sell remodeled houses Archives | Buy and Sell Properties Online New York sell remodeled houses Archives | Buy and Sell Properties Online New York

Tag: sell remodeled houses Posts

Sell Your House Or To Refinance? Choose What Is Best For You

It’s hard to resist the ‘sell your house’ ads or ‘refinance house’ in your mail and also the frustration of mortgage repayments. Keeping up with monthly mortgage repayments can be a tough task. Is getting a new loan to cut down the expenses your next thought? You might want to reconsider your options.

The pandemic had a hard hit on everyone, with people losing jobs and it being tough to manage expenses. Refinancing your mortgage can shorten the life of your current mortgage and also provide lower interest rates. It can significantly lessen your monthly mortgage payment although, selling your home makes more sense if you’re unable to manage the monthly installments. If you are confused between selling your house or refinancing? Choose what is best for you by reading the blog below.

Possible Reasons To Refinance House

Refinancing is a process where you replace your existing mortgage with a new loan. People usually refinance their mortgages to get a new ones for lower interest rates and reduce monthly payments. There are many reasons for homeowners to refinance some of them are listed below.


To Lengthen Or Shorten The Mortgage Term

Refinancing can help you lengthen the mortgage term which allows you extra time to pay off your loan. It also lowers the amount you are entitled to pay every month. Refinancing also helps in shortening the mortgage term. When you increase your monthly payment you repay faster and save the running interest amount. This way you own your house faster and save thousands on interest.


To Change The Structure Of Your Loan

If you have an Adjustable Rate Mortgage (ARM) and you’re past the fixed period, your monthly interest rates may vary significantly. You can refinance the ARM to a fixed-rate loan which will make your monthly repayment and expenses predictable. Changing the structure of your loan gives you control of your monthly expenses.


To Change The Type Of Loan

Homeowners refinance their government-backed loans to a conventional loan as they build equity. If you pay 10% of the down payment for a Federal Housing Administration (FHA) loan, you are entitled to pay the mortgage insurance premium. Although, when you build a 20% equity on the conventional loan, you can get away with private mortgage insurance.


To Cash Out Your Equity

In cash-out refinance you replace your old mortgage with a new one with a higher balance. The difference between the old and new mortgage is paid in cash to the homeowner at many more favorable terms. As these mortgages have higher principal and low-interest rates they can be used for almost anything like paying off debt or getting new purchases. 


Look For Available Options


Consider refinancing as an option but want to sell your house in the coming future. So why not look at some options? Before jumping to conclusions.


Loan Modification

A loan modification is less expensive than refinancing. When you choose to modify the loan your lender agrees to make changes on mutual terms. It consists of changing your monthly repayment amount, interest rates, and your term. In rare cases, the lender might also reduce a chunk of the principal from the amount. So, if you are facing financial difficulties this might be an ideal option for you. 


No-Closing Cost Refinance

While applying for a refinance house, lenders usually offer you a no-closing-cost refinance. By picking this option you merge your closing costs in the principal of the loan. In a no-closing-cost refinance you pay a higher interest rate and pay nothing while closing.

It may sound enticing although, you’d end up paying closing costs on the term of your loan anyway.  However, if you are selling a house early you might only pay a few dollars. A no-closing-cost refinance may be beneficial when you cash out your equity. It provides financial aid if you are selling your distressed home.


Choose To Hold Off On Your Refinance

It is always better to skip a refinance house if you are not planning to stay in it for long. It makes sense to hold off on your refinance when circumstances aren’t much favorable. Calculate the time you’d be living in the house to earn the money back from closing.


How does Refinancing work for your Home?

Refinancing your house involves many of the same steps as buying a home, but the process is often less complicated. While it can be difficult to predict exactly how long your refinance will take, most refinances are completed within 30 to 45 days. During this time, you’ll work with your lender to gather necessary documents and complete any required appraisals or inspections. Ultimately, refinancing can be a great way to lower your monthly mortgage payments or access equity in your home.

Let’s take a look at the process :


Before applying for a refinance, it’s important to research and compare the different types of options available to find the best fit for your financial situation. Once you’ve decided on a lender, they will ask for the same information you provided when you first bought your home, including your income, assets, debt, and credit score. 

  • You may need to provide documents such as your two most recent pay stubs, W-2s, and bank statements. 
  • If you’re married and live in a community property state, your spouse’s documents may also be required. 
  • Self-employed individuals may need to provide additional income documentation, and having your tax returns from the past couple of years on hand is a good idea. 

Keep in mind that you don’t have to refinance with your current lender and it’s important to shop around and compare rates and client satisfaction scores before making a decision.

Deciding Interest Rate 

When refinancing your loan, you may have the option to lock in your interest rate or float it. If you choose to lock in your rate, it means that the interest rate will remain the same until the loan closes. 

