September 2021

There are many responsibilities that owners face, and one of them will be determining whether it is time to hold or sell. Much depends on this decision. Sell too early and you could miss out on the looming price hike. Sell too late when you are in financial difficulty, and you risk ending up in foreclosure. When you first bought your home, the lender was there to help make sure you were financially ready to own the home. But when it comes time to discuss possession or sale, you’re pretty much on your own. So how do you recognize the signs that tell you to dig in and stay on your heels? How do you know when is the right time to give in and sell? This is what we will try to answer here. Signs you should sell: There has been strong price growth in your area for years. There is a saying in the stock market, buy low and sell high. The same is true for real estate. It’s time to sell well and you can reap the rewards of your investment. This is why it is important to study the current market before making any decision to sell. You can start by researching market reports online to see what they have to say about your area. Remember that local factors largely determine property prices. Just because the prices are lower in general doesn’t mean the same is true in your area. Every neighborhood is different, and you should try to understand what affects the prices in your area. Typically, what you want to see is a stable 2-3% price estimate over 5-10 years, plus higher demand and lower inventory. These are good signs that maybe now is a great time to sell. Don’t let that be the only reason to sell, because this decision involves more than the price. The sale will match seasonal trends and buyer behavior. The timing of the sale plays an important role in what you can do. Most experts advise listing your property in the spring, the traditional time when most buyers start looking. However, this may vary depending on your region and the local market. The pandemic has also cast misery into the seasonal forecast, although things now appear to be returning to normal. When studying market reports, pay close attention to seasonal trends and what they tell you about buyer behavior. Dealing with your household expenses has become intimidating. Mortgage payments aren’t the only expenses homeowners face, Property taxes, home insurance, utility bills and general maintenance. All of this can add up to a lot of payments each month, and if you start slipping on one you can eventually start slipping on the others. The last place you want to end up is in a late mortgage and potential foreclosure. Job losses and vacations from the pandemic have exacerbated this plight for many homeowners, and sale may be the only way out for many. If you see that you are at a high risk of foreclosure after taking a closer look at your finances, it may be best to face the music and start thinking about selling. Hopefully, you’ve created enough equity to be able to sell enough to pay off the rest of your mortgage. If not, you can try to transfer your mortgage to a buyer. However, this is a difficult ordeal, and you need to understand what you will be facing before you embark on this path. Either way, this can still be a better option than going through foreclosure and the inevitable credit crunch that comes with it. You have outgrown your house and are in a good position to trade. We like to think that the first house we buy will also be the last. This is usually not the case. Their first home is just a steppingstone that will bring them closer to the home of their dreams for many people. With real estate prices rising, especially in New York City, this is usually the only way to enter the market. Buy a moderate home that is right for you for the next 7-10 years, watch its market value rise, then sell and use the proceeds to negotiate. As long as you’ve racked up a lot of stocks, seen prices keep rising, and the market is in your favor, then bull trading might be the way to go. Signs you should hold: A slow real estate market may force you to lower your price. Slow markets are rarely a good time to sell. If your area is currently saturated with listings that have been on the market for months, that doesn’t bode well for selling your own plans. While you may attract a few interested buyers, you will likely be under significant pressure to lower the asking price, pay for repairs, cover most of the buyer’s closing costs, or all three. It is not a good situation to be a salesperson and you should avoid it if possible. Wait until things improve and you can get the selling price you are looking for. You don’t have enough stock yet. Just as rising equity is a good sign to sell, falling equity is a good sign when to hold. It doesn’t make sense to sell if you owe more on your mortgage than the value of the house. Keep the best until you earn more shares. You don’t have the cash reserves to bring your house to marketable condition. Any homeowner with high hopes of getting the top price for their home will need to be in top condition first. It costs money, and if your home is in dire need of repairs and renovations before it’s ready for the market, it might not be worth it. This presents a difficult dilemma for homeowners looking to sell because they cannot meet the expenses of their home. One solution might be to list your home “as is” and find a buyer who will pay cash.

