You may have heard of people staging homes and feel staging is only for large home sales. You can stage any home, especially short sales in NYC. Your job as a homeowner is to help potential buyers envision themselves living in your home. You don’t need to hire an interior decorator to stage your short sale in NYC. Here are 6 tips on how to do it yourself.

Clear Away Clutter
First, clear away any clutter and personal items. Remove family photos, storage boxes, toys, and any other out of place items. Your potential buyers should be able to see their stuff in those spots.

Get Rid of Some Furniture
Clear out some furniture. Each room should have an open feel. A living room is inviting enough with a couch, loveseat, coffee table, and one end table. Place a vase in the corner and a bowl of fresh fruit on the table.

Reorganize Your Furniture
Make a room feel more open by reorganizing your furniture. Keep the furniture off the walls. If you have a beautiful bay window, reface your couch so you can look out into the yard. If its winter, center your furniture to face the fireplace, so families can vision themselves cozy by the fire.

Touch Up the Paint
If your walls could use a fresh coat of paint, do so with a nice neutral color. You can also add contrast by painting one wall a vibrant color.

Deodorize Your Home
When potential buyers come into your home, it should be clean and smell fresh. Make sure there is no dust on the ceiling fans. Buyers are sure to notice that and think what a pain it will be to clean it. Bake cookies or boil cinnamon sticks or lemon peels on the stove a few moments before a showing.

Transform Rooms
Transform bedrooms used as storage rooms so it’s considered a usable living space. If you don’t have bedroom furniture, turn it into a sitting room or study. Add a desk, bookshelf, and comfortable chair. Add a nice area rug to set the stage.

When it comes to purchasing a foreclosed property, there are significant positives and possible major negatives. Foreclosures in NYC can come at a great deal, often much better than non-foreclosure prices on the market. For that reason, New York City foreclosures are very popular. Before trying to snap up that foreclosure, assess the damage inside of the building to tell if it will just take a cosmetic fix or it will require a lot more construction to repair.

Cosmetic Damages

Though cosmetic damage can often be a turn off to buyers, a good eye can spot a great deal with those looking for a great investment. Cosmetic damages can range from the home needed spackling due to holes in the wall, paint chipping off the home, and even broken granite and trashed counters. As a wide rule of thumb, issues that do not involve the ceiling, walls, and floors might be cosmetic. These damages can add up, but if you can catch a foreclosed property with only cosmetic damage, you may get a great deal in the city. One way to research the foreclosed market is to contact a reputable real estate company. A company, like Premier Real Estate NYC is a type of real estate company that works with you from A-Z.

Major Damage

Major damage will include cracks in the walls and floors, leaking ceilings, and ruined plumbing. Also, be careful of an old foreclosure or a short sale in NYC, Brooklyn foreclosures, which have traces of lead paint or asbestos insulation. Structural and plumbing damage can mean tens of thousands in repair costs. Have your property in question checked by a qualified home inspector to determine if you have found a gem or a dud on the market. You always need to do your due diligence when looking at short sales in Brooklyn, or foreclosures in NYC.

Are you a homeowner struggling with making payments on your home? Have you heard many real estate and mortgage terms and just want to know what it all boils down to?

Foreclosures NYC is a term that has many homeowners frightened since the 2008 housing crisis. With job loss, medical bills, and the cost of living rising, many homeowners are faced with this inevitable decision. However, there is actually hope as long as you as a homeowner are not in denial.

There are phases to go through before you get to the foreclosures NYC phase. You can save yourself the heartache of going through it with a short sale or pre-foreclosure sale. Here is the difference between the two.

Pre-Foreclosure NYC

In a pre-foreclosure NYC, this is the stage to recognize you are in financial difficulties. You realize you are not going to be able to make payments on your home, so before you turn more than 90 days delinquent, you put the home on the market for what you owe your lender.

Now your lender may have sent to you a Notice of Default since technically you must be behind. This stage gives you time to work with a knowledgeable foreclosure expert to save your home through a payment arrangement, short sale, or loan modification. However, once you have reduced your home price lower than your loan balance, you are starting the short sale NYC process.

A Short Sale NYC

The short sale NYC is the next phase. At this point, the property is possibly below the market rate and it is below what you owe your lender. You will need permission to close your deal. At this point, you are already in the delinquency and moving towards the foreclosure status.

Has your neighbor gone into a foreclosures NYC and it seems since then there have been fewer inquiries on your home? Have you been getting a few low-ball offers that seem to be extremely insulting? Even foreclosures NYC homes that are not directly in your block, but in the area can have a grave effect on your homes asking price.

