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What to Look for When Buying a Home Checklist

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Searching for a home can be one of the most exciting and overwhelming stages of the home-buying process. To make it easier, use this home search checklist so you’ll know exactly what to look for when buying a home. 1. Location: delimit the search area of your house Location is the only thing you can’t change about your home, so choosing an area that suits your needs, your lifestyle, and, of course, your budget is important. Discussing your top location priorities with your agent is a good idea. They can suggest neighborhoods you’ve overlooked or tell you about the downsides of an area where you’re looking. Some factors to consider when choosing a location: Affordability: What price range can you afford? What cities and neighborhoods have homes that fall within this price range? Community Attributes: What are the dining and entertainment options? Are there parks in the area, what school districts are nearby, and what is the proximity to downtown? Of course, the desired community attributes are different for everyone based on their needs. Identify which ones are yours by narrowing down the location for your home search. Down payment assistance programs: These and other homebuyer programs can make purchasing a home more affordable, and many are offered specifically to people buying in a certain city or area. Find local first-time buyers or down payment assistance programs. Travel time: Is the house close to public transportation or highways? How far are you willing to travel to find the right house? Resale value: You may also want to consider how much time you will spend in your home and how much you can get for it when you sell it. Most buyers spend less than ten years on their first home, and some as little as two or three. Factors such as new commercial development in the area could help or hurt the value of your home. 2. Determine your “must haves” and “nice to haves” Knowing what to look for when buying a home is easier once you’ve decided what’s important to you: your wants or your needs. Create a list of everything that could determine your decision, then decide what is essential and what you can do without. If a home has only one of your five “must haves,” you should keep looking. You may want an updated kitchen or laundry room, but is it necessary? Maybe so, your list will be unique. Remember that if this is your first home, you can probably make upgrades and changes or later upgrade to one with more features on your list. Below are some common features to consider: Number of bedrooms and bathrooms Move-in ready vs. needs some upgrades (and their cost) Home services: appliances, storage, air conditioning, and heating. Outer space size Also, think about the non-negotiable factors. For example, if you are a light sleeper and want peace and quiet, be careful not to fall in love with the “perfect house” on a busy street. As you search and start viewing homes in person, your list evolves. Keeping an open mind can help you find homes in your price range that you may have yet to consider. Just think carefully before giving up your must-haves, especially those that can’t be changed once you move. Being flexible but thoughtful about your options is key to finding a home that’s right for you. 3. Start your home search online House search sites offer many options for finding homes that meet your specifications. You can search by neighborhood, city, or zip code, filter results by price range, and features like property type, square footage, and more. Although filters and keywords can help narrow your search, it’s a good idea not to be too specific about certain features. A seller’s agent might need to remember to include a fireplace, hardwood floors, or a particular appliance in a home’s description, which would mean the home wouldn’t appear in your results. Keeping your search more general can mean seeing more homes that meet your needs. Once you’ve found a few properties that catch your eye, the next step is to start visiting them. 4. Explore homes in person or virtually If you’ve found a home you’re interested in online, visit it in person. This will give you the best idea of whether the house is right for you. Take notes and photos as you walk through the house. Most of the time, you will see a handful of houses, so it will be easier to remember your thoughts and the details of each house. If health rules allow, check everything: open and close doors, turn on light switches, test water pressure, and remember the outside of the house. Being inside a home can be overwhelming, so we’ve identified key details to pay attention to on a home tour. From the interior to the exterior, here’s what you should look for when buying a home. House Hunting Checklist: The Inside Number, location, and size of rooms. Number, location, and size of bathrooms. General floor plan Age and condition of appliances. Soil type and condition Width and types of stairs Closets and storage space Home systems include plumbing, electricity, heating, air conditioning, etc. Windows and the amount of natural light Street noise and how sound is transmitted between floors and rooms Garage and parking availability House Hunting Checklist: The Outside Age and condition of roof and gutters, siding, doors and windows Porch/terrace Landscaping garden size Proximity to neighbors Type and condition of fences Only some homes will be perfect, so try not to get caught up in small cosmetic details, like paint colors or finishes from the hardware store. However, you’ll want to look for red flags while searching for a home. Your agent should be able to point out potential problems and answer your questions as you tour the home. If you tour a home virtually with your agent, much of this advice applies, although you must improve how you interact with the home. The

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what happens if the appraisal is lower than the offer?

