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)
  
  

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.

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.

Foreclosure on a house is a very unfortunate situation in a homeowner’s life. As stated in foreclosure statistics, 1 out of 200 homes faces foreclosure every year. The reason for foreclosures on a house is the financial edge that most homeowners undergo.

What is Foreclosure?

In simple terms; Foreclosure is an act of taking ownership of a mortgaged property. The lender or the bank has the right to sell the property for recouping the money and interest respectively.

How does it work?

The Foreclosure of a house is a process that consists of a legal course. The lender takes control of the property by evicting the homeowner, and further selling or auctioning the property. Foreclosures on a house generally occur when the borrower (homeowner) fails or stops paying the mortgage payments.

If you are one of them who are seeking help then read the options to consider when facing foreclosure below –

Defend Yourself in Court

Although homeowners are melancholy while facing foreclosure, they still have some options accessible to stop foreclosure. The first option is to fight back against the bank. If you think the bank has made an error like sending untimely notices, improper service of notice and loan closing breach of contract, etc. You can defend yourself in court and countersue the bank for unethically handling the case.

Rent Out the Property

One of the best possible options to stop foreclosure on a house is to rent your property. By renting you are generating a passive income that will possibly cover your monthly mortgage payments. Talk with your lender clearly before moving out. They might charge you with higher interests as you won’t reside there anymore. Also, make sure you offer a mutually feasible rent that would satiate the mortgage payments as well as your personal needs inclusively. Employ your asset and lodge a part of it, it will surely help you in making faster repayments.

Consider Refinancing and Loan Modification

Opting for refinancing will lower your burden of paying heavy installments. If you have an ample amount of equity and you’re not much behind the payments then refinancing is the best option. By refinancing you are requesting a brand new loan with lesser interest rates that help in faster payments.

You can also choose loan modification as per your preference to stop home foreclosure. As similar as it sounds, refinancing it is completely different from it. In a loan modification, the lender modifies the prevailing mortgage so that the payments become more affordable. In most cases, the time span is also altered and made feasible.

Consider a Short Sale

Another option to avoid foreclosure is opting for a short sale.

What is a short sale?

A short sale is when a homeowner sells their property for a lesser amount when he or she is on the verge of being financially distressed.

Here, the buyer is a third party; all the profits from the sale go to the bank (lender). If there is still some outstanding debt on the homeowner, the lender will forgive the difference or will file for a deficiency judgment against the homeowner. If the lender files the deficiency judgment then the homeowner is liable to pay the remaining amount within the given time span. Although your credit score is affected for some years during a short sale, it is better than ending up with a foreclosed property.

If you are considering a short sale then you have nothing to worry about. You can contact us here at Elite Properties NY and we will take care of the rest of the proceedings.  

Selling a Foreclosed Property

There are multiple ways to stop foreclosure some are effective some are not, and it relies on the situation you are in. If you sight foreclosure nearing, you should act fast and sell your home to cash-buying companies. Companies like ‘Elite Properties’ buy houses within 3 days in all cash-offer. Once you sell the house to us you receive hard cash, which is always a great deal. Selling the home to cash buying companies crafts the deal on the current value of the property. They provide you with certainty concerning the costs and timescale. Furthermore, you can pay your outstanding debt with the help of that money and start afresh.

If you are suffering from any other real estate crisis and need assistance we will be happy to help you in your tough times. Get in touch with us, rest assured we’ll provide you with the best possible solutions.