the future.

Understanding Foreclosure: How It Works & Its Consequences

A homeowner’s inability to make mortgage payments allows lenders to start legal foreclosure proceedings that end with the sale of the property. The home selling process in foreclosure typically follows these steps:

  1. Missed Payments: Repeated payment default triggers the lender to send out a Notice of Default (NOD).
  2. Pre-Foreclosure Period: Homeowners during the pre-foreclosure period have the potential to pay off their debt while attempting negotiations with lenders to perform short sales.
  3. Auction Sale: Property sale through auction happens when all attempts to find solutions fail and the property is sold at prices lower than market value.
  4. Eviction & Credit Damage: After auction failure, the lender becomes property owner, which results in homeowner eviction while their credit score suffers damage.

Consequences of Foreclosure:

  • Severe credit damage: The process of foreclosure damages credit score severely by 100 to 160 points and stays visible on reporting systems for seven years.
  • Legal implications: The law allows lenders to obtain remaining debt known as deficiency balance after foreclosing on a property.
  • Loss of control: When the homeowner has to go through foreclosure, the lender stands as the leader in all decisions, thus restricting the homeowner from making choices about the property’s end sale.
  • Difficulty in future home purchases: Multiple mortgage providers tend to avoid granting loans to people with recorded foreclosure activities.

The Short Sale Process for Homeowners: A Viable Alternative?

Short sale is where the homeowner sells the property below the outstanding mortgage value, but with the lender’s permission. The Homeowner’s Short Sale Process is the following:

  1. Contacting the Lender: The homeowner must prove financial hardship and request short sale authorization.
  2. Listing the Property: The property is put on sale, typically at market value, with the lender’s consent.
  3. Negotiation & Offer Approval: Upon receiving an offer, the lender must approve the price and terms of sale.
  4. Closing the Deal: If approved, the property is sold, and the lender forgives the balance or negotiates a payment schedule.

Advantages of a Short Sale:

  • Less impact on credit: Credit scores will typically drop by 50-120 points, and the short sale is on the credit report for four years or less.
  • Faster financial recovery: Homeowners can qualify for a new mortgage sooner than they would after a foreclosure.
  • More control over the sale: The homeowner actively finds a buyer and negotiates terms.
  • Potential debt forgiveness: Most lenders forgive the unpaid balance of the mortgage.

Foreclosure vs. Short Sale: Head-to-Head Comparison

Factor Foreclosure Short Sale
Credit Score Impact Severe (100-160 points lost) Less severe (50-120 points lost)
Time on Credit Report 7 years 4 years or less
Ability to Buy Again 5-7 years 2-4 years
Process Complexity Automatic lender repossession Requires lender approval
Financial Relief No negotiation, full debt may still be owed Possible debt forgiveness
Control Over Sale None (lender controls it) Homeowner negotiates sale
Emotional Impact Stressful, damaging to reputation Less stigma, more control

Selling a Home in Foreclosure: Is a Cash Buyer the Best Escape?

If facing foreclosure, selling to a cash buyer can be a smart, fast alternative to either foreclosure or a short sale. Here’s why:

  • Quick closing: Cash buyers can finalize the sale in days, preventing foreclosure.
  • No lender approval required: Unlike a short sale, cash sales bypass the need for lender approval.
  • No repairs or realtor fees: Cash buyers buy houses in as-is condition, making it cheaper and quicker for homeowners.
  • Less stress and uncertainty: Homeowners eliminate lengthy negotiations and foreclosure proceeding risk.
  • Elite Properties deals in homes in as-is condition, which makes the transaction quick and easy.

Which Is the Better Option for You? A Decision Framework

Short Sale is the Better Option If:

  • You prefer to avoid credit damage.
  • You can still negotiate with your lender.
  • You desire an opportunity to purchase a home again earlier.
  • You are willing to undergo the lender-approval process.