Understanding Low Home Appraisals: Reasons and Strategies for Buyers

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When finalizing the purchase of a home, the buyer will inevitably have to deal with the results of a home appraisal. Everyone likes to think that everything will be smooth sailing from there once their offer is accepted and the house is under contract. Unfortunately, that’s not how things always go. There is always a chance that the appraisal will come in lower than your offer, so you must reconsider your approach. While all of this can be confusing and frustrating, remember to stay calm and analyze the situation rationally to make the best financial decision for you. There are ways you can still move forward and get the home of your dreams while staying ahead. Learn more about what happens if the appraisal is lower than the offer and what you can do as a buyer. Reasons for Low Valuations It’s best to understand why these discrepancies occur before covering what happens if the appraisal is lower than the offer. The reason can inform you or your real estate agent about the best way to proceed. 1. Bidding wars If you win a bidding war, you may end up closing the deal at a higher price than expected for the home for sale. These competitive offers can often generate numbers above the listed sales price, let alone the appraisal price that is determined at closing. Appraisals are based on the home’s condition, general market trends, and historical real estate data for the area. Despite the conditions that led to your final winning bid price, the conditions for the appraisal will remain firm. 2. Hot Markets and Popular Seasons The real estate market is not stagnant, but appraisal prices are much slower to adapt to trends. There are better and worse times to buy a home. For example, if the market is hot, prices will be higher, and your offer may be reasonable for the moment and, at the same time, much higher than it would have been six months ago. If the appraiser only has data from six months ago to compare, you will not get a timely evaluation. Additionally, the best seasons to buy and sell will vary yearly. This may not be accurately reflected in the data the appraiser has to work with. 3. Errors in the work of the appraiser As they say, to err is human. While appraisers must undergo state-approved training and licensing requirements, they are not perfect. Your appraiser may be new to the profession or new to the area. Either way, they may be working with limited information. If you think this may be the case, talk to your real estate agent. In this case, getting a second opinion from another appraisal agent may be worth the additional cost. There’s an extremely high bar to clear for the initial appraisal to be rejected, but it could pay dividends if all goes well. But before hiring an appraiser for a second opinion, talk to your agent first to save money, and if there’s no hope that the initial appraisal is poor. 4. Lack of comparable sales The location of the house is as important as the house itself. Appraisals will depend largely on the real estate around the target home and the historical prices the area has seen. This can cause unusual or unique homes to have ratings that appear mismatched. How to Respond as a Buyer So, you received a low evaluation. Now what? When working with bank loans, the appraisal cost will affect the amount they will agree to lend you. In addition to getting a second opinion, there are three main options for you as a buyer. 1. Renegotiate the deal Negotiations are not off the table. Talk to your real estate agent again and see what they can do to negotiate a lower price with the seller. Whatever the reason that led to the home’s appraisal being lower than the list price, they may be willing to reconsider their angle and the home’s actual value. If you are working directly with the seller, you can negotiate directly. They don’t want to lose the prospect of a sale, and it can only bring as much as the value of the home to the table. However, there is always the possibility that the seller will not budge. If this is the case, and you are committed to the sale, you may have to make some difficult decisions. 2. Cover more of your out-of-pocket costs If you can make up the difference between the sales price and the price determined by the appraisal, then you have a simple solution to securing the home of your dreams. Whether those funds come from a savings account or a second loan, make sure you can handle the additional debt and that the house is really worth it. 3. Finish the contract If you can’t make up the difference between the approved loan amount and the price of the house, it may be better to leave and look for another house. How a Loan Can Help When you receive a low appraisal, but the seller won’t budge on renegotiation, it may seem impossible to cover the discrepancy with your money. After all, he took out a mortgage because he couldn’t pay for a house upfront. However, remember that you only have to pay the difference between the appraisal price and the offer. If the discrepancy is huge, there may be better options for your financial future than taking out a loan for the difference. However, if you don’t have the cash right now but know you can afford the loan, many loan options are available. Depending on your financial situation, here are some loans that may suit your needs: Private loans Hard Money Loans Subprime Loans Conventional loans Find Support to Buy Your New Home Dealing with what happens if the appraisal is lower than the offer can be stressful, but you don’t have to do it alone. Surrounding yourself with industry professionals will provide

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Buying a House with Cash or Buying a House on Credit – Which is Better?

