Introduction
Homeowners facing financial difficulties often find themselves at a critical crossroads: Foreclosure vs Short Sale, which is the better option? The critical nature of mortgage debt demands homeowners need to grasp the consequences of both foreclosure and short sale before making a final decision.
When homeowners must exit the mortgage market through foreclosure or short sale, they encounter completely different financial as well as credit and emotional outcomes. Further in this blog, it explains how to compare different choices along with their effects, as well as presents evidence that showing your home to someone who pays cash makes the most financial sense. The blog presents strategic approaches combined with methods to handle these situations while strengthening financial security for the future.
Understanding Foreclosure: How It Works & Its Consequences
A homeowner’s inability to make mortgage payments allows lenders to start legal foreclosure proceedings that end with the sale of the property. The home selling process in foreclosure typically follows these steps:
- Missed Payments: Repeated payment default triggers the lender to send out a Notice of Default (NOD).
- Pre-Foreclosure Period: Homeowners during the pre-foreclosure period have the potential to pay off their debt while attempting negotiations with lenders to perform short sales.
- Auction Sale: Property sale through auction happens when all attempts to find solutions fail and the property is sold at prices lower than market value.
- Eviction & Credit Damage: After auction failure, the lender becomes property owner, which results in homeowner eviction while their credit score suffers damage.
Consequences of Foreclosure:
- Severe credit damage: The process of foreclosure damages credit score severely by 100 to 160 points and stays visible on reporting systems for seven years.
- Legal implications: The law allows lenders to obtain remaining debt known as deficiency balance after foreclosing on a property.
- Loss of control: When the homeowner has to go through foreclosure, the lender stands as the leader in all decisions, thus restricting the homeowner from making choices about the property’s end sale.
- Difficulty in future home purchases: Multiple mortgage providers tend to avoid granting loans to people with recorded foreclosure activities.
The Short Sale Process for Homeowners: A Viable Alternative?
Short sale is where the homeowner sells the property below the outstanding mortgage value, but with the lender’s permission. The Homeowner’s Short Sale Process is the following:
- Contacting the Lender: The homeowner must prove financial hardship and request short sale authorization.
- Listing the Property: The property is put on sale, typically at market value, with the lender’s consent.
- Negotiation & Offer Approval: Upon receiving an offer, the lender must approve the price and terms of sale.
- Closing the Deal: If approved, the property is sold, and the lender forgives the balance or negotiates a payment schedule.
Advantages of a Short Sale:
- Less impact on credit: Credit scores will typically drop by 50-120 points, and the short sale is on the credit report for four years or less.
- Faster financial recovery: Homeowners can qualify for a new mortgage sooner than they would after a foreclosure.
- More control over the sale: The homeowner actively finds a buyer and negotiates terms.
- Potential debt forgiveness: Most lenders forgive the unpaid balance of the mortgage.
Foreclosure vs. Short Sale: Head-to-Head Comparison
Factor | Foreclosure | Short Sale |
Credit Score Impact | Severe (100-160 points lost) | Less severe (50-120 points lost) |
Time on Credit Report | 7 years | 4 years or less |
Ability to Buy Again | 5-7 years | 2-4 years |
Process Complexity | Automatic lender repossession | Requires lender approval |
Financial Relief | No negotiation, full debt may still be owed | Possible debt forgiveness |
Control Over Sale | None (lender controls it) | Homeowner negotiates sale |
Emotional Impact | Stressful, damaging to reputation | Less stigma, more control |
Selling a Home in Foreclosure: Is a Cash Buyer the Best Escape?
If facing foreclosure, selling to a cash buyer can be a smart, fast alternative to either foreclosure or a short sale. Here’s why:
- Quick closing: Cash buyers can finalize the sale in days, preventing foreclosure.
- No lender approval required: Unlike a short sale, cash sales bypass the need for lender approval.
- No repairs or realtor fees: Cash buyers buy houses in as-is condition, making it cheaper and quicker for homeowners.
- Less stress and uncertainty: Homeowners eliminate lengthy negotiations and foreclosure proceeding risk.
- Elite Properties deals in homes in as-is condition, which makes the transaction quick and easy.
Which Is the Better Option for You? A Decision Framework
Short Sale is the Better Option If:
- You prefer to avoid credit damage.
- You can still negotiate with your lender.
- You desire an opportunity to purchase a home again earlier.
- You are willing to undergo the lender-approval process.
Foreclosure is the Only Option If:
- You have depleted all Avoid Foreclosure Options (loan modifications, refinancing, etc.).
- You are unable to sell it or negotiate a short sale in time.
- You are unwilling or unable to pursue the home selling process further.
Selling to a Cash Buyer is the Smartest Move If:
- You need to sell a foreclosure home fast with less stress.
- You don’t want to deal with lender negotiations.
- You want a quick, easy transaction with cash payment assurance.
- Elite Properties provides a hassle-free cash-buying experience, allowing homeowners to avoid foreclosure through an instant sale.
