Staging is a way to market your property for better profits.

What is Virtual Staging?

Like traditional staging, it is an innovative marketing technique that showcases multiple features of your house. It is a method to entice prospects and convert them into buyers. If you are planning to sell your house, then you must try to impress potential buyers with virtual staging.

A virtual staging as the name says is done virtually with the help of computer software that shows various uses of spaces/rooms. It includes demonstrating the potential placement of the decor, furniture, accessories, appliances, etc., in high definition.

Ideal Spaces For Virtual Staging

To begin with, virtual staging is best suited to vacant properties. If your home is occupied with furniture and other stuff you might want to opt for traditional staging. Although vacant homes, homes with obsolete furniture, and houses that have tenants are ideal spaces for staging. 

What Is Better, Virtual Staging Vs. Traditional Staging?

When it comes to staging, this staging is a lot cheaper than a traditional one. A traditional staging will cost you several hundred dollars a month although, it is completely dependent on the stager you hire. Additionally, the prices may vary depending on the type and quantity of furniture you rent and the number of rooms that require staging. On the other hand, this staging may cost you anywhere from 39-199 dollars per room. Again, this is all reliant on the contractor, the number of rooms, the location, and the spaces that require staging.

Pros And Cons Of Virtual Staging

If done right, it can be a great way to sell your house fast. You will need a professional stager and will have to work with a reputable company with a wide and fine portfolio of completed projects.

Pros of virtual staging –

• Highlight the best features of your room/house
• Cost-efficient
• Best way to entice buyers and sell properties online
• Customizable to stage the number of rooms

Cons of virtual staging –

• Can be a little expensive while remove furniture or other items from pictures
• Can be difficult if the room is occupied unless you have vacant room pictures handy
• The furniture and decor are not real and only exist in a virtual space

Pros And Cons Of Traditional Staging

­A traditional staging doesn’t always require a professional stager. Although, hiring a professional provides an eye for detail and creates a space that entices buyers. Besides, there are some pros and cons of traditional staging.

Pros of traditional staging –

• Provides a real-life perspective while walkthroughs to buyers
• Can make spaces appear larger and enable buyers to gauge the size of the space
• Does not require a professional stager

Cons of traditional staging –

• Can be on the expensive side
• Extra upfront costs for furniture and decor
• Can be an extra pile of work as the market can be uncertain in terms of selling your house

Virtual Staging Mistakes To Avoid

Hiring a virtual staging company that is not up to the mark can be a potential mistake. The virtually staged pictures must look so realistic that buyers fail to recognize it’s computer-generated. 

Other mistakes most people make are –

• Buyers tend to imagine things as they are shown virtually. It is vital to provide buyers with vacant and staged room images that offer a better perspective to their imagination.
• The second mistake is staging the house for the worse instead of making it look appealing. Remember overdoing the furniture and decor will only make the room look chaotic and not pleasing.
• Lastly, using virtual staging when it’s not needed. If your property looks fine just by shifting furniture and changing the rugs then it is advisable to avoid this type of staging.

Is It Possible To Sell Your House With Virtual Staging?

Virtual staging can be a big asset while you sell your house. Although, there are some points you might want to touch down before hiring a staging company. Avoid over or underdoing, creating a balanced look will do wonders. Virtual staging can help you sell your house fast, but if you want to avoid the hassles of hiring a stager you can sell your house as-is to Elite Properties NY. Call us today at 718-977-5462 and learn about how to sell your house for cash.

When it comes to a home selling process in real estate, selling psychology is always a part of it. When you sell your house there’s always an underlining message you put out for your buyers. You may not be aware of it but you’ve been sending these messages to buyers secretly. In these cases, you might want to send the right message to potential buyers. It is essential to understand the demography of buyers and your locality. For eg: If there are grad students residing in your neighborhood or there might be a retired couple. When home selling psychology comes into play, you have to picture who your ideal buyer is and think accordingly from a buyer’s perspective.

