Buying a house in foreclosure may save you a lot of money, but it’s not the only thing that these properties offer. Foreclosures can be an ideal option for investors who are looking to fix properties and sell them for better profits. Although, it’s vital to know that foreclosures come with drawbacks. If you’re considering buying a foreclosed property make sure to do thorough research. Scroll down to read our blog on ‘A Guide to Buying a House in Foreclosure.’

Types of Foreclosure Sale

There are five types of Foreclosure sales: 

1. Pre-Foreclosure

Property is in pre-foreclosure when the mortgage lender has notified the borrowers they are in default, but before the property is offered for sale at auction. If a homeowner can sell during this time, they may be able to avoid an actual foreclosure proceeding and its negative effect on their credit history and future prospects.

Pre-foreclosures are typically listed in county and city courthouse buildings. In addition, many online resources list properties that are in the pre-foreclosure phase.

2. Short Sales

A short sale happens when a lender agrees to accept less money for a property than what is still owed on its mortgage. Borrowers don’t necessarily have to be in default for a lender to agree to a short sale, but usually, the borrower does need to show some kind of financial hardship that would likely lead to default, like the loss of a job.

3. Sheriff’s Sale Auctions

A sheriff’s sale auction is held after the lender has given the borrower notice of default and a grace period to catch up on mortgage payments has passed. The purpose of the auction is to help lender recoup their losses quickly from a loan that is in default.

4. Bank-Owned Properties

If a property doesn’t sell at auction, it goes back to the bank and becomes an REO. Banks usually have a department that manages these properties. You can find these properties online on websites like Elite Properties.

5. Government-Owned Properties

If a home is purchased with a loan that is backed by the federal government, such as an FHA or VA loan, and then goes into foreclosure, the government will seize the property and hire a broker to sell it.

Buyers interested in purchasing a government-owned property must work with a registered broker. The U.S. Department of Housing and Urban Development (HUD) has a list of registered brokers on its website.

Causes for a Foreclosure

There are multiple reasons why homeowners fall into foreclosure. One of the most common reasons for foreclosure is a job loss or unemployment. Other reasons why people fall behind on mortgage payments include debts, marital issues, or illnesses. Also, homeowners during a foreclosure may fall into a low-to-moderate-income category that may cause trouble within the job.

As everything has its pros and cons, buying a foreclosure home is not left behind. Below are some pros and cons to consider when it comes to buying a foreclosed property.

Pros of Buying A Foreclosure House

1. Low Prices

The most prominent pro of buying a foreclosure home is its price. As the homes are priced below their market value they can be an easy catch for investors or buyers. Furthermore, foreclosures can offer a ton of savings. Sourced from the balance, according to the real estate data aggregator ATTOM Data Solutions the worth of a foreclosed property over the past five years has ranged from $93,000 to $166,000. 

2. Quick Closing Process

Comparatively, the average foreclosure process typically closes in 30 days as it’s a quick process. Although, till October 2020 the process took an average amount of 54 days from start to finish.

3. Investment Opportunities

A foreclosed property is a way to earn a good profit. Rehabilitating a house by doing a few adjustments can help in establishing a lot of value and gaining immediate equity. If you’re an investor who wants to flip the property for bigger returns then buying a foreclosure house is an ideal investment choice. With the right upgrades and improvements, you can gain a lot of value for an average home.

Cons of Buying A Foreclosure House

1. Multiple Repairs

As a foreclosure property requires selling as-is, this often relates to the that the property will need serious improvements. These houses need a lot of upgrades as the previous owner fails to maintain the house due to pricey repairs. Hence, if you are someone moving into a foreclosure property you will probably need to spend a lot of money on basic fixture improvements.

2. You May Not Get To View Or Inspect The House Before Buying The House

Foreclosure houses are sold on an as-is basis hence, there is hardly any chance for buyers to view the property. Additionally, you may not even get the chance to professionally inspect the property before submitting your bid. As these are some important points they can be deal breakers for many potential buyers. Also, you don’t have any access to the property before buying it. This means you can’t enter the property, and only look at the exteriors which are the windows and walls.

3. Competitive Market

Buying a foreclosure property comes with vying, there are several people looking to buy a property for cheap. The inventory can go out quickly as soon as the property is listed. Also, due to the pandemic where everything is online and people willingly avoid human interaction, the inventory goes out faster. The mortgage relief efforts during 2020 limited the amount of foreclosed homes hitting the market which created more competition.

4. It May Require a Huge Amount Of Cash

Keeping rehab costs aside, a buyer may require some upfront cash while buying a foreclosure home at an auction. Usually, at such events, buyers may have to bid in cash. Although, if you’re not bidding at such events for a foreclosure property and have good credit you may still bag financing.  