Selling a home can be nerve-racking, even at the best of times. For sellers, the due diligence period will be one of the scariest times. This is the time when buyers will take a closer look at the home to determine its true physical and financial condition. One of the worst news a seller can receive from this is knowing that there is a lien on the property. This is not a complete compromise, but it can cause significant delays and complications in closing the house. Fortunately, it is still possible to make a deal with the franchises and finalize the sale. Here we show you how to do that and avoid this situation in the first place. What is a Lien? A lien is a legal right of a creditor or a claim against property for those unfamiliar with the term. Anyone who buys a house with the help of a mortgage is sure to have a lien on it. They exist to limit what the owner can do with the asset and to ensure that creditors are compensated for what is owed to them. Anyone trying to sell a home with a lien will need to increase it before they sell. There are several types of concessions, which can be classified as voluntary or involuntary. Those received through a bank or lender prior to a mortgage are considered voluntary because you have agreed to accept the mortgage through a trust deed. Once your mortgage is paid off, the mortgage is canceled and you will have full title to the house. These types of privileges don’t hurt you (as long as you stick to your mortgage payments). However, involuntary liens are usually bad news for the homeowner and indicate that some form of debt remains unpaid. These types of liens include: Tax lien – A lien that a government agency imposes on your property against any unpaid income, business tax, or property tax. These usually come from the IRS after they have not received a response to inform you of your obligations. The only way to remove this type of foreclosure is to pay off the outstanding debt. General Lian Provision – When a debtor fails to meet his financial obligations, the creditor can sue him for the balance owed. If the court rules in favor of the creditor, the creditor may place a lien on the debtor’s property. Mechanical lien – Contractors who do not receive payment for work on a property can file a mechanical lien, also known as a building lien or a property lien. The debtor usually receives a demand for payment and a notice of intention before making this type of lien. All of these things will show up on your credit report and can damage your credit score. How to resolve the lien: Here are some of the ways you can remove a lien on your property. A real estate attorney (needed to close homes in New York State) will play a vital role in making sure everything goes smoothly. Pay off debts It is the most efficient way to release your property. Once paid, the creditor will file a release request with the same authority that registered the mortgage. After removing the franchise, you can transfer the ownership as you wish. With the help of your lawyer, you may even be able to negotiate a lower amount. Pay off the debt with the proceeds from the sale of the house If you don’t have enough money to pay off the debt, you can use the proceeds from the sale of your home to cover the outstanding debt. Your real estate agent can list the mortgage in the settlement agreement. On the day of the closing, the excess will be deducted from the proceeds of the sale. Mortgage Release Request Form It is not uncommon for privileges to be recorded incorrectly at times. If you find it invalid when foreclosure is being considered, you can file a foreclosure release form through your attorney. Make sure the form includes your name, the name of the lien holder, proof, the amount of debt paid, and a description and address of the property. Take the link Another option to repay a lien you can’t afford is to get a bond. This will cover the costs of the franchise and allow the home transaction to continue. After closing, you can pay the deposit with the proceeds of the sale. Ways to avoid lien: Ideally, you will need to take steps to make sure you don’t get any liens on your property in the first place. You can achieve this by: Getting Title Insurance – When buying a property, title insurance is one of the most important things you can get. NYC typically costs 0.4% to 0.5% of the purchase price and will make sure you don’t have any nasty surprises if the securities company fails to spot an old franchise. If this happens (more common than you might think), the address company will foot the bill for you. Pay Bills and Taxes On Time – To avoid receiving liens on your property, make sure you pay all of your bills and taxes as soon as they are due. While it might be easier said than done, it’s still the best long-term solution. Tax Lien Laws in New York: Tax privileges are big business. So, once you are aware of the problem, it is essential to resolve the lien immediately, and here is why. If you own a home in New York and leave your property taxes behind, you could lose the home to a tax foreclosure. Not only can you lose your home, but you can also have foreclosures on your credit report. However, the good news is that New York law allows you to “buy back” (keep ownership). But to redeem the property, you will have to pay the amount of the overdue tax lien or tax liens, including any fees permitted by law, before

