House buying recommendation Queens, NY 2023? Listing with an agent works great if you have a property in perfect condition and can afford to wait for the right buyer. The Nassau housing market is hot and pretty houses are selling fast on the market. However, we can help you avoid the hassles of a traditional sale. Traditional buyers may have their financing fall through, having dozens of people walk through your house in an open house, worrying about inspections, all can add stress and months to the process. When you take the agent’s fees and items the buyer is requesting you fix into account, the actual amount you get in your pocket is almost never the price you’re selling for. Find more info at Sell house now NY.
Of course, you should have a financial plan for the investment and understand how it fits into your overall real estate investment portfolio before you begin your search. In addition, it’s helpful to understand the purchasing differences during the different phases of foreclosure. Finally, you should also know that these deals can move extremely slowly through the system, so remain patient. So read on as we explore five things to know about buying foreclosure properties in New York.
Negotiating with the lender before proceedings begin is one way to stop foreclosure in New York if there is still enough time. Your lender may be more open to negotiating with you than you may believe. As foreclosures can take years to finalize, an average of 830 days, lenders have a great deal of leeway in giving leniency to borrowers to reorganize their finances and overcome temporary setbacks when possible. There are also programs in place that you may qualify for that could offer assistance in times of hardship.
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?
While it may sound like a windfall, inheriting a property more often than not is a costly experience. Additionally, these homes are usually older. As homes age, problems develop that can make the house expensive to maintain or repair; many encumbered by the deceased’s debts legally attached to the property through liens that heirs must pay off from the sale proceeds. Finally, while the probate courts drag on, the monthly bills and all other financial responsibilities fall upon the shoulders of the heirs. Understanding that you’re dealing with motivated sellers for these reasons when considering your offer is our next tip for investors looking for probate properties in New York.
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. Discover additional details on https://www.123webuyhouse.com/.