Nothing is worse than knowing your expired listings, and you did everything possible to keep them on the gushing real estate market. You start interrogating the struggles you took for putting it up on the list. To be practical these situations can occur just for reasons like the price was not reasonable or the condition of your home was bad, it can literally be anything.

Hence we would like to share our thoughts about the topic; what to do next when your house listing has expired?

Reasons to Sell Your House

Before thinking of listing your house on the market again it is really important to assess your problems carefully and then proceed towards any futuristic step. There have to be legitimate reasons for selling your house, which can be endless. Some of them could be maybe the couple is going through a divorce or relocating because of the job.

Here, you have to make sure if you actually want to sell your house and list it on the market or maybe you just need to work on your personal life more and take your home off the market if listed already; checking your motivation and saving energy is really essential for the long run.

Consider Measures That Can Help You Sell Your House Quickly

Considering the measures that can actually help you in the potential listing can be a boon and your expired listings. But what are the measures that will help you relist your house?

1. Condition

If your house has good exteriors and interiors but the plumbing has rusted or the sewage pipe is broken, you have to consider making improvements towards the points that can put you at risk of losing your property from listing.

2. Renovation

The condition of your house is really important if your house has been on the market for a prolonged duration is it advisable to take it off the list and start taking steps towards its renovation? Evaluate the necessary changes required in the property and begin from the top because a good beginning makes a good ending although, we would also like to inform you it will cost a runny pocket.

3. Give A Thought On Buyer’s Objections

If your listing has expired then obviously it has already gone through a lot. Check for the flaws in the property which can be an obstacle in the home selling process. If a buyer has neglected your property but is ready to buy it post improvements you’ll have to consider their feedback and work towards it as nobody likes to lose a potential buyer.

Renewed Appraisal

One significant thing you can think through after your expired listings are getting an all-new appraisal. Real estate or the housing market has been underlined as volatile. There is no prediction if the prices of any property can surge for a profit or plummet for a big loss. The best option for you here is to get a renewed real estate appraisal. It will help in achieving the exact value of your home furthermore, aiding in relisting your property.

Secondly, if you are really motivated to sell your house quickly, you can get in contact with a good real estate agent. He will help you in relisting your home and even getting an appraisal done.

Have a Conversation with Your Agent

First things first plan a meeting with your agent after your expired listings. Have a discussion on what effective steps can be taken further to market your home. He’ll compare your home in the market along with the neighboring properties. This helps to find out potential reasons why it got expired and how can you fix the glitches.

Furthermore, you can also contact other agents if you are not satisfied with your current real estate agent or restructure your marketing strategy. To make your property more convincing to buy, take high-quality interior and exterior images of your house. You can post it on social media platforms or contact online prospects and provide a walkthrough of your property.

Sell Your House Fast For Cash

Last but not least, if you have a question like how to sell my house fast for cash? You can always contemplate selling your home to a cash buyer. It does not mean if your listing is expired no one will buy your home. It means there are countless potential buyers who can propose a cash offer. Besides you can contact companies that buy houses for cash like ‘Elite Properties’. They will buy your house for cash and close the deal in as less as 3 days. We hope these methods will help you with collecting efforts and relisting your property on the market again.

Selling a property with sitting tenants could be a real deal for sellers. By this, you can list your house on the market when the sale price is at its peak. You can continue to receive your rental income. As good as it sounds, there are multiple difficulties associated with selling a house with sitting tenants. If you are planning to sell your house you’ve stopped by the right place.

Given below are things to consider while selling a tenant-occupied house

• Get Thorough With the Tenancy Rules

Tenancy laws and regulations differ from place to place. It is best advised to consult with a real estate attorney for clarity of the home selling process especially when it is tenant occupied. If you are planning to sell your tenanted property, do not forget some buyers may be former landlords which means they know the game better than you. Here it is essential to favor your tenant and save the deal from falling apart.

In some places, the law favors tenants approximately by 80% which means the owner will be held liable for all the mishaps. Meaning if the tenant infringes any clause or remains in the property post the expiry of the agreement, you’ll be entitled to the obligations legally. In this case, you will have to go to court and get them removed with all the legalizations.