On the other hand, if you choose to float your rate, it means that the interest rate may fluctuate until the loan closes. It’s important to consider your financial goals and the current market conditions before making a decision.

Lock-In your Refinance Rates 

When refinancing your mortgage, it’s important to consider locking in your interest rates to avoid any potential market fluctuations. The length of the rate lock period can vary depending on your location, loan type, and lender, typically lasting anywhere from 15 to 60 days. 

Opting for a shorter lock period may result in a better rate, as the lender doesn’t have to hedge against market changes for as long. However, if your loan doesn’t close before the lock period ends, you may need to extend the rate lock, which could come with additional costs.

Float Your Rate before Locking In

When applying for a loan, you may have the option to float your rate instead of locking it in. This means that you don’t commit to a specific rate and instead take the risk of the rate either going up or down. 

While this may result in a lower rate, it also puts you at risk of getting a higher mortgage rate. However, some lenders may offer a float-down option that allows you to take advantage of lower rates if they become available. 

Ultimately, if you’re satisfied with the current rates, it’s generally a good idea to lock in your rate to avoid any potential rate increases.

Mortgage Underwriting

When you apply for a refinance loan, the mortgage underwriting process begins. This involves your lender verifying all of your financial information to ensure its accuracy. 

Additionally, the lender will verify details about the property, including its value, which is determined through an appraisal. The appraisal is a crucial step because it can impact the options available to you. 

For example, if you want to take cash out, the value of your home will determine how much money you can receive. If you’re trying to lower your mortgage payment, the value could impact your eligibility for certain loan options or whether you can get rid of private mortgage insurance.

Home Appraisal

When refinancing your home, it’s important to get an appraisal to determine its current value. Your lender will typically order the appraisal, which involves an appraiser visiting your property and providing an estimate of its worth. 

To ensure a favorable appraisal, it’s recommended that you tidy up your home and make any necessary repairs beforehand. Additionally, creating a list of any upgrades you’ve made to the property since purchasing it can help demonstrate its value.

After a home appraisal, your next steps will depend on the outcome. 

  • If the appraisal matches or exceeds the loan amount you’re seeking for a refinance, the underwriting process is complete and your lender will provide details for closing. 
  • However, if the appraisal comes back lower than expected, the loan-to-value ratio may be too high for your lender’s requirements. In this case, you can choose to decrease the amount of money you want to refinance, cancel your application, or opt for a cash-in refinance by bringing additional funds to the table to meet the terms of your current deal.


Closing On Your New Loan

After the underwriting and home appraisal are complete, the final step is to close your loan. 

  • A few days before closing, your lender will provide you with a Closing Disclosure document that outlines all the final numbers for your loan. 
  • The closing process for a refinance is typically faster than for a home purchase and is attended by the people on the loan and title, as well as a representative from the lender or title company. 
  • During the closing, you’ll review the loan details and sign the necessary documents. Any closing costs that aren’t included in your loan will need to be paid at this time. 
  • If your lender owes you money, such as in a cash-out refinance, you’ll receive the funds after closing. 

Once you’ve closed on your loan, you have a 3-day grace period before you’re locked in. If you need to cancel your refinance, you can exercise your right of rescission during this time.


Frequently asked questions about (FAQs) Refinancing


What is the cost of refinancing?

The cost of refinancing your home loan can vary depending on several factors, such as the lender you choose and the value of your property. Typically, you can expect to pay between 2% to 6% of the total loan amount. 

However, the good news is that you may not have to pay these costs upfront, especially since the adverse market refinance fee has been eliminated. Some lenders offer a no-closing-cost refinance option, which means you won’t have to pay any fees at closing. 

However, keep in mind that you may end up paying a higher interest rate over the life of the loan to cover these costs.


When should I refinance my mortgage?

Deciding when to refinance your mortgage requires careful consideration of various factors. One important factor is the current market trends, including interest rates. Your financial situation, particularly your credit score, is also crucial to consider. 

To determine if refinancing is worth it, use a mortgage refinance calculator to calculate your break-even point after accounting for refinancing expenses. It’s also important to understand how refinancing differs from other mortgage options, such as loan modification and second mortgages.


Is a second mortgage the same thing as refinancing?

It’s important to understand the difference between a second mortgage and refinancing. Refinancing involves replacing your existing mortgage with a new one, resulting in one monthly payment. 

On the other hand, a second mortgage, such as a home equity loan or HELOC, requires an additional monthly payment on top of your original mortgage. While second mortgages may have lower closing costs, they often come with higher interest rates compared to refinancing. 

It’s important to carefully consider your options and choose the financing option that works best for your individual needs.


Can I reduce my monthly mortgage payment without refinancing?