Conclusion: Making an Informed Decision
It is not an easy decision to choose between foreclosure and a short sale, but having the final impacts of each in mind can help the homeowner feel secure in a decision. In most cases, a short sale is a preferable situation for homeowners who want to avoid further hurting their credit while regaining financial health sooner. Yet, under the circumstances that time and solutions are short in supply, foreclosure may be the only way.
With no repairs to perform, no holdups in lender approval, and a quick closing process, Elite Properties provides an easy way to sell an ugly property. Taking proactive measures, seeking professionals, and examining all the possibilities can become the turning point in having a secure future financially.
Ultimately, it will depend on your financial situation and future needs. The important thing is to act early, shop around, and select the option that reduces harm and maximizes recovery and future home ownership opportunities.
Frequently Asked Questions (FAQs)
- What is the primary distinction between a short sale and a foreclosure?
Short sale is a sale by the homeowner with the permission of the lender, while foreclosure is a legal process initiated by the lender after missed mortgage payments. - What is the impact of short sales and foreclosures on credit scores?
Foreclosures cause a more significant drop (100-160 points) and stay on the report for seven years, while short sales cause a smaller drop (50-120 points) and stay on the report for four years. - Can I buy another residence after a short sale or foreclosure?
Yes, but the waiting time is different. A short sale permits a new mortgage in two to four years, whereas foreclosure usually takes five to seven years. - Are short sales and foreclosures taxable?
Yes, forgiven mortgage debt from foreclosures or short sales could be taxable income. Talk to a tax professional. - Can foreclosure be prevented?
Indeed, options are a modification of the loan, refinancing, short selling, or cash sale. The best course may be determined through professional guidance.
Introduction
The Rising Popularity of As-Is Home Sales
Real estate market analysis shows more individuals prefer to market their properties as-is, meaning without repairs or upgrades. Real estate expert companies that buy houses for cash operate extensively in the market today to provide homeowners with convenient cash-based solutions that simplify home sales beyond conventional real estate transactions.
Homeowners who want immediate cash for their home find professional house-buying companies such as Elite Properties to be the ideal solution as they eliminate agent fees and home staging requirements while offering guaranteed home sales without prolonged negotiations. But one might ask, why are more people opting for this option?
Read this blog which will help you explore the key reasons behind this significant market transition.
The Traditional Home Selling Process is Too Lengthy and Stressful
Home selling through conventional methods typically extends over multiple months before reaching a conclusion while involving numerous stages from preparation to property tours to deal negotiations and unpredictable outcomes. Many homeowners find themselves stuck in a cycle of:
- Costly Repairs & Renovations – Potential buyers might request that sellers provide property repairs that lead to substantial expenses and a considerable amount of time.
- Staging and Marketing Efforts – Traditional real estate deals need home staging professionals as well as high-end photography and property listing fees that increase costs.
- Real Estate Agent Commissions & Closing Costs – Home sellers typically need to pay 5-6% of their home value in combined commission expenses and closing costs to agents.
- Uncertain Closing Timelines – Buyers experience delays because of financing problems, inspections, and contingency requirements that can extend the closing process by weeks to even months.
- Emotional Toll – The extended duration of the property selling process causes an additional mental burden for homeowners facing difficult personal adversities.
The uncertainty and stress experienced by home sellers prompt them to turn to companies that buy homes for cash, as they deliver assured hassle-free and speedy closings.
The Rise of Companies That Buy Houses for Cash
As the real estate environment changes multiple real estate firms now exclusively focus on purchasing homes directly from sellers no matter the property condition. By offering cash transactions these companies simplify the process of traditional home sales.
How Do These House-Buying Companies Work?
- Quick Offers: Homeowners will get a fair cash offer in a time frame of 24-48 hours.
- No Repairs Required: Any property is eligible for purchase, whether it is damaged, outdated, or even if it has been abandoned as these companies buy houses in any condition.
- Fast Closings: The transaction closing period for these companies runs between 7 and 14 days which is significantly shorter than the traditional market’s 60 to 90 days.
- No Hidden Fees: The non-involvement of agents helps sellers avoid spending extra on commissions and closing costs.
- Guaranteed Sale: Homeowners can rest assured that their buyers’ financing will not fall through.
- Flexible Terms: These companies collaborate with sellers to schedule closing dates that suit the sellers’ schedules.
This approach draws home sellers looking for an efficient way to sell their homes without any complications.
Why More Homeowners Choose to Sell As-Is
As-is home sales are becoming the preferred choice for homeowners across the country for multiple reasons. The situations where selling to a house-buying company proves to be the best choice are listed below:
A. Financial Hardship or Foreclosure Risk
Homeowners who face foreclosure struggle to maintain their mortgage payments. Homeowners facing foreclosure risks can sell their homes for cash rapidly to prevent credit damage and protect their houses from bank repossession.
B. Inherited Properties or Unwanted Homes
Inheritors frequently end up with properties they neither desire nor can manage. Rather than investing time and money into fixing up their homes, numerous people choose to simply sell their property for cash and relocate.
C. Divorce or Major Life Changes
Are you going through a downsize, job transfer, or divorce? The conventional method of selling a house can take too long. We buy houses in any condition, tidy break without needless hassles and delays.
