Joe Ruben

7 Pro Tips for Selling Your Home Fast and Getting Cash

April 25, 2019 by Joe Ruben

The time between listing and selling a home has halved since 2010. Selling your home fast has never been better since the recession. If you’re not seeing these types of results in your neighborhood, don’t worry, there’s hope yet.

No matter how desirable you think your home is in contrast to your neighbors, buyers need enticement. You can’t just throw a “for sale” sign up in your yard and online and expect everything to work out. Make sure you’re taking all the necessary steps to get noticed in NYC.

1. Take a Good Picture of It

Smartphones have come a long way, but they will never replace a real photographer. Not only is their camera lens superior, but they know how to manipulate light and angles. A picture is worth a thousand words, so if your pictures are basic and predictable, that’s what is reflected in your ad.

Your listing photos are going to sell your home, not your charm or your flavor text. Pay to have a professional stage and photograph your house. They’ll turn your crime scene-tier photos into something you would see in a resort flyer.

2. You Need an Agent

FSBO (For Sale By Owner) has its obvious financial advantages, but are you really saving anything? If it takes longer to sell your home, will you get what it’s truly worth? Unless you have experience as a real estate agent yourself, invest in an accomplished agent.

They’re going to have the tools to determine the health of your market and advertise your home accordingly. It also helps a lot from having a professional there to hold open houses and reel in prospective buyers. They’ll know which buttons to push, statistics to drop, and weed out any time-wasters.

Yeah, get used to talking to buyers who definitely can’t afford your home and want to window shop. Don’t hire any real estate agent that already has too much on their plate, ask them about their client list and the average time it takes to close.

3. No Personal Reminders

We know that trying to sell a home that you still currently live in is tough. You have to schedule open house visits, organize and keep it cleaner than usual, and sell the features of the home to buyers. You have to do all of this without reminding them that you live there.

Now, you either move into a temporary home/lodging while doing this or remove all your personal decor. No family pictures, no clothes laying out, and no personal hygiene products. Expensive appliances are one exception, as they may actually add to the home’s appeal.

If the interested buyers can picture themselves living in your space, you’re halfway to closing the deal.

4. Renovations and Upgrades

If your home is under a decade old, you probably don’t need much in the way of upgrades. If your home still has popcorn ceilings and basic shower heads, there’s work to do. Start with the most practical of upgrades, ones that a buyer will appreciate and get use out of.

Dual, detachable shower heads, LED lights, garbage disposal, USB plug outlets, video doorbell, and solar panels are a few big bumps in quality of life. The best ROI renovations will take place in the kitchen, the bathroom, the roof, and landscaping. Oh, and always take care of any potential foundational problems before selling.

5. Lighten Up the Mood

You may consider your home perfect the way it is, but that’s not how to sell your home. If you don’t renovate anything on the inside, then at least brighten it with better lighting. This may seem extreme, but the reality is that well-lit rooms look better.

Researchers have determined that brightly lit rooms cause us to feel emotions more intensely. That goes for good and bad, but happy potential buyers pull the trigger when they’re emotional. There’s nothing nefarious about that, we all buy more when we’re excited.

Go for vibrant, stronger lighting, pastels, and glossy finishes to enhance a room’s lighting. Show off those chandeliers with high-wattage bulbs and polished surfaces.

6. Outdoor Curb Appeal

We mentioned landscaping as a good return on investment, and this is partly why. Curb appeal draws people in, it’s your first-impression as a seller. A well-maintained lawn, trimmed trees, and exotic plants say so much.

It tells the buyer that they probably won’t have to deal with irrigation problems, pests, and poor soil. It means less money they need to invest after moving in, which is a selling point vs other properties on the market. In NYC, a home with a yard is either a big positive or a blight, depending on the condition.

Remember to take care of your gutters, siding, trim, and windows. Replace aging doorknobs and pressure wash any concrete/stone surfaces. These little details will really make your home stand out.

7. Timing Is Everything

You got everything prepared for this sale, but you have to keep an eye on when you sell it. Yes, overall, home listings are getting shorter, but there are still slower seasons. Obviously, colder weather won’t bring in the crowds, unless you’re selling a famous home.

Aim for late Spring, early Summer if you can. This may cause you to deal with more difficult people, but it will be worth it. Whatever you do, though, listen to your realtor about listing prices, advertising, and marketing budgets.

Help Selling Your Home Fast

If you follow all of these tips for selling your home fast, you won’t have to wait too long before a serious buyer comes along. If you are still struggling and don’t know what to do, New York Homes for Cash is here to help. We offer real solutions to those who need cash quick.

8 Trouble-Free Tips On How to Sell a House

April 17, 2019 by Joe Ruben

The past few years have been good for home sellers. Tight real estate inventory has meant properties are selling faster and for more money.

But there may be some bad news on the horizon for those looking to sell their home in 2019. A drop in January 2019 home sales is indicating that the seller’s market is about to turn into a buyer’s market.

This means if you’re looking to sell your house you may need to put in extra effort to stand out in a competitive real estate market.

Here are eight tips on how to sell a house and make it more appealing to prospective buyers.

1. Price it Right

An overpriced home will turn off buyers, especially when the real estate market offers plenty of listings. Likewise, too low of a price will make buyers wonder if you’re hiding anything wrong with the home.