Foreclosure is the Only Option If:

  • You have depleted all Avoid Foreclosure Options (loan modifications, refinancing, etc.).
  • You are unable to sell it or negotiate a short sale in time.
  • You are unwilling or unable to pursue the home selling process further.

Selling to a Cash Buyer is the Smartest Move If:

  • You need to sell a foreclosure home fast with less stress.
  • You don’t want to deal with lender negotiations.
  • You want a quick, easy transaction with cash payment assurance.
  • Elite Properties provides a hassle-free cash-buying experience, allowing homeowners to avoid foreclosure through an instant sale.

Conclusion: Making an Informed Decision

It is not an easy decision to choose between foreclosure and a short sale, but having the final impacts of each in mind can help the homeowner feel secure in a decision. In most cases, a short sale is a preferable situation for homeowners who want to avoid further hurting their credit while regaining financial health sooner. Yet, under the circumstances that time and solutions are short in supply, foreclosure may be the only way.

With no repairs to perform, no holdups in lender approval, and a quick closing process, Elite Properties provides an easy way to sell an ugly property. Taking proactive measures, seeking professionals, and examining all the possibilities can become the turning point in having a secure future financially.

Ultimately, it will depend on your financial situation and future needs. The important thing is to act early, shop around, and select the option that reduces harm and maximizes recovery and future home ownership opportunities.

Frequently Asked Questions (FAQs)

  1. What is the primary distinction between a short sale and a foreclosure?
    Short sale is a sale by the homeowner with the permission of the lender, while foreclosure is a legal process initiated by the lender after missed mortgage payments.
  2. What is the impact of short sales and foreclosures on credit scores?
    Foreclosures cause a more significant drop (100-160 points) and stay on the report for seven years, while short sales cause a smaller drop (50-120 points) and stay on the report for four years.
  3. Can I buy another residence after a short sale or foreclosure?
    Yes, but the waiting time is different. A short sale permits a new mortgage in two to four years, whereas foreclosure usually takes five to seven years.
  4. Are short sales and foreclosures taxable?
    Yes, forgiven mortgage debt from foreclosures or short sales could be taxable income. Talk to a tax professional.
  5. Can foreclosure be prevented?
    Indeed, options are a modification of the loan, refinancing, short selling, or cash sale. The best course may be determined through professional guidance.
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house-hunting

House Hunting: 4 Common Mistakes To Avoid

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Are you ready with your checklist for house hunting?

If yes, then ensure that you do avoid the most likely mistakes that may hinder you from buying your dream house. Whether you are house hunting for your first home or be it second, you may fail to commit these mistakes.

House hunting is not as easy as just visiting a few houses and choosing the best one. Along with following the best house-hunting practices, you also need to ascertain that you do not make mistakes that can cost you both time and effort.

Your house-hunting process can become more systematic if you are ready with the right pre-requisites.

So, let’s make your house-hunting process smarter and easier by diving deep into the four huge mistakes that you should avoid while house-hunting.

Not Getting Mortgage Pre-approval

You must have made up your mind about house hunting and may have also estimated how much you can spend. The next action step that you shouldn’t miss is meeting a lender and getting a mortgage pre-approval.

Get a mortgage pre-approval before involving an agent in your house search and starting the house-hunting process.

You may be at risk if you are trying to buy a house beyond your budget without mortgage pre-approval. On the other hand, you might also lose the chance of buying your dream house due to a lack of insufficient financial proof.

Hence, it is highly advisable to get the mortgage pre-approval once you have made up your mind to go for a house hunt. This will be advantageous to you in two ways:

  • It will give you a clear idea of what amount of money you will need to spend as well as the exact amount of loan you will be able to borrow.
  • It will help you gain the seller’s confidence for closing the deal when you get the house you might be interested in.

When you meet your lender to obtain the mortgage pre-approval, he/ she might ask you for documentation such as proof of income or your credit score. He/she might also evaluate your debts if any that already exist.

Once the verification is done your lender shall issue a letter of mortgage pre-approval if you are eligible. This will take you a step closer to making a strong offer while buying the house.