D. Relocation or Job Change
Homeowners don’t always have the luxury of waiting for the ideal buyer when they move for personal or professional reasons. Selling to a cash home-buying company guarantees a quick, convenient sale experience.
E. Homes That Are Difficult to Sell
Some houses are difficult to sell on the open market because they are old, damaged, or in unfavorable locations. Regardless of the condition of the house, companies like Elite Properties that buy houses for cash offer a simple solution.
Key Benefits of Selling to a House-Buying Company
There are numerous advantages to selling to a house-buying company, such as:
Convenience and Speed
- No need to wait for buyer negotiations or financing approvals.
- Any property-selling process is closed in a week or two.
- Sellers can avoid the stress of repeated showings and open houses.
No Repairs Needed
- Because we acquire properties in as-is condition, sellers don’t have to worry about repairing significant damage, old interiors, or structural problems.
- Reduces contractor fees and renovation costs by thousands of dollars.
No Agent Fees or Commissions
- Sellers save thousands of dollars on commissions when the house is sold directly to the cash buyer.
- Many companies cover standard closing costs, contributing to additional savings.
Fair and Transparent Offers
- Expert home-buying companies evaluate the property and, taking into account the current state of the market, make a reasonable cash offer.
- There is no obligation or pressure to accept the offer.
Understanding the Selling Process: How Does It Work?
The procedure of selling to a cash house-buying company is straightforward and efficient. Here’s how it typically works:
Step 1: Make a Cash Offer Request
Homeowners contact a firm that buys houses and gives them basic information about their property.
Step 2: Home Assessment
The company evaluates the property (often virtually or through a quick inspection) and determines a fair cash offer.
Step 3: Receive and Accept the Offer
Sellers receive a no-obligation cash offer, usually within 24-48 hours. If accepted, the process moves forward.
Step 4: Close the Sale Quickly
With no banks or traditional financing involved, the closing can happen within as little as 7 days.
- Some companies allow flexible move-out dates to accommodate seller needs.
Debunking Common Myths Associated With Cash Home Buyers
There are a number of false beliefs regarding real estate companies that pay cash for homes. Let’s dispel a few widespread misconceptions:
- Myth: Cash buyers always offer lowball prices.
Fact: Reputable buyers make fair, market-based offers without hidden fees. - Myth: These companies aren’t legitimate.
Fact: Many well-established companies have helped thousands of homeowners sell quickly and fairly. - Myth: Selling for cash means losing money.
Fact: While offers may be slightly below market value, sellers save money on repairs, agent fees, and carrying costs, often making it an equally profitable option.
In Conclusion, Is It Right For You To Sell As-Is?
The need for companies that buy houses for cash is only increasing as more homeowners prefer quick, hassle-free solutions. Companies like Elite Properties provide a simple and reliable solution, whether you’re dealing with an inherited property, facing foreclosure, moving for a job, or just don’t want the hassle of the traditional market. You regain control over your schedule and financial future by opting for a cash for home sale, which guarantees a seamless house-selling experience.
Consider your priorities if you’re still confused if an as-is sale is the best option for you. Do you value a quick closing? Would you rather avoid the risk of last-minute buyer withdrawals? Are you comfortable with a transparent, commission-free process? If the answer is yes, then selling to a house-buying company might be your best option.
Finding the best way to sell your home is the ultimate objective. Choosing a cash buyer can be the ideal way to proceed with assurance if convenience, speed, and financial flexibility are your top priorities.
Thinking of Selling? Contact Elite Properties Today!
FAQs (Frequently Asked Questions)
- What does it mean to sell a house “As Is”?
Offering a home in its current state, without any alterations or repairs, is known as selling it “as-is.” Buyers are told that any problems with the house will be accepted and that they will be bought in as-is condition.
- Are there legal obligations when selling a house as-is?
Yes, sellers are legally obligated to disclose any known flaws or problems with the property, even if they are selling it as-is. Complete openness fosters trust with prospective buyers and helps avert future legal issues.
- If I sell my house the way it is, will I receive a lower price offer?
Offers for a house sold as-is are typically 15% to 20% below market value. This strategy, however, can spare you from having to pay for repairs, closing costs, and agent commission which might, even out the cost.
- If a house requires major repairs, can I sell it as is?
Yes, houses that need a lot of work can be sold the way they are. This option appeals to house-buying companies or investors who are prepared to make the required changes, but it is frequently selected by sellers who would rather not spend time or money on repairs.
- How can I attract more home buyers to my property in its As-Is condition?
Even though significant repairs are not required, making small changes to your home’s appearance, including cleaning, decluttering, and making sure all disclosures are correct, will draw in more buyers and possibly result in higher offers.
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.
Before calling a Real Estate Agent there are a few things you may want to consider. Having financial documents will enable you to sell your house fast. Although, selling your house relies on multiple factors like the condition of your house and your financial situation. Make sure your first impression isn’t a weak one as a poor appearance will draw potential buyers away. Hence, do these 5 things before calling a real estate agent.