Monetary assistance for homebuyers

USDA Loan Program – 

There are two programs that the United States Department of Agriculture offers in order to help those with low or very low income who live in rural areas. The first program is called the Section 502 Direct Loan Program and the second is known as the 504. Both programs work to help these individuals obtain safe and decent homes.

The Section 502 program helps low-income or very low-income citizens pay for loans used to buy a modest residence in a rural area.

The Section 504 Single Family Repair program offers loans to very low-income people in rural areas who cannot get bank financing. Elderly people may be eligible for outright grants.

Veterans Administration Loan Program

The federal Veterans Administration has a mortgage guarantee program that is open to current service members, veterans, and surviving spouses. According to Military.com, the loans can be used to buy repossessed properties, although a bit of advance preparation is needed.

This program provides benefits that include zero down-payment loans, reduced closing costs, and a waiver of the mortgage insurance requirement to those who qualify.

Purchasing a Foreclosed Home

If you’re looking to purchase a property from a bank, it’s important to remember that you’ll need to be firm when it comes to negotiating prices. It never hurts to start low, especially if the bank has had the property for an extended period of time. In general, it’s a good idea to make an initial offer that’s at least 20% lower than the market price. However, this number could be higher depending on the location of the property, as areas with a high number of foreclosures often result in more favorable prices for buyers.

If you’re able to pay for the property and any necessary renovations completely with cash, you’re lucky. That’s why some buyers choose to team up with investors who can help finance the purchase and renovation, and in return, take a share of any profits when the home is eventually sold.

Bottom Line

When you consider buying a house in foreclosure it can result in potential savings. Although, it surely comes with a bunch of risks to deal with. Furthermore, if you think the home selling process will take a toll on your head, you may sell your house for cash. You can get in touch with Elite Properties. We are a cash buying company helping people to buy or sell houses. We buy houses as-is and offer hard cash in return. Call us today at 718-977-5462 to know more.

Private Mortgage Insurance (PMI) is a policy that protects the lender or the lending institution if you fail to repay the loan. PMI covers a part or all of the remaining mortgage, the borrower pays for the policy while the lender benefits. Like other insurance policies, private mortgage insurance comes with an annual premium, and sometimes it also has an upfront premium too. If you want to dive in deep about knowing PMIs, then read our blog ‘Everything To Know About A Private Mortgage Insurance ‘.

What is Private Mortgage Insurance?

Private Mortgage Insurance assures the lender that the loan will be paid, having such a policy helps borrowers to qualify for a loan that they eventually wouldn’t have qualified for. This insurance is mandatory if you pay less than a 20% down payment on a purchase.

In some cases, lenders may allow you to make a down payment of less than 20% without PMI although these loans may have steeper interest rates.

1. How Does Private Mortgage Insurance Work?

Similar to other insurance policies, you pay premiums to cover any unforeseen damages due to unfortunate situations. In such instances, the insurance company is liable for paying the outstanding loan if you find yourself incapable of doing it. Lenders contemplate that it is more likely to happen if you have less of an ownership stake in the property.

2. Private Mortgage Insurance vs. Mortgage Protection Insurance

Private mortgage insurance (PMI) is different from Mortgage Protection Insurance (MPI).  Mortgage Protection Insurance won’t pay off the whole outstanding balance of your loan if you default. Although it may still make some payments if you fall victim to uncertain situations like job loss, accidents that led to disability, or any kind of serious illness.

Here are some more insights into both PMI and MPI to help you understand better –

Private Mortgage Insurance

• A PMI insures against a complete default on the loan
• It protects the lender in unforeseen circumstances
• It pays in the event of foreclosure

Mortgage Protection Insurance

• An MPI only covers a chunk or some missed mortgage payments
• An MPI protects the borrower in catastrophic events
• May pay in the event of the borrower’s death
  
  

PMI Example

Private mortgage insurance (PMI) is an additional cost that homebuyers may need to pay if they have a down payment of less than 20% of the home’s value. For instance, if you purchase a $300,000 home with a 10% down payment, you could be paying between $1,500 to $3,000 per year in PMI. 

To make it more manageable, this cost is typically divided into monthly payments, which could range from $125 to $250 per month in this example. It’s important to factor in PMI when budgeting for your monthly mortgage payments.

Factors Influencing PMI

Amount of Down Payment

When buying a home, the amount of your down payment can have a big impact on your mortgage payments and PMI (private mortgage insurance) costs. If you make a smaller down payment, your lender may see you as a higher risk and charge you more for PMI. This can also lead to higher monthly mortgage payments and a longer time before you can cancel PMI. However, even if you can’t afford a 20% down payment, putting down more money upfront can help lower your PMI costs and save you money in the long run.