Understanding the seasonal trends in the real estate market is an essential first step in determining the best time to sell your home. But the decision to move is often a personal one. It is important to take into consideration other factors such as your financial situation, the current condition of your home, whether you plan to make any improvements to it, and whether or not local market conditions are in your favor. This guide will tell you what you need to know to choose the right time to sell. If you’re looking for someone to buy your home in New York, we’ll take a look at the best month and time of year for higher selling prices and faster sales. We’ll also look at other factors such as the housing market, world events, interest rates, and your home itself. Spring In most areas, the best time of year to sell a home is during the first two weeks of May. You can expect to sell 18.5 days faster than any other month and 5.9% more cash. Elsewhere, early April or June is better for home sales than May. There are pros and cons to selling a spring home. Advantages: Tax refunds arrive in late winter or early spring, freeing up more money for repairs and renovations Warmer weather and longer days mean more home buyers are looking for homes The attraction of borders improves as trees, flowers and grass bloom (and less mud seeps into your home) You can go ahead with the summer competition and beat the rush School lets out, allowing children to finish the school year as soon as buyers close the house The best time of year to move in is coming for buyers, so they’re more likely to buy a home with that in mind. Disadvantages: It may not be the best season to sell if the weather is still rainy, snowy or muddy The competition is the fiercest, so if your home is imperfect, selling can be even more difficult. If you have children, you may need to take them out of school if your house sells out quickly The weather can be unpredictable, spoiling your open houses Neighbors may do major renovations or host spring events (like graduation parties) that make parking and sightseeing more difficult Summer Like spring, summer is the best time of year to sell. In some areas, June paves the way for house closings. In fact, June 28 is the most likely day of the year to close a home, according to ATTOM Data Solutions. There are a variety of other reasons why summer is the best time of year to sell a home. But the drawbacks of a listing between mid-June and the end of August are also present. Advantages More daylight hours and weather forecasts in most places means more time for home shows You (and buyers) have more flexibility with the holidays and more after-hours time to view or visit homes Buyers have a sense of urgency to install their school-aged children There is more data available on spring home sales to use in pricing your home With their buying window closed, buyers are more likely to bid more competitively and close faster. Disadvantages: The weather in some areas is very hot and unsuitable for finding a home Competition intensifies in areas where the main summer selling season is higher, with buyers demanding more concessions and features It’s vacation time, and fewer home buyers may be looking for a home in your area. You might face higher display costs because you will be using the air conditioner and maintaining your garden constantly Your kids might hate it if you keep your pools and other outdoor spaces exposed and they can’t use them – not to mention they’ll be out of school and their belongings all over your house. Professionals are busier, so finding the best real estate agent, landscape architect, contractors and more becomes more difficult, further driving up costs to sell. Fall While fall isn’t the best time of year to sell a home for most sellers, it is a good choice for others. You can live in one of the hot spots from late April through summer, or live in Hurricane Alley. Your home may not be “family-friendly” or you may live on the coast, where some areas may be hazy and cool all summer but warm and beautiful in the fall. And may your garden be amazing with changing colors. If so, this may be the best time of the year to list your home. Advantages Lack of stock and competition from sellers of family homes Serious buyers who were unable to buy in spring and summer have the motivation to close before the holidays Your home repair costs go down and you will have better access to professionals to help you at the end of their peak season.] Sellers can make real estate listing photos more visible with foliage and decoration, which makes their homes stand out from the remaining competition. Security increases as peak burglary season ends Disadvantages Buyers can become more demanding if there is less competition for your home The market slows down when school starts and people move in for the winter in parts like New England and the Midwest Cold weather, wetter weather and incoming snow keep buyers away In some areas, the curb appeal wears off when your trees lose their leaves, the flowers die off, and the grass turns brown. Heating costs go up while keeping your home warm longer to find a home Landscaping is difficult to maintain as leaves fall and foliage deteriorates Winter Like in cold weather, most people shudder at the idea of selling their home at this time of year. Selling a home is probably the most difficult in most areas. Either way, if you understand the pros and cons of selling in the winter, this might be the best time of year to sell yourself a home.