Acquire Pre-Approved for a Mortgage
The first step before you contact a real estate agent is to look for available mortgage options. Several factors like price, interest rates, term, etc. decide the type of mortgage you may afford. Additionally, being pre-qualified for a mortgage is different from getting a mortgage pre-approved. As both processes involve evaluating income, assets, and debts, only pre-approval needs an official mortgage application.
Examine the Market
A pre-approved mortgage is the only component on which you can research potential houses in a specific price range. In case you’re selling the house you will need to examine the market for homes that are similar to yours. Furthermore, when you research real estate ads both online and in print, you’ll only know about the asking prices. Here, a real estate agent will tell you about how long the houses have been sitting in the market, their prices, and closing costs. Keep in mind to not fall in love with any property yet. By the time you are ready to buy that property, it might have been already sold.
Declutter The Space
All home sellers by now know how important it is to showcase the potential space in your house. Although, it is also important to declutter your house before showing it to the real estate agent as well. Preparing your home for real estate agents before walkthroughs is vital as it helps them to see the full capacity of your property. This will make your property appear more attractive to buyers.
Keep Your House Spotless
A clean and tidy house shows how much you care about and maintain it. Also, a clean home can result in a faster sale. Little things like sorting your mailbox, cleaning doormats, mowing the lawn, cleaning windows, and properly lighting our day-to-day chores. Doing them at once can work in favor of your home selling process. Furthermore, these things are highly noticeable by buyers so, it’s best to do it beforehand than do it later. Additionally, a clean bathroom is a factor that speaks a lot about the homeowner. Spotless shower cubicles, tubs, and tiles are essential bathroom etiquettes that one must follow whether you’re selling your house or not.
Explore Potential Agents
Going with the first real estate agent that pops up on a Google search can be a bad idea. Doing thorough research and finding an agent that suits your needs is ideal. Commence the search by asking for referrals from people who recently shifted to the neighborhood. You can also bounce on several online resources for the same.
You may have to look for a real estate agent with experience and who has a large contact base. Remember, real estate agents usually charge around 7% of the closing price on the sale, so make sure to do research beforehand.
Bottom Line
You may always feel a need to hire a real estate agent for selling or buying properties. If you are someone who cannot afford to pay the heavy prices of hiring one then, you can contact Elite Properties. We buy houses in any condition and provide a no-obligation offer. We buy houses as-is which means you naturally avoid the extra costs associated with home improvements. Call us today at 917-722-1272 to know more about a fair cash offer.
Let us be honest, we all have some itchy mortgage home loan questions that are difficult to ask. Opening up your personal life and finances can be uneasy. Borrowers may hesitate to talk on certain topics that can eventually lead to a troublesome mortgage home loan process. Read our blog ‘Are you embarrassed to ask these mortgage home loan questions?’, and elude yourself from being in an uncomfortable situation.
If you are hesitant to ask questions that you feel may put you in a compromising state, think again. Loan officers hear it all the time and they have answers to all your questions. Some of the questions are given below.
Is It Possible To Get A Mortgage Home Loan Without A Job?
The first step to qualifying for a mortgage home loan is employment verification. Your lending institution will look at your debt-to-income ratio, W2s for the past 2 years, etch, to understand your finances. Now, the question is what happens if you lose your job during the home-buying process? Firstly, it’s important for a buyer to be honest with the loan officer and disclose every little detail. Hiding the situation will only get you in trouble and increase the risk of loan default. The loan officer, in this case, will recalculate your savings/earnings and submit a new mortgage application.
Although, you may still qualify for a smaller loan and get a house in that price range.
How Do I Take An Ex-Off My Mortgage Post Separation?
There are usually two options available in this case
- Sell your house
- Let one spouse buy out other
Selling your house and dividing the yields is the most suitable option to resolve the issue of homeownership. Here, the spouses need to settle on a buyout figure (i.e. the home’s appraised value minus the selling price). The remaining amount will be split between the spouses. Furthermore, the spouse keeping the house may decide to employ a mortgage refinance to pay the buyout. So when you purchase back home with this option it will eventually remove the other partner from the property’s title.
What Happens To The Mortgage Loan If I File For Bankruptcy?
Keeping your home while facing bankruptcy is probably one of the biggest concerns for homeowners. Legally, a mortgage lender cannot punish you for filing a bankruptcy either way by changing your loan terms or raising your rate. Although, the cases are different keep in mind several factors and circumstances. Homeowners filing for chapter 7 bankruptcy may risk losing their homes. Whereas, homeowners filing for chapter 13 bankruptcy may keep their home and continue paying their mortgage home loan.
Does It Matter In Case I Owe Back Child Support?
A child support arrear can be a negative sign on your credit that may lead to failure of mortgage prequalification. Additionally, back child support that has reached the judgment phase may make you appear as a risk to the lender. You may want to consider talking openly to your loan officer about the ways you’re trying to pay the debt. It may also possibly improve the odds of qualifying for loan eligibility.
The loan officer may also ask you for a court-approved repayment plan to know how you’re managing your debt. Furthermore, paying the debt in full can also ease the toll of credit and qualify you for mortgage programs.
- I Didn’t Pay My Property Taxes And Got A Letter From The Lender. What Do I Do?