Credit Score History

When applying for a loan, your credit history is an important factor that lenders consider. They will review your credit score to determine how reliable you have been in repaying borrowed money in the past. 

A higher credit score indicates that you regularly make payments above the minimum amount, borrow within your means, pay bills on time, and avoid maxing out your credit limit. This demonstrates that you are a responsible borrower and may result in lower PMI premiums. 

However, if your credit score is lower, lenders may view you as a higher risk borrower and charge higher PMI premiums. It’s important to maintain a solid credit history to increase your chances of being approved for a loan and receiving favorable terms.

Type of Loan

The type of loan you choose can impact the amount of private mortgage insurance (PMI) you’ll have to pay. 

Fixed-rate loans offer less risk because the interest rate remains the same, resulting in consistent mortgage payments. This lower risk can lead to a lower PMI rate, potentially reducing the amount you need to pay. 

On the other hand, adjustable-rate mortgages (ARMs) can bring more risk because the interest rate can fluctuate based on the market, making it harder to predict future mortgage payments. This could result in a higher PMI rate. 

However, ARMs often have lower initial interest rates, allowing you to pay more toward your principal and build equity faster, potentially reducing the amount of PMI you need to pay. 

Your lender can guide you through different loan options and help you determine how much PMI you should expect to pay.

How to Avoid Borrower Paid-PMI?

If you’re a home buyer looking to avoid paying borrower-paid PMI (BPMI), there are a few strategies you can consider. 

One option is to make a larger down payment, as PMI is typically required for loans with a down payment of less than 20%. 

Another option is to look into lender-paid PMI (LPMI), where the lender pays the PMI premium but may charge a slightly higher interest rate. 

Finally, you could consider a piggyback loan, where you take out a second loan to cover the down payment and avoid PMI altogether.

1. Make a Large Down Payment

If you’re looking to avoid paying Borrower-Paid Mortgage Insurance (BPMI) on your home, consider making a large down payment of at least 20%. This will not only help you avoid BPMI altogether, but it will also give you more equity in your home from the start. Alternatively, if you already have BPMI and have reached 20% equity in your home, you can request to have it removed. And once you reach 22% equity, BPMI is often removed automatically.

2.  Apply for FHA & USDA Loan

If you’re looking to avoid private mortgage insurance (PMI), you may want to consider taking out an FHA or USDA loan. 

However, it’s important to note that these loans come with their own form of mortgage insurance. For FHA loans, this is known as mortgage insurance premiums (MIP), and for USDA loans, it’s guarantee fees. These fees typically last for the life of the loan, unless you have an FHA loan with a down payment or equity of 10% or more, in which case you’ll only pay MIP for 11 years. Ultimately, these fees will be in place until you pay off the house, sell it, or refinance.

3. VA Loan can help you

If you’re a veteran or active-duty service member looking to buy a home, taking out a VA loan may be a great option for you. Unlike other loans, VA loans don’t require mortgage insurance. Instead, they have a one-time funding fee that can be paid at closing or added to the loan amount. 

The size of the funding fee depends on factors such as your down payment or equity and whether it’s your first or subsequent use of the loan. It can range from 1.25% to 3.3% of the loan amount. 

However, if you’re a qualified surviving spouse or receive VA disability, you may be exempt from paying the funding fee. Additionally, if you’re refinancing with a VA Streamline loan, the funding fee is always 0.5%.

4. Piggyback Loan

If you’re looking to avoid paying private mortgage insurance (PMI) on a conventional loan, a piggyback loan may be an option to consider. With this approach, you make a down payment of at least 10% and take out a second mortgage, such as a home equity loan or line of credit, to cover the remaining amount needed to reach 20% equity on your primary loan. 

If you take a second mortgage, you will have to pay it back with a higher interest rate. This is because if you can’t pay back your loans, your first mortgage will be paid first. Make sure to check if this will save you money or if it’s better to just pay the PMI.

How to Avoid Lender Paid PMI

If you’re looking to avoid lender-paid private mortgage insurance (LPMI), there are a few options available. 

One option is to pay your entire PMI upfront at closing, which won’t require a higher interest rate. However, keep in mind that with LPMI, your payments are made as a lump sum upfront, so it’s impossible to cancel it. 

Another option is to go with borrower-paid PMI (BPMI), which may be cheaper depending on the mortgage insurance rates at the time. With BPMI, you’ll pay a monthly premium until you reach at least 20% equity. While you can’t completely avoid paying for PMI with less than a 20% down payment, these options can help you save money in the long run.

The Pros and Cons of Private Mortgage Insurance

To begin with, there are both advantages and disadvantages of PMIs. Although, it can make it easier for you to qualify for a loan. PMI lowers the risk you present to the lender. A PMI gives you more buying power as it lowers the down payment that you are required to make every time. It can also act as an aid when you’re short of funds.