Your goal when selling a home should be to get the best value for your property and get it out of the real estate market quickly. Thus, you need to properly plan your ad in order to attract potential buyers. You probably understand that many potential buyers are looking for housing in the spring. The weather is warm now and it is easy to feel the welcoming character of the house. Summer is another popular season for home sales – not only is the weather generally favorable, but potential buyers’ hours are often much more relaxed. And while autumn may not be the most popular time to list homes for sale, sales can be good at this point because the weather isn’t too harsh. Selling a house in winter is another story. Not only are potential buyers generally less motivated by the cold, but at home it can be harder to show when the outside conditions are harsh, and gravity is hard to control. However, turning on the house in winter has its pros and cons. Here are a few things you should know if you are going to take this route. Advantages of Selling a Home in Winter While you may face some challenges when selling a home in the winter, you will receive the following benefits: You will have less competition The real estate market tends to be inundated with homes when it gets warmer. If you try to sell your home in the winter, you won’t have the same number of ads and open doors. And if you live in an area where a lot of people are selling, that’s fine. Buyers may be more motivated to close quickly Potential buyers who are looking for a home in early winter often do so for a reason: to close their home before the end of the calendar year, thereby taking advantage of some tax breaks. If you put your home up for sale in December, you can find a buyer very quickly. Take advantage of your vacation to boost your attractiveness. Homes are usually decorated during the holiday season, and if you do the same, that might be exactly what might entice potential buyers to bid on your home. Of course, you don’t have to go crazy with holiday decorations, but if you turn on some lights to cheer up the holiday mood, it can improve the mood of the shoppers. You have the opportunity to show some of the features of your home. If your home has a beautiful wood burning fireplace or a warm family room, potential buyers are more likely to appreciate these features when they see them in the winter. Plus, if your landscape needs some work, or you don’t have a particularly large backyard, you may find it easier to hide those gaps in winter when they might not be in the sight of potential buyers. Disadvantages of Selling a Home in Winter On the other hand, there are a few pitfalls you may run into when trying to sell your home in the winter: Weather can make it difficult to visit your home. Snow can be nice looking when it covers your trees and roof, but it also makes travel more difficult or dangerous. So, if you are trying to sell your home during active weather, you may find yourself in a situation where open houses or appointments are canceled due to snow, which delays the process of finding a buyer. Shorter days make night visits more difficult. Potential buyers who work during the day often expect to view homes for sale in the evenings. But during the winter season, the days are shorter, so visiting after work usually means visiting your home when no natural light is entering. It’s bad if natural light is a feature you want to showcase, and generally speaking, even a well-lit home can look dark when it’s dark outside. You can say goodbye to the curb. Party decorations can make homes look prettier in winter, but will need to be torn down over time. And when your lawn is covered in slush and the landscaping efforts you made last spring and summer don’t show up anywhere, your home becomes harder to sell.   Buyers may hesitate to make commitments. It is a known fact that the real estate market tends to see a lot of activity after the warmer and spring arrives. The problem with locating your home in winter is that potential buyers may not want to bid until they see what other options are available in the area. Plus, if your home is just one of the few homes for sale in the winter, buyers might worry about overpaying because in terms of price, there is less inventory to compare. Tips for Selling a Home in Winter Obviously, selling a home in the winter has its pros and cons. If you are considering a sale, proceed strategically by doing the following: Rate your home at competitive prices. Work with a real estate agent to find a reasonable price ahead of time so potential buyers don’t have to worry too much about paying too much. Beware of weather damage. Clear walkways and driveways after snowfall to avoid slush and slippery areas that could endanger visitors. Make sure your heating system is in working order. The last thing you need is a cold house, with a real estate agent bringing people in at the last minute to inspect your property. Eliminate drafts. Close windows that let in cold air. Add brightness. Cloudy weather can affect the mood of buyers. Get beautiful finishes that will make your home more comfortable, such as pillows or blankets. Shine outside. Winter days get dark early. Light up the exterior of your home with outdoor spotlights. Make sure your home is well lit. In the spring and summer, hunters have plenty of daylight to work with. If you are selling in the winter, you can compensate by adding additional fixtures.