You Are House Hunting Without an Agent

As online house listings are available, you may think of going on a house hunt all alone. Probably, you might intend to save up on the commission.

But sometimes house hunting without an agent might cost you more or you may even lose up on the house that you have always dreamt of.

Also, usually, the seller pays the commission to the agent. Hence, you don’t have to worry about spending extra on the commission charges.

You might also get access to new house listings that wouldn’t even be known in the local real estate market where you are trying to find a house if your agent has a strong network.

With his expertise and knowledge, a good real estate agent can help you select the best options for your house hunting.

So, if you wish to make your house-hunting process more efficient, you should get the help of a real estate agent.

Ignoring The Price, You Can Afford

Ignoring the price that you can afford can be a significant mistake that you may make which will leave you dissatisfied.

You may likely fall for houses that are beyond your spending limits while you go on a house hunt. It is absolutely essential to be self-aware of how much you can afford.

Some houses may make you feel very tempted because of their interior, spacious rooms, high-end appliances, or top-notch location.

However, it is good to buy a house that pleases you, but if it’s beyond the price that you can afford, you may go into a state of stretching your financial means.

You may try to arrange the extra amount that you cannot afford. But you should also realize that arranging the extra amount can increase your expenses as you may require to pay interest if you are buying the house with a mortgage.

Sometimes, you may also control your emotions and try to buy some other house than the one you like which is beyond your budget. This will leave you with deep dissatisfaction.

This is why it’s important to recognize and consider the price range that you can afford. Your best bet is to identify and explore the house listings within your budget.

Not Considering the Locality

Once you have decided on the housing options to be considered further for buying, try to assess the neighborhood of the selected options.

Look for various factors in the neighborhood, because it is as crucial as buying the right house.

It shall not be a good choice to purchase a suitable house in a locality you may never prefer.

Evaluate the surrounding area, community in the neighborhood, availability of public transportation and necessary infrastructure, and the time to commute to places that you visit daily like your office, gym, and so on.

Also, ensure the availability of vital amenities that are important to you.

Choosing an unsuitable locality may again lead you to hunt for another house in a good locality.

It’s wise that you effectively consider the locality and neighborhood while narrowing down your housing options.

Bottom Line

House-hunting is a challenging process but can be made effortless if you are aware of the problems that you may face and the mistakes that can cost you both time and effort. Buying a house is a big decision, so making rational and realistic choices without being impulsive can be immensely beneficial for you and your finances.

For making the right decision, get expert words of advice for your house-hunting need from Elite Properties. We buy houses in any condition and provide fast cash offers. Call us at 718-977-5462 today.

 

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Loan modification

What Is a Loan Modification and How Does It Work?

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One of the most heartbreaking ways to lose your home is if you can’t make your mortgage payments or if you’ve fallen behind on them. For borrowers who are in a situation where their house is on the verge of foreclosure, there is still some hope. Introducing… Loan Modification.

In a nutshell, loan modifications can make your life stress free by ensuring you pay your current mortgage and save your home from foreclosure.

In this article, we will take a deeper look at what loan modification is all about.

Little More about Loan Modification

A loan modification occurs when the lender changes the loan terms. Loan Modification is an acceptable agreement between the lender and borrower. In it, the lender gets paid and the borrower keeps the house. The modification may be a decrease in the interest rate, extend of the payback period, or a new type of loan.

In most cases, loan modifications are only available in circumstances wherein the borrower is unable to make full payments and their credit is not sufficient to refinance the loan.

If you are only interested in getting a lower interest rate, then you’ll not qualify for it.

For such cases, the option of refinancing is the ideal solution.

Under What Circumstance Should A Borrower Choose The Loan Modification Route?

Loan Modification is a tool for people who are in a lot of trouble and have no other way to save their homes.  It is not for everyone, and it is important to speak with a professional to see if it is the best option for your particular situation.

