Homeownership is considered to be the priority goal when it comes to vision slate of Americans. It has been contemplated as a sign of financial stability among the majority of American communities since ages.

This is why, the thought of losing home can be draining, not just financially, but, emotionally as well. If you’re facing a daunting situation where you’re not able to pay the mortgage payment, or you’re already in arrears then, it’s time for you to take the complete charge and identify reliable ways to get out the labyrinth. Otherwise, it may lead to repossession of your home.

What Is Repossession?

Repossession is the stage just before foreclosure. Foreclosure occurs when you fail to pay three consecutive mortgage installments whereas, the process of repossession starts when you miss your first monthly installment. Your mortgage lender would ask you the reason but, allow you to pay the pending installment the next time. In real estate language, this stage is termed as ‘arrears’.

However, if you still lose out the due installment, you won’t be provided with a grace period. The lender will issue a warning letter against you declaring that you can be evicted from the house at any time and the lender would have the right to sell your house. To avoid such a scenario, you’ll have to repay the outstanding mortgage debts immediately.  If you cross this stage without taking suitable action, your house falls in the foreclosure category directly.

Here are the best ways to avoid repossession of your home…

Evaluate Your Budget

Understanding the bifurcation of expenditures and income holds extreme importance. Many families follow specific guidelines for their monthly expenses considering the single revenue source.

For example-

• Housing – 35% (rent, mortgage, taxes, repairs, insurance, and utilities)
• Transportation – 20% (gas, oil, repairs, insurance, parking, public transportation)
• Debt – 15% (credit card, personal loan, student loan and other debt payments)
• Other Expenses – 20% (groceries, medical bills, prescriptions, clothing, and personal items)
• Savings and Investments – 10% (monthly contributions to retirement, investment portfolios or savings account)

Rendered percentage above are subject to change or are tentative as the needs and family size vary from house to house.

Mortgage Payment Protection

If your emergency funds are not apt to fulfill the payment then, the next step you can take is checking whether you’re entitled to any benefits such as mortgage insurance. Mortgage Payment Protection Insurance (MPPI) is designed to cover the mortgage payments in events such as mishap, sickness or redundancy which are some of the whys and wherefores which eventually halts your income source.

Communicate With Mortgage Lenders

The moment you fail to repay your mortgage installment you ultimately fall into arrears. In such case, the lender will contact you through legal and private mediums that are calls and letters. If you miss subsequent repayment demands, the lender can rightfully start property repossession proceedings against you. It is advised to respond to the calls and repossession notices regularly to evade such circumstances.

As a precautionary measure, you can ask your lender to modify the term or negotiate the mortgage installments to make the repayment more affordable. Also, do not pay any extra fees or monthly charges if you have already made an agreement of repaying arrears.

Rent Your Home

If you have an alternative place than your home to stay, you could move out of your home and rent it to tenants. Consider having a conversation with your lender prior migrating out of the house as they may charge a higher interest rate on the mortgage if you no longer reside there. Make sure the amount you charge as rent to the tenants, should cover the mortgage payment inclusive of the extra costs of being the landlord.

Renting your home or a lodging a part of it would help in increasing your income which aids you in faster repayment of the mortgage.

Sell Your House

Selling property in the market might not assure inevitability, but it might be the only way to stop repossession. If you are not able to keep up with the repayments or due to some financial crisis you should act quickly and sell your house.

There are several companies that make a proposal based on the current value of the property. Such companies have the cash and infrastructure organized to expedite a purchase, giving you certainty concerning price and timescale, ultimately providing you a higher value of the property. Companies like ‘Elite Properties’ buy houses within 3 days in all cash offer.

‘Elite Properties’ is one of the companies that offer you, we buy houses for cash service in New York in your crucial time.

Final Word

Mentioned above are the tips to avoid repossession of your home that would surely help in your crucial times. Furthermore, you can contact reputed real estate companies in NY like ‘Elite Properties’ for smooth sailing of circumventing the repossession of your home.

Being one of the renowned facilitators of real-estate services in NYC, they assist their customers in every step. Therefore, keep patience, connect with Elite Properties.

Purchasing a second home takes plenty of financial and mental planning. Beginning with the organization of your budget, assessment of your savings and finally investing in the property of your choice. Whether you are looking for some profitable investment returns or a second home, we have a few tips to keep in mind while buying.