Clutter Can Be A Strong ‘NO’ For Buyers 

For a buyer, it is important to feel homely while picturing themselves in the house they’re visiting. When you have your personal belongings lying in the house while walkthrough, sellers may feel a bit intrusive. No buyer should feel as they are invading your personal space rather should feel homely and imagine themselves residing there.

What’s The Solution?  

Cleaning up personal items such as trophies, family portraits, collages, etc. can help avoid such awkward situations.

Take Time In Preparing Your Home     

Buyers will never make significant changes in the house unless they’re a real estate investor. If a buyer has infants or toddlers in a family they’d not buy a house with a pool or lavish landscapes. Besides, even staging your house excessively will have certain drawbacks. In order to keep your home tidy, you don’t necessarily need to stage it. A well-planned staging with minimal neutral upgrades can sell your house fast for cash. Eventually, it is vital to understand the buyer’s demography and make upgrades accordingly.

What’s The Solution?

As it might be difficult for you to understand initially who your buyers are? You can always switch to keeping the tone of your house neutral. Having a neutral room can allow buyers to put ideas into perspective. However, you can do basic upgrades like plumbing and fixing the roofs, etc., and avoid extra decor to make your house look beautiful.

It Is Important To Have A Purpose

Defining the purpose of each room can sell your house fast. Most people have a room for multiple purposes. For eg: A storeroom, which is also your gym or office space that has a play area. If this is the condition of your rooms as well then you might want to start defining the purpose of each room. Setting a room that is multifunctional can be practical for your family. Although, as a potential buyer it can still be a little confusing for them to understand the purpose of the room/s.

What’s The Solution?

If you have a total of 3 rooms excluding the kitchen and living area make sure the other three rooms are plain and neutral. Avoid creating chaos by having a multipurpose or multifunctional room while selling your home. Let the buyers have the advantage to think about how the rooms can serve their purpose.

Sell Your House With Elite Properties

A traditional home for sale method will require money, time, and energy. You can contact Elite Properties they are cash buying company that provides cash for homes New York. Selling house to a cash buyer (selling psychology) is much feasible as they don’t charge you any upfront costs. You can sell your house within 3 days in any condition and we will pay your closing cost. Call us today for an offer at 718-977-5462.

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.

If you are a damaged property owner, you are certainly looking for selling your damaged house fast. Houses with damage prove to be a big cost consumer. It clutches a lot of repair costs that can’t be covered just by your equity. We understand selling a damaged house is frustrating and stressful as it needs repairs and your situation as a homeowner is desperate. Hence, we would like to provide you with the best options to sell your damaged house fast. Whatever the condition of your house would be, we will promise a guaranteed sale.

Reasons That Cause Damage to Your House

There are multiple reasons that cause damage to your house; natural calamities or peculiar occurrences of events the array is extensive. A natural crisis like strong gusts of wind, heavy rainfall, tornados, hurricanes, hail storms and fire are reasons that damage your house enormously. Other than natural calamities instances like bad tenants, theft and vandalism are also some of the causes of damage to your property. While these instances can’t be ignored, the best way out of it is to sell your damaged house fast. As considering improvements will be extremely costly.

Why Repairing Is Not a Feasible Option?

The reasons stated above can extensively damage your house. If your home is damage due to natural mishaps it will definitely cost you thousands of dollars which is still not enough. These damages require a lot of money that can leave you broke. In some instances, the damages are so major that repairing the house will cost you twice the retail price of your house. Repairing a ceiling or flooring will consume the maximum of your saving while else will only add up to costs. If you’re considering repairing as your option, think twice as it will consume your time, energy, and a big chunk of capital.

While repairing is not a feasible option, you can always think to sell your damaged house fast to buy houses for Cash Company. You can sell your house within 3 days to us at Elite Properties and we will propose to you a no obligation, all-cash offer.  This will provide you with a fair amount of money in hand in return for your damaged house which will help in funding your new shelter.