A borrower who is experiencing a temporary setback is eligible to request help from the lender with their mortgage. In some instances, a lower payment could help the borrower get through the difficult patch and prevent foreclosure on their home.

Generally, loan modifications occur when one is unable to repay the original loan. The attorney or workout company will help you negotiate modification procedures.

How Do Loan Modifications Work?

Although loan modifications can be requested for any type of loan, the most typical loans for which they are requested are secured loans such as mortgages. In the event of possible foreclosure, the lender may be open to modifying the terms of the loan after he/she has concluded that a foreclosure would be a more expensive route than a loan modification which is beneficial to both parties in the long run.

Are You Qualified For A Loan Modification?

It’s not possible to get a loan modification for everyone who’s having a hard time paying their mortgage. To be eligible, homeowners must either be behind on their mortgage payments or be delinquent— they are paying now but there is a risk that they will delay.

Some of the eligibility criteria for a loan modification include job loss, spouse death, and permanent physical or mental issues/injuries that render you disabled and unable to repay the mortgage.

What Are The Benefits of modifying your Loan?

One of the main benefits of an extended term is that it directly affects your annual interest rate. Your 30-year mortgage can become a 40-year mortgage. In exchange for this, you will receive the following benefits:

• A reduced fee makes it possible to provide the borrower with some respite to make it through.

• The opportunity to keep the house as banks would choose to avoid going through the costly process of foreclosure whenever possible.

Loan modifications allow the homeowner to continue making payments.  While at the same time keeping the house is the most beneficial resolution for both concerned parties.

What Are Some of the Drawbacks Of Getting a Loan Modification?

A modification to an existing loan may be a costly but necessary lifeline. The following are the drawback of choosing this path:

• Your loan will most likely end up costing you more money in the long run. This indicates that the greater the number of years added, the more interest you will pay throughout the course of the loan.

• Loan modification is a time-consuming process. We need to get all the necessary documentation such as pay stubs, bank statements, and tax returns. Also, you have to fill out a spreadsheet that compares your income to your expenses. It is mandatory for loans to get modified. You will need to submit a hardship statement explaining why you need a loan modification.

• Depending on how serious your situation is, your loan modification will not approve. You need to provide evidence that you are capable of repaying the loan to win the lender’s trust. If you are actually unable to afford the home, the bank may decide to deny your request for loan modifications. Bank may leave you with the option to short-sell your house.

Loan Modification Programs for You.

  • 1. Conventional loan modification (Flex Modification Program) – If you want conventional mortgages, you have the option to go through FMP. FMP will help you reduce monthly payments by 20%. Also, you can extend the term up to 40 years and lower the interest rate.
  • FHA loan modification – FHA loans include various strategies for borrowers. It gives them the option to reduce payments with an interest-free loan for 30% of the borrower’s balance. The borrowers will only have to pay the remaining part of the loan. After that, he can pay an interest-free loan when the home is about to sell. In this Pandemic, the borrowers also have the option to get a lower rate and also a 25% cut on the monthly payments. FHA borrowers have the option to extend loan terms up to 40 years.
  • VA Loan modification –Borrowers with VA Loan can add their missed payments back to their loan balance. Borrowers will work with lenders for a new manageable repayment schedule. They also have an option o extend their loan.
  • USDA loan modification – Borrowers backed with USDA loans have the option of modifying the mortgage. It gives an option for you to extend the term for 4o years, lowered the interest rate, and get a “mortgage recovery advance”.    All these programs in the end increase the loan balance due and the total interest paid.  If you have a permanent loss of income your best bet might be selling and moving to a less expensive home or renting.

How to apply for Loan Modification?

1. Collect data about your financial position.

You have to give your lender or servicer tax returns to pay studs. It is to prove your financial hardship and that you’re unable to make your monthly loan payments. You’ll also need to provide a letter explaining your situation. This letter should be clear, accurate, complete, and business-like. Keep emotions out of it.
 