Understand Your Needs

The investor must understand his or her needs while buying a second home – a good investment only suffices on proper planning. Asking questions like, Why do you need a second home? Where do you want it (in terms with the location concerned)? Are you looking for profits out of this investment? What type of home do you want to buy? – will help in understanding the requirements better.

Factually, there is a thin line between investments and expenses. No buyer would like to exceed the limit of expenditure while thinking of an investment. Further, needs to can differ from an individual buyer or a family – considering who the buyer is. Inclusive of factors such as cost, location, and maintenance of the home relies on the amount spent.

Plan A Budget

One of the most useful tips to invest in a second home is planning on the budget. While many expenditures depend on a single income source, it is essential for a person to get the stats right.

Now, you might want to tally your budget by calculating all the foreseen expenses, which are basic home utilities, repairs, plumbing, maintenance, property taxes and also mortgage rates. The cost of repair also depends on the type of home you are currently living in, whether it is a condo, a duplex, a bungalow, townhouse, etc.

Assess Your Savings

If you are planning to buy a second home, it essentially becomes a point to optimize your savings. The savings in the bank helps in making the down payment of the second home, giving an idea on how many EMI’s you might obtain in the coming future with added interest rates.

The capital in your bank saved could be assessed by considering the mentioned points below:

Clearing Debts

The lenders will have a look at your past purchases like car loans, student loans, etc. including credit card statements to make sure you have no debts to repay. To qualify for a second home mortgage, the buyer should not surpass the limit of a certain percentage on the pretax income.

Online Calculations

While doing research always have a look at the markets online, there are smart money and budget calculators that help in deriving the approximate debt. Such online platforms show how much money one can afford for the down payment of a second home.

Long-Term Financing

Unlike others, you might also want to make a down payment of your second home in the combination of savings and a loan. The higher the down payment, the lesser would be the loans’ repayment amount, the least amount is of 20% that has to be paid by the buyer in regards with purchasing price of the home.

As the percentage might be on the higher side for some people, channelizing your payments according to the ratio is important. Following points like, borrowing an amount against the life insurance policy, refinancing your car and using the equity in your primary home are some of the best options available.

Apply For A Mortgage Loan

It is always very strenuous while applying for the second mortgage loan as the verification processes are much strict. As you are applying it for the second time, credit score requirements are slightly higher for the second home than for the primary one. A buyer’s debt-to-income requirements are based on the size of down payment and credit score.

Determining an affordable mortgage, inclusive of the hidden costs is also a point to be stressed. Other options like FHA, VA USDA, HELOCs, and conventional mortgages are also available for you to make the right decision at the first place.

Hiring A Real Estate Agent

Investing in a second home is quite tricky, an experienced realtor will always help you understand the market better. The advantage of hiring a real estate agent in NYC provides you with a wide range of properties in your location.

There are many benefits of having a real estate consultant at your side. After you have hired a consultant, you won’t be doing the research on your own. Less is more – as you cut down the burden of paperwork and legalities, everything becomes a fair play. One must read the clauses carefully prior approval and further proceedings.

Bottom Line

If you are thinking of buying your second home and looking for assistance, you can get in touch with reputed real estate company in NY like ‘Elite Properties’. They will definitely help you find an apt solution for real estate related issues.

Property values have levitated and tumbled over the past decade, but one thing will always remain the same, the value of your home will be associated with the value of other homes in your market. Many homeowners know the amount they have invested in their property including monthly mortgage, but not everyone knows what the current value of their property holds. So, how does it matter? If you are intended to continue living in your current house for the foreseeable future and repaying mortgage then why would you care about its current market value?

There are a whole lot of reasons to know your home’s current market value such as – Insurance purposes, financial future planning, property tax, relocation, downsizing or trading up, the possibilities are so many.

Online Research

In recent years, a proliferation of online resources has emerged to provide you with an answer before you actually consult any person of the specialized field. There are many websites at your service which offers an online home value evaluation. Such platforms help in examining the data for an estimate.

You would be asked to enter information about the property. Such as detailed measurement of the carpet area, super built-up area (in square feet), date of construction – completion, and the number of rooms etc. After you have entered all the information given above, the online estimator will evaluate the property’s market value.

Other public records like property transfers, deeds of ownership along with tax assessments could predict your home’s value based on recent sales and listing prices.