• Incentivize your Tenants

It is not about bribing but sweetening the deal, make an offer that your tenant couldn’t deny. First off, you can cast an eye over other similar properties in your neighborhood to compare the rent. If you find that the digits you’ve been charging are comparatively less, you can offer two times more money. It’ll include the number of months that are left on the tenant’s lease agreement. To end everything on a happy note and without any interruptions from your tenant you could also pay them the moving cost or you could promise them the next security deposit in the new place.

• Tenant Occupied Walk-through

Buyers often ask for a walk-through before buying the house. Therefore, it is essential to serve a notice to your tenants prior to providing viewings. If not done, there are high chances that your tenants might not co-operate. As a seller, you can only conduct walk-throughs if you have it well stated on the tenancy agreement. Legally you will have to notify your tenant in writing, for carrying out a walk-through 24 hours in advance. If you fail to do so, you won’t be able to progress with the procedure and eventually lose a potential buyer.

If you miss the specific clause and you have a potential buyer in your favor, the best option is to compromise with the tenant by decreasing the rent to some extent or any settlement that is agreed on the mutual terms. It is highly advisable to maintain healthy relationships with your tenants. If they are not on good terms with you, you might be facing havoc in your sales.

Now, when you know what things should be considered before selling tenanted properties, we would like to shed light and provide ways to sell a tenant-occupied house.

Option 1

Communicating With The Tenants

If you are a property owner, selling tenanted properties could be a boon for you as it does not come with a prohibition. The question that arises is, how to sell a house with tenants? The best way out is to communicate with your tenants. Tell them about the whole scenario of selling your property.

In such cases, the tenants is entitle to stay in the property until the lease reaches its closing stage. As the situation seems uncertain to many tenants. After reading the clauses they can trespass upon the contract with a mutual decision with the landlord and find another accommodation. If the tenant decides to breach the contract with a mutual decision then he or she is not liable to pay the hefty penalties.

If your tenant agrees for you to proceed with the selling process, let them know about the new landlord so they are comfortable with him or her. A new landlord means unpredictable conditions; it is highly advisable to let your tenants know about it while you go on with the home selling process.

Option 2

Propose Your Tenant A Chance To Buy The House

If your tenant has been living with you for a long time, for obvious reasons he or she might be loving the place. This could be a big opportunity for you to sell your house to your tenant. If your tenant agrees to the offer, hiring a real estate attorney would be beneficial during the process. Once the proposal is accepted, there are a few transactions that can likely happen.

A lease-to-own or a lease-purchase agreement is the core of any rent-to-own property. Here, the seller provides the buyer with multiple options like-

• One-time, non-refundable fee. this allows the tenant to purchase the home within the year at a fixed price. While they keep paying the rent.
• The lease-purchase-agreement is created. So that a portion of the monthly rent is carried down in the down payment of the house.
• Lastly, is the seller-finance agreement; here it is required as a property owner your mortgage payments are completely naught. In this case, if your tenant cannot afford a mortgage, the property owner will act as a lender. And the tenant would agree to pay the price of the house in a few years, this is called seller-financing. As an advantage from the seller’s perspective, you are receiving interest on the debt plus an extra time to say goodbye to your property.

Option 3

We Buy Houses For Cash Companies

The easiest way out of the havoc is to opt for this option. “We buy houses for cash” companies buy your house as-is and precede with the procedures of further renting or selling the property. Cash home buying companies will buy the property from you with or without sitting tenants. Unless your lease is yet to expire we’ll buy the house with sitting tenants and post expiry sell it to potential prospects. If your home is vacant, then it is a golden nest egg. By choosing this option you are saving time, money, and labor in searching for buyers.

Option 4

Expiry Of The Tenant Contract

Want to sell a tenanted property, but don’t want to risk losing potential prospects? The best way out is to wait until the end of the lease. A prolonged lease affects the sales of the tenant-occupied house. The reason is your property sits vacant on the market and buyers back out as your house becomes timeworn. On the other hand, if your agreement has the early termination clause, the tenant is entitle to stay in the house until the lease expires.