2. Make a plan for your case.

Be honest with yourself and consider the circumstances if you want long-term or short-term way. Be prepared to make your case.
 

3. Contact your servicer

Contact your lender or servicer and ask for a loan modification. If it is denied, you have 14 days after the denial date to review your application. But you can only apply for modification at least 3 months before the foreclosure sale of your home. Keep records of your correspondence and actions along with any supporting evidence.

What Happens to Your Credit Score When You Get a Loan Modification?

If you are considering going for a loan modification, chances are your credit score has already slipped. The majority of the borrowers involved in the procedure are already past due on their payments.

While you’re going ahead with the loan modification process, the “paying by modified terms” remark is on your credit report.

While you’re paying your loan on time, there may be a chance to have a positive impact on your credit score. This positive impact in turn makes up for the previous negative impact.

If you are not sure about this, there is an option for refinancing the loan at a later date as well if necessary.

To know more about the options available to you, contact Elite Properties NYC, one of the companies that buy houses for cash in any condition.

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How COVID-19 Has Affected The Foreclosure And Short Sales Market

How COVID-19 Has Affected The Foreclosure And Short Sales Market

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COVID-19; A horrifying pandemic crisis that the world is facing right now. As the situation is affecting many sectors around the globe, real estate isn’t left behind. The raging effect of COVID-19 has created a major void in the market. This resulted in a huge downfall with respect to the world market and economy. Let us look deep into the Foreclosure And Short Sales Market.

Many services offered by the real estate market like walkthroughs, rentals, etc. had been hard hit by the virus. As these aren’t the only services that have suffered, other facilities like foreclosure and short sales have also been adversely affected. In this blog, we will tell you How COVID-19 has affected the Foreclosure and Short Sales Market.

The Imprint of Coronavirus on the Foreclosure and Short Sales Market

As everyone is witnessing the catastrophic situation of coronavirus, its effects are also visible with respect to the economy. The loss industries have been facing is immense and would take a while to make up for the loss. Although, the foreclosure market is going through an uptick. According to the research by FTSE (Financial Times Stock Exchange) and REITs (Real Estate Investment Trusts) says there’s an evident index downfall of approximately 7.7 percent (noted on March 9, 2020).

If this goes on for some time, it would be difficult for homeowners to keep up with the monthly mortgage payments. It will later result in increased foreclosure cases, although it is tough to predict the real estate market. As facts state, in some states, the mortgage payments are being held for some time until the pandemic contains.

Coronavirus has Pushed Mortgage Rates Lower

The coronavirus outbreak has made the Federal Reserve take two emergency rate cuts. This apparently brought the bond yields to almost zero. The usual 30-year-fixed-rate-mortgage has dropped to 3.29% (noted on 5 March). As stated in the records, previously the 30-year-fixed-rate-mortgage was lowest in the year 2012 amid the recession when it hit 3.31%. Additionally, the 15-year-fixed-rate-mortgage also fell by 16 basis points to 2.79% according to Freddie Mac.

The main cause of the mortgage rates slump is because of the treasury market which has sunken with a lot of margin in the past months. Furthermore, the uncertainty of mortgage rates shall remain in the ditch for a long period.

Corona on Short Sales

When businesses are close around the globe and many of them can’t go on their jobs. So, homeowners have no choice but to sell their houses for a living. Homeowners with no jobs have the only choice but to sell their houses for the bare minimum profits. This measure is to perform their regular routine and satiate their daily needs. A short sale can cost less than a foreclosure to the lender. This always proves to be the most viable way for lenders to minimize the loss and improve profits. Additionally, a short sale might not damage the credit score of a homeowner.

If you have a hefty amount of mortgage to repay then your only possible option is to fulfill the amount. You can do it by selling your house to a cash-buying company.  As there is a rapid increase in short sales it is evident that problems like unresponsive lenders, misplaced documents, erroneous or unrealistic home value assessments, and prolonging processes may make the whole process difficult. In such a chaotic situation, Elite Properties is one such company that will help you sell your home fast for cash on a fair market value. We also buy your house as-is. We won’t ask for any lengthy documentation process, which automatically cuts the hassles of a troublesome sale.