BPO or CMA

In real estate broker price opinion is often associated with short sales and foreclosure, but many homeowners and companies like relocation firms call for them. While collaborating with buyers and sellers for listing price or examination value before acquisitions, real estate agents do a comparative market analysis.

A BPO or CMA is another method of estimating your home’s worth. Such evaluation methods rely on the recent sale value of similar properties in the local area or vicinity.

FHFA Index Calculator

Homeowners that wary AVMs could opt for FHFAs House Index Price calculator. The Federal Housing Finance Agency’s House Price Index (HPI) is a broad measure of the movement of single-family house prices. The HPI calculator gives you an idea of how much your house is worth, and how the value of it has changed over the past years. The calculator is designed to help you understand the estimated value of your house.

Hire A Professional Appraiser

An appraisal is mandatory for any lender prior approving a mortgage, and to carry out an estimate. Hiring an appraiser is essential for a proficient outlook.  He will assess the condition of your home and provide an expert opinion on its estimated market value.

Things an appraiser will consider before evaluating the property is-

• Verification of property’s existence, acknowledging the location and address in detail

• Examination of the outdoors

• A 360-degree evaluation of exteriors of the home or the respective property

• Listing down pros like – lakes, shopping centers, park, etc. will add up to the seen desirability of the home

• Verification of the area in square footage for accuracy in database

• Evaluation of the prevailing room numbers

• Current conditions of the attic, basement, and garage including their measurements

• Checking for damages (if any) in the property

• Testing functionality and appearance of permanent features such as built-in appliances

• Testing workability of the HVAC systems

• Comparing recently sold homes in your area with your property to determine your home’s market value

Why It Is Important To Know Your Home’s Value?

If you are on the seller’s board then it is incredibly beneficial for knowing the property’s worth, as it helps to derive the estimate or listing price. Even if you are not planning to sell the house, it still stands useful for many reasons.

The benefits of finding a home’s value doesn’t end with a purchase or sale: Refinances, home equity lines of credit, insurance premiums and annual property taxes are all based on home value

Determining a property’s worth would allow evaluating affordability for things in the future.

How To Increase Your Home’s Value?

Little alterations make a big difference! There are many low-cost ways to add value to the home. Homeowners that can afford renovations can opt for it, given below are some points you can consider to increase your property’s worth –

• Spacing up and removing excess or unwanted furniture

• Upgrading your kitchen, repairing breakages and polishing helps grab the attention of a buyer

• Beautify and keep the bathroom clean

• Painting dead walls and adding beautiful pieces that adds to the beautification of the place

• Replacing upholstery, rugs, and carpets

• Hire a certified home inspector

Final Word

The tips for the assessment of your houses’ worth given above would surely help you, whether you want to sell it or just for an idea about the investment you have made till date in your property.

Furthermore, you can contact reputed real estate companies in NY like ‘Elite Properties’ to keep you safe from real estate crisis and help in the smooth sailing of your plan of action for the coming times.

Selling a house is way more complicated than it seems to be. You have to take care of every in and out for ensuring a profitable deal. Of course, you’ll decide the price to sell your home but, still, you may fall in the pitfall of hidden costs and lose a handsome amount of money. Therefore, before you proceed to put your home for sale, you must be familiar with basic home selling issues and legal ramifications.

Here is a detailed list of hidden costs of selling a home in NY…

Pay Off Mortgage

If you have had taken a mortgage loan for buying a home then, it is crucial for you to pay it off prior thinking of selling the property. Legally, you can’t sell your home without paying your pending mortgage payments. The buyer might sue you for a fraud deal in future. To avoid such complications, we suggest you first complete your loan and then only think of the other way around.

Property Taxes

There are so many cases filed against homeowners in NY who didn’t settle the property charges and sold the home linearly.  However, the law states that you can’t enforce the buyer to pay the property taxes on your behalf. Once you sell your house then only he/she would be responsible for paying property taxes. Similar to the mortgage loan, you must clear out any outstanding property taxes.

Deed Transfer Tax

Since you want to sell the property in NY, you will be subjected to deed transfer tax or realty transfer fee. Most people get confused and consider it as property tax. Whereas, it is altogether a different entity that the government levies upon the seller as a part of the home selling process. When the buyer and seller agree on a fair market value of the home, they need to contribute some percentage of it to the government. Its value varies according to the states. For instance, you’re selling the home at $500,000. The government may ask you to pay 1% of the total amount. In another state, they may ask for a 2% share.