A primary drawback of PMI is that it increases the monthly mortgage payments and sometimes the closing costs too. Furthermore, PMI payments are no longer tax deductible. Although, you may be able to write off premiums on a loan taken out before 2017 (based on your income and the terms of the mortgage). Additionally, mortgage insurance has one more downside. It only protects the lender in case you default. It absolutely offers no protection to you (the borrower) if you lag behind in repayments.

1. Pros of PMI

• It enables you to qualify for a mortgage loan
• Allows you to make a smaller down payment
  
  

2. Cons of PMI

• It may increase the monthly payments
• Can increase the closing costs
• It provides no protection to the borrower
• The premiums are not tax-deductible

Reasons for Cancelling PMI (If you already have it)

There are several reasons why you may want to cancel your private mortgage insurance (PMI) if you already have it. 

• One reason is if you have reached 20% equity in your home, regardless of whether you made extra payments towards your principal. 
• Another reason is if you have made significant improvements to your home that have substantially increased its value. If your loan is owned by Fannie Mae, you must have 25% equity or more, while the Freddie Mac requirement is still 20%. 
• You can also request removal of your mortgage insurance based on natural increases in your property value due to market conditions. But Fannie Mae and Freddie Mac require you to have 25% equity if the request is made 2-5 years after you close on your loan. 
• After 5 years, you only need to have 20% equity. However, you must be current on your mortgage payments. For this, an appraisal must be done to verify property value for your request to be honored. 

If you have a single-unit primary property or second home and don’t request cancellation. PMI is automatically canceled when you reach 22% equity. This is based on the original loan amortization schedule, assuming you’re current on your loan payments.

Canceling PMI On A Multi-Unit Property

The rules for canceling PMI on a property with many units are different. It depends on if you live there or if it’s an investment. For Fannie Mae loans, you can ask to cancel PMI when you have 30% equity. For Freddie Mac, you need 35% equity.

If you have a property with many units or an investment property with Freddie Mac, you need to ask to cancel the mortgage insurance. It won’t cancel by itself. But with Fannie Mae, the mortgage insurance cancels by itself halfway through the loan term.

Is There A Need to Pay for Private Mortgage Insurance?

A PMI typically costs around 0.5% -1% of your loan value on an annual basis. Although, it is subject to vary. The lender will look at your PMI premiums in detail on your initial loan estimate inclusively of the final closing disclosure form. Here, you choose to pay the premium upfront while closing or as a part of your monthly payments.  

Bottom Line

Now that you know everything about private mortgage insurance you may pick and choose wisely. If you think you’re running out of time and can’t make outstanding mortgage payments. It’s probably time to sell your house fast for cash. Elite Properties can help you sell your house as we are a cash buying company and we assure to make the home selling process easy for you. For further information call us at 718-977-5462 and we will guide you through the selling process.

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.

If your house isn’t selling, it can be a big problem and a matter of extreme stress to homeowners. If it has been sitting for a long time in the market, it will ultimately lose its value. Simply tweaking your marketing skills and changing your home selling process can favor you a lot. If you think you’ve tried everything, then think again or scroll down below and go through the 7 Tips On How To Sell An Unsellable House.

Postpone The Home Selling Dates for your Unsellable House

Setting the right time to sell in the market is extremely essential as the price you may achieve certainly relies on it. It is a known fact that real estate is majorly a seller’s market and you’d need to know about the pattern of selling homes. There is a certain time of the year when the sales are highest, spring is the ideal time to sell your house or put it on the market. Whereas, winter is the time when sales are comparatively low. If you’re not up for the seasonal sale pattern then there’s another way where you can wait for the inventory to drop and then put your home on the list.                     

Try Selling Your House Under The Market Price

Mispricing your home can be the easiest mistake you can make while listing your home, so the ideal way to entice buyers is by selling your property for a lower market value. Buyers or real estate investors are always on a hunt to find houses that are priced for less than their fair market value, this kind of sale is also known as ‘fire sale’ according to the real estate lingo.

This might not be your ideal choice but in this state of utter despair, this might be the most enticing option for you. As investors are constantly looking for such deals, some companies might actually surprise you by buying your property in as-is condition for a fair price. Try selling your house to a ‘we buy house for cash’ company; Elite Properties New York will buy your house in any condition and additionally offer you a no-obligation offer.

Consider Deep Cleaning, Improvements, And Curb Appeal

A clean house will always sell for a huge profit, keeping in mind its functional aspects of it. Fixing serious issues like your electrical and HVAC system will work wonders if they were in a rough condition. Plumbing, windows, and checking for leakages from roofs or sewage pipes are important points to remember. Make sure all the functional aspects of the house are covered before selling. If you’re not able to cover the improvement’s expense then include it as an incentive with the house.

