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Is iBuying Worth The Hype What is an iBuyer

Is iBuying Worth The Hype? What is an iBuyer?

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The facade of real estate has changed with time and new-age processes like virtual tours, virtual staging, advertising online, etc. , are pulling the limelight. With the moving age of the internet selling and buying is as easy as a click. The dynamics of business are constantly evolving whether it’s real estate or groceries. People prefer convenient alternatives rather than the traditional home selling process. Nowadays, people are attracted to iBuying, don’t know what is it? Scroll through our blog, ‘Is iBuying Worth The Hype? What is an iBuyer?’ to know more about the topic.

What Is An iBuyer?

To put it in simple words, an iBuyer is a company with ample finances that makes an offer on your behalf based on algorithms. The term “iBuyer” is a fusion of words where I denote ‘instant’ combined with the word ‘buyer’. The company makes all the trades and makes the whole process convenient for both buyers and sellers. iBuyers try to sell your house with a profit margin and give you cash in return once sold.

iBuyers buy your house as-is which means selling your house without spending a ton of money. It enables a buyer to avoid the extra upfront costs that incur while closing. Additionally, it avoids the need for real estate agents or brokers.

How Does An iBuying Model Work?

As given above iBuyers use algorithms to determine the ideal price of a home, which are based on comps (comparables). The iBuyers provide instant offers to sellers in as few as 24 hours once you fill out the requisites in the form. A potential seller will have to go to the iBuying website and fill out a form, post which they receive an offer. For instance, if the seller accepts the offer then the sale is likely to close in just a few weeks.

 

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How do iBuyers make profits?

iBuyers usually buy a property with a discount as-is. They add value to the property by making minor improvements to optimize the selling price post which they list on MLS. Additionally, iBuyers provide an in-house financing service to customers which helps in earning good profits. A service charge typically ranges from 5% (can be higher or lower, relies on the tenure of selling your house)

Pros And Cons Of Selling Your Home To An iBuyer

iBuying is a great way to close deals fast, although it comes with a set of pros and cons. Some of them are given below.

Pros of iBuying

  • Capable of fast closings (as less as a couple of weeks)
  • Avoid the hassles of legal verification, inspection, or appraisals
  • Does not require walkthroughs
  • Avoid paying the upfronts costs while closing deals

Cons of iBuying

  • May require some amount as a listing fee, which is usually higher than a real estate commission
  • Currently, only a few iBuying companies are active and providing services
  • Less selling prices, usually below the fair market value
  • In most iBuying models the house may have to satisfy the ideal house criteria

Is iBuying Really Worth It?

Whatever method you use to sell your house whether it’s a traditional home sale or iBuying,  will have some advantages and disadvantages. It is all about what suits you best. Although, if you choose to sell through an iBuyer, make sure to do your due diligence. Besides, it is equally important to go through all the fine print and policies including the other costs and fees if any.

Conclusion

If you are someone who wants to sell your house fast and doesn’t have enough time to wait? You can get in touch with Elite Properties. We buy houses for cash online in New York and offer you enticing deals over your as-is property. Furthermore, if you wish to learn more about a house sale then call us at 718-977-5462, we’ll be happy to help.

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Home Selling Process, When Is A Home Sold for?

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A home selling process is not a one-time transaction, there are multiple steps that come into play while selling a home. You might have to deal with the state and municipality laws that may affect the ultimate sale process. Although, some steps are pretty standard. If you’re a seller and want to know what is the ultimate home sale process then read, Home selling process, when is a home actually sold?

 

Signing The Home Sale Purchase Agreement

 

The Home Sale Purchase agreement is the next step after making an offer. When a buyer makes an offer you can either accept it, reject it, or make a counteroffer. In cases, while accepting or rejecting an offer the deal has a definite outcome although, in a counteroffer, it’s back and forth.

A counteroffer can come from a single buyer or multiple buyers collectively, which is a lengthy negotiation process. When such an instance takes place your house goes from listed to available, and then pending sale. Once you accept the house sale offer, it’s time for you and the buyer to sign the agreement that includes the following terms –

  • ID verification of both the home seller and home buyer
  • The legally verified description of the property
  • All Finances (purchase price, closing costs, buyer financials, down-payment)
  • Home sale conditions that need attention
  • Timeline for the home sale (offer expiration, contingencies, closing date)

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Home Selling Process, When Is A Home Actually Sold?

 

Inspections Before Home Sale

 

A buyer will schedule a home inspection prior to the closing date. The motive of a home inspection is to secure the buyer’s future investment. An important point to note is that if your house has any defect which will cost you money your home may reopen negotiation terms.