Estoppel Letter for HOA

If you are a member of Homeowner’s Association (HOA) then, you will require an estoppel letter or certificate from their end mentioning you’ve cleared all the pending dues or payments. The letter should include the name of the homeowner, their address, a brief description of the property, and the date of clearance of pending fee along with the authorized signature of HOA board member. Here, both the seller as well as the buyer is liable to pay the default fee. Therefore, speak to the buyer before finalizing the price of your property.

Home Inspection Charges

Sometimes, what happens is, people, ask for too much money while selling the property and end up disappointed. The reason is quite simple – Nobody will pay according to your expectations. Parameters like your neighborhood, condition of your house, and amenities it hold play a pivotal role in determining the fair market value of the property. Therefore, for deciding a fair market value of your house, you should hire a home inspector.

Attorney Counsel Fees

If you don’t have much knowledge about what legalities needs to be done while selling a home, it becomes imperative to contact an attorney counselor. They can help you understand the legal matters involved in selling a house in NY in details. Don’t be stressed about the fees because it is a plus point for you. An experienced attorney will ensure your documents are processed in the correct way. Furthermore, you can impart the perspicacity to your friends and relatives whenever they face a similar situation in the future.

Home Preparation Costs

In most cases, home sellers expect that the buyers would pay for the repairing and maintenance costs. To be honest, there’s nothing wrong in that. But, when it comes to negotiating the price of the home for sale, homeowners demand a high amount. This practice is not right. Homeowners should understand that the closing costs are directly proportional to the home selling price. So, as a home seller, if you’re asking for basic repairs, you’ll have to deduct its prices from the final market value of your home.

Closing Costs

All the above-discussed points fall under the closing costs. One needs to go through the entire process for closing a fair deal. However, if you feel that this procedure is exhausting and byzantine, you can simply contact an experienced real estate agent in NY. From handling the paperwork to listing your property for sale to closing the deal with 100% profitability, they assist you through and through.

Real Estate Company in NY

There are thousands of real estate companies in NY who claim to close the deal within a few days. Howbeit, that’s just an advertising gimmick. Don’t fall in the honey trap of fraudster real estate firms and choose a reliable and trustworthy real estate company like ‘Elite Properties’. After serving in New York for almost a decade, ‘Elite Properties’ is counted among the top-notch real estate facilitators in New York. Transparency is the main feature that drives their business. Therefore, you can approach their team for a hassle-free home selling experience in NYC.

The Bottom Line

A crystal-clear communication with the buyer and maintaining a fair practice in terms of fulfilling necessary legalities is the key to getting a favorable home selling deal. Furthermore, the guidance of an experienced real estate company such as ‘Elite Properties’ can also prove fruitful. Take your time and decide your plan of action. We wish you all the success.

My kitchen interior seems like vintage, cabinets are broken, the roof needs replacement, plumbing work needs to be done, and I don’t want to indulge in a complete makeover…Is there any way to sell my ugly house fast?

Yes! Not only you can sell your ugly home, but also sell it fast. We have figured out some crucial ways which can foster the home selling process without investing much. Have queries? Let’s address your queries one by one.

My House Doesn’t Have Proper Amenities…

That’s a worrisome matter because any potential buyer would definitely have some expectations. Maybe they won’t ask you for a polished home altogether but, they will ask you for basic necessities like decent flooring, plumbing work, adequate space, and a good neighborhood. For this reason, you must do a home inspection; make a list of things that your house lacks and then, take proper actions to meet those needs. In addition to that, do take care of your space in terms of cleanliness. A clean and tidy home can foster the chances of selling ugly home fast. If your budget allows, do hire someone for the maintenance of your home until it gets sold.

Should I List My House on Websites?

We won’t deny the fact that listing the house on top-class websites is important but, before that, you must prepare your house. Preparing the house for property listing will require a sanitized space and its high-quality images. Poor quality images can leave a wrong impact on the mind of potential buyers. They might not contact you if they feel your property doesn’t match their expectations. Remember that right marketing is the key to get a favorable deal.

Who Will Buy My Ugly House?