The safest way out of the chaos is to wait until the lease expires. You can also list your property three months before the lease expires. By doing this, you will be receiving rent until the specified date of the contract. You’ll also be building equity for further home-improvement projects which will provide you with potential buyers.

Unseen Problems, Potential Solutions

If you are thinking to sell your house, keep in mind there is a big market outside. This means there will be buyers who don’t want to be a landlord who wishes to buy it. In such circumstances, you cannot call off the deal before its expiry. And the new buyer has no right to evict the tenants by any means. Meaning, that if the buyer wishes to buy the house, he or she will have to close the deal inclusive of resting tenants.

• The possible solution to this problem could be – if your tenant breaches any clause of the contract you can favor them by not taking any action and requesting them to be on your side while the process of home-selling.
• Secondly, you have to conduct a whole lengthy home improvement process when your tenants leave which is a headache to many homeowners.
• People rent because they cannot afford to buy a house or there could be a high possibility that your tenant might be saving or building equity to buy a house in coming times.

As said earlier you can offer to sell your home to the tenants by making a joint agreement. By doing this, you obtain a guaranteed deal with less chaos.

Conclusion

Selling a tenant-occupied home is always more complicated than selling a vacant home, we hope we have shown you the bigger picture of the story and provided the best possible ways of selling a house with tenants. If you are residing in New York and have any queries related to real estate you can get in touch with ‘Elite Properties’ we’ll be happy to help you in your stressed time and provide reliable solutions for your problems.

There is a myth among homeowners that selling your house to cash buyers will relatively give you fewer gains in comparison to a realtor. Homeowners believe that going the traditional way is always the best way. Whereas, only a handful of them knows selling your home to a cash buyer will give you maximum returns while cutting down your labor of research and paperwork.

Here we would like to shed some light on the topic, stating which is a better choice for the homeowners, selling the house to a cash buyer or a realtor? Given below are some reasons, why selling your home to a cash buyer is a better deal than realtors.

Selling Home Through Realtor

When you list your house in the real estate market with the help of a realtor it will always cost you a decent amount required for selling. Realtors will sell your house only when it is ‘sale ready’ ‘or market-ready as it is articulated in the real estate arena. It is stated one should never judge a book by its cover, in the real estate world it’s completely contrary. Every house will always be judged by its external and internal conditions, as it is a tangible asset.

A realtor will make sure that your house is in great condition and has curb appeal, in order to accelerate the sale process and sell the asset in a short extent of time. You should also make sure about the requirements  & laws regarding real estate brokers.

1. Home Improvements Require Money

A buyer will never buy a house that lacks amenities. In such a case, a realtor will evaluate the property in order to see where the house requires improvements and will ask you about doing the required as earliest. Here, the conclusion boils down to the point that if you want to sell your house through a realtor, your repair projects will require loads of dollars.

As people today are much smarter, they know where to spend how much. Everybody loves life at ease which is why home buyers today expect a home that is full of luxury and amenities by spending the least funds.

If your house lacks the basic facilities, it ultimately drops its curb appeal, which eventually decreases the list of potential prospects. If the above case comes into play, your home won’t even reach an appraisal.

2. Time On-Market

The biggest problem, while you are selling your home through a realtor, is the time on the market. The inclination of your home, sitting on the market, could probably prolong as the sales are not defined. Also, if a seller has taken a decision of selling a home in a particular time frame, the realtor will extend the time for reasons like processing of home sale. This thing affects the sale, lengthens the waiting period, and creates obstacles in your planning. Furthermore, there are a bunch of carrying costs that are levied while your home is listed.

Carrying costs is an amount that is required if your home is on the market for sale, this is also known as owning cost of an asset if it has to be sold. These costs will cost you a lot of capital, in the form of payments like property tax, insurance, and utilities (for improvements or upkeep).