Things You Should Know About Mortgage Forbearance

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Mortgage forbearance has been requested by a historic number of people due to the coronavirus outbreak. It’s a regular occurrence in New York City, where numerous businesses were either temporarily or permanently shuttered due to the effects of covid-19. An arrangement between the lender and borrower to postpone the foreclosure process is known as forbearance. Forbearance means “holding back” in the dictionary’s literal sense. Here in this article, we will get to know about What is Mortgage Forbearance, How to Request a Forbearance? Is it Possible to Sell a House in Forbearance? What is Mortgage Forbearance A forbearance term of one year would mean that you would not be obligated to make any payments during that time, but you would still be able to make voluntary payments if you so choose. It’s when your mortgage lender lets you put off or reduce the number of your monthly repayments for the duration of the forbearance period. Forbearance is not the same as forgiveness, and you are still responsible for making up any missed or reduced payments, even if you are granted a temporary reprieve. It’s possible that you’ll have to make up for a missed payment in one of the following ways, depending on your contract with your lender. In order to make up for missed payments, a repayment plan would establish a schedule for making big payments over time. People who are in a better financial position than they were when they applied for forbearance can benefit from this choice. Changing the conditions of your loan in an effort to lower your monthly payments is known as a loan modification. In order to lower the monthly payment, this usually entails lowering the interest rate or extending the loan’s term. If your financial situation has changed to the point where you can no longer afford your previous monthly payment, this is the best alternative for you. Missed payments are deferred or placed into a subordinate lien, which is due upon the sale or refinances of the property, in the case of a deferral or partial claim. If you’re in a comparable financial circumstance to how you were prior to the forbearance period, this choice is most suited for you. After the end of your forbearance period, you must make a one-time payment in order to re-establish your loan balance. Forbearance for COVID hardship will never be a mandatory option if you have received it. How to Request a Forbearance? The government has made requesting forbearance easier because of the CARES act, which went into effect during the coronavirus outbreak. In order to qualify for the relief, you only need to explain your COVID-related financial hardship if your mortgage is backed by HUD/FHA, VA, USDA, Fannie Mae, or Freddie Mac. Contact the loan servicing firm where you make your mortgage payments and inquire about who is guaranteeing your mortgage if you are unsure. It is possible to request an additional 180 days of forbearance time if you currently have a forbearance plan and still require further time due to coronavirus hardship, depending on who backs your loan. Some of the sites we’ve linked to at the end of this piece can help you learn more about your options. Service providers aren’t allowed to charge fees or interest over what you would have had to pay if you were making regular monthly payments throughout the forbearance period. There will be no late penalties and no negative impact on your credit score as a result. Is it Possible to Sell a House in Forbearance? When it comes to selling a home while in forbearance or selling a home when forbearance was previously granted but overdue payments remain, we hear a lot of inquiries. The good news is that forbearance does not place any restrictions on the sale of your home. However, any missing payments that you owe to the lender will be deducted from the proceeds of the sale of your house. If your house is worth more than you owe the bank, you won’t have any problems selling it. If you owe more than the home is worth, you’ll need to deal with your lender to do a short sale or deed in lieu of foreclosure, regardless of whether you’re in forbearance or not. Especially in New York, where the foreclosure procedure is extremely expensive, lenders are often prepared to negotiate in order to avoid the foreclosure process, which you also want to avoid. Are You Still Confused? Are you still confused? Why not hire our pro team at CashBuyersNY? CashBuyersNY specializes in assisting New York residents with simple property buying procedures on their own schedule. CashBuyersNY can buy your house quickly and make you a full cash offer within 24 hours, or we can buy it when it’s convenient for you. You’ll love dealing with us because we’re investors and issue solvers who can buy houses and fix problems at the same time. Get in touch with us now or get an instant offer now for cash.