The next important thing to focus on is the curb appeal of your house. If a home isn’t good-looking from the outside it’s never going to sell. You can counter the easy and less pricey things first and then move on to the costly improvements as and where needed. Just cleaning the sidewalks, mowing the lawn, and cleaning the exteriors of your house can make a visible difference.

Up Your Marketing Game

It’s all about the virtual world these days; the easiest way to list your home on the market is by putting it online for people to take a view. Adding to the rest, the results will only show if you market your home right. MLS or Multiple Listing Service can be extremely handy once you choose to put your home online, this particular service enables you to find the right buyers on a wider platform.                                               

Good marketing is equivalent to profitable sales so while listing your home make sure you’re putting out precise information for prospective buyers. Click sharp images of your complete house and also try making a video from the entrance to each room for a better perspective for buyers. A buyer would possibly skip pictures but not a video; make sure the quality of your video is clear, crisp, and shot in bright light.                    

Documentation Of Property Is Essential

If you’re putting your unsellable house on the market it is important for you to keep complete written information about your property and the changes made or required in the coming future. Keeping updated information about your property will help you in an easier sale and would promise better profits. No matter whether your house is in whatever condition it will always be sold for a fair price if you’ve been transparent with the potential buyer.                 

Think Through A Short Sale

This might be your last option to reach the final results and achieve a fair price on your property.  In most cases statistically quoting; people end up owing more than the property’s worth which is practically impossible to remunerate. There are cases where most of the lenders (in case you have an outstanding mortgage) may or may not agree to a short sale additionally, not every seller will qualify for a short sale. In such circumstances, it is best to opt for a short sale although it is important to do your research before diving in.                                                                                                

Sell Your Home For Cash To Elite Properties

Going through a mortgage, debts, improvements, and on top of it selling an unsellable house can be a lot to bear. In such an unfortunate condition your first option should be selling your home for cash to cash buying companies in New York like us. Selling your home for cash to us might be a boon in an ugly situation. We buy houses as-is which means you are saved from the hassles of making repairs. We close the deal in as less as 3 days which means you can take your money and repay your debts in no time.

 guarantee a fair all-cash offer with an additional no-obligation offer where you can terminate the proposal and you won’t have to pay any commission. If the deal is finalized we’ll also pay the closing and associated fees, so what is stopping you? Sell your house for cash to us and we’ll promise you a profitable all-cash sale. Call us at 718-977-5462 or visit us at Elite Properties to sell your house today.

Your house is an asset that is near to your heart, we comprehend the amount of damage that tenants may cause just by taking the property for granted. No matter how thoroughly you screen your tenants there are always some of them who would damage your property. Keeping up with the tenants can be a devastating phase, which can make you suffer mentally as well as monetarily. Although, as difficult as it is there are many ways where you can save your house from being damaged and also make the whole process less painful. Get to know more about what to do if Tenants Destroy The Property?

What will you do if Tenants Destroy The Property?

Tenants can be really fussy and can create a lot of damage. Damages like harming the property, breaking the furniture, punching holes in the walls, cracking tiles, damaging wood floors, etc. are some tenant damages done by them. These situations might take a toll on your head and leave you in a rough state. As difficult as the instances are there’s always a solution for it, scroll down below for options to look out for when tenants destroy the property.

What to Do In Such Circumstances?

The initial step is to educate yourself and understand the law and causes of the destruction. Damage can be caused due to innumerable reasons like natural calamities, intentional negligence, etc. In some states, if the damage isn’t caused due to any natural hazard then the tenant is liable to pay for the financial recompenses to the homeowner. Although, the only difficult part of the whole chaos is to tackle the situation peacefully.

There are various ways to tackle different situations.

Following are some references.

1. If Your Tenant Is Still Residing In Your Property

• Documentation- It is extremely important that you document everything for further reference. Any action you take in the coming future has a written justification or evidence. Another point to remember while you document things is to take high-resolution pictures of your property. Do it before your tenant moves in. Additionally, maintain a document in which the tenant agrees to his or her responsibilities inclusive of the quotes that contractors provide for repairs that will justify the costs.
  
  
• Talk With Tenants For Negotiation – In the occurrence of accidents, if there is any damage to your property then the best way out is to talk with your tenant. You shouldn’t escalate the situation if your tenant has a good reputation. Instead, talk to them and negotiate conditions to resolve the problem. If the tenant proposes to do the job by themselves and handle the whole situation then it is a good step towards a peaceful end. If at all the tenant is unable to pay for the damage then try to come up with a plan that suits all like partial or monthly payments, this will keep the transaction flowing smoothly. In the end, all you have to do is to keep calm and never forget to document every little detail that the tenant has agreed upon.
  