The reason homeowners pay taxes is to fund the municipal services and county. If you fail to pay the property tax bill, the local tax office will commence charging monthly interest. Additionally, you may also have to pay penalty charges for overdue payments. If this becomes a continuous thing a tax lien will be put on your property. The lien indicates you can’t sell the property until the tax bill is paid.
If you receive a tax notice from your lender, then it’s crucial to contact the tax attorney and your loan officer. Failure of property tax payment translates into the ‘event of default’ that will put you at risk of foreclosure.
There are some options that your loan officer may guide you through
- Allowing late payments
- Seeking a tax deferral
- Creating a payment plan
- Taking out a property tax loan to pay a debt in monthly installments
- Why Is It Important To Know Where The Money Deposited In My Account Comes From?
While the mortgage approval process, large deposits of money that are apart from your earnings need an explanation. An underwriter will ask for verification of the large money deposit, to ensure it comes from an admissible source. Confirmation of the deposit also ensures if you’ve taken a new loan that potentially affects your debt-to-income ratio.
- I Am Unable To Make My Mortgage Payment, What Do I Do?
If you think foreclosure is the only way out if you default on mortgage payments, think again. There are several options available, one of which is to contact your loan officer. Your officer will ask you about the financial crisis and why you won’t be able to make payments moving forward. The objective of the officer here is to help you to keep your house and explore the possibilities. There are options like loan modification, mortgage refinance, repayment plans, forbearance, mortgage assistance programs, or short sale. These options can be a big consideration before the homeowner faces bankruptcy.
Additionally, the Consumer Financial Protection Bureau recommends a free HUD-approved housing counselor. Having a counselor by your side can aid in receiving professional guidance and saving you from foreclosure.
Bottom Line
Having awkward questions is okay as far as you have solutions for them. Although, if you want to avoid such situations you can sell your house to Elite Properties. We buy houses as-is and offer you the authentic fair market value of your house. Call us today at 718-977-5462 and sell your house fast for cash.
You might be doing all things right to sell your house starting from decluttering extra stuff to carrying out improvements. Although, all your pain and time may go to waste and won’t make a difference to a potential buyer, reason, or bad neighbors. Buyers these days do not miss a single point whether it’s asking about the history of the house or negotiating terms with home sellers. One of the points that a smart buyer won’t miss is checking the neighborhood and the neighbors. Sometimes living in a good area is not enough if you have loud, disrespectful, and rude neighbors that bring down the impression of the neighborhood. If you are facing the same issue and can’t sell the house due to bad neighbors? Here’s what to do.
Talking To Your Neighbors
Communicating can solve any bitter relationship and it may also solve the problem from the root cause. Talking politely about any issue to your neighbor can avoid retaliation situations. You can bring up the topic of selling your house and explain to them your situation. This might diffuse the old problems and smoothen the tiring home sale process. Make sure to be reasonable with your request and assure yourself that reaching out to them in the first place is probably for the best.
Offer To Help If Required
Very often your neighbors may have an unsightly lawn that probably is not mowed for more than 6 months. This is just one scenario, they might have junk outside their house or garbage lying all over. In such circumstances, you can offer them help in moving the junk, helping to mow the lawn, or cleaning the garbage. Offering help may take up a lot of your time and money, whether it’s calling for lawn maintenance or a junk removal service. By doing this you are not only helping your neighbors but, also making way for a profitable home sale.
Seeking Outside Help
Let us agree that we all can be a little noisy sometimes but, if you have a loud neighbor who is consistently noisy, it can be a problem. If this is the case, and your neighbor resides in a rental property you can find out the owner of the property and inform them about their tenant/s. On the other hand, you can contact the homeowners association and find out the noise ordinances. You can check if the neighbor is violating any ordinances by yourself before contacting any agency outside. There are certain guidelines set by the homeowner association regarding the maintenance of homes in certain neighborhoods.
Raising Concern To City Or County
At times, people face bad circumstances where the neighbor can trespass on their property directly or indirectly. In such a case, you’d want to raise the concerns and take it up with the authorities. However, you may want to check your municipality’s code enforcement and noise statutes. Post which you can report to the police or concerned officials if there are any violations.
Sell Your House To Cash-Buying Companies
We understand that selling your house comes with a lot of responsibilities. Your hands may already be full of staging and decluttering stuff. Although, you may want to check the area where you reside too. Identify the problem areas and start working towards them for a better sale. It’s not just neighbors that can be a potential problem but also the neighborhoods.
If you are still unable to sell your house fast due to the constraint of strict deadlines you can consider selling your house to Elite Properties. We are a cash-buying company, which means we buy houses as-is without the concerns of bad neighbors in any location and condition. Sell your house to us and rest assured we offer the best cash offers based on a fair market price. Call us today at 718-977-5462 and sell properties with us.
After a lot of house hunting, you’ve finally found the home of your dreams. A house with the right amount of rooms and a beautiful front yard so, what do you do next? How do you turn yourself into a homeowner from being a potential buyer? It’s simple, you apply for a mortgage to finance the purchase of your new home. As simple as it sounds there’s a lot that goes into applying for a mortgage and one of them is the mortgage underwriting process. If you’re a potential buyer, here’s a Step By Step Detail On Mortgage Underwriting Process.