Location Plays a Vital Role

Similar to other reasons selling your damaged house requires a good location. When you have a damaged house in a bad location, it will certainly require a lot of filtration. People perceive some neighborhoods as bad although the surrounding might be pleasing. In a nutshell, a bad location will affect your home sale negatively.

Let’s take an example, A house near a school is considered a good location while a house near railroad tracks is labeled as a bad location for evident reasons.

If you are residing in a bad location or a bad neighborhood you can put focus on the good points to sell your house fast. The right approach is to lower the price of your house and emphasize the features of your house. If you are residing in New York you can sell it to us, we buy houses in any location.

We Buy Houses in Any Condition

Sell your damaged house as-is to Elite Properties. Selling your distressed property to us will save you money and time. While selling through a real estate agent will take you ages, selling your damaged house to us will cut the repair costs. We will close the deal in less than a week so you can devour the perks of working around your timeline.

The burden of repairing a damaged house is taxing and lengthy, selling it to cash-buying companies is the most convenient way out of the chaos. Elite properties make your life easier with fast closings and all-cash offers. If you want to sell your damaged house fast, call us here at 718-977-5462 and we will buy your house in any condition and at any location.

Are you thinking about selling your house fast? Consider staging, a hassle-free way to lucrative sales and no additional costs to pay. Staging is all about making your home more presentable and enticing for prospective buyers and you don’t even need a professional hand to stage your home. You can do it yourself in the way you would like it to be. It is a great way to eliminate clutter from your home and make it look spacious and attractive without spending dollars.    

Buyers are peachy keen observers, they judge your home in a jiffy with just a single look, which makes it extremely important to stage your home properly. A simple symmetric alignment of furniture or cleaning up the clutter can make a big change in the appearance of your property. Staging makes a big difference in the margin of the sale, learn how staging helps in selling your house fast by following effective tips.

Cleaning Is a Priority

Cleanliness is godliness, we are very thorough with this phrase, but we often forget to apply it when it comes to staging a house. Cleaning is an essential tool to sell your house fast and make buyers believe that you believe in hygienic living. The kitchen and bathrooms should be at the top of your cleaning list, a clean bathroom will always get bonus points while selling your house.  Put room fresheners (mostly flowery smells) clean the dirty stains in the kitchen and bathroom and you are good to go.

Decluttering Of Personal and Unwanted Items

A process that comes in extremely handy while de-cluttering is the “TDS” process. TDS simply means “Toss,” “Donate,” and “Store.” While staging your house, you could go through some massive mess, and decluttering takes forever. You can use the TDS method to get things sorted and sell your house fast.

For example: Toss the used items like clothes, random junk, or e-garbage and donate them to the one who needs them, or hosts a garage sale and sell it for lowballed prices.

Rest, store the things that you really need. While removing the clutter from your storage make sure you throw, recycle or sell the unwanted items to make space for the important ones.  Store your items in a fashion that they are not visible to prospective buyers.

Add Color / Make Use of Dead Spaces/ Accessorize Rooms

While adding a touch of fresh paint might sound expensive we will tell you how to paint walls on a budget. First scrape off the shabby paint from the walls with the help of a sand paper then add a coat of primer and two coats of paint by yourself. By doing this you are straight away cutting of the costs of hiring a painter plus, you can paint the walls according to your choice. Utilize your living room and use the dead wall as your center of attraction. Painting just the dead or the central walls will immediately give a pop of color without doing much work.

Tip: Try using neutral colors that will be loved by both genders, keeping dominant and gender-specific colors slash the attraction of a potential buyer.

If you have dead spaces like lobbies, niches or window corners make use of it. Try arranging low-height seating around the window, and add coffee tables in the niche of your living room. Doing just a little as this will potentially maximize your sale. Buyers love to see how each space can be used to get the maximum use out of a room or house that they are paying for. Accentuating the dead areas and making them livable will provide you with a hefty gain.  

