Is It Time To Downsize Your Home?

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

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

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

Situation 1# Your finances have changed.

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

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

Situation 2# Your household has changed.

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

Situation 3# You’re traveling quite a bit.

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

Situation 4# You don’t want the maintenance.

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

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

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

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

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

Elite Properties Homebuyers

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

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

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

Transactions come in all shapes and sizes, but they usually involve two parties: the buyer and the seller. Once a buyer pays for an item or service, they can take ownership of it. However, purchasing property is a bit different in that there’s usually a lot of paperwork involved before you can claim ownership. One of the most important documents you’ll come across when buying property is the property deeds.

What are Property Deeds?

Property deeds are legal documents that establish the new ownership of real property. Real property is land or anything attached to it, like buildings or roads. A deed must identify the grantor and grantee, and provide a sufficient description of the property. It’s important to understand how property deeds work to ensure a smooth transition of ownership.

Deeds are legal documents and they are used to transfer ownership of property. In order for a deed to be legally binding, it must contain certain information, such as the names of the parties involved, a description of the property, and the date of the transfer. There are different types of deeds that can be used for different purposes, such as warranty deeds, quitclaim deeds, and special purpose deeds.

Livery of seisin was the old-school way of transferring real property. The person giving up the land would hand over a twig or clod of turf to the person receiving the land. A verbal or written statement would accompany the gesture, but it was the livery of seisin that made the transfer legal. Real property is conveyed by a paper deed.

Deeds are often seen as more official than other types of documentation. They are often a result of a court or legal ruling. However, they can also be private. They are executed by a deal between two or more individuals or businesses.

Necessary Information included in Deed

The content of a deed varies depending on the type of deed, but most deeds will include the following information:

• The property description, including its boundaries, adjacent roads, and utilities;
• The names and signatures of the seller and buyer;
• A clause authorizing the transfer of ownership of the property; and
• The final price of the property.

Critical Deed Elements

While each state has its necessities, the majority of deeds must contain several critical elements to be legally valid:

• They must be in writing.
  The majority of deeds come in printed forms and have no legal constraint on them. All it should include are the essential elements of deeds.
• The grantor must possess the legal capacity to transfer the property and the grantee must be capable of receiving the grant of the property. If a person can draw a contract with legal force, that individual is considered to be competent to serve as a grantor.
• The grantor and grantee must be recognized in such a way as to be ascertainable.
• The property must be sufficiently described.
• Operative words of conveyance must exist. All standard form deeds contain the necessary legal language that essentially transfers the property.
• The deed must be signed by the grantor or grantors in case the property is owned by more than one individual.
• The deed must be legally conveyed to the grantee or someone acting on the grantee’s behalf.
• The grantee must recognize the deed. But he can refuse delivery of the deed in certain circumstances.

Types of Deeds

Deeds are of various categories. They may be official or private. Official Deeds and implemented under court to legal proceedings. Most property transactions, though, contain individuals and business entities using private deeds.

We can classify deeds according to the type of title warranties. The different types of deeds are as follows:

General Warranty Deed

The general warranty deed bids the grantee the utmost protection. With this type of deed, the grantor makes a series of legally binding promises (called covenants) and warranties to the grantee (and their heirs) agreeing to safeguard the grantee alongside any prior claims and demands of all persons whomsoever in regards to the conveyed land. The usual covenants for title involved in a general warranty deed are:

• It is the covenant of seisin, denoting that the grantor warrants they possess the property and has the legal right to transfer it
• This is as the covenant against encumbrances, signifying that the grantor warrants that the property is free of liens or encumbrances, excluding as specifically stated in the deed
• the covenant of quiet enjoyment. It signifies the grantee will have quiet possession of the property. And it will be true if the grantor has a defective title.
• There is a covenant of further assurance, where the grantor assures to deliver any document necessary to make the title good

Special Warranty Deed

Whereas in a general warranty deed, the grantor assures to warrant and defend the title carried out against the claims of all persons, the grantor of a special warranty deed warrants that they acknowledged the title to the property and that they have not done anything while holding the title to create a defect.

The defects that arose during the grantor’s ownership are in warranty. Because of this restraint, the special warranty provides the grantee less protection than the general warranty deed. Several purchasers of real estate will assert a general warranty deed to guard against problems that could arise as a consequence of a special warranty deed.

Quitclaim Deed

The quitclaim deed, also called a non-warranty deed, offers the grantee the least amount of protection. This type of deed conveys whatever interest the grantor currently has in the property—if any. There are no warranties or promises of the quality of the title. If the grantor has a good title, the quitclaim deed is essentially as effective as a general warranty deed.

However, if the title contains a defect, the grantee has no legal recourse against the grantor under the deed. A quitclaim deed comes into use when the grantor wants to avoid the liability under title covenants or is unsure of the status of the title.

Special Purpose Deeds

Special purpose deeds exist in connection with legal procedures and situations. It happens when the person acting on behalf of the government executes the deed. Utmost special purpose deeds offer little to no protection to the grantee. They are quitclaim deeds. Below are examples of special purpose deeds:

• Administrator’s Deed: This deed is viable when a person dies intestate. The court-appointed administrator reviews the decedent’s assets. This helps to transfer the ownership of the real estate to the grantee.
• Executor’s Deed: When a person dies estate, the executor’s deed comes to use. The estate’s executor will distribute the asset of the decedent. He will convey the title to the grantee.
• Sheriff’s Deed: A successful bidder at an execution sale receives a sheriff’s deed. It equates to the judgment that has been against the owner of the property.  The grantee accepts whatever title the judgment debtor has.
• Tax Deed: When a property is in trade for delinquent taxes is a Tax Deed.
• Deed in lieu of Foreclosure:  This is a legal document between the borrower and the lender who is in default on a mortgage. The lender agrees to allow the borrower to avoid foreclosure proceedings. This happens if the lender agrees to take the deed instead of foreclosure. Many lenders favor foreclosing to clean up the title.
• Deed of Gift (Gift Deed). Deed of gift transfers Real Estate title without contemplation or token consideration. It is mandatory to record the gift deed within two years in the near states.  