3. Annoyances With Mortgages

If a buyer requires a mortgage to purchase your house he or she will also bring along problems like inspection and appraisals, as a seller, it will be a hindrance in the home selling process. These requirements arrive from the creditor’s side, the bank or the lender would thoroughly go on with an inspection to verify if the buyer is genuinely buying an asset.

The contract would consist of contingencies like mortgage approval, insurance approval, appraisal, closing date, scrutiny of the house, and a requested satisfactory walk-through. In the worst-case scenario, if your home doesn’t reach an appraisal, you might want to re-list your house or make a deal for less. Here, you are not only wasting your time but also funds for no gains.

4. You Are Just Another One In The Queue

The line of clients for the realtors is always huge and constantly stacking up. You are just another one in the queue. Here, you have to keep in mind that if your agent is stacked up with too many contracts, your home will certainly not get the required attention. You must make sure that your realtor does his due diligence with utter devotion because no seller likes to witness a deal that falls through.

5. Commission and Added Charges

Now, when you have spent a lot already, you need to make space for some more. There is a question popping in many homeowners’ minds, why you don’t get maximum gains on your property after selling it at a great cost? The answer is commission.    

The chief cause of a seller not receiving the desired amount is the realtor’s commission. You have to drop the anchor of money down in the sea for a more 6% commission charge to your real estate agent for the sales. You’ll be entitled to pay for title insurance and tax proration – which makes it all the costlier. The secret to making up your mind about the flowing money is, to keep aside 10-12% of the purchase price. You’ll need it as commissions, administrative fees, and closing costs.

Selling Your House To A Cash Buyer

Cash property buyers are people or companies, who buy your property without obtaining a loan. Selling your home to a cash buyer is the soundest option in the home selling process. It saves your pocket from flooding money. Whereas, selling your home through a realtor will give you a lot of headaches of hiring a real estate agent and then waiting for the rest of the processes, which costs you money.

1. Sell House As-is Fast

Cash house buyers use the terms ‘we buy a house for cash because they buy your property as-is meaning; they’ll buy your house of whatever age, in whichever condition without staging or cleaning. If you put your house on sale through a realtor, it will take a bare minimum of 6 months to find a potential buyer. It can be over a year to get done with the sale of your home. So choosing the not-so-obvious way is probably the best option to sell your house.

2. No More Repair Problems

A real estate agent will advise you to stage your home and hire a photographer to click pictures for listing them in the market. You might want to go down that road if you have a lot of time and money to spend. Usually, homeowners who want to move quickly will eventually opt for cash sales. Because they might have to buy and sell the house at the same time. As an advantage when you choose we buy houses for cash companies, you do not need to repair your homes as these companies buy your houses as-is.

3. No Contingencies

As stated above if the buyer has taken a loan from any lender or has applied for a mortgage, it will eventually bring a lot of contingency clauses. The clauses like inspection and appraisal, which as a seller you’ll have to satiate. But if you prefer skipping the traditional way and choosing cash buyers over realtors, you’ll save yourself from many hassles because companies or buyers will give you cash or saved capital while closing the offer. These buyers are primarily investors, so they actually know zilch about the area, your home, or your neighborhood. Hence, they visit your house to examine it and propose an offer in as less as a week.

4. No Commissions Or Closing Costs

In simplified terms, by choosing the non-traditional way, you’ll be directly saving 6% commission from the realtor. Here, the customers don’t rely upon the quality of your residence. They will buy the house from you and then apply the formula of flip – rehabilitate – sell. By doing this, you will obtain all the money from the sale. You would also be saving the predicted prolonged waiting time.

5. Speedy Sales And No More Working According To Timelines

Companies that buy your house for cash buy your home even if it is not market-ready. The buyer will buy your property as-is and close the deal in as less as 7 days. The buyer even does not require finances for the purchase of the house which makes it a faster sale.

When you sell your home through cash buyers, you don’t have to work according to someone else’s timeline. You don’t have to change your plans according to the buyer. The company will buy your house instantly after viewing the property once. And later after which they will sell it to other potential buyers. Here, the process turns out to be much faster than the anticipated time frame. This helps you move faster to the new destination without losing a significant amount of saving money and time.