A sale of a probate occurs when the original landlord dies and he did not make a will or recognize an heir until his death. In these circumstances, the state will take over the home and will hire an inheritance court to oversee the entire sale of the home and the distribution of income. Sometimes the sale of the probate must take place because the landlord dies due to a large amount of debt. The court will then sell the house to settle accounts with creditors and distribute any additional money among the living family members. Investigating an probate case in New York can be confusing for anyone unfamiliar with the process. As such, it would be helpful for those involved in legacy to have a basic understanding of what this all entails. This complete probate guide will help answer your questions so you are ready to navigate the New York probate process like a professional.   The process of selling real estate (immovable property) by probate is a series of court-regulated steps that must be carefully monitored and managed. Deadlines are unforgiving, documentation is specialized, and court oversight must be respected throughout the marketing, bidding, negotiation and sale of probate real estate. The cost of the probate process: The cost of a probate varies greatly depending on who is doing it. For example, a geneticist might charge a flat rate per hour. So, before hiring anyone, you want to take a closer look, do a little research, and find someone who has experience helping someone who has inherited a home. Duration of the probate process: A probate can usually last anywhere from six to twelve months, with an average length of about nine months. If there is a probate, it may take less time. Residence in probate house: This must be taken into account when probate property. Assume, however, that they are secondary to your primary residence. If this is the case, you may consider selling it, unless you have plans to keep it looking for a long-term investment opportunity. In this case, you will have to rent the property to tenants, which means that you should also familiarize yourself with all government regulations regarding the rental of the property. In the end, you have more responsibility. Frequently Asked Questions When Selling a probate House: Looking for more information pertaining to selling a probate property? Check out our FAQ below for answers to some of the more commonly asked questions when it comes to selling an probate house. How long does it take to sell a house through probate? Selling a house through the probate process can take anywhere from three to six months based on the waiting time of the Grant of Probate to come through. Show your house during this time. It still must sell on the market, so that time period will vary based on your home’s value and location. Can you sell a house before probate is granted? No. You must wait until you are granted probate. How long does probate take? Three to six months to come in. Can I prepare the house for showings while probate is pending? Yes, you can. It is advised to do so. What do I do with the contents of the home? Make sure you have all essential documents secured then keep, donate or sell the remaining items in the home. What documents are required for inheriting property? To inherit the property, you will need to have the death certificate, an original copy of the will, the National Insurance number of the deceased person, the property deed, mortgage information, and building society or bank statements. My loved one just died, where do I start? In short: Secure the house. Then file for probate. Gather all of the essential documents from the house. Remove valuables to secure the home further. Call an estate instructor to get the value of the home. Make sure you turn off the utilities. Tell the council that your loved one passed away and the house is empty. Prepare the estate value by adding all the assets together and subtracting any debts owed. Get your home ready for showing and wait for the probate to come in and then sell your home on the market for fair market value. Common Mistakes People Make When Selling Real Estate probate (and How to Avoid Them): Each state has different probate laws, but wherever you go, a probate includes detailed rules for paperwork, deadlines, and deadlines and requires a specific arrangement of transactions that you must follow. Avoid these pitfalls to prevent delays and problems that can arise in the process of selling your property by probate. Not having knowledge of probate process: Not having proper knowledge of probate process will create a confusion and make probate process complicated. Some people think that having a will means you don’t have to deal with a probate, but that’s not the case. There is a will to ensure that the probate process is fast and thorough. It also helps keep things as simple and dry as possible, leaving less room for resentment or confusion. Hiring inexperienced professionals to represent you in the probate process: In the case of a probate, you can’t survive selling a home without a great deal of help from an experienced probate attorney, as well as a real estate agent who is expert in local probate rules and procedures (yes, you need an agent and solicitor).). Whether you are appointed as an executor in a will or the court appoints you as an executor, you will need to partner with your dream team to sell this home. An probate attorney collects documents required for court, prepares and petitions for a will, and addresses the judge presiding over the probate on your behalf. He will also help with collecting any life insurance money, resolve income tax issues, and will be your primary advisor throughout the entire process. Your real estate agent will walk you through the