Property rates in NY are beyond the reach of a common man. This is the reason there are billions of people in NY who don’t have their own space to live. That being said, people are constantly looking for investing in the real estate market for attaining financial security. If your house has basic facilities, it will surely get sold out soon. If you face problems in finding home buyers, you can take help of legitimate real estate companies. They can help you find decent home buyers and that too within a short span.

What Would Be the Home Selling Process?

The home selling process in New York is quite simple if you are aware of the technicalities of the real estate market. You can refer to various authentic websites on the internet for understanding the crux of the current scenario. Start by searching the prices of the house for sale in nearby localities. It will help you decide a fair rate for your house. Plus, make sure to stay transparent while dealing with potential buyers. As you are selling an ugly house, you must tell the buyers everything clearly and include that in your purchase contract. Otherwise, buyers might create issue during the payment. If the buyer is planning to apply for a mortgage loan, ask them to show their mortgage loan approval documents before proceeding. It will minimize the risks of any fraud activity. Don’t get disappointed even if you lose the potential deal by following the right path. At present, the real estate market in NY is hot, and you will definitely find a genuine buyer soon.

What Can Elite Properties Do For Me?

Being one of the most trustworthy real estate companies in NY, Elite Properties always aim to make their customers content. To be honest, the zealous team professionals at Elite Properties go an extra mile when it comes to selling home for fast cash. From listing your ugly house to handling the paperwork to closing the deal, they assist you throughout the transition. Furthermore, they don’t demand any hidden charges which most real estate agents in NYC might ask you. Therefore, you can completely rely on Elite Properties for a hassle-free home selling journey.

Final Words

Selling an ugly property in New York is not a big deal but, buyers might not agree easily for paying a handsome amount for an ugly house. Seeking professional guidance is perhaps the best way to sell an ugly or distressed house fast. With years of rich experience, the real estate agents can guide you step-by-step. We insist you hire an experienced real estate company like Elite Properties for realistic advice.

The prices of home are quite high in NY. Your colleagues are planning to buy a home. You also want to settle down and desire to have a home of your own.

Amidst all the things: You don’t know how you are going to afford a property in NY. You are clueless where to find a decent yet affordable home. Hold up! Buying a home in NY is undoubtedly better than renting. But, you need a proper plan before making a final decision. Let’s take a look at some crucial points to understand why buying a property in NY is a better move than renting.

Why renting a house in NY is not a good idea?

People who advocate renting the home is better must be either the ones who have given their homes on rent or lack the knowledge of the real estate market in NY. We don’t say renting is a complete waste of money as it is cheaper than buying a home. But, if you look at the bigger picture – it is surely a bad idea. Reason? You are investing a lot of money which you won’t get back. Your hard-earned money is only going to fill your landlord’s pocket. In addition to this, your landlord will likely increase the rent every year. Therefore, renting a property in NY is not at all fruitful.

Key Benefits of Buying a Home

A sound real estate investment is all about taking calculated risks. So, here are the key benefits of buying a home in NY which you must take into consideration.

• A Step Closer to American Dream of Homeownership

Even though you’re going to apply for a mortgage loan and will need to repay the loan amount for a few years down the line, it’s still the wise decision. You will be a proud homeowner once you are free from the mortgage loan. Therefore, every mortgage payment will get you a step closer to achieving the American dream of homeownership.

• Relief in Tax

The tax benefit is possibly the most compelling reason for purchasing a property in NY. You will get benefited while filing for tax return as you are paying a mortgage loan. Therefore, you need not worry about anything.

• Sense of Freedom

You don’t need to take any permission for keeping a pet of your choice or renovating your home. You can act as per your wish. You won’t get such kind of freedom in renting a home.

• Stable Standard of Living

Having a home of your own gives an opportunity to lead a stable life. Children going to the same school and family spending years in the concordant neighborhood are definitely advantageous aspects of owning a home. On top of that, you know the nearby hospitals, banks, and safe routes for commutation as well.

• Financial Security

Having a house of your own that too, in a place like NY is seriously the greatest achievement and an opportunity to become financially secure. With time, the value of your home will increase. For instance, today you brought home in $500,000, after a decade, its price might reach $900,000. So, if you think of selling your house after some time, you might get a good deal out of it.

Are You Ready to Buy a Home in NY?

Before you finally make your mind, answer these questions honestly.

