Real estate tips and tricks Queens, NY today? Avoiding foreclosure? Facing divorce? Moving? Upside down in your mortgage? Liens? It doesn’t matter whether you live in it, you’re renting it out, it’s vacant, or not even habitable. We help owners who have inherited an unwanted property, own a vacant house, are behind on payments, owe liens, downsized, and can’t sell… even if the house needs repairs that you can’t pay for… and yes, even if the house is fire damaged or has bad rental tenants. Find extra info at We buy homes Nassau.
Another thing you should know about buying foreclosure properties in New York that have reached the auction or post-foreclosure stage the properties will sell as-is. There is no allowance for inspections; the property may have existing liens, and the buyer must pay cash. Post-foreclosures are also known as real estate owned properties (REOs), wherein the property didn’t sell at the auction, the lender will now sell to recoup their losses on the mortgage loan, without the cash requirement of the auction. These properties can be appraised and inspected, and while you may be able to negotiate with the bank, it will likely require much more patience than typical investment properties.
Foreclosures are not a sudden event; there is a lot of warning before the lender implements the final procedure. Putting your head in the sand and hiding from your problems is the worst thing you could do regarding financial issues. Instead, it is always better to face your problems head-on and make the best choice by understanding all of your options. The time to take action is when you receive the first notification. Otherwise, the consequences of your failure to act are heavy.
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?
Our first tip for investors looking for probate properties in New York is to market directly to properties listed for probate sales. Direct mail can inform potential sellers that you have the answer to their problems. You’re offering the sellers a quick and easy resolution to any situation they are facing with inherited property, for which you’ll realize a higher profit on the investment. Be sure that you have the court’s permission, if necessary, to reach out to heirs directly with your offer. Probate property may also be found at public sales or auctions, though this method is likely to be more costly.
We’re local. Unlike other “ibuyers,” we’re local. We know the area well and can offer an informed and fair price rather than an autogenerated number from a machine. Our offers are guaranteed. When we make an offer, that’s the price we’ll pay. We’ve heard horror stories from clients of other less experienced home buyers or the tech giants making an attractive offer only to reduce their offer days later after “inspection”. Or even worse, we’ve purchased houses from local Nassau house sellers after a tech giant or fly-by-night buyer backed out at the last second. Discover more details at 123webuyhouse.com.