  
• Part or Full Deduction From Security Deposit – A security deposit is the best thing to touch down. This can happen in the case when you and your tenant can’t boil down to mutual conclusions. A security deposit is a chunk of the amount given to the landlord before the tenant moves in. The security deposit can be refundable or non-refundable. This is completely dependent upon the agreed terms between the landlord and tenant respectively. The landlord has legal rights to deduct a part or complete a security deposit. This happens if your tenant has caused any damage and is not ready to recompense. If the money is not covering the full price of your damage then you can move on to other options like filing a lawsuit.   
  
  
• Consider Filing a Lawsuit – If the tenant is stagnant and won’t agree to pay for the repairs then you might want to consider filing a lawsuit against them. Although, if the price of the damage is not much or is bearable then the best option is to elude any legal collaboration. You wouldn’t want to spend extra money or time on certain things, it is better to keep the security deposit and let go.

2. If Your Tenant Is Being Violent And Dragging Issues Unnecessarily

• Filing For an Eviction- If nothing works, then, in the end, all you can do is evict the tenant. If he/she is behaving aggressively with you or is damaging your property on purpose. Eviction is a slow process and it gets complicated. Hence, it is to tell to do your research well before taking any step.
  
  
• Bringing It Under The Police’s Notice – If your tenants still won’t pay heed to your actions, your next step towards this should be to involve the police. And tell them about the whole scenario. As told earlier, documenting the entirety is really important. Involving the police can be tricky, and things may take a bad turn. It is crucial to keep all the evidence in place. Furthermore, it becomes easy for the police to intervene and take possible actions depending on the situation.  
  
  
• Considering ‘Cash for Keys’ As Your Option – If you want to elude all the hassles of a problematic tenant then cash for keys is the best option to go with. All you want to do is offer a few dollars to the tenant. You can avoid legal procedures for problematic tenants, as it is not the ideal scenario for you. You’ll have to prevent upcoming damage.

3. If Your Tenant Has Left Or Is Non-Responsive

• Take The Legal Way To Confront The Situation – In most cases, the tenant damages your property and leaves no traces of their existence. So, what to do when you find yourself stuck in a rut? If your tenant has disappeared post damage or doesn’t take initiative to resolve the issue, you might have to invite legal jurisdiction into the issue. You can hire an investigator or an attorney to find your tenant and carry out the legal procedures further. If a tenant doesn’t show up or needs to track down, it is an extreme and sporadic case.
  
  
• Consider Filing an Insurance Claim – The easiest way to cover your tenant’s damages is to opt for claiming insurance. If your tenant has caused any damage intentionally or unintentionally then the smartest way out is to claim insurance. It’ll cover the damages. If you don’t want to do so you can choose not to claim the insurance. And then pay for the improvements from your pocket, which won’t be the smartest decision.

You can also read about the laws of Tenant destruction.

We Buy House for Cash; in Any Condition, Any Location

After perceiving all the scenarios stated above, you might choose the best suitable option. It should be for yourself respective of your tenants and the damages they’ve caused or caused. Lastly, we can tell as some damages can be covered while some may leave you stranded, in such instances, it is best to sell your house for cash.

Selling your house to a cash-buying company will aid in a profitable sale. Your house will be sold on the basis of FMV (Fair Market Value). We at Elite Properties will help you in selling a house in as-is condition and give you the best offer on your damaged property. Not leaving behind, they will also provide the best possible solutions for your tenant-related issues. You can reach out to us at Elite Properties or call on  718-977-5462.

We know selling a home is challenging, but selling a home in a bad neighborhood can be much more difficult. If you’re residing in an undesirable location, you can still increase the chances of selling your home for a profit. There are multiple ways to sell your house in a bad neighborhood, the easiest way is to highlight the features of your home. We would like to share ‘6 potential tips to sell your house in a bad neighborhood’ which will ensure a guaranteed sale.

Pick Shortest Routes and Stress on Features

While conducting walkthroughs or open houses, you’ll have to update potential prospects on the best route to your house. Make sure you bypass routes that possess heavy traffic. Provide them with directions that have supermarkets, parks, or any public places on the way. Additionally, you can brief the visitors on the nearby subways or bus stations to help them connect to the nearby areas. You can ask your neighbors to mow the lawns and clean the overgrown yards to impress buyers. Your ultimate goal should be to make the buyers love your property before they start judging the neighborhood.

Tips To Sell Your House In A Bad Neighborhood

Talk to first-time home buyers

Talking to first-time home buyers can be easy to deal with as they can be open to various offers. If first-timers are a couple, they are probably not looking for a desirable neighborhood but a decent house. If a house fits into their budget, they’re more inclined to purchase it.