If you’re looking to lower your monthly mortgage payment without going through the process of refinancing, a mortgage recast may be a good option for you. This involves making a large lump-sum payment towards your principal balance, which allows your lender to recalculate your monthly payments based on the new, lower balance. This can be a straightforward way to reduce your monthly payments and make your mortgage more manageable.


How soon after closing can I refinance?

The timing for refinancing after closing on a mortgage varies depending on the type of loan and the investor in your mortgage. Some lenders may allow you to refinance as soon as 30 days after closing, while others may require you to wait 6 months or even a year. 

The frequency of refinancing also depends on factors such as the amount of equity you have built up and your current mortgage balance. It’s important to check with your lender to determine the specific guidelines for refinancing your mortgage.


Will refinancing my home affect my credit?

Refinancing your home can have a temporary impact on your credit score. This is because the lender will need to run a credit check and perform a hard inquiry on your credit history. 

However, as long as you continue to make timely payments on your debts and avoid opening new credit accounts, your credit score should recover within a few months. So, while there may be a short-term dip in your credit score, refinancing your home should not have a significant long-term impact on your credit.


Sell Your Home For Cash  

Refinancing your home may be flexible but in some cases, it may not be an ideal option.  If you are selling your distressed home, refinancing may not be worth it. Selling your home to a cash buyer is a better deal you can sell remodeled houses to Elite Properties New York and avoid the hassles of refinancing. Elite Properties is a ‘we buy houses for cash company’, which means we buy houses in any condition. You can sell your house fast for cash in NY and close the deal in less than a week. We buy property for cash and also pay the closing costs, which allows you to move faster with your plan. Call us today at 718-977-5462 to know more.

Selling House quickly is always tough no matter how you do it, it will be a mentally and physically draining process. To achieve profit try selling your house in spring or summer when people can opt for walkthroughs. Although, if this is not your plan you might want to read about these obstacles before selling your home in winter. 

Accurate Pricing Can Be Difficult 

Setting a realistic price is a task for homeowners as they have a sentimental value attached to them. In winter, people celebrate holidays at home that add to their emotions and make them set high prices for their property. This can be a bad thing for sellers as it will only keep potential buyers at bay. A wrong or unrealistic price will turn buyers away making your property sit for a long time in the market. It is an unsaid rule when a house sits for a long period people become cautious and avoid buying such houses.   

In this digital world, everything is achieved with just a click, similarly to listings as well. People can easily add a filter and eliminate older listings from the website, which won’t help you sell properties online.  Setting a wrong or unrealistic price come with setbacks, doing a proper in-depth analysis will help in enticing more buyers.

Missing On Deadlines 

There are many facets while selling your house in the winter and one of them is deadlines. Most of the sellers who list their homes in winter are first-timers. When Federal Regulations and State and Local Laws are in the picture in a home sale it lengthens the process. The number of documents involved in a home selling process can be daunting which pushes deadlines further. Another possibility that pushes deadlines is inspections. There are multiple inspections involved like pest inspections, radon tests, etc. 

Agents Come With Added Costs   

There are multiple fees involved when you hire a real estate agent to evaluate the prices of your house while selling house quickly. Furthermore, there are commissions and other added fees when an agent is in the scenario. Most homeowners agree to sign a contract with all the fees involved only to avoid the hassles of paperwork. Although, in most cases, the agents become the biggest obstacle instead of selling their houses in winter.     

Walkthroughs Can Be Stressful 

Constant disturbances can hamper your personal life. We know welcoming people into your house every weekend can be stressful, and you always need to keep your house perfect and tidy. It can pile up even more during the holiday season as families come together for celebrations. Besides, people living in the north have it more difficult due to the snow-capped exteriors. It is almost impossible to carry out a walkthrough in such a tough climate.   

Prepping Your House For Buyers

Spending extra money on your house for improvements while selling house quickly is the last thing you would ever want to do. When you sell your house fast for cash in NY it becomes important to stage your home. In winter you might have to work harder to make your house appear more enticing and appealing to potential buyers. A well-staged house would sell faster than a house with no staging or improvements at all. Make sure you do a proper analysis before hiring a person to do improvements at your place. 

What’s The Solution To Sell Property in Winter?

The obstacles stated above can cause a delay in the traditional listing, which may take up to months to close a deal. You can always consider selling your house to real estate investors like Elite Properties NYC.

Why sell your house to Elite Properties?

  • Selling your property to us will help in faster closings
  • It avoids the hassles of hiring a real estate agent and paperwork
  • You avoid paying them upfront costs
  • Sell your house in just 3 days

When you have an easy option to sell remodeled houses then why go anywhere else? You can sell the property for cash in NY to Elite Properties, we buy houses any condition. Sell your distressed house to us and get cash in return, call us at 718-865-3523 today to know more.