What is Underwriting?
Underwriting is a critical step in the mortgage approval process where a qualified individual, known as an underwriter, assesses your financial information and determines whether you meet the lender’s requirements for a loan. This process involves a comprehensive review of your creditworthiness, income stability, debt obligations, and the property’s value. The underwriter’s role is to minimize the lender’s risk and ensure that you can repay the loan.
What Is Mortgage Underwriting Process?
An underwriting process merely determines whether a buyer is able to pay back the loan to the lender. It is a process due to the lender, assessing the risk of lending money. The lender here will assess and verify your income, debts, assets, etc. towards the decisive approval for your loan.
What Goes Into Mortgage Underwriting
A mortgage underwriter’s responsibility is to assess the overall risk of the potential buyer, and whether he/she would be able to repay the mortgage. The underwriter evaluates the factors which help the lender comprehend a buyer’s financial condition that including –
- Buyer’s credit score
- Buyer’s credit report
- Property intended to be bought by the buyer
Additionally, the underwriter also aids the lender in determining if the buyer may or may not see a forthcoming loan approval. The motive of this process is to ensure the buyer doesn’t end up closing a mortgage that they can’t afford. An underwriter further will investigate the buyer’s credit history, order an appraisal, verify the income and employment, analyze the Debt-To-Income Ratio, and lastly, verify your payments and savings.
Here’s what an underwriter does:
A mortgage underwriter is a crucial player in the loan approval process. They are responsible for assessing the risk associated with lending to a borrower and determining if the loan meets the lender’s guidelines. Here are some key responsibilities of a mortgage underwriter:
1. Review Your Credit History: This includes a thorough examination of your credit report, credit score, and payment history.
2. Analyze Your Finances: Lenders typically adhere to federal financing guidelines. For example, Fannie Mae guidelines require borrowers to have a maximum loan-to-value (LTV) ratio of 97 percent, a credit score of 640 or higher, and a maximum debt-to-income (DTI) ratio of 36 percent. The lender might also incorporate its own criteria. Additionally, they’ll consider specific aspects of your financial situation. If it’s an income-producing property, they might assess whether you plan to occupy the property alongside tenants and take into account your financial reserves, such as investments, assets, and savings.
3. Conduct a Property Appraisal: The approval of your loan is influenced, in part, by the relationship between the amount you’re borrowing and the value of the home you’re purchasing (used as collateral). As a result, the underwriter will request a property appraisal to ensure that the asking price aligns with recent sales of comparable homes in your area.
4. Render the Approval Decision: Once all the necessary reports and paperwork are gathered, the underwriter makes the critical decision to approve or deny your application.
Common Factors That Can Impact Mortgage Underwriting
Mortgage underwriting is a complex process that takes into account various factors to assess your eligibility for a loan. Let’s explore some of the common factors that can impact mortgage underwriting.
- Credit Score: Your credit score plays a significant role in mortgage underwriting. Lenders use this three-digit number to evaluate your creditworthiness and predict your ability to repay the loan. A higher credit score indicates a lower risk for the lender, making it easier for you to secure a favorable loan.
- Income: Underwriters carefully evaluate your income to determine if you have the financial capacity to make regular mortgage payments. They will assess your employment history, stability, and the consistency of your income. Generally, a higher income level makes you a more attractive borrower.
- Debt-to-Income Ratio: Your debt-to-income (DTI) ratio is another crucial factor in mortgage underwriting. It measures the proportion of your monthly debt payments to your monthly income. Lenders prefer a lower DTI ratio, as it indicates that you have enough disposable income to comfortably handle mortgage payments.
- Employment History: Underwriters consider your employment history to gauge the stability of your income. They typically look for a steady employment track record, preferably with the same employer or within the same industry. Frequent job changes or gaps in employment can raise concerns for lenders.
- Property Value: When underwriting a mortgage, the value of the property you’re purchasing or refinancing is also assessed. Lenders want to ensure that the property’s appraised value aligns with the loan amount. A lower loan-to-value ratio (LTV) is generally preferred, as it reduces the lender’s risk.
Understanding these common factors can help you prepare better for the mortgage underwriting process.
What Information Do Underwriters Look at?
Mortgage underwriters analyze a range of documents and information to assess your eligibility for a loan. Here are some of the key items they review:
- Credit Report: Underwriters obtain your credit report from the three major credit bureaus – Experian, Equifax, and TransUnion. They scrutinize your credit history, including your payment history, outstanding debts, and credit utilization. A clean credit report with a history of timely payments enhances your chances of approval.
- Income Documentation: Underwriters review your income documentation, such as pay stubs, tax returns, and W-2 forms. They verify the stability of your income source and calculate your debt-to-income ratio. Self-employed individuals may need to provide additional documentation, such as profit and loss statements or business tax returns.
- Bank Statements: Underwriters analyze your bank statements to assess your financial health and verify your assets. They look for consistent deposits, large cash transactions, and any red flags that could indicate undisclosed debts or financial instability.