1. Do You Have Emergency Fund Ready?

You never know what may happen tomorrow. Health issues and accidents spare no one. Therefore, it’s imperative for you to have some money in the emergency fund ready. Before, you plan to buy a home, at least have a decent saving which could be utilized during an emergency.

2. Will you be Able to Pay the Mortgage?

Nowadays, the major reason that’s driving a property to foreclosure is the failure of mortgage payment within the given time limit. So, if your monthly expenses are more and if you feel you might fall short of the money, then, it’s not the right time to invest in a real estate property. Take this step only when you are confident enough to manage everything.

3. Do You Want a Stable Life?

Majority of us dream of having a stable life. On the contrary, some people love adventures. Owning a home comes with certain responsibilities. Let’s say your job demands you to relocate every now and then. How would you take care of your home? Therefore, buy a home only when you are ready for a stable life.

4. Do You Know a Trustworthy Real Estate Agent?

Connecting to a trustworthy real estate agent can expound the entire procedure of buying a house. You don’t need to do manual research for finding a home. An experienced real estate agent in NYC can show you multiple numbers of properties in your desired location along with good amenities and chaste neighborhood. Another significant benefit of hiring a real estate agent is you won’t need to indulge in the legalities and paperwork. They will do everything on your behalf. Just read the documents and ensure the clauses and terms are correct.

Final Word

Buying a home in NY is any day better than renting. At present, if you can’t afford to pay a mortgage loan, then the best piece of advice is to start saving and cut down additional expenses. Furthermore, get in touch with a reputed real estate company in NY like ‘Elite Properties’ for dependable home buying tips.

Do you know the average time to sell a property is 1-2 months? It might take longer if your house is in a distressed condition or unsafe locality! With so much competition in the real estate market, chances of getting a good deal are less.

Don’t get disappointed and multiply your stress listening to such remarks, because it’s not always like that. There are thousands of home buyers in NY who are actively seeking a property to live. With proper home selling strategies, you can definitely rack up a favorable opportunity and sell your property fast. Therefore, keep a positive attitude and embark upon your home selling journey.

We have compiled a list of 10 easy and effective tips to sell your home fast…

1. Right Property Evaluation

Every home seller feels that his property is the best. Now, this notion doesn’t emerge due to arrogance or ego it is simply a result of the attachment one has with their house. However, this ‘attachment factor’ may become a barrier in the home selling process. Potential home buyers won’t be concerned about such things. They just want to buy a good property at affordable rates. Therefore, you should take care of the practical aspect and decide a price according to the rates of property in your neighborhood and the condition of your property.

2. Choose the Right Time

There’s always a right time for everything – This saying is true even when it comes to real estate affairs. Logically, summer and spring season are considered to be the best seasons to sell or buy a property because buyers usually explore the properties during the warm season and refrain from going out during the winter season. Therefore, you must pick the right season for selling your house fast.

3. Hire an Experienced Real Estate Agent in NYC

Never opt for a real estate agent who’s offering you services at cheaper rates. Instead, look for an experienced real estate agent who can help you find genuine home buyers. Don’t worry about their fees because they will make sure you get a quick and good deal. So, do thorough research of real estate companies in New York and choose the best one.

4. Clean and Declutter Your Home

Nobody likes a dull and depressing ambiance especially when they have to live there for a long term. Imagine a potential home buyer comes for your home inspection and all he/she sees is a cluttered and untidy home. Will they invest in such a property? To be honest, no one will be interested in such real estate venture. Remember that the first impression is the last impression. So, it’s imperative that you present the home in a decent manner. The simplest way to declutter your home is removing the unwanted accessories and sanitizing the entire space.

5. Make Clever Upgrades to Your Home

Merely cleaning the home is not enough. You have to make some clever upgrades for amplifying the overall look and pitching the buyer for a competent price. If your budget allows, start with a fresh coat of paint, repair the damaged cabinets, and ensure your plumbing, and drainage system is in working condition. In addition to this, hire a caretaker who will maintain the home until it gets sold.

6. HD Images for Property Listing

Property listing is a great way to convey to the buyers that you are interested in selling your home as soon as possible. Furthermore, the majority of people check the images on the property listing page before they proceed to contact the home seller. Poor quality images of your home can make the home selling opportunity slip off your hands. Therefore, hire a professional photographer or ask your real estate agent to do the needful. This investment will surely prove fruitful.