For example, while inspecting, if the inspector discovers a crack in the foundation, it will need repairing before the sale which requires a lot of funds. These kinds of inspection discoveries are time and money-consuming, which leads to missing out on a great deal. As a seller make sure you carry out an inspection in advance to avoid any hassles.

 

Approval For Buyers Loan

 

In order to approve the buyer’s loan, it is essential that both the buyer and the seller boil down on the same selling price. Post-approval of the offer there is a home appraisal. The buyer will send all the documents to the lender after which the underwriting process commences. The underwriting process can take anywhere from a couple of weeks to a couple of months. Keep in mind the home is still not considered sold even after the approval of the loan. 

 

The Contingency Sale

 

In simple terms, when a buyer has to close on their existing home prior to purchasing another property leads to a contingency sale. It is vital that the contingency is completed before closing and passing the ownership of your house. A buyer may satisfy a contingency by depositing the funds to close escrow or signing a release of contingencies. Although, depositing all the purchase price to close contingency will still not derive ownership of the house.

 

When Is The Home Considered Sold?

 

Technically, a home isn’t sold until the seller no longer owns the property or has ownership of the house. Once you sign the contract and receive the price of the property only then the house sale is complete.

 

Conclusion

 

We understand that a home selling process can be physically and mentally draining. Although, if you are planning to sell properties online you can get in touch with Elite Properties NY. Elite Properties is a cash-buying company that offers hard cash in exchange for distressed houses NY. Call us today at 718-977-5462 and we’ll help you in a smooth home sale.

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Impress Potential Buyers With Virtual Staging

Impress Potential Buyers With Virtual Staging

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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.

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Home Inspection Problems

Fix These Home Inspection Problems Before It’s Late

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A home inspection can be a stressful process for homeowners who are planning to close a deal. It may be time-consuming but it is an essential step to assure buyers to purchase a genuine property. A home inspector may bring many unseen problems to your plate that will require a huge amount. If you want to avoid spending a hefty amount you must fix these home inspection problems before it’s late.

Foundation Difficulties

While inspection, a home inspector will look for the condition of the foundation. If the foundation has erroneous grading, slopes, or gaps, it can be a problem for the seller. If there are pieces of evidence of cracked concrete floors, they might need repair. Damp crawlspaces may create greater issues like water seeping towards the foundation causing it to fall out of the alignment. This can result in the falling of the structure, which can be a point of hesitation for potential buyers. 

This is a major inspection issue and will require special attention. Although, it will come up with additional upfront costs. 

Water Issues

Nobody wants a house with molds and a leaking ceiling. This calls for another nightmare that’s water and mold issues. Leaking ceilings or water stains can be a derelict plumbing issue. Besides, bills generated for broken water lines can be an additional cost. Sometimes, you may have to deal with the local municipality for water issues, which come up with upfront costs. Water or plumbing issues can be costly and an inevitable reason to spend your money on it.

Mold Problems

On the other hand, mold isn’t always a significant problem although, if avoided it can become a nightmare. Although, having mold-infected walls have been directly associated with health hazards. Black molds may lead to asthma or any other serious health issue, which can be a bad dream. A small crack can cause mold to grow hence, it is better to address it as soon as noticed.  

Pest Damage

In pest inspection, the biggest issue can be termite damage. Pests like bugs, small rodents, etc. can damage your property, but termites can be much worse. Termites can eat the house completely especially when there are wood framings. If there are any rodents or squirrels they can chew on electrical wiring which can be hazardous. Additionally, rodent droppings and urine can be unhygienic. You must check on and inform pest controllers or critter control contractors to solve the issue and avoid further damage.

Faulty Electrical Wiring

In many cases, house fires are usually caused by defective electrical wiring. If this issue comes up during inspection, there is a high chance you’ll have to spend quite a lot on rewiring. Home inspectors do not have permission to open the walls and ceilings, which is why the issue may go unnoticed. Inspectors will usually check the electrical panels to investigate anything related to electricity issues.

You will have to check for existing issues like taped, spliced, or exposed wires and get them fixed. Make sure you call for an electrician and get over the electrical obstacles.

Asbestos Inspection and Septic Issues

Nowadays, home inspectors are offering a radon testing service as an add-on service. An asbestos or radon test signifies the indoor air pollution problem. A positive test states your home has been exposed to a lot of asbestos or radon index. In such a case, you’ll have to act fast and sign up for remediation. It is advisable to hire a professional for asbestos removal and remediating indoor air pollution, as doing it yourself can be dangerous.