Here, the process turns out to be much faster than the anticipated time frame. This helps you move faster to the new destination without losing a significant amount of saving money, and time.

6. Fall Through Of Sales

Financing is the fragment where maximum fall-through of sales and foreclosures occur. It is a stressful part because your home is already listed in the market for sale. You have a potential buyer but, somehow the buyer does not qualify for the loan, or they just back out from the contract. You can barely predict the possibilities.

The best thing you can pick over anything is to find cash buyers or get in touch with our company ‘Elite Properties NYC’. We buy houses for cash. By doing this, you are cutting down your legwork and saving yourself from catastrophes like foreclosure and fall through of sales.

Advice That Matters

We comprehend that home selling is a daunting process. Your situation is desperate, and you are unquestionably searching for a solution, that works in your favor and gives you maximum gains. We have stated many benefits of selling your home to cash buyers for speedy sales and decent gains.

If you have queries regarding selling a house for cash in New York, feel free to call us. Rest assured we will provide you with the best solution for your real estate problems.

For more information on Why selling to Cash Buyer is a Good Idea.

Selling your home is an overwhelming and exciting process. As homeowners see great offers coming in, it could be quite confusing. While the journey is thrilling, it also comes with its own pros and cons. The situation intensifies when you see a lot of offers knocking on doors. You may get confused in concerns about what offer suits you the best. It is essential to get through with the know-how of the whole process. Choose the best deal which covers all your concerns.

Providing below are some tips for picking the best offer while selling your home. You can keep this in mind before you get tempted and wrap up deals.

1. Get Thorough With The Process

It could be the first time for many homeowners, and it is essential to know the fundamentals right, in the initial place. The formula to pick the best offer while you sell your home is to understand the process of sale thoroughly. You need to comprehend that, all proposals are not acceptable. The decision completely lies in your hand. You can either decline, negotiate or accept any offers that come in the process.

In some cases, offers can also be modified based on the requirements of both parties mutually. This particular process of making a deal is called a counteroffer.

2. Decide The Criteria For Sale

While you put your home in the market for sale, you would want to set criteria or baselines on which you’ll be proceeding. Set your zero’s top priorities. For example – if money is the point of inclination you could cut down on the selling duration to find the final offer, and so vice-versa. If time is your priority you could cut down the monetary expectations by selling your home fast for the least maximum gains.

3. Receive Comments Positively

As said in the very beginning home selling process is a very overwhelming process. As you are emotionally attached to the place you wouldn’t want to sell it. But nonetheless, it is just a deal that could favor you for life and would lead you to make wiser decisions.

Acceptance will lead you a long way. You would have to face a lot of criticism and welcome the negative comments of buyers. You would feel offended. For example – If your residence has exteriors that are aesthetically appealing but, as soon as you enter the house the view of the living area is shabby in such cases, buyers are likely to complain. Here, you do not need to lose your calm, this could be a sign, that the buyer is potential and has an interest in your property.

4. Opt For An All-Cash Offer

If you want to close the deal fast, it is highly advised to pick an all-cash offer. While walking on the track of an all-cash offer, the buyer would likely put a discounted price on the house. It gives the seller, an added advantage. It will remove hurdles like contingencies and waiting periods. Though it sounds all good and glittery, it is always essential to have your proof of funds letter accounting from the buyer’s bank or any legit lender.

Buyers propose a cash offer eventually to pay less for the seller’s property. They try to elude contingencies, prolong the time of sale, and pay hard cash immediately to close the deal. Also, remember the higher-priced offer may not always be the best one, you might want to think through the other terms as well. Accepting cash offers will let you be at peace, as the gains would be definite. If you want to sell your house fast for cash. You can get in touch with us, we buy houses within 3 days.