What is Real Property?

Real property is not just a piece of land that you can touch and see, but the real property is also the materials that make up the land, such as buildings, trees, and any other structures. Real property is also known as real estate. It is a legal interest in land and anything permanently attached to the land. Real property can also include items that are above the ground, like antennas. In the US, real property is usually refer to as a real estate.

Real property works in a legal context. It is a property in which there is a real right to possession and use. You have to fill out forms for the transfer of Real Property.

The Bottom Line

However, refer experts from Elite Properties who can assist you in making the right decision.

We are a cash buying company that suggests we provide fast closings. Call us at 718-977-5462 today.

The Department of Veterans Affairs (VA) assures a share of a VA home loan when veterans use their remunerations to buy a home. A VA home loan lets veterans’ avail of home loans with more promising terms than a non-VA loan. You might be wondering how do VA home loans work. Let’s get right into it.

These loans have plenty of benefits, such as demanding no money down, no private mortgage insurance (PMI), and better rates than you might otherwise be able to get. In this blog, we will tell you about the benefits of a VA loan and how they work. 

Definition and Example of a VA Loan

The U.S. Department of Veterans Affairs (VA) doesn’t finance money; loans are provided by private lenders. Still, VA promises a share of the loan that it will cover if you fail to pay, also called the entitlement. This may make lenders ready to offer more encouraging terms for veterans.  Below video consists of how do VA loan work and what are its benefits. 

The VA loan was formed in 1944 to remunerate veterans returning from World War II for their service, by making it easier for them to get into a home with a reasonable mortgage. It continues to be one of the most prevalent mortgage programs today. For instance, in 2021, over 1.4 million VA loans were granted for home purchases. There’s a motive behind the program’s fame, and it has to do with some VA home loan benefits.

How Do VA Home Loans Work?

VA home loans are a fabulous way to save money on a mortgage due to their unique cost-saving tricks. Here are the key VA loan benefits.

1. No Down Payment

For the majority of people, the major benefit of the VA loan is that you don’t need to put any money down. It’s one of the limited outstanding programs that still allows this. Since saving up for a down payment is often a blockade to homeownership for many people, this can be an enormous help. 

VA Loan Savings at Closing

2. No PMI

Usually, if you put less than 20% down with a conventional loan, you’ll have to pay for private mortgage insurance (PMI). This safeguards the lender if you default, and it can tack a heavy amount onto your monthly mortgage payment. 

PMI Savings per Month

There’s no monthly PMI payment with VA loans, even if you put zero down. This excludes a huge cost and makes your monthly payments more reasonable right from the beginning

3. Flexible Credit Requirement

The VA doesn’t have the least possible credit requirement to get a VA loan. Still, individual lenders have credit necessities that you’ll need to meet to qualify for a VA loan. 

VA loan requirements are usually easier to meet than those for an old-style mortgage. Most lenders need a credit score of 620 to qualify. That’s a lot less than the 753 average credit score for traditional mortgage holders in 2020. It’s also stress-free to buy another home sooner with a VA loan if you’ve run into credit hitches in the past, such as a foreclosure (even if it happened on a VA loan). You’ll only need to wait for two years prior to using your VA loan benefits again

4. Assumable

One exclusive benefit of a VA loan is that you can hand over the mortgage to the buyer when you sell your house. After they buy the home and the mortgage is transferred, you’ll be free from the loan, and the buyer will stay back to make the payments.

Having this ability to transfer, the mortgage can be a significant selling point if you locked in a low rate at the start of your loan and rates have gone up since then.

5. Limits on Closing Costs

If you avail of a VA loan, the seller will be required to pay definite closing costs, inclusive of the commission for the buyer’s and seller’s agent and a termite report. It’s voluntary for the seller to pay other fees, such as the VA funding fee for your loan or the appraisal fee.

If you can discuss having the seller pay these optional fees, you can’t ask them to pay more than 4% of the amount of loan

6. Lifetime Benefit

You can make use of your VA loan benefit over and over again for the rest of your life. So even if you’ve ducked on a VA loan in the past, or your Certificate of Eligibility (COE) says “$0 basic entitlement,” you may still be able to get a VA loan. Additionally, there are no limits to the amount of loan you can get.

You may also be able to have two VA loans at a single shot or get a jumbo VA loan if you’re buying a home above the FHFA (Federal Housing Finance Agency) conforming loan limits in your area—$647,200 for most areas and up to $970,800 in high-cost areas.[1]

7. Lower Rates

VA loans have a greater up-front cost with the VA funding fee, which is calculated as a percentage of the whole amount of your loan. The funding fee aids in reducing the cost of VA loans to taxpayers.

VA loan rates are usually lower on average. For instance, in September 2021, VA loan rates averaged 0.32% lower. That may not seem like a huge difference, but it could save you tens of thousands of dollars throughout the life of the mortgage. 

FAQs about how do VA loans work.

What do you require to prove you’re eligible for a VA loan?

• If you’re a veteran, you’ll need a copy of your DD-214 and be entitled to receive VA benefits.
• If you’re an active-duty service member, you’ll require a statement of service describing your personal information and service details.

What are the service necessities for a VA loan?

• The service requirements fluctuate depending on when you served, when you separated from service and part from the fact whether you were discharged with a service-connected disability.
• Active-duty service members and veterans have service necessities that differ between 90 days and 24 continuous months.
• National Guard and Reserve members have a minimum of 90 days of active-duty service.

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

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