Accessorizing interiors can change the aesthetic appeal of a house completely, which also helps in selling your house fast. You don’t have to buy expensive handicrafts or décor, just cleaning the chandeliers till sparkly clean and adding fresh flowers in the flower vase will do the trick. You can also switch the bright white lights with yellow-toned lights or hanging lights to give a sense of warmth.

Let Natural Light In and Update Upholstery

Cleaning the windows can work its magic. While a walkthrough makes sure all your windows are open in the daytime to let the natural light in. Letting sunlight in makes the space look bigger and wider.

An important point is to clean your upholsteries and draperies. Give a quick wash to your curtains and upholsteries to enhance the appeal of your house. If you have two or more sets of upholsteries and curtains try making a subtle combination of them. Strike a balance between the paint and furniture that will complement and complete your home’s look.

Trim the Extra Greens and Rake the Spaces Outside

Whether you have a porch, a front yard, or a back yard it is important to keep it clean and pleasant. Rake the leaves and cut off the excess growth of plants. Put welcome mats on the porch, add hanging plants on the door and keep away the litter box if you have pets. Doing this will make your buyers feel special and welcomed. 

Increase the Curb Appeal / Make Required Improvements

A quick look from the outside makes the first call for walkthroughs. Buyers often focus on the outsides of a place to finalize a walkthrough. Luring your buyers with appealing exteriors is a must, but how? First off, get rid of the dull painted exteriors. Add big and bold hanging house numbers, get the porch sparkly clean, clean the windows and mow the lawns. These are some points to consider to increase the curb appeal of your house.

If your home is pretty and not functional it’s not worth buying. A buyer might give up on looks for once but not the functionality. Take measures to constantly check your HVAC systems, sewage tanks, water pipes, toilet and bath fittings, etc. to avoid last-minute repairs.

Keep Pets Away, Add Scents to Cover the Odor

If you have pets at your home, try to keep them away from buyers. We comprehend pets are an integral part of your family, but some people might not be pet lovers. Some buyers can be pet friendly while some pet allergic. It is your due responsibility to keep them away until the house tour is complete. It is not just the pets but their litter boxes and food plates that need to wipe out for some time.

Sell Fast for Cash

Everything boils down to selling your house fast which provides you with plenty of profit. If you think the traditional way of staging and selling is too much, you can contact buy houses for cash companies like ‘Elite Properties. They will buy your house in any condition and propose with an all-cash offer post which they stage your house and sell it further to prospective buyers. If you are residing in New York and want to sell your house fast without the hassles of staging and preparing your home for market get in touch with us. You can contact on the given number here 718-977-5462 and they’ll do the rest. 

Selling an inherited property can always be the safest option rather than preserving or moving into it. Inherited property is a beautiful gift that is passed on to you, but with the very same gift comes a burden as well. In such a situation selling the inherited property is the smartest move. If you have never sold a home before, you are certainly going to face challenges during the inherited home selling process. As difficult as it is we will provide you with a full-fledged mode of ‘How to find the value of your inherited property that will help with the process to sell your house fast.

Calculating Cost- Basis of an Inherited Property

The cost-basis calculations of an inherited property vary from other mandatory taxes. The cost-basis calculation is based on the Fair Market Value of the property at the time of the homeowner’s death. It can also be calculated when the homeowner transfers the assets to the descendant.

In case, if the worth of an asset or property drops during or post-death, you can choose a valuation date. The valuation date is six months after the death of the owner. By choosing a valuation date you can help reduce the outstanding taxes on the inheritance.

Note: There are no federal taxes levied on inherited property in some states. Although, few of them still clasp a tradition of levying duties as per the relationship with the person who died.

For example, The spouse of the person who died is not liable to pay inheritance taxes. Whereas, a descendant often pays the duties.

Get the House Inspected and Appraised

It is very important to get the actual value of the inherited property. Getting a home inspection and an appraisal serves to get the actual worth of your property. Before you price your home make sure you hire an evaluator who holds experience with inherited property. There are multiple factors that derive the appraised value of your inherited house. The price of the property is appraised on the grounds of the condition, required improvements, and current market value.