We know there are many reasons to enhance the curb appeal of your house and increase its resale value. Many homeowners, although, are not aware of the reasons which may reduce the house’s worth. Selling your house needs a lot of attention either with the upkeep or the functional aspects of the structure. A buyer on the other hand will check the aesthetical appearance as well as the condition of the house.

Factors like bad location, old construction, and crime rates can potentially lower the value of a house. It is a well-known fact that a good house will never sit in the inventory for a long time. If you are a seller and want to sell properties online, you must check the ‘5 Reasons That May Reduce The Value Of A House.’

Following are the points which may reduce your home’s worth –                                  

1. A Shabby Exterior Facade

If you want to sell a home fast for cash, a good-looking exterior is a must. Potential buyers pay attention to the exterior surfaces as nobody wants the extra maintenance cost while buying a house. As wisely put,

‘The first impression is the last impression it applies in home sales as well.”

According to a survey, potential home buyers only take 10 seconds to like a property, just by looking at its exteriors. Conclusively, it is always good to maintain the home’s exterior beauty to sustain its value in the market. Adding a fresh coat of paint, mowing, and cleaning the lawn may make a huge visible difference.

2. Inefficient Energy Ratings

Since 2018 energy performance certificates were introduced in the market to comprehend the energy efficiency of a house. Energy efficiency is correspondent to the pricing of a home, the higher the ratings higher the property prices will be. It is illegal to sell or put your house on rent if your energy-efficiency rating is below ‘E’ on the unit. Many buyers end up purchasing the property and paying huge electricity bills reason being the poor energy ratings. A good energy rating can shoot your home’s worth by approximately 14%, which is a great profit margin for home sellers.

3. Poor Locality

A locality is a compilation of good schools, hospitals, and departmental stores, no crime rates, and easy access to multiple places. To sell your house fast for cash in NY it becomes essential to have basic amenities accessible. A study shows how proximity to certain places can decrease your home’s worth by a specific amount of percentage (sources).

  • Bad school – 22%
  • Strip clubs – 14.7%
  • Homeless shelters 12.7%
  • Cemetery – 12.3%
  • Funeral homes – 6.5%
  • Power plants – 5.3%
  • Shooting ranges – 3.7%

If your home is around these places you’ll have to work more on the aesthetics so that no one walks past your house. Additionally, foreclosures in the neighborhood make a bad impact on the home sale. While selling your house, appraisers look at the comparable selling price in the neighborhood. The equivalent price played an important role in estimating your property’s worth and foreclosed houses may turn down the appeal.

4. The Escalating Mortgage Rates

The formula of home selling predominantly depends on the mortgage rate in the market. A high mortgage rate means fewer buyers whereas; a low mortgage rate means more buyers. Potential buyers usually start their hunt when mortgage rates are low as the monthly repayment fits into their budget.

Home affordability decreases for buyers when the rates are high as they pay extra over the life of a loan. As a seller, increased mortgage rates don’t help you to sell your house fast. Your home isn’t valuable for buyers because they pay extra on the home as well as the mortgage repayment.

5. Additional Points To Consider

We’ve spoken about a house’s aesthetics or curb appeal, which plays a huge role in home selling. There are certain things that lower your house’s worth like installing a pool, doing excessive DIYs, cluttered rooms, poor HVAC systems, etc. 

There are specific things to keep in mind before listing your home on the market –

  • Take care of the plumbing and upkeep
  • Remove the shabby wallpapers
  • De-clutter your house; get rid of the extra things in your home
  • Keep the decor to a minimum
  • Remove the carpets which cover the whole floor
  • Mow and clean the lawn, whether it’s a front or a backyard
  • Get rid of invasive plant species or climbers
  • Keep your pets at pay (while walkthroughs)

We comprehend a house is not just a structure it also has many memories attached to it. Suicides or violent deaths in a home can be a big reason for people to back out from buying it. It is advised to disclose little details to build transparency with potential buyers to avoid hassles later.

The Takeaway on the Value of a House

Selling a house is a daunting task and there are multiple things that may add to and reduce the value of your house. If you want to sell remodeled houses or you want to sell your house as-is, get in touch with Elite Properties. We buy houses for cash which allows you to employ the yields of the sale as per your preferences. Additionally, we buy houses in any condition that eludes the hassles of maintenance and legal processes.

If you have other queries related to the topic or you want to know more about the home selling process call us today at 718-977-5462.

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

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

Find Properties Around The Locality

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

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

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

Invest In A Good Neighborhood

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

Walk-Through Of The Distressed Property

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

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

Know About The Local Laws About Foreclosure

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

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

Seek Professional Help To Cut Down Time

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

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

Keep Finances in Place

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

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

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

We Buy Houses in Any Condition

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

      Last Words, Before You, Make an Offer

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

          Style Selector
          Select the layout
          Choose the theme
          Preset colors
          No Preset
          Select the pattern