Price carefully and Offer discounts

Pricing your home requires a lot of research. Setting a high price for your house might not even qualify for a sale. You’ll have to extract home selling prices from your neighborhood to get a better understanding of a price range. You can also put repair discounts or just offer a discounted price of your home to entice buyers. Avoid spending a lot on repairs as you’ll be selling your home to people with a tight budget. If you have already made repairs then make sure you highlight those features as the USP of the sale.

Enhance Curb Appeal and Stage Your Home

When you know you are residing in a bad location, you’ll have to make slight modifications. Enhancing the curb appeal always works magic in the home selling process. You can clean the porch, power wash the outdoors, put in a fresh coat of paint, and remove the unwanted items that make your exteriors look shabby. The buyer should feel welcomed as soon as he or she glances at the house. A buyer will never want a drab-looking house as the saying goes; the first impression is the last impression.

Hold an Open House

Hosting an open house can be a great way of uniting buyers and offering them to have a closer look at the home. It pushes buyers to purchase the property as they know they’re not the only buyers around. You can show the good areas around the neighborhood and give assurance of a quiet surroundings.

Consider Selling To Cash Buying Companies

Finding a potential buyer for selling a house in a bad neighborhood is difficult. Buyers won’t be satisfied unless you possess some positive points to sell the house in a bad location. We at Elite Properties comprise a team of qualified and skilled agents who assist you in your difficult times. They purchase your house in any condition and location for cash, after which the house is sold to potential clients.

Bottom Lines

‘Sell your house for cash’ is the safest pick when none of the options work out for you. Cash buying companies buy your houses in an as-is condition which means; it saves a lot of time and money. If you are considering selling your house to cash buying companies then you can visit ‘Elite Properties or call us at 718-977-5462 we’ll give you the best solution for your real estate crisis.

Selling Your Home as is for Cash doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get less than the desired value. You might be thinking that selling a house will be expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.

Sell Your House for Cash

Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are offered an all-cash offer which means you have immediate cash for your next purchase.

Avoid Real Estate Agents

As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them.

Why?

Hiring a real estate agent has many pros, but in the specified situation, there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast-paced sale which will again cost you dollars.

For Sale By Owner

A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitches.

Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies an expenditure of more than a hundred dollars.

Sell House With Repair Discounts

Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in bad condition or requires a little more than repair, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as-is condition to buy houses from cash companies it is one of the best options rather than doing repairs by yourself.

Consider DIY

As stated above doing things on your own will save you from bleeding dollars from your pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman, and for minimal repairs probably a plumber. Hiring people for each job can be time, energy, and most importantly money consuming. Consider the ‘Do It Yourself technique, you can perform many things on your own like painting, cleaning, staging (if required), and repairing. This will work like magic on your estimates, as a result, you’ll save thousands of dollars, which helps in retaining your equity. Although DIYs are fun to do, you also have to keep in mind they will require all your efforts and time which you are surely running out of.

Sell Your House As-Is

Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your home as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you a fair market value of your home by considering the condition of your house as well. They will also propose to you an all-cash, no-obligation offer which is a cherry on the cake.

If you want to sell your house fast for cash or have any queries regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide quality solutions for all your problems.

Water is one of the most destructive elements which can enormously damage the whole structure of your house. Water Damages can occur due to floods, heavy rains, or constant leakage from water pipes. It is tremendously necessary to act fast as soon as you see droplets seeping into your house and before it deteriorates all parts of your property.

We understand occurrences of these situations are not pre-determined. Here we are shedding light on the topic, of what to do to sell a house with water damage.

Act Fast, To Save From Water Damage

The very first thing you’ll have to do is to get all the valuable items out of the flooded or wet area. Shift them to a dry place. Wooden furniture has a propensity to absorb water and retain it for a long time which could be damaging. By being proactive and moving the furniture you can save potential future repair costs.

If your home does not have enough sunlight coming in, you should switch on the fans and dehumidifiers; they’ll help in drying the areas much faster. Places like basements are known as dark spaces they have no sunlight seeping in at all, and the decay there is rapid and comparatively faster than in any other space in the house.

If your house is under insurance you should get in touch with the company at the soonest. The next step is to click pictures of the damage caused by the floods. Being thorough in the detailed documentation will help a lot as a piece of evidence also when you sell your house it acts as proof of honesty towards prospective buyers.

Evaluate the Damage and Start Cleaning

It’s not just water that is going to damage the house. There are additional elements that come into play like mold, which can cause permanent damage. It takes just 48 hours for mold to germinate. As soon as things get in contact with the mold it will start defiling the furniture, walls, ceilings, and other junk as well.