Abandoned Properties

Unfortunately, the longer a property sits as abandoned, the lower the potential value to your home. Think about potential homeowners driving by seeing an abandoned home. The yard is unkempt, the windows are boarded, utilities are disconnected, and it may bring squatters into the neighborhood. The closer the foreclosures NYC homes are to your home for sale, the worse it may be. So in turn, if you have a close property, you may feel you need to lower your homes asking price to attract buyers.

Comparable Properties

Usually, buyers are working with their realtors and want to see home comparisons. The agent is not going to provide a foreclosures NYC listing to them. For one, it’s not advantageous to them, because it’s a lower commission. However, if there have been a significant amount of foreclosures NYC or short sale NYC in the area, the market trend reports will affect your home’s perceived value. Having your neighbor’s foreclosures NYC home next door, however, places a realistic and comparable home in potential buyer’s eyes.

So you may wonder what can be done to get your home sold as close to the asking price as possible. First, remember; show your home’s value. Make it appeasing to potential buyers. They should feel at home once they walk through the door. Next, work with a realtor who is trained on selling in this market since the terrible 2008 housing crisis. Finally, refer your neighbor to a Premier Real Estate NYC since we have been helping homeowners at risk of foreclosure in New York City and stopping it in its tracks. 

If you are looking for a great investment opportunity, you can really get ahead with a foreclosure in NYC. There are risks associated with foreclosures in NYC; however, with a bit of due diligence, you should know which homes are a good investment, and which to stay away from.

Look At the Property First
Just checking out photos online of foreclosures NYC homes is not a good idea. The pictures and home price may seem outstanding, but when you take a walk outside the property and inside, there could be major issues that would cost the same amount as purchasing a normal home on the market.

Remember, some foreclosured homes have been abandoned, and others are left with unhappy homeowners who feel forced out of their homes. These properties are left damaged and are missing fixtures and other important appliances.

Get a Home Inspection
There have been cases of some foreclosures not being available for inspection. Avoid those homes. You should only purchase foreclosures in NYC where a professional home inspector can come to them. It could be expensive, but well worth it. There are things that a typical homebuyer’s naked eye may not be able to spot. A home inspector will provide you a detailed report to help you estimate potential repairs for your foreclosure home. This will help you determine if the price is actually right for you.

Make sure you are careful in viewing foreclosures in NYC. Do not go alone because again, the prior occupants may still be in the home. Occupied homes can make the foreclosure buying process more difficult. You can always contact an experienced foreclosure agent to help you find real estate owned (REO) properties, which are non-occupied bank owned properties.

If you have gone through a foreclosures process in NYC, like the thousands of other Americans since the 2008 housing crisis, it seems that you may be lost as to what your next step should be. You must look at new housing options for your family, a possible relocation means new schools, even a new job, and worst of all, getting your finances back on track. There seems to be no silver lining at all. But there is life after foreclosure in NYC, and here is where to begin.

Finding a New Residence

This is your first issue. It’s going to be difficult getting a new home at first because landlords do look at your credit score and your report. A NYC foreclosure can look bad and make you lose incredible points. Going into a foreclosure shows the landlord that you had problems managing your money and makes them feel insecure with giving you a chance at paying your rent on time with them.

So in good faith, they may ask for two or even three months’ worth of security. Having a solid work history will definitely help you. That’s why it’s important to strategize with a company such as Premier Real Estate NYC early on in the foreclosure process. If we can’t help you save your home, we can start with other options.

Work On Your Credit

Unfortunately, your credit can take a huge dive, which is an auto flag for your creditors. Your credit cards could default to an unfavorable interest rate, increasing your monthly payment. Getting an auto loan or personal loan will be difficult. Your car insurance rates will also increase. The best thing to do is work on paying these bills down. Work on getting your debt-to-income ratio back on top and clearing any judgments and collection activities. Make sure to continue paying all your bills on time.

You may have heard how much money can be saved in purchasing foreclosures in NYC. However, the time spent may not be well worth it to you. Also, some foreclosures in NYC don’t present the value you would expect. However, just how much can you expect at such a discounted price? You would think the banks are eager to get it off their hands. However, this is not the case as it could be months if not years. Here are the top 3 reasons purchasing a foreclosed home can be so difficult.