Price Suitably To Sell Your House Fast

People often forget pricing your inherited property high may never lead them to the desired sale profit. We know an inherited property has many memories attached to it although, it is crucial to move on with it. Don’t let the memories decide the price of your house. Weigh your needs and act accordingly, if you are in a rush propose a lowballed offer and get away with the pain of maintaining the property.

You can utilize many online tools to carry out a Comparative Market Analysis (CMA) and get an accurate price by comparing comps. Keep in mind hiring a real estate agent will not come in handy. Selling your home through an agent will take days and months including the agent’s fees and property taxes.

Add “Repair Discount” To the Offer

An inherited property requires endless repairs. You need a big chunk of a separate amount other than extra costs and taxes to pay. As the property is to transfer under your name, you become liable for all the repairs you conduct. You can choose to do the required improvements solely if you have enough time and dollars to spend. You can also choose to give a ‘repair discount’. By giving a repair discount you are eliminating the hassle of performing the repairs yourself, which eventually saves you a lot of time and money. Repair discounts entice buyers as the figure of the property is deduced by some amount.

Capital Gains On Selling Inherited Property

If you have made up your mind to sell your inherited property, you cannot free yourself from the tax obligations. When you sell an inherited property the cost – basis is the date of death or the alternate date (valuation period). If you opt to sell an inherited house fast, your capital gains will be minimal. Although, if you hold onto inherited assets for less than a year you have to give tax as same as it would cost for a year.

For example: If the cost basis of your inherited property is 3 million dollars and the price for which you sold your property is 3.1 million dollars, you are only liable to pay capital gains for the extra one million dollars.

Inheritance Tax Exemptions

Inheritance taxes vary from state to state. The exemptions from inheritance taxes depend on the relationship with the person who died. Generally, the surviving spouse is exempt from the inheritance tax. The closer the relationship with the deceased the lower the taxes levied.

Similarly, the inheritance tax threshold varies from state to the relationship with the decedent. The threshold amount varies from 500 dollars to 40 thousand dollars, the tax rate ranges from 1% to 18%. Usually, a state might charge a 13% tax on your inheritances. 

Sell Your House Fast For Cash

If you want to sell your inherited property fast, contact cash buying companies like ‘Elite Properties’. The company will buy your home as-is in any condition, which means getting away from the hassle of legal processes. Opting for these companies will save you an ample amount of time and money furthermore, they propose an all-cash offer.

When you are proposed with ‘inherited property for fast cash offer’ and have multiple beneficiaries, it is easy to split the yields of the sale. If you are thinking to sell your inherited house fast, we will buy it for quick cash. Get in touch with ‘Elite Properties’ and get ready for a stress-free home selling process.  

Many homeowners opt for a second mortgage which is an additional loan against your home. If planned well a second mortgage can be your savior in bad times or a trap of financial edge. There are many things to keep in mind while applying for a second mortgage. We will provide you with a complete guide about the second mortgage, and how it works. Advantages, disadvantages, and everything you would want to know.  

What Is a Second Mortgage Loan?

A second mortgage means taking a loan against the equity of your home, which means the equity acts as collateral. This loan is also known as a ‘second mortgage’ as you already have a prevailing loan on your property. The amount that a lender offers for a second mortgage depends on the built equity of your home. The repayment of a second mortgage will only proceed only when you pay off the primary mortgage. Usually, the interest rates for the second mortgage are higher and the amount borrowed is lower than of the primary mortgage.

How Does A Second Mortgage Work?

A second mortgage is provided by lenders by employing your equity as security. In such an instance if you have a mortgage on your property or not, you can still secure a second loan by redeeming the equity that was heaping over the years.

The amount given for the second mortgage is calculated by estimating the current market value of your home and subtracting the installments paid for the first loan. For example: If your home costs 300,000 dollars and the remaining debt from the first mortgage is 210,000 dollars then you have collected 900,000 dollars of equity. Here, the lenders may lend you around 60% to 80% with respect to your equity.