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What is a Probate Sale – Quick Guide

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Whether you’re a real estate investor or just looking for a new place to live, you’ve probably heard of probate sales and wondered what is probate sale and how they work. When a person dies with more debt than cash savings, their assets, such as their home, might be sold to pay off their creditors. At that moment, any leftover fortune can be distributed to their heirs and beneficiaries in accordance with their will. (If there is no will, these assets will go through probate, where the court will use state laws to decide ownership.) Although it appears simple, probate sales can be complicated and time-consuming for buyers and family members of the deceased. To reduce potential tension, it’s a good idea to walk in with a realistic notion of what to expect. What is a Probate Sale When someone dies and doesn’t leave a will that gives the home to someone else, it’s called a “probate sale.” To finish the probate process, the personal representative or property lawyer will need to sell the home. After all debts and taxes are paid, the money from the sale will go to the heirs. A probate sale can take a long time because the court is in charge of the sale and has to make sure it goes through. It can be hard to do, which is why many people hire an estate lawyer to do it for them. How a Probate Sale Works When a homeowner dies with debt in their name, it’s not very rare for that to happen. If they had a will, there should be someone named as their executor who would be in charge of their money and things. As part of these duties, you might have to give away money to your beneficiaries, pay your creditors, or sell the home of the person who died if a probate sale is necessary. A lot of times, when there isn’t a will, the court will either handle the sale itself or appoint a person to do so. In either case, a real estate agent may show the home and help with the sale. Property acquired through probate is typically sold “as is.” Therefore, purchasers who hope to negotiate that particular property repairs be addressed before purchasing will be unsuccessful in their efforts. This type of take-it-or-leave-it arrangement is not suitable for many buyers, but the advantage is that you are more likely to receive a sale price that is below market value. Just keep in mind that making an offer on a probate property is frequently only the first of several stages involved in the process. Depending on whether the home is being sold by the executor of an estate, the court may still need to approve your bid before it can be accepted and sold. Additionally, you may be required to provide additional funds upfront. Following the National Association of Realtors’ guidelines for down payments, you’ll most likely need a deposit of at least 10 percent available at the time of purchase in addition to your down payment, though these additional funds can be applied to your down payment at closing. There may be differences in the circumstances if the property is being sold through the court system rather than through an executor of a will. For example, the sale might take place as an auction, with the highest bidder being required to pay with cash or a cheque. Is Buying a Probate Sale a Good Idea? A probate sale is not the best option for everyone. A person must first assess what is most important to them in terms of buying a property quickly versus receiving a decent deal in order to determine if this is an option they should consider. Despite the fact that many probate homes sell for significantly less than market value, the procedure can take much longer than a typical purchase. If you are considering whether to pursue a property via probate, you should consider the cost of repairs and upgrades. A probate sale may be a fantastic place to find a home if you have the skills and resources to complete the job yourself or have the funds to hire professionals. The majority of people who flip houses for a living do so in order to find lower-priced residences that they can then fix up and resell for a profit. A probate property, on the other hand, may not be the ideal alternative if you have limited time and money for repairs and upgrades. A house in a probate sale is not a good decision if you are afraid of the unknown. When buying a house through a probate sale, the buyer often has limited knowledge of the property. Even if you get an inspection, you might discover hidden problems that cost hundreds or even thousands of dollars to fix. Finally, you must consider whether the advantages of purchasing through a probate sale exceed the disadvantages. Quick Wrap Up Purchasing a home usually entails a number of challenges. Choosing a probate sale can provide a variety of obstacles, but one reality remains: if you plan on using a mortgage to finance your new house, having the best credit score possible is always a good thing. Before applying for a mortgage, knowing what’s on your credit report might help you discover potential problems and improve your credit score.

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What to Look for When Buying a Home Checklist

Understanding Low Home Appraisals: Reasons and Strategies for Buyers

Buying a House with Cash or Buying a House on Credit – Which is Better?

Things You Should Know About Mortgage Forbearance

What is a Probate Sale – Quick Guide

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