Not to forget about the septic issues, having a septic tank that smells awful can draw potential buyers away. This may be a basic improvement but leaves a long-lasting impact on buyers. If you have flooded or blocked septic drains you might have to look into it. Call the nearest service provider who does it all and fix the issues before an inspection.

Bottom Line

The issues mentioned above surely will cost you a thousand dollars before closing. Selling your house usually is a chaotic scenario and you might want to close a deal fast. Sell your house as it is to us at Elite Properties and avoid the hassles of paperwork. Furthermore, you can sell your distressed home and avoid spending tons of money on improvements. Call us today at 718-977-5462 and sell properties online with us.

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Effective Tips For Selling Your Home Fast In The Digital Age

Effective Tips For Selling Your Home Fast In The Digital Age

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Life has become easy since technology evolved, it has changed the way people perceive things. Whether it’s grocery shopping or buying electronics. People today, have also started to look for properties over the web. If you’re planning to sell your house then read these effective tips for selling your home fast in the digital age.

There is a huge chunk of the population that buys properties online in New York, and the numbers are increasing every day. In the age of the internet and tech-savvy surfers, it is vital for a seller to know how to sell her house online. There is a lot that goes in while selling your home like planning a strategy to promote your property. A comprehensive marketing plan will bring online prospects to your doorstep.

 

1. Hire A Professional Photographer     

Professional photography of your property may make or break a deal. It is usually a buyer market online which means your competition as a seller is more notable. Potential buyers will scroll on the listings and look for properties that fit their requisites. The first thing a buyer will notice is the quality of your pictures additionally if it showcases every angle of your house. You’ll need a carousel of images that show every corner of your house in detail. Additionally, you’ll also have to click pictures of the exteriors like the verandah or backyard to show the surrounding area.

Working with a professional photographer will enable you to entice more buyers with excellent images. Putting up high-quality images will decide how quickly you get potential buyers from the internet to your doorstep.

 

2. Make Walkthrough Videos of your House

Videos can be a decisive factor when it comes to selling your home. It is a persuasive tool that enables buyers to consider the property for purchase. Sometimes images don’t justify the property you list online, videos on the other hand capture every little detail. When you combine pictures with videos it offers a realistic approach to prospects.

There might be buyers looking for property from another state or city, what’d you do then? Here, videos can be an accessible factor to know about the property as well as the neighborhood without traveling. Besides, when you make a video it offers a walkthrough experience for buyers and you save a lot of time. If you are planning to list your property online make sure you make a video of your house.

                           

3. Promote Your Property On Social Media

Social media helps a lot when you are listing your property online. It increases the exposure of your listing and creates a platform for people to view your property. There are so many non-buyers and buyers who engage in discovering and sharing listings, which boosts your listing as well. Once you list your property over the internet, your listing can be a part of multiple campaigns. For example, your property can be a part of a Facebook “for sale” campaign which redirects to the MLS page. Here, your property will be directly linked with the post/campaign, which will give your property the needed exposure.

 

4. Stage Your House 

You may click amazing pictures or make videos of your property but how will you hide the cluttered kitchen? Staging is a vital step while listing your property online or offline. Shifting furniture and decluttering your home can create wonders. You don’t need a professional stager to make your house beautiful. Fixing the drainage and HVAC units, and clearing personal stuff while clicking pictures makes your home look tidy and attractive.

 

5. Accurate Pricing of your House

Many home sellers miss out on this one. When you put an unrealistic price it is evident that your property will be skipped to the next. If you are pricing your home high keep in mind you’ll have to justify its price. If your home has all the amenities and features listed online, buyers will pay the price even if it is on the higher side.

 

Selling Your Home To Elite Properties

At Elite Properties we buy properties online New York, whether you want to sell your distressed home or want cash for homes we do it all. Selling your home online needs a lot of effort and is time-consuming. With us, you can sell your home within 3 days in any condition. Furthermore, we offer a fair market value to our clients. Call us today at 718-977-5462 to know more.

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Home Selling Psychology

Home Selling Psychology: You’ve Been Sending These Messages To Buyers

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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.

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

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

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

Possible Reasons To Refinance House

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

 

To Lengthen Or Shorten The Mortgage Term

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

 

To Change The Structure Of Your Loan

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

 

To Change The Type Of Loan

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

 

To Cash Out Your Equity

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

 

Look For Available Options

 

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

 

Loan Modification

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

 

No-Closing Cost Refinance

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

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

 

Choose To Hold Off On Your Refinance

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

 

How does Refinancing work for your Home?