Types of Second Mortgages

There are three types of mortgages that fall under the broad term of the second mortgage. The names of the mortgages are –

• Standard Home Equity Loans

A home equity loan is the traditional category of loan where a fixed amount is given to you for a fixed term. The amount remunerated is spread over the span of 5 – 15 years. Once the loan closes you receive all your money in a lump sum amount.

• Home Equity Line Of Credit (HELOC)

A Home Equity Line Of Credit gives you the liberty to draw money whenever you need it until the maximum amount of credit line. HELOCs also have a draw period which is usually 10 years. During this period you can utilize the line of credit while you only pay the interest on your principal. Post the draw period your payments (including interest and principal) are remunerated over the remaining loan tenure.

• Piggyback Loans

A piggyback loan is a category of the second mortgage that acts as an additional loan to your primary mortgage. Instead of trading your home equity for borrowing money, a piggyback loan becomes your supplementary loan. Many homeowners choose to piggyback loans to elude the hassles of PMIs. 

A piggyback loan means using two loans to finance the purchasing of a single property with less than 20% equity. The loan has a ratio of 80/10/10 meaning: you’ll be lent 80% of the amount from the lender, 10% will be provided by the piggyback mortgage and the remaining 10% will be the down payment that you will provide.

Tips for Opting For a Second Mortgage

It is advisable to always make a full-fledged plan before you proceed to apply for a second mortgage. We would like to share some tips on how you can get yourself prepared before applying for a second mortgage.

• Craft a Financial Strategy

Ask questions to yourself like how will you utilize the money from the second mortgage? What will your repayment structure look like? Will you have enough money as a backup for emergencies? Asking such questions will help you plan a better framework for repaying and employing your second mortgage.

• Understand your credit score

Extracting your credit score will give you a better understanding and provide you with options to choose a suitable loan. Your credit scores affect the amount you will be lent hence, it is also important to keep it on the positive side.

• Organize documents

There is a complete list of documents that you need to provide while applying for the second mortgage. Although you might be asked for additional documents depending on what kind of loan you apply for, there are some necessary ones listed below –

1. W2 earnings statements or 1099 income statements for the last two years
2. Federal tax returns for the last two years
3. Bank statements for the last few months
4. Recent paycheck stubs
5. Proof of other income, such as tips, Social Security payments, investment income, etc.

Ways to Use a Second Mortgage

A second mortgage equally stands to be a big amount to spend. You’ll have to put your funds at appropriate places where you can increase your property’s worth. There are some common ways to do so like –

• Home Enhancements

These stand to be the most common choices amongst homeowners as they directly improvise the sale of your home. When your home looks good, it bids for a higher price which means profits and easy repayments.

• Debt Consolidation

A second mortgage has lower rates but, it might significantly change your situation from losing a home to a better repayment structure.

• Education and Healthcare

The second mortgage can provide you with a substantial amount for funding your child’s educational needs like college or tuition fees.

Emergencies are very unfortunate, you never know what surprise life might have for you. It is important to have a healthcare plan with lower interests on your side.

Advantages and Disadvantages of a Second Mortgage

Each thing has its pros and cons similarly, it is the case with second mortgages as well. We will state some advantages and disadvantages of having a second mortgage.

Advantages of the second mortgage

• Large loan amounts become accessible
• You get lower interest rates
• Tax benefits

Disadvantages of the second mortgage

• Reduces your home equity
• Limits the ability to borrow
• Additional closing costs and monthly payment
• Higher interest rates

Bottom line

By now you might have understood the complete process, pros, cons, and a lot about the second mortgage. Although second mortgages are extremely convenient it is also important to determine if they fit your needs.

If you need any assistance with respect to real estate, you want to sell your house fast or have any other requests you can contact us on ‘Elite Properties’ and we’ll provide complete assistance to your queries.