- Employment Verification: Underwriters verify your employment history and income by contacting your employer directly. They may request additional documentation, such as employment verification letters or recent pay stubs, to confirm your income details.
- Appraisal Report: Underwriters review the appraisal report to ensure the property’s value aligns with the loan amount. They assess the property’s condition and location to determine its marketability and potential risks.
By understanding the information underwriters evaluate, you can gather the necessary documents and ensure that your financial records are in order. Now, let’s explore the step-by-step process of mortgage underwriting.
Types of Underwriting Categories
There are three main types of underwriting process. Those are: loans, insurance, and securities.
Loan Underwriting
All loans, in some capacity, undergo the process of underwriting. This involves the evaluation of an applicant’s credit history, financial records, collateral value, and other factors that vary based on the loan’s size and purpose. The appraisal duration can range from a few minutes to several weeks, depending on whether human intervention is necessary.
The most common form of loan underwriting that involves human underwriters is for mortgages. This is the type of underwriting that most individuals encounter. The underwriter assesses an individual’s income, liabilities (debt), savings, credit history, credit score, and more, considering their unique financial circumstances. Mortgage underwriting typically has a “turn time” of a week or less.
Refinancing often takes longer, as buyers facing deadlines receive preferential treatment. The loan applications can be approved, denied, or suspended. The most receive “approval with conditions,” requiring clarification or additional documentation.
Insurance Underwriting
In insurance underwriting, the focus is on the potential policyholder – the individual seeking health or life insurance. The medical underwriting for health insurance was used to determine pricing and coverage decisions. These are based on health status, often considering pre-existing conditions. However, since 2014, under the Affordable Care Act, insurers are no longer allowed to deny coverage or impose limitations based on pre-existing conditions.
Life insurance underwriting aims to evaluate the risk of insuring a potential policyholder based on factors such as age, health, lifestyle, occupation, family medical history, hobbies, and other criteria determined by the underwriter. The outcome of life insurance underwriting can lead to approval, along with various coverage options, prices, exclusions, and conditions, or outright rejection.
Securities Underwriting
Securities underwriting, which evaluates the risk and appropriate pricing of specific securities. That are related to Initial Public Offerings (IPOs), is typically conducted on behalf of a potential investor, often an investment bank. Following the underwriting process, the investment bank may purchase (underwrite) securities issued by the company attempting the IPO and then sell those securities in the market.
Underwriting ensures that the company’s IPO will raise the necessary capital and provides the underwriters with a premium or profit for their services. Investors benefit from the vetting process that underwriting provides, enabling informed investment decisions.
This type of underwriting can encompass individual stocks and debt securities, including government, corporate, or municipal bonds. Underwriters or their employers purchase these securities to resell them for a profit, either to investors or dealers (who sell them to other buyers). When multiple underwriters is involved, it is referred to as an underwriting syndicate.
What Is Automated Underwriting Vs Manual Underwriting
A mortgage underwriter has two options to assess the loan application. The first is to do it manually and the other through software. The one with software is known as automated underwriting. An automated underwriting process is much easier and faster than the manual one as a computer evaluates it. Although, it has some limitations that are non-negotiable like inconsistent income, poor credit score, etc. That may be a deal-breaker for borrowers. Hence, in such circumstances, manual underwriting is an easy option. Furthermore, in some situations, lenders combine automated and manual underwriting to avoid the complications of the loan application.
Mortgage Underwriting Process Steps
As explained above in brief, an underwriter evaluates your finances and forwards them to the lender. Although, there are more aspects that need to be analyzed while proceeding with the underwriting process. Some of the aspects are given below.
1. Income
While assessing a buyer’s income the underwriter requires a set of documents as proof to determine if he/she can cover the monthly mortgage payments. As a buyer, you’ll need to submit documents like –
- W-2 (of last 2 years)
- Bank Statements (2 most recent ones)
- Pay stubs (2 most recent ones)
Furthermore, if the buyer is self-employed or has a share in a business. There are some additional documents that need to be submitted. Such as –
- Profit And Loss Sheets
- Balance Sheets
- Personal And Business Tax Returns
- K-1s
Adding to the above, the underwriter will verify if the buyer’s income is as mentioned in the payslips (or any other format where the income details are provided). Also, the underwriter will verify your employment status with the employer as well.
2. Assets
Your assets help you qualify for a mortgage. As they can sold for hard cash if you fail to satisfy the outstanding loan amount. An underwriter will go through your savings accounts, stocks, and property if any. As the closing amount ranges from anywhere from 3%-6% lenders use assets to make sure the buyer makes monthly payments post-paying closing costs.
3. Credit
It is one of the most important aspects of mortgage approval, is assessing your credit score. An underwriter will evaluate your credit score to understand how well you have managed to repay your past loans. Assessing your credit score helps the underwriter to predict your capacity to repay the loan.
4. Collateral
The underwriter needs to understand the worth of the house you’re interested in buying. The motive for seeing the collateral risk is to avoid putting the buyer’s money in a house that is not worth it. Hence, as a part of the closing process, the lender will order an appraisal.