5. Net Proceeds

The amount that the seller is left with after cutting the expenses along with the closing cost is known as net proceeds. For example – If you receive an amount of 5,000,000 dollars as your closing cost, as a seller you would have to meet some terms of the agreement which will cost you dollars. If the cost of repair, inspection, appraisal, and some other terms cost you 500,000 dollars, the outstanding amount would be 4,500,000 dollars – this amount is known as net proceeds.

• Seller concessions

• Repair cost after home evaluation

• Repair cost post appraisal etc.

Given above are some of the primary charges that you may find in the contract which are subject to change accordingly.

6. Assess Contingencies

Contingencies are clauses that are present in the purchase contract. There are a set of standard conditions which must be satisfied, in order to proceed with the sale. The clauses are likely to vary from contract to contract or buyer to buyer. There are some basic requirements that must be taken care of before progressing to an agreement.

The listing below are some of the common contingency clauses –

A. Appraisal Contingency

An appraisal contingency is a standard real estate contingency. It allows the buyer to decline the contract without paying the upfront penalty, this case is only applicable when the appraised value of the assessed property is comparatively less than the purchase price. In such circumstances, the seller can ask for a refund of the earnest money deposit.

B. Inspection Contingency

Buyers have the right to withdraw the contract before providing the earnest money deposit. Buyers also have the entitlement of inspecting the property within the specified time period. This term is also known as due diligence.

Here, the time is usually between 5-7 days. The objective of inspection contingency is that it covers the buyer which helps them to back out of the deal or negotiate for repairs. A home inspector will inspect the HVAC, electrical, and plumbing systems. If the report is disapproved by the buyer, he or she could terminate the contract or negotiate mutually.

C. Financing Contingency

If your funds are likely to fall through as a buyer, you can terminate the contract and reclaim the earnest money deposit. This can happen if you don’t secure any finances in the given term period (the financing contingency or also known as mortgage contingency states the specific number of days when the potential buyer has to apply or obtain financing).

In such cases, the buyer can request for an extension, or according to the norms, the buyer will have to purchase the property regardless he or she has their finances on track or not. Hence, as a seller, it is always necessary that you comprehend the difference between a pre-qualified buyer and a pre-approved buyer (these terms are used interchangeably, which could also differ from the seller’s requisitions). Although, a pre-approved buyer is always in favor as they have a high chance to achieve a loan on a first-place basis.

D. Home Sale Contingency

In-home sale contingency the buyer has to sell their existing property and settle the finances prior to buying the new one (or your home in specific) what it does is, it gives liberty to the buyer ensuring they have the gains from their existing property, further to buy yours inclusive of no hassles. You can also buy and sell the property at the same time all you have to do is get in touch with ‘we buy houses for cash’ companies like ‘Elite Properties’, they will help you in order to satiate your requirement and get the work done.

In-home sale contingency a specified amount of time is provided to manage everything from selling and financing. But, it is not necessary that things would go on a definite path as there is a possibility of things might go according to the plan. In such a case, the buyer can back out if he or she does not achieve the desired amount of the existing property. Then, the buyer will not be questioned for terminating the deal.

The seller here furthermore has the privilege to drop the agreement if the purchaser’s house isn’t sold out within the specific time frame.

There is also an additional set of contingencies that are added based on the requirements of the buyer. Some of them are listed below –

• A radon examination

• Mold inspection

• Evaluate the presence of lead paint

• Radon in water

• Well water inspection

• Miscellaneous inspections or other contingencies
  
  

7. Be Interrogative

As money could be the leading aspect of selling a home. It is similarly significant to understand other related terms carefully before making a move. The real estate market is full of uncertainty hence it is advisable to be thorough with the know-how of the selling process.

Ask questions or make a checklist of terms that simplifies the home selling procedure. Check if the buyer is pre-qualified for a mortgage and has a pre-approval letter, this enables the seller to be at peace as the credit score, debts and available assets have been previously passed with an evaluation.

Provided below is a seller’s checklist that you might go through while selling your home –

1. What Type Of Mortgage Does The Buyer Avail?

Each mortgage has some terms of the agreement and prerequisites. There are mortgages that allow buyers that have a low credit score or even no money required for purchases. There are mortgages that will progress only when the buyer has a required or high credit score to make a down payment for the asset.