7. Emphasize on the Best Features

No house is perfect but, every home has a USP (Unique Selling Point). For instance, you might have a sea-facing house, or your house might have a larger space. You have to figure out the best feature of your home to convince the buyer for closing the deal in a hassle-free way.

8. Traditional Way of Advertising

In today’s world, where everyone relies on modern means of advertising, you can try advertising in a traditional way. By ‘traditional way’, we don’t mean printing ads in the newspaper, simply by word of mouth or putting a huge signboard on your home can work wonders. You can also put an ad on the backside glass of your car.

9. Harness the Power of Social Media

If you are tech savvy and don’t believe in traditional methods, try to be a little creative and adapt unique ways to advertise your home for sale because the online advertising competition is very high in real estate market. You can start by shooting a video of your home and share it on famous social media platforms like YouTube and Facebook. In addition to this, you can make a catchy post and ask your friends to share it with their contacts.

10. Behave Politely with the Potential Home Buyers

We are so focused on commercial aspects that we often overlook the power of polite behavior. Sometimes, polite behavior can invigorate a trust level on the home seller and help them crack the deal smoothly. Therefore, no matter how tired or frustrated you are, always behave politely with your potential home buyers.

Final Word

These tips will surely prove to be a schlepper in selling your home fast. Furthermore, you can contact reputed ‘we buy houses for cash’ companies in NY like ‘Elite Properties’ for greasing the wheels of your home selling jaunt. Being one of the renowned facilitators of real-estate services in NYC, they assist their customers at every step. Therefore, keep patience, connect with Elite Properties, and soon you’ll find a perfect buyer for your home.

Perhaps you don’t have money to take care of your existing home or pay your property taxes. Maybe you are struggling to meet the routine expenses and need a pronto solution to get over it. You might have thought about selling your distressed home many times but still never took any step due to the emotional attachment you have with the home. This is where you’re mistaken. To be honest, wasting time in analyzing the situation won’t do anything. A stitch in time saves nine. Therefore, you should sell your distressed home as soon as possible and utilize the money to buy a new property in NY.

How to Proceed for the Home Selling Journey?

Here are some distressed home selling tips that you must think upon before listing your property for sale.

Right Pricing is Essential

In the first place, you need to decide on a proper value for your home. Keep in consideration that distressed properties are sold at lower prices than the market rate. However, you need not intentionally lower down the price because almost every buyer bargains while buying a property.

For instance, you want to sell the property for $400,000. Now, if you ask for the exact amount to the buyer, he/she will definitely bargain. You’ll be lucky if someone’s ready to pay the price you wish for. But its probability is 2 in 10. So, tell the buyer slightly a high price to get a favorable deal. We suggest you do thorough research of the distressed house prices in NY and fix a selling price which would get you a price at least nearby to the marginal profit.

Focus on the Best and Repair the Rest

Your house might not be in good condition but, you can still sell it easily. For that, you’ll need to do homework. Simply make two lists comprising the best and worst features of your home. The best feature list is your weapon to manipulate the buyer to pay you a decent price. At the same time, the worst things list will also be helpful in the home selling process.

See, you can’t expect the buyer to pay a high amount until and unless your home has all basic facilities such as good flooring, drainage system, and proper electrical wirings. So, whatever falls under your worst features, try to repair them. If it’s very costly, then, leave it. Otherwise, make sure you’re providing all basic necessities. Having said that, keep your focus on explaining the best features of your home to the buyer. Convincing the buyer in a positive way will definitely prove fruitful.

Cleaning Can Work Wonders

It’s totally okay if you can’t invest much money in repairing your property. But you can surely clean the house by wiping down the kitchen cabinets, mopping up the old floor tiles, and getting rid of clutter in the porch area. A clean and tidy house will leave a good impression on your homebuyer even if your home lacks other things. Can’t even afford to hire a cleaner? Do it yourself! It won’t be a cake walk but, you’ll definitely save a lot of money. Simply buy vinegar or bleach solution and garbage bags for cleaning and organizing your space. It won’t cost you much. You can further involve your friends and family to do the needful.

Honesty is the Best Policy

So, you have made two lists, and you’re confident you’ll sell your distressed house like a pro. But, is there anything that you don’t want to disclose to your buyer? It could be anything, like your neighborhood is not that good or commutation is a problem in your area. If there’s something worth telling which you want to hide because you want to sell your property, you’re heading in a wrong direction. Dishonesty is never acceptable whether in a relationship or in a business deal. It could happen that your buyer gets to know such things from outsiders and he/she cancels out the plan of purchasing the distressed property. So, it’s always good to maintain transparency.