Potential Underwriting Consequences
There can be only three possible consequences of the underwriter’s evaluation as given below.
1. Conditional / Contingent Approval
You can submit documents to satisfy the underwriter’s questions. Although, you’ll be clear to close while the documents go through the assessment. One of the most common requests includes verification/proving large amounts of deposit in the buyer’s bank. In such situations, a gift /donation letter from the donor is vital to prove it’s not a loan.
2. Suspension
This means there are significant questions in your file for which a loan officer will work with you closely to resolve the underwriter’s questions.
3. Denial
If the buyers got the loan pre-approved and review of their finances thoroughly, their loan will still be ultimately declined.
How Long Does Underwriting Take To Complete?
The underwriting process takes up to 5-8 days. Although, there are dependencies like your financial condition, loan type, missing paperwork, etc. that may prolong the whole process. Additionally, a point to remember, underwriting is a mere part of the process. A complete closing can take up to 40-50 days in total.
Tips for Smooth Mortgage Underwriting Process
1. Organize Your Documents
The key to a streamlined mortgage underwriting process is to have all your financial documents ready before applying for a loan. Keep the following document ready when you apply:
- Employment details from the past two years (for self-employed individuals, include business records and tax returns)
- W-2s from the last two years
- Pay stubs covering 30 to 60 days before application
- Comprehensive account information, including checking, savings, CDs, money market accounts, investment accounts, and retirement accounts
- Additional income details, such as alimony, child support, annuities, bonuses, commissions, dividends, interest, overtime payments, pensions, or Social Security payments
- A gift letter if you’ve received funds from friends or relatives for your down payment
2. Enhance Your Credit Profile
A lower credit score can make mortgage approval challenging and result in a higher interest rate. Improve your creditworthiness by taking the following steps:
- Pay down existing debts
- Avoid applying for new loans during this period
- Aim for a favorable debt-to-income (DTI) ratio (ideally 36% or less)
- Review your credit report for errors and dispute inaccuracies
3. Consider a Larger Down Payment
The underwriter also evaluates your loan-to-value (LTV) ratio, which compares your loan principal to the property’s value. A higher LTV ratio puts the lender at more risk if you default on the mortgage. You can improve this ratio by making a substantial down payment upfront. Borrowing less through a larger down payment increases your chances of qualification. Don’t hesitate to explore down payment assistance programs or seek support from family and friends.
By following these steps, you’ll pave the way for a smoother mortgage underwriting process. Also, well-prepared and maximizing your chances of loan approval.
Takeaways
A pro tip to speed up the process is to keep the documents in place, maintain a good credit score and always put a larger down payment. This way it’ll make the mortgage underwriting process a smooth sail. Furthermore, if you are in a hurry to move out and don’t have time for a traditional home-selling process then sell your house to Elite Properties. We buy houses as-is which means no hassles of legal documentation. We close a deal in less than 7 days and offer you hard cash. Call us today at 718-977-5462 and sell your house fast for cash.
What Are the Steps in the Mortgage Underwriting Process
Mortgage underwriting involves several stages that culminate in the lender’s decision to approve or deny your loan application. These steps are
- The process begins with completing a loan application and submitting it to the lender.
- Once your application is received, the underwriter performs an initial review to ensure all necessary documents and information are included.
- Underwriters analyze your credit report, income documentation, and other financial records to assess your creditworthiness.
- Underwriters review the appraisal report to ensure the property’s value supports the loan amount.
- Underwriters may issue a list of conditions or additional documentation required for loan approval.
- Once all conditions are satisfied, the underwriter grants final approval for the loan.
What are the factors that impact the duration of mortgage underwriting?
Several factors can impact the duration of mortgage underwriting, those are
- Application Accuracy
- Lender’s Workload
- Complexity of the Loan
- Third-Party Involvement
How Long Does Mortgage Underwriting Take?
On average, the underwriting process takes approximately 30 to 45 days from the time of application submission. However, it’s important to note that this timeframe is just an estimate, and the actual duration may differ.
FAQ
What Are the Steps in the Mortgage Underwriting Process
Mortgage underwriting involves several stages that culminate in the lender’s decision to approve or deny your loan application. These steps are
- The process begins with completing a loan application and submitting it to the lender.
- Once your application is received, the underwriter performs an initial review to ensure all necessary documents and information are included.
- Underwriters analyze your credit report, income documentation, and other financial records to assess your creditworthiness.
- Underwriters review the appraisal report to ensure the property’s value supports the loan amount.
- Underwriters may issue a list of conditions or additional documentation required for loan approval.
- Once all conditions are satisfied, the underwriter grants final approval for the loan.
What are the factors that impact the duration of mortgage underwriting?
Several factors can impact the duration of mortgage underwriting, those are
- Application Accuracy
- Lender’s Workload
- Complexity of the Loan
- Third-Party Involvement
How Long Does Mortgage Underwriting Take?
On average, the underwriting process takes approximately 30 to 45 days from the time of application submission. However, it’s important to note that this timeframe is just an estimate, and the actual duration may differ.
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.