It does not matter on what grounds is the buyer obtaining his finances, as a seller it is only essential that the buyer has a fair amount of down payment that will provide certainty in the sale. Mortgages like FHA and VA loans have some requirements that need to be satisfied before sanctioning the loan. In an FHA mortgage if the requirements aren’t made the seller might find him or her in the chaos of making last-minute changes in the sale – the demands in a VA mortgage also stand the same.

2. Mortgage Commitment Date

A mortgage commitment date symbolizes the ultimate date of buying a home. As mentioned earlier the home selling process has contingencies throughout. The risks of a loan fall-through are unpredictable. Hence, it is necessary to have a mortgage commitment date. If the date lapses, the seller is entitled to keep the earnest money deposit.

3. Required Earnest Money Deposit

Earnest money deposit is the money that is held by a listing agent (escrow) until the sale closes. This money is kept in custody which ensures that the buyer satiates the conditions of the contract. If he or she fails to do so the money is given to the seller as liquidated damages. The typical escrow amount is 5% of the sale price.

4. Fix A Suitable Time

Home selling is a hyperactive-chaotic situation as everything is fast-paced. There is a spectrum of home selling bars where you need to fix a suitable time for each move from selling to moving further. It is advised to keep your plans settled as closing dates are usually the most critical aspect of the sale.

5. Mistakes in Contract

Mistakes in contracts show poor knowledge of a realtor and uncertainty of the buyer. Using white ink, re-writing, or over-writing on the contract is unacceptable. Dodging poor errors will provide you with an assured sale.

A Safe Conclusion For You

Covering many sub-topics, here is providing you with an effective method and tips to consider when you pick the best offer while selling your home. If you are living in New York City and require more assistance regarding the above or any other real estate crisis you can get in touch with a reputed real estate company like ‘Elite Properties’, we will provide you with thorough support and answer each query.

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 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?

Can you help me sell my ugly house fast?

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 an 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 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 the right marketing is the key to getting 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 the 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 on 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 issues 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 fraudulent 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 aims to make its 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, real estate agents can guide you step-by-step. We insist you hire an experienced real estate company like Elite Properties for realistic advice.

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. We’ll help you Sell Your Home Fast and safely.

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 in. 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 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, the summer and spring seasons are considered to be the best seasons to sell your home 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 on 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 a 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 by removing 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 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 back side 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 the real estate market. You can start by shooting a video of your home and sharing 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 in 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 to sell 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 steps 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 for sale 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 distressing home selling tips that you must think about before listing your property for sale.

1. 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 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 from 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 a thorough research of the distressed house prices in NY and fix a selling price that would get you a price at least nearby to the marginal profit.

2. 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 your 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 wiring. 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.

3. 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 cakewalk 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.

4. 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 that you want to hide because you want to sell your property in NY, you’re heading in the 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 most trustworthy 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 to your home. But, if you look at the bigger picture, someone else will get 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!

Selling a real estate property, especially your home can be a stressful and time-consuming affair. No matter how much knowledge you possess of the current real estate market trends, you could still make mistakes and sabotage the probability of selling your home at profitable prices. Keeping that in mind, we have rounded up 10 mistakes that you should avoid when selling your home in New York City.

Mistake 1: Emotional Involvement with Home

There’s an adage, “A house is made of bricks and beams; a home is made of love and dreams” which is absolutely true. It’s very natural to get attached to the place where you’ve nested for so long and shared good times with loved ones. Howbeit, once you decide to sell your home, you need to get over the emotional quotient and act like a businessperson. You might find it rude but you need to maintain an emotional distance. Otherwise, you might end up delaying the home selling process or won’t be able to sell the home with peace of mind.

Mistake 2: Not Hiring an Experienced Real Estate Agent

Although experienced real estate agents will ask for a hefty commission, it’s still worth it to approach them. A good real estate salesperson can guide you throughout the transition and optimize your efforts. With years of knowledge in the real estate market, they can help you get a competitive home selling price. In addition to that, they’ll take responsibility for all the paperwork and legalities involved in selling your property. So, it’s a wise step to hire a real estate agent in NY for a hassle-free transition.