Take each step carefully or you’ll lose it. With multiple processes involved, home selling is a big and difficult transaction. You’ll have to deal with certain things across the lengths of the process to make a speedy sale. There are numerous tips and tricks to make a fast-paced sale as far as first-timers home sellers are concerned.

As nobody explains the whole scenario of the home selling process to beginners. We are here to share the 5 tips for first-time home sellers. The tips below will help you with an effective sale, promising greater profits.

Set Your Home Selling Goals

It is extremely important for you to set your home sale according to the timeline. Ask questions that satiate your purpose for the sale. Your timeline influences differently on how you sell your home and also set a price.

For example: If you want to sell your house fast then you have to propose a lowballed offer. In another situation, if your timeline is flexible, you’ll probably want to wait for some time, make required repairs, and then sell for a higher price.

Prepare Your Home for Sale

There are two phases in which you’ll have to work for preparing your home for sale.

• The first is enhancing the curb appeal.
• Second, make necessary repairs in your home that requires special attention like an ill-fitted drainage system or constantly leaking sewage tanks.
• Lastly, you can choose to stage to attract potential buyers. As a first –timer it is important to keep in mind not to go overboard with staging as it might look fake.

1. Curb Appeal

A buyer will always see your home’s exterior first hence, enhancing the curb appeal of your house is important.

How do you enhance the curb appeal of your exteriors?

If you have a front yard check if the grass is trimmed, the porch is swept neatly, no garbage bags are kept on the front door. See if the exterior of the property does not have any cracks or peels. You can also paint a coat of fresh color if required to make the exterior more enticing.

2. Pre-sale Repairs

If you are thinking about how to sell my house fast. Then the sole answer for it is “Repairs”.

Repairs play a vital role in the home selling process and will improve the expectation of the home sellers. Although, it is important for you to understand over expenditure is a big no as it affects your closing costs. You can start by making a list of minor and major repairs.

Major improvements will consist of curing ceilings, painting walls, bathroom fixtures, etc. whereas minor repairs can be stated as changing upholsteries, polishing the furniture, etc.

3. Staging

While major change requires dollars, minor ones can be covered by staging by spending less money. As staging requires no money, we’ll tell you how it is done.

• You can strategically arrange the furniture in such a fashion that your room looks spacious.
• Change the dull white lights to bright yellow lights to provide a sense of warmth in the house.
• Clean up your upholstery, blinds, and curtains to make them look fresh.
• De-clutter the extra furniture or handicrafts that block walkthroughs.
• Mow the lawn.
• Clean the windows till crystal clear.
• Keep flowers on the center table to add color to the room.
• Put aroma candles in rooms and bathrooms.
• Put carpets and welcome mats.

By performing as little as stated above you can make a big difference in your home sale. Staging attracts many buyers and provides you with a profitable sale.

Research and Decide a Feasible Home Price for Selling

When you are selling a house by owner or self-listing in the market, pricing the home stands to be the most crucial part of the home selling process. A seller will always want the highest bid in the shortest span to close the sale quickly. Carry a CMA (Comparative Market Analysis) and look for a feasible price that suits your needs. Keep in mind the price should also cover your closing costs including improvement charges. A CMA will enable you to understand the current price of the market as well as the neighborhood and locality around.

While listing you can also mention the expiry date on your house’s offer. Mentioning an expiry date creates hustle between buyers further, you can pick the one offer which feels appropriate.

List Your Home in Market

The majority of the home sales take place virtually, potential buyers view listings online to check multiple offers. You can utilize social media to your advantage, click true images of your home and post them on public platforms. Write a beautiful convincing description of the property to engage prospects. You can also do Virtual Tours and Vlogs to give an in-depth look at your home. Furthermore, you can opt for the traditional way of marketing your home by posting ads in newspapers and mass media.

Note: Try to sell your house in the peak season which is spring. Spring is the busiest season which means more prospects and offers.