You can call us at 7189775462 or visit us at Elite Properties NY to learn more about the home selling process with us. Where everyone around the world is going through the pandemic crisis we’ll help you be at ease with the home selling or short sale process.

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Facing Foreclosure Panicking Won’t Do Any Good!

Facing Foreclosure? Panicking Won’t Do Any Good!

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Are you facing foreclosure notice for your home? Well, panicking will never save your home from being in foreclosure. So, take a deep breath and cool off, as many things have to be done before you quit yourself…

Owning and living in the same home is one of the American dreams. But, recent studies have shown that it has created a sense of fear and frustration as they keep on trying to meet the ends and avoid the foreclosure nightmare. If you think you are the only one who is in this situation, then you are wrong. People from all income levels are suffering from the clutches of homes in foreclosure even as we speak. And people feel more helpless when they try to get the help of the internet to understand the foreclosure process. Since many real estate terms and jargon are involved, it is indeed difficult for an ordinary man to grasp and understand every crisp detail.

Well, numerous non-profit-based firms provide foreclosure assistance for all. Through this article, we’ll try to lend you a few helpful tips to make you understand foreclosure isn’t the ‘end of times.’

Here’s what you need to follow when facing foreclosure…

1. Go Through the State Laws

You must know that every state has its own foreclosure laws. So, before jumping to conclusions, it would be wise to go through the State’s Laws on foreclosure. Depending upon the State, the home foreclosure can be either judicial or non-judicial.

As for a non-judicial foreclosure, there are no courts involved. The lender doesn’t have to go through the courts to file the foreclosure. He can send you a ‘ notice of default ‘ (which is a notice mentioning the failure of payments) along with a ‘notice of sale.’

When it’s judicial foreclosure things get more complicated. You’ll be sent a complaint along with a summons to the court. It means that the lender has already filed a lawsuit against you. You shouldn’t miss the deadline for the response at any cost as the court will pass the law in favor of your lender and allow the foreclosure to proceed.

2. Foreclosure Doesn’t Happen Overnight

Foreclosure doesn’t happen overnight. And this is a fact. A foreclosure only begins when you miss a couple of months of payments. Usually, the lender will send you a notice of default when you miss four or five months of payment. They’ll also specify an amount that you need to pay to cover up for the defaulted loan and a deadline along with it. Once you failed to meet the requirements, you can expect the foreclosure process to begin at any time.

So, you’ll have a minimum of four to five months (depending on the lender) after the last payment to cover up your default payments

3. Judicial Foreclosure a Boon?

Once you understand you are under either judicial or non-judicial foreclosure, the first thing to do is not to panic. A judicial foreclosure usually comes under foreclosure by a bank. But, let us make one thing clear, the latter situation might be less advantageous as these happen way quicker. However, you’ll be the legal owner of the foreclosed property has been terminated by a new sale deal.

In judicial foreclosures, court proceedings can take as much as a year. It will aid you in finding a new home. But, still, if you fail to find an alternative home within the deadline of foreclosure, you’d be welcomed with an eviction.

4. Call Your Lender

A lot can happen over a call. Don’t back yourself from calling your lender and asking for a relaxation. Explain your situation, and try reasoning with him for an extended mortgage pay-off time. Hopefully, he/she might agree. This might even help to delay foreclosure. Well, it’s worth a shot, right?

5. Chapter 13’ Your Last Resort

Chapter 13 can be your last resort. A lawyer can help you file a Chapter 13 bankruptcy, which will in turn force the lender to negotiate a payment plan. But, use this as a last resort only. Being stated as bankrupt can hurt your credit score and filing suit against a lender can drag you into much deeper troubles. You’ll also have the option to put your home on short sales.

