Posted by Marian Vasilescu on November 30, 2022 in Finance
Premium house selling advices New York City? At 123WEBUYHOUSE.COM we believe the house selling process should be easier, faster, and more painless for Nassau home sellers. If you’re serious about selling your Nassau house… we’re ready to give a fair all-cash offer. Also, when we buy your house directly from you, we buy as-is. You walk away without having to do any repairs. We’ll even clean out the property for you. It’s that easy and convenient. Avoid the hassles of listing your house with our Nassau Cash Offer Program. In many cases, we can present you with a fair, all-cash offer in as little as 24 hours – no obligations, no fees. Discover additional info on We buy homes Nassau.
While foreclosures are close to historic lows, you should know about the competition when buying foreclosure properties in New York. For example, in January 2022, the U.S. Foreclosure Market Report from ATTOM property data shows properties with some type of foreclosure filing increased 29 percent from the month before and 139 percent compared to January 2021. However, along with this, you should be aware that foreclosure completions still fall far below normal levels. Therefore, as investors scramble for these properties, the competition remains fierce. Consequently, you need to have your plans in place, stick to your budget and bring your A-game to the negotiating table, ready to move when opportunity knocks. By working with an experienced professional investor, like those at 123WEBUYHOUSE.COM, you’ll stand out from the crowd.
Not only will you be evicted from the property at a moment’s notice, which is in itself a stressful way to live day-to-day, you will also lose any equity in the home. Regrettably, you could still be on the hook for any remaining debt on the mortgage as well. As for the damage to your credit, the misery of foreclosure simply does not end there; it reaches beyond your credit history and could harm your employment opportunities. A foreclosure can also have adverse effects on your housing options, and you won’t be able to qualify for a Fannie Mae mortgage for at least seven years.
Calculate the value of selling your house fast vs. “waiting it out” for a dream price: We all want to sell our houses for as much as possible. But one thing many people forget to do is come up with the $ amount of how much it costs you to hold onto this house. The costs involved include the mortgage (which if you’re still within the first 10 years of the mortgage, the majority of your payment interest and not hardly going to principal at all), insurance, taxes, maintenance, etc.Lets say you want to sell your house for $200,000… and your mortgage payment is $1,200/mo, taxes $200/mo, $100/mo for insurance, and $100/mo for maintenance (lawn maintenance, repairs while you’re gone, etc.).Those expenses add up to $1,600/mo in “non equity building” expenses.If it takes you 7 months to sell that house through a real estate agent for that $200,000… it cost you $11,200 in DIRECT “holding costs” + you had to pay $12,000 in real estate agent fees (assuming 3% for the buyers agent and 3% for the sellers agent).Totaling $23,200 in LOST money. That doesn’t even account for the value of your time, your stress in thinking about that property sitting on the market, the opportunity cost of what you could have been doing with that extra money during those 7 months, etc. So the real cost to you was likely closer to $30,000.But, what if you were to sell your house next week and avoid all of that?Even if you sold for a discount below the retail price (lets say… $175,000)… you’re still ahead of the game by selling the house NOW at a discount to a home buyer like our company vs. 7 months later at full price (and paying holding costs and real estate agent fees).Make sense?
Another excellent tip for investors looking for probate properties in New York is to make an offer they can’t refuse as a ready cash buyer. You’ll also need to make a 10% downpayment when you submit your offer. The offer may be accepted or counteroffered as with other real estate transactions. You may also have to appear in court and make a higher bid than one accepted from another buyer. You may find yourself bidding against other eager buyers in court, so be prepared. You must immediately provide the required 10 percent down if you win the bid. If you can’t pay the remainder of the total amount of the property in cash, you’ll need to provide your plans for financing.
When you contact us and submit the short property information form (below), we’ll give you a fair all-cash offer on your house within 24 hours… and the best part is: we can close whenever YOU choose to close – it’s entirely up to you. It doesn’t matter what condition the house is in, or even if there are tenants in there that you can’t get rid of… don’t worry about it. We’ll take care of it for you. And if you need the cash quickly, we can close in as little as 7 days because we buy houses with cash and don’t have to rely on traditional bank financing. Read additional information on 123webuyhouse.com.