Sell Your House Fast

Selling your home to “we buy houses for cash” companies is the easiest option when you want to you home sellers. Companies like ‘Elite Properties buy your house as-is and provide you with an all-cash offer. While approaching such companies you don’t have to worry about the staging and improvements. Additionally, you don’t have to worry about the sale season as these companies buy houses throughout the year. As selling a home is a daunting and difficult task companies tagged under ‘we buy ugly houses’ label act as saviors.

If you are residing in New York and are selling a home for the first time then get in touch with us or call us at 718-977-5462, we will buy houses within 3 days and pay you the closing costs as well. Rest assured home selling would be as simple as you could imagine.

Maximum homeowners with big houses wish to keep tenants for a passive income. Although, the dream of having cooperative tenants who timely pay rent hardly exists, in most cases it is non-existent.

In such situations, you tend to feel helpless and are likely to seek help with the home selling process. If you are one of those who are stuck in a rut, then you can learn how to sell a house with bad tenants.

Difficulties That Occur While Dealing With Tenants

Troublesome is the word; tenants are known to be the problem creators of the tiniest issues. There are multiple reasons that landlords are forced to evict tenants or drag them to court. Reasons like property damages, inopportune rent/bill payers, pet owners, whiners, etc. These are some of the difficulties that occur while dealing with bad tenants. Here, you have to make sure that you screen your tenants thoroughly before letting them in.

1) Issues That Landlords Face While Deciding To Sell House Fast

Every issue has a specific outcome. Selling a house that has a bad reputation is impossible, nobody invests in a property that is low in standards. While you are planning to sell your house fast, there are obstacles that influence the home sale. Issues like high turnover rates, late rent payments, legal troubles, constant evictions, and disruptive tenants make it much more challenging. Other secondary things like pest problems, broken appliances, and roofing issues are some of the improvement issues that a landlord faces.   

2) Is It Possible To Sell My House With Sitting Tenants?

Nothing stops you, you can still sell your house fast and list your property on the market. The only struggle will be to spot potential buyers. You’ll have to try hard to collect interested buyers and tell them about the complete tenant situation. If you are still struggling to get access to the property then you are left with two options which are –

• Look for a clause in the agreement that allows access under specific circumstances, where one can legally access property by giving 24 hours of notice.
•  Option two, offer a one-off reduction to the tenants

2.1) Consider Eviction

If your tenant is violating clauses from the agreement you can take legal action. It is highly advised not to lose your calm as it will make things worse. If situations still slip out of your hand then eviction is the only option left. You’ll have to approach a legal upper hand and go through the legal processes. You can contact we buy houses New York companies and get things done. The company will buy your house for cash and also take care of the tenants as well.

Companies like ‘Elite Properties’ will provide you with a fair, all-cash offer. You can sell your house within 3 days in any condition and still get a profitable deal.

2.2) Know Your Landlord’s Rights

The most important thing you would want to note down is the decision of selling the property is not affected by any means. If you have a tenant that has an Assured Shorthold Tenancy Agreement then it gives them the right to stay until the contract expires.

If you have signed an open-ended agreement that has no expiry date then start looking for a break clause that permits you to lay off the tenancy agreement. Lastly, if you are uncertain about the situation then consult a solicitor.

3) Sell My House Fast

Many people get stuck while selling their house, why? People have a misconception that if they sell their house fast, will they receive the cash? The answer is yes. Selling your house to companies that buy houses for cash will provide you with fair deals additionally, they buy your house as is. If your situation is desperate and the tenants are not willing to move out, this is an ideal option for you.

You can also sell your house as is with or without tenants, get in touch with we buy rental properties company like Elite Properties. They buy houses for cash and take care of the rest of the procedures like sending notices to tenants, preparing documents, etc. Selling your home to a ‘we buy houses for cash’ company will make the home selling process quick and keep you away from all the legal hassles as well.

Before You Dive In To Sell Your House with Bad Tenants

We hope you consider the given conduct and try to take each step with utter precaution. In the blog above we have mentioned how to deal with bad tenants and make faster sales. Furthermore, you can contact ‘Elite Properties’ in New York and get all your real estate issues sorted before you end up in a mess.