How Can Elite Properties Help You to Sell Your Distressed Home Quick for Cash?

If you want to sell your house fast for cash, you can contact Elite Properties. It’s one of the trust-worthy real estate companies in NY. Experienced real estate agents at Elite Properties have helped thousands of people in NY to sell their distressed properties in a hassle-free manner. They take care of everything right from managing essential repairs to property listing to legal paperwork to making a fair offer.

Final Word

It’s natural to have an emotional attachment towards your home. But, if you look at the bigger picture, someone else will get a shelter because of you. There’s no greater satisfaction than seeing someone happy because of you. Follow the above-mentioned steps, keep a positive attitude, and prepare your distressed home for sale without any tussle. We wish you good luck!

The word ‘foreclosure’ may seem a nightmare, especially if one’s willing to buy a home in New York. However, there’s no need to fear a foreclosed property. Today’s scenario is completely different in comparison to the real estate market milieu that existed five years ago. At present, banks have started a renovation policy before shortlisting the home for property listings. At first, they inspect the home in foreclosure and do all the necessary repairs which is a huge advantage for buyers as they don’t need to spend money on repairs after buying the foreclosed property. That being said, some of you might still be in a dilemma of whether to buy a foreclosed home or not. So, we have rounded up top 5 advantages of buying a foreclosed home. They will help you make a sound investment decision.

Go through the following key advantages of buying foreclosed home and then make a decision by yourself…

1. Great Investment Opportunity

A foreclosed home is a great investment opportunity for buyers because it’s available at cheaper rates than the actual market value. How’s that possible? It’s quite natural to have this doubt. So, let us explain to you some details of the foreclosure process. Foreclosure occurs when a homeowner fails to indemnify the mortgage payments, and the bank/lender puts the property for sale for compensating the financial losses. This is why they sell the property at low rates just to get the remaining amount out of it. Further, your monthly mortgage payment would also be less.

2. Move-in Ready House

Getting a move-in ready house is a compelling reason to buy a foreclosed house. As discussed earlier, nowadays, the lenders/banks do all the necessary repairs in advance. Why? In today’s world, everybody seems to judge a book by its cover! One may not pay even the marginal rate if the home is in a distressed condition. Therefore, the lender makes all the required repairs beforehand. This clearly depicts that you don’t need to invest money as well as your precious time to get things done. You can shift to your home as soon as you complete the legalities.

3.Foreclosed House in New York

We have good news for foreclosed property buyers which could be a bad one for the foreclosed property sellers. According to a recent real estate survey, nearly 40% properties in New York City are in foreclosure. To be honest, this is quite a big figure. This interprets that foreclosed home buyers have a plethora of good properties to choose from. One can bargain and purchase a foreclosed house which suits their needs.

4. Better Neighborhoods

Foreclosed homes can be a boon if you have always dreamt of living in a posh site in NY. Let’s say there’s a home located in the central area of NY with a net worth of $500,000. If that home falls into foreclosure, its prices could lessen up to $250,000. You can encash such opportunities and be a proud homeowner in NY. In a nutshell, you can easily afford foreclosed properties in elite localities which otherwise could be costly and even beyond your budget.

5. A Step towards Bright Future

Even if you don’t want to shift your house, investing in a real estate property could be fruitful. You can buy a foreclosed home in a good locality and give it on rent. This way, you’ll be able to make a passive income and have a property of your own. This is perhaps the best way to gain financial security.

How to Proceed?

First and foremost, decide on the type of foreclosed property you want. After that, make a note of all the amenities and features you seek in a home. Once you are clear about your home goal, contact a reputed real estate agency in NY for exploring your foreclosed property buying options. They’ll not only help you throughout the foreclosed property buying transition but also, rationalize all the paperwork and legalities.

Conclusion

Do you seek a property in NY with a good neighborhood? At low prices? Keeping in mind all the above-mentioned benefits, a foreclosed home is the ultimate answer! Bear in mind that – Two heads are better than one. Therefore, contact a trustworthy real estate company in NY such as ‘Elite Properties’ to get the most out of the foreclosed home deal.