Conclusion

With a little bit of preparation, you can survive the whole foreclosure process. You’ll have enough time to prepare for it, and you only need to vacate the property till there’s a new buyer. So, save up some money and look for a better and more affordable rental. As for lenders, finding a buyer for a property under foreclosure is pretty tricky. There are many agencies and skilled real estate agents to ease up the pressure and help you get a new buyer. You can contact real estate professionals like ‘Elite Properties’ for more experienced advice and foreclosure help.

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Options To Consider When Facing Foreclosure on a house

Options To Consider When Facing Foreclosure on a house

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Foreclosure on a house is a very unfortunate situation in a homeowner’s life. As stated in foreclosure statistics, 1 out of 200 homes faces foreclosure every year. The reason for foreclosures on a house is the financial edge that most homeowners undergo.

What is Foreclosure?

In simple terms; Foreclosure is an act of taking ownership of a mortgaged property. The lender or the bank has the right to sell the property for recouping the money and interest respectively.

How does it work?

The Foreclosure of a house is a process that consists of a legal course. The lender takes control of the property by evicting the homeowner, and further selling or auctioning the property. Foreclosures on a house generally occur when the borrower (homeowner) fails or stops paying the mortgage payments.

If you are one of them who are seeking help then read the options to consider when facing foreclosure below –

Defend Yourself in Court

Although homeowners are melancholy while facing foreclosure, they still have some options accessible to stop foreclosure. The first option is to fight back against the bank. If you think the bank has made an error like sending untimely notices, improper service of notice and loan closing breach of contract, etc. You can defend yourself in court and countersue the bank for unethically handling the case.

Rent Out the Property

One of the best possible options to stop foreclosure on a house is to rent your property. By renting you are generating a passive income that will possibly cover your monthly mortgage payments. Talk with your lender clearly before moving out. They might charge you with higher interests as you won’t reside there anymore. Also, make sure you offer a mutually feasible rent that would satiate the mortgage payments as well as your personal needs inclusively. Employ your asset and lodge a part of it, it will surely help you in making faster repayments.

Consider Refinancing and Loan Modification

Opting for refinancing will lower your burden of paying heavy installments. If you have an ample amount of equity and you’re not much behind the payments then refinancing is the best option. By refinancing you are requesting a brand new loan with lesser interest rates that help in faster payments.

You can also choose loan modification as per your preference to stop home foreclosure. As similar as it sounds, refinancing it is completely different from it. In a loan modification, the lender modifies the prevailing mortgage so that the payments become more affordable. In most cases, the time span is also altered and made feasible.

Consider a Short Sale

Another option to avoid foreclosure is opting for a short sale.

What is a short sale?

A short sale is when a homeowner sells their property for a lesser amount when he or she is on the verge of being financially distressed.

Here, the buyer is a third party; all the profits from the sale go to the bank (lender). If there is still some outstanding debt on the homeowner, the lender will forgive the difference or will file for a deficiency judgment against the homeowner. If the lender files the deficiency judgment then the homeowner is liable to pay the remaining amount within the given time span. Although your credit score is affected for some years during a short sale, it is better than ending up with a foreclosed property.

If you are considering a short sale then you have nothing to worry about. You can contact us here at Elite Properties NY and we will take care of the rest of the proceedings.  

Selling a Foreclosed Property

There are multiple ways to stop foreclosure some are effective some are not, and it relies on the situation you are in. If you sight foreclosure nearing, you should act fast and sell your home to cash-buying companies. Companies like ‘Elite Properties’ buy houses within 3 days in all cash-offer. Once you sell the house to us you receive hard cash, which is always a great deal. Selling the home to cash buying companies crafts the deal on the current value of the property. They provide you with certainty concerning the costs and timescale. Furthermore, you can pay your outstanding debt with the help of that money and start afresh.

If you are suffering from any other real estate crisis and need assistance we will be happy to help you in your tough times. Get in touch with us, rest assured we’ll provide you with the best possible solutions.

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