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

Let’s take a look at the process :

Application

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

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

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


Deciding Interest Rate 

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

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


Lock-In your Refinance Rates 

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

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


Float Your Rate before Locking In

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

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

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


Mortgage Underwriting

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

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

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


Home Appraisal

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

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

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

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

 

Closing On Your New Loan

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

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

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

 

Frequently asked questions about (FAQs) Refinancing

 

What is the cost of refinancing?

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

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

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

 

When should I refinance my mortgage?

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

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

 

Is a second mortgage the same thing as refinancing?

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

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

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

 

Can I reduce my monthly mortgage payment without refinancing?

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

 

How soon after closing can I refinance?

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

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

 

Will refinancing my home affect my credit?

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

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

 

Sell Your Home For Cash  

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

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Read about these obstacles before Selling House Quickly In Winter

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

Accurate Pricing Can Be Difficult 

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

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

Missing On Deadlines 

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

Agents Come With Added Costs   

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

Walkthroughs Can Be Stressful 

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

Prepping Your House For Buyers

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

What’s The Solution To Sell Property in Winter?

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

Why sell your house to Elite Properties?

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

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

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Try These Methods To Sell Your House Fast

Try These Methods To Sell Your House Fast

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Listing your home and waiting for it to sell is a tedious task. Home selling can take up to a few weeks to a year depending on the condition of your house. If a house sits on the market for more than a month it loses its value. People consider it a negative sign thinking the house may have certain defects making it unsellable. If you think your house has been sitting on the market for a long time you may try these methods to sell your house fast.

Things you can do to sell your house fast…

1. Set A Realistic Price

Setting a realistic price for a house is a vital step toward faster home selling. High pricing is the most common mistake made by home sellers. Setting a realistic price for your home is a big challenge. It is recommended to take professional help before fixing the price in alignment with the fair market value of the house. 

In such circumstances, you may consider slashing the price of your house. It is advised to wait for three weeks to a month before dropping the price of your house. The National Association of Realtors state around 40% of home sellers reduce the price of their properties at least once. You must be thinking what is the exact amount to attract buyers? There is nothing like a precise amount but you may consider reducing a significant amount from the total value. Although, deducting some thousand dollars may help gain attention to your house.

2. Lack Of Staging

For a buyer to buy any product or service, it should be appealing to the eyes. Similarly, for houses, it is an essential aspect to stage them properly to make them appealing. A staged home will sell fast for cash than any other house. While listing your home in the market make sure you stage it nicely to entice potential buyers. You can take some ideas from Pinterest or hire a professional stager to make the work easy.

3. Consider Making Improvements

Curb appeal will make faster sales. When you do improvements in your house just before listing it gives a good impression on buyers. Enhancing the interiors of the house requires staging, similarly, the exteriors need enticing curb appeal. Having mold-infected exteriors, untrimmed lawns, leaking pipes, etc. may result in delayed sales. The fix here is to carry out an improvement session to address the basic problem areas of your house.

4. Bad Quality House Pictures May Delay Sales

Nowadays buyers prefer viewing properties online instead of stepping out for house hunting. The National Association of Realtors state that around 87% of buyers find online listing useful. If you have listed your home online and it still isn’t selling, the reason might be poor pictures. Make sure your pictures are not blurry as you’ll be uploading them online for potential buyers. You can click pictures yourself or hire a professional photographer. 

5. Avoid Selling Your House In Winter

Winter is the slower time of the year when sales are typically low.  It is the holiday season when people move out of the cities for social engagements or to go on holiday to warm places. There are chances that your house may take longer to sell or you may have to sell for a lower price. It is advisable to wait for winter to pass on instead of selling during this period. Although selling your house in winter is not an ideal situation; you can still sell it to buyers who are on a house hunt.

6. Keep Renting As An Option

If you’re having a hard time selling your house you can try renting. When you rent your house it promises monthly cash which is a good option when you are running out of savings. If you have moved out already and have the pressure of paying two mortgages then renting can be an ideal option. It will allow an ample amount of time and aid in saving money in the future.

7. Sell To A Cash Buying Company

If you are running out of time and are looking for a solution you can contact companies that give cash for homes. Elite Properties is one such company that buys remodeled houses New York. We close a deal in as less than 7 days, which makes you move with your plans at a faster pace. Selling your house to a cash buying company promises faster sales with no hassles paperwork.

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