Post floods you can evaluate what items have major damage. If there are wooden pieces the recovery time should be within 6 weeks. But, if you have furniture made from particle board or bison board, we can’t save it. If there is any upholstery that has come in contact with water it has to go to the dry cleaners, these people know how to deal with such fabrics. You can also promptly wash the clothes which were soaked in flood water to avoid decay and mold formation. Kindly note, that the organic fabric can immediately clasp mold, it is advised to wash them as soon as possible.

Avoid Expensive Repairs

Water damage can hit hard on your pockets. And if you are thinking of repairing the damages caused by floods, think twice. Carrying repair work would cost you dollars. It would burn up your equity taking it further by extending the repair costs. You could consider talking to some contractors around to get the best bid for the repair work. If your house has been damp for many days for obvious reasons it would require mold repair, ceiling repair, painting so on and so forth. Hence, improvements will require a lot of capital. It is advisable to sell your house for cash. By doing this you are not only getting rid of the water-damaged property but also getting a fair deal in all cash.

Selling House As-Is

As mentioned above, you will have to act fast and make decisions accordingly. As water can severely harm the surfaces of your property. But, what if you miss out on things and fall into a troublesome situation? The best way you can tackle the scenario is by selling the property to companies that buy houses for cash. When you do not have enough funds for repair and you don’t want to waste your time on the prolonged process of selling a house as-is will act as a savior in this situation. It is the best route to cut down your time and save dollars.

We Buy Houses Any Condition

We have provided you with some essential tips that can come in handy while you plan to sell your house with water damage. There are companies that buy houses as is. Like ‘Elite Properties’ which will buy houses in any condition and close the deal in as less as 3 days. So, whatever the damage could be they’ll buy your house and set you free from the ugly property and never-ending paperwork. Furthermore, if you are facing any other real estate crisis you can get in touch with us at www.elitepropertiesny.com we’ll be happy to help you and give you the best possible solutions.

Are you planning to sell your house for cash? Accepting a deal for your property from a cash buyer might be the best decision that you’ll never regret later in the long run. With numerous ‘we buy houses for cash’ companies being established in the locality, the demand for cash buyers is running over the roof. Even though such companies and establishments might seem shady to the naked eye, they are indeed a blessing in disguise.

Introduction

When you are planning to sell a property in NY, most of you will be left with few options opting for a property chain to top the list. Even though a property chain to sell your house in NYC seems to be a profitable idea it can really get on your nerves within no time once the mortgage gets declined, or buyers refuse to commit to buying your property. The property chain scenario will blow off your dreams of buying a new house with its prolonged time period and complicated procedures. The only thing that can be your pipe dream is the ‘sell your house for cash’ scenario. Here are some of the advantages of selling a house to a ‘we buy house for fast cash’ company.

Sell Your House Fast

Selling to a cash buyer in NYC is indeed an excellent opportunity for everyone. But it is more suited to people who ‘need’ to sell their property, rather than just ‘want’ to sell.

Did you understand the difference between need and want here?

Well, allow us to make the frame clear to you.

Selling a property for cash will be apt if you are facing foreclosure, bankruptcy, or other financial difficulties. This approach is feasible when selling your house and is the last resort you can try. The traditional home selling procedures will take a lot of time and might be hefty on your bank. Well, you can’t expect foreclosure to wait around till you’ve found a suitable buyer. Instead of waiting for someone to show up with a prominent offer for your foreclosed property, a cash sale is much faster. This will save you from foreclosure and becoming homeless. You’ll be able to arrange the desired money right in time to relocate or buy a new home quickly.

Sell Your Home As Is

When a cash buyer offers a price for your home, it means they are fine with buying your home as-is. You don’t need to worry about the extra renovation charges or repair costs. Well, this might be a massive relief for you as we do know how the expenses can shoot up when trying to replace the air conditioning or demolish the wearied-out patio. By selling your house to a cash buyer, you shouldn’t be worried about putting your home in a showroom condition which means you save a lot of time and money. If you are hoping to sell your house hassle-free, finding a company that buys houses for all cash in NY can be your best option.

A Hassle-Free Real Estate Solution

The house selling process tends to be lengthy and complicated. A person who doesn’t know his/her way around the industry will find it difficult to sell the property in NY. Find a suitable and professional cash buyer who can offer fair prices for your property. You’ll experience real estate at its best with hassle-free services. Forget about all those hefty paperwork, loan denials, unsure buyers who always back out near the end, and much more. Speed, convenience, and the ability to avoid complications still matter when it comes to selling a property that you’ve been holding near to your heart. With less hassle, you’ll move on faster from your emotions towards the home.

Conclusion

Always look for someone who is professional and has experience in real estate. An experienced cash buyer might be able to get you the right price you’ve always wanted for your house. Find the nearest property dealer or a real estate company in NY. They’ll help you in selling your home for fast cash and to sell it quickly.