Mistake 3: Keeping Unrealistic Hopes

Keeping unrealistic hopes when selling the home is one of the crucial mistakes that sellers tend to make and ultimately end up in smoke. Assume that you want to buy a house and the seller is asking for too much price as compared to other houses for sale in the same neighborhood. What will you do? You’ll obviously look for other options available to you. Right? Likewise, no buyer will take an interest in buying an overpriced home. Therefore, setting up the price according to the market is the key to a successful home selling deal.

Mistake 4: Neglecting Necessary Repairs

The first impression is the last impression. Therefore, making a good impression on potential buyers is important. Anybody who’s willing to invest in the property would conclusively expect a nice cozy home. In such scenarios, a damaged home can become a deal breaker. Before putting your home for sale, you must do all the necessary repairs such as cracks in the ceiling, leaking faucets, or unhinged cabinets. It’ll leave a positive impression on them and increase the chances of a quick sale.

Mistake 5: Spending too Much on Repairs

As we explained, a seller must upgrade his/her home before putting it for sale. But sometimes, what happens is, that a seller, goes overboard with the damage repairs and eventually spends too much money on it. Bear in mind: Anything in excess is bad. Therefore, one should always spend their hard-earned money wisely. Just check out for the major repairs that need to be done and don’t indulge in revamping the entire house. Else, you won’t be able to earn any profit.

Mistake 6: Choosing the Winter Days

Winter is considered an off-season for the real estate market as compared to other seasons because the number of active buyers during this season is very less. According to recent studies in the real estate industry, the main reason behind it is people either go on holiday or stay at home during the chilly days. Selling your home in winter might adversely impact your house selling process and bring you less marginal value. So, you should avoid selling your house in winter.

Mistake 7: Skimping on Listing High-Quality Images

Nowadays, people have become tech-savvy. The first step they take while buying a house is checking the images of the house for sale on the property listing page. This clearly implies that pictures are of utmost importance. Having said that, refrain from uploading poor-quality pictures as they can lead you in the opposite direction. It may trigger potential buyers not to visit your home. To be more precise, simple pictures won’t do the job. You’ll need to have high-quality images showing fine details of the house. So, showcase the best assets of your house with HD images and increase the chances of selling the house.

Mistake 8: Not being insured

Are you insured? “Why? How does it matter?” Well, this is the reason why most people neglect the insurance part. On average, less than 50 % of sellers are properly insured in NY. There are thousands of good reasons you might give for not being insured but, if you want to sell your property safely, you must be insured. Let’s say a potential buyer meets an accident on your premises and makes false allegations against you or for instance, your dog bites him/her, what will you do? He/she might sue you and ask for money. In such cases, the insurance company will be your savior.

Mistake 9: Faking It

Sellers often make big claims regarding their property and make false promises to potential buyers for selling the property fast. Well, the buyer will definitely be conducting a home inspection before sealing the deal, and he/she may say a big NO about finding out the reality. Therefore, don’t fake anything and keep it simple.

Mistake 10: Signing a Purchase Contract without Basic Inquiry

You must ask the buyer for the pre-approval letter before you close the deal. For instance, you’re selling your home for $400,000, and the buyer agrees. Well, congratulations! That’s what you’ve wished for. This is where you’re mistaken! Never trust anybody without inspecting their mortgage loan approval documents. Stay alert to fraud buyers and scrutinize everything before you sign the purchase contract.

Final Word

Avoiding these 10 home selling mistakes would explicitly ensure a painless home sale. Further, choosing a “we buy houses for cash” company in NYC would help you maximize your profits. You can contact ‘Elite Properties’ which is one of the most reputed real estate companies in NY for selling your house quickly for cash. Apart from the rich experience they hold in the real estate industry, they also implement digital marketing strategies like social media marketing and blogging proactively to sell your property within a short span.