When someone dies, his will (or will) must go through a process called Probate, and his property must go through a process called administration before it is handed over to the beneficiaries of the deceased. It is important to understand that not all properties in your property are under management. Only your property is a will. Property that is not the property of a will is dispensed with alternative litigation and goes directly to the beneficiaries of the deceased. To learn more about the impact of probate and probate administration on probate ownership, consult with an experienced New York City real estate attorney at CashBuyers. Investigating an inheritance case in New York can be confusing for anyone unfamiliar with the process. As such, it would be helpful for those involved in legacy to have a basic understanding of what this all entails. This complete probate guide will help answer your questions, so you are ready to navigate the New York probate process like a professional. What Exactly is a Probate Property sale? The sale of a will occurs when the current owner of the property dies, not wanting to transfer the house to an heir. The real estate attorney or his representative must sell the property to liquidate the asset and distribute the money received from the sale to family members. The sale of an estate is usually carried out by the estate court and occurs when the court puts the property up for sale on the market. While it seemed simple, once you decide to sell your will, things start to change. Can I sell my home in Probate, New York? Yes of course, you can, but the sale proceeds may not be distributed as well as you think. If you are the beneficiary of the estate, you can sell the property in the possession of the deceased, unless it is bequeathed by the beneficiary, to cover the costs of the inheritance. After the house is sold and the proceeds are used to pay off debts and inheritance costs, the inheritance court distributes the remaining profits to the beneficiaries. How To Sell a Probate House in NYC? Selling a Probate house is not as easy as selling a house in New York. Not all property of a deceased homeowner also goes through a probate. Many estates can avoid a regular will by qualifying as “small estates” under state law. In the sale of a probate, a real estate attorney hires an experienced real estate agent to list properties in New York and sell the house. Although the price of this property will be significantly lower than their current market value, do not expect property owners to make any repairs before moving in because the property owner is no longer legally alive. This is a precautionary step taken by the court to ensure that the property is sold at the best possible price. The interested buyer must pay a deposit of at least 10 percent of the proposed value. The seller has the right to accept or reject the buyer’s offer. Once the seller agrees to the offer, the court must certify that it is a fair and honest transaction. The succession court will then approve the sale and its location. Once the property is ready for a probate auction, anyone in the courtroom can bid at least five percent higher than the original. After the offer is accepted by the seller and the court, the administrator must send a notice of the proposed action to all heirs of the property. There is a fifteen-day time limit for the heirs to file any objections or disagreements in the notice. It will be difficult to independently start registering the estate in the succession court, which will appeal the sale of the estate. You may need the help of an experienced probate practitioner or professional real estate agent to sell your property by probate without any hassle in New York. What Is the Probate Process? Probate involves several steps: Filing the probate petition. The executor must submit the original will and a certified copy of the death certificate along with the probate petition and other supporting documents to the alternate court in the county in which the deceased lived. There is a deposit fee based on the size of the estate. Give Notice. You’ll need to mail a notice that the estate is in probate to all creditors, beneficiaries, and heirs as required by the court. Inventorying the property. The executor must collect the decedent’s belongings and have them appraised as necessary. Paying outstanding debts and taxes. This includes mortgage payments, home equity loans, income taxes, property taxes, and other applicable accounts. If the estate does not have enough cash on hand to repay the obligations, assets may need to be sold. Distributing the remaining property as the will or state intestacy law directs. The distributees (the legal term for the heirs to the estate) are listed in the initial probate petition. They are served with a notice, formally called a citation, that requires them to submit to the jurisdiction of the Surrogate’s Court. The exact rules governing probate in New York are set out in the Alternative Court Procedure Act (SCPA) and the Estate Powers and Trusts Act (EPTL). The probate process is a matter in the public domain under state law. Legal documents that give a person the authority to act as an executor are called letters of will. The trustee may receive commission for the time and effort required to distribute the estate. The commission is determined based on the size of the estate. When a person dies without a will, he is said to have died without a will. A family member or friend must petition the court for the right to act as a trustee, unless succession is necessary. Should you buy a home in New York? With America chasing crazy deals and offers for almost anything that can fall into their hands, the domestic probate market in New York