1. The Homes Condition
Many homes that are in foreclosure in NYC are not in the best condition and sold “as-is”. This is a “what you see is what you get” scenario. Most homeowners that have already defaulted on their loan, are disgruntled, and may even want to damage the home; they are not in any financial position to make repairs either.
2. Homeowners Are Still in the Property
Another reason foreclosures NYC are so complicated is because the family may still live in the home. It may seem somewhat odd, but you may actually need to go through an eviction process to get them out of your home.
3. Title Search Needed
It’s advised to perform a title search before you purchase a foreclosed property in NYC. Unfortunately, sometimes the title and deed may have transferred around with the sale of mortgages, so this could take some time. You want to see if there are any liens on the property because they could transfer over to you. If you are aware beforehand, you can then make the appropriate offer on the home to offset that debt.

1. The Second Lender is Not Cooperating
A short sale means the entire balance of the loan is not going to be paid. Losses will be had. Sometimes, a secondary lender may not agree to the terms and it’s a back and forth issue between the two lenders.

2. The Home is Vacant
If the home is vacant, there could be a stipulation that the homeowner needs to live in the property. Then, it’s a matter of waiting for them to move back in. Also, if the home is vacant, it could be vandalized, which means that at closing there could be additional unexpected repairs that need to be taken into account.

3. There May be Lien’s or Judgments Against the Home
A professional realtor should check for any liens or judgments on the home. It’s easy to look at the public records for them. A buyer may walk out on a short sale purchase if there are liens because they can pass on to them and become their responsibility. This could offset the cost of the short sale.

4. Documents Come Up Missing
A short sale NYC package must be completed and approved before a short sale can proceed. If any of those papers come up missing, they must be resent. Through emails, faxing, and postal mail, it’s easy to be misplaced and claimed missing at the last moment.

5. The Realtor is Not On the Ball
Sometimes, the realtor is inexperienced and will not be following up with emails and phone calls to the lender. The paperwork could then be buried. Using an experienced short sale specialist, like Premier Real Estate NYC is a guaranteed way to keep the lender in check.

Problems Budgeting for the Necessities
Not having the budget for luxuries is a problem that many of us go through. However, if you often have issues, budgeting for the necessities in life, there is a good chance that you may not be able to pay your home payments in the future. When you are buying a home, go over the non-negotiable expenses in your budget, such as loan payments, utilities, and maintenance upkeeps, so that your budget is not overstretched by your home.

Job Insecurity
Chronic job insecurity can be a major problem when you have a mortgage. The 2008 housing crisis happened because of major economic issues, leading many people to lose their jobs and their primary source of income. If you know that in a time of hardship your job is likely to be on the chopping block, it may be a good idea to beef up your savings, or search for income that is more secure.

Rising Living Expenses
Typically, when you buy a home, you buy based on your current income and bills. After the purchase of a home, many people will also trade up their cars, get new credit cards, and other financial responsibilities. Remember, to avoid a foreclosure in NYC, you must remain vigilant of your debt to income ratio. For more information contact Premier Real Estate NYC today and receive a free consultation to find ways to avoid foreclosure.

When it comes to the housing and financial markets, there are so many people offering “the best professional advice”. The 2008 housing crisis has made NYC residents very nervous. They often started believing any and everything they heard, driving them to making hasty moves ending in major mistakes.

So from that, many negative rumors emerged regarding the process of foreclosures in New York City, as well as the short sale process. Well, here are the rumors laid to rest so you can make an informative decision if a short sale can help you beat the foreclosure process.

My Lender Will Never Agree to a Short Sale

Oh, on the contrary, lenders don’t want to foreclose! Short sales can place much more money back into their pockets. A foreclosure is a lengthy process that costs money.

Does a Short Sale Mean I Can’t Get a New Mortgage?

Depending on your circumstances, you may be eligible to apply for a new mortgage loan in as little as 24 months. This is more common if the short sale was due to medical issues or an income loss. If it were your own financial negligence, it may be 48 months before you could be approved for a new mortgage loan.

It Takes Forever to Get a Short Sale NYC Completed

You can actually have a short sale completed within 90 days of the beginning of your application. You can work with a reputable foreclosure company, like Premier Real Estate NYC who can cover all your options. They will help you with your application to make sure it’s completed in its entirety. Then, you can work with the foreclosure representative or another real estate agent to help you sell your home.

My Credit Will Decline Drastically and I’ll Never Be Eligible for Another Loan

A short sale is much better than having a foreclosure on your record. Your mortgage will be listed as paid as agreed or something towards that manner. What will affect your credit are the consistent late payments.

You can expect your score to fall 150 points at most due to a short sale. On the other hand, a foreclosure can lower you 350 points and more. So keeping up with your other debts during and after a short sale can have your credit back to a good standing quickly.