In order to sell your home, you’ll need to price it fairly according to market conditions, any upgrades you’ve done, and the value of similar homes in your neighborhood. A real estate agent can offer guidance on an appropriate price range for your listing.

2. Choose a Good Real Estate Agent

Choosing a real estate agent to work with you to sell your home isn’t as easy as just picking the first one you hear about.

There are many qualities you should research such as looking at their years of experience, testimonials from past clients, and making sure their record is free of disciplinary complaints.

You’ll also want to work with someone who is familiar with your area and has experience selling homes similar to yours.

3. Consider Staging Your Home

According to a Real Estate Staging Association study, homes that were professionally staged before being listed spent 90% less time on the market.

Staging helps present your home in the best possible light. A staging professional may rearrange furniture, declutter rooms, and make small adjustments that can really show your home’s potential and make it more appealing to buyers.

If you don’t want to hire a staging company then you should at least remove all clutter and junk from your home and give it a good deep cleaning. Consider storing extra possessions in a rented storage unit until your house sells.

4. Hide Away Personal Items

Your personal items such as photographs, kids’ toys, and mementos may help your residence feel like home to you. But for prospective buyers, it may make them feel like they’re intruding someone’s personal space.

Hiding away all personal items helps buyers view the home as a neutral space that they can envision living in themselves. The absence of such possessions also helps them focus on your home’s features.

So while your child’s baby pictures and your wedding photo has special meaning to you, keeping them out of sight may help your home sell faster.

5. Be Flexible for Last Minute Viewings

If you want to increase your chances of selling your home, then you need to be flexible for showings. Some buyers may not be able to view your home during the day. They may want to see it on the weekend, at night, or other times that may feel inconvenient.

Although it can feel like a major pain to have to vacate the house when you really don’t want to, declining to accommodate a prospective buyer may encourage them to pass on your property for another listing.

That’s a chance you can’t afford to take when you really need to sell your home. Being open to when people want to view your home according to their schedule may help you sell it faster.

6. Make Repairs or Upgrades

If you don’t have a ton of extra cash to spare, you don’t have to renovate your kitchen, bathroom, or another area of your home in order for it to sell. But you should address and fix any needed repairs or upgrades such as fixing foundation issues on your house or repaving your driveway.

Also think about making small updates that can pull a room together and make it more appealing, such as installing new light fixtures and curtains. Taking action this simple can add to your home’s appeal.

7. Don’t Forget Your Home’s Curb Appeal

Your home’s exterior can turn on or off buyers just as effectively as the inside can, so make sure your yard is clean and presentable.

The lawn and bushes should be trimmed and the area should be free of junk and children’s toys. Sweep leaves, pine needles, and other debris off your driveway and walkways.

A good pressure washing can also make your house’s exterior and outdoor deck look brighter and newer. Pressure washing can remove dirt, algae, moss, and other contaminants that can make your house look older and dingy.

Once your home has been pressure washed, consider giving it a good coat of new paint and repairing any chips to your home’s architectural trimmings. These small changes can make your home look more attractive and well cared for.

8. Help Market Your Home Yourself

You don’t need to leave the promotion of your home’s listing solely to your real estate agent. You can help sell your home by sharing the listing on your social media channels, advertising it in online classified ads, and advertising on Google AdWords.

Know How to Sell a House Correctly

If the market continues to favor home buyers instead of sellers, knowing how to sell a house will become more important.

Making your home look appealing inside and out and working with the right real estate agent can increase your chances of your home being snatched up by a buyer.

Five Boro Home Buyers buys homes for cash in Brooklyn, the Bronx, Manhattan, or Queens in any condition.

If you can’t go the traditional route of listing your home because you need to sell it fast, fill out our online form to request a quote. We’ll contact you within 12 hours with a cash offer.

How Can I Avoid Paying Private Mortgage Insurance?

April 1, 2019 by Joe Ruben

What in the World is Private Mortgage Insurance (PMI)?

Private mortgage insurance, or PMI, occurs when a home buyer is not able to put at least 20% of the sale price of a home as a down payment.

Putting a 20% down payment on a new home through a conventional loan may not be a financially feasible option for you. Lenders will usually require you to pay PMI (The borrower typically pays this through monthly premium payments as well as other payment methods).

If you are not able to make at least a 20% down payment, lenders and insurance companies are going to want to minimize their risk when lending their money to you.

Home buyers generally want to avoid paying PMI as it means you’ll be spending more each month due to the premium insurance fees.

Paying over at least 20% as a down payment can significantly reduce your monthly payments and leave you affordable rates. So, you don’t have to squeeze out every penny and dime to make payments on time.

Use Your Cash Equity As A Down Payment

If you are thinking about moving to another home or thinking about downsizing, in particular, you may want to consider leveraging the equity you received from the sale of your house towards the down payment on your new home to obtain affordable rates.

Cash is King

If you’ve sold your home to an all-cash buyer, this might be an excellent opportunity for you. There are advantages to paying for a new home with cash. That’s right; cash is still king amongst home buyers and sellers alike.

Sellers will find a cash offer much more appealing versus a loan or mortgage. Often times, a seller will even be willing to lower the price for you if you pay in cash.

Many home buyers opt to go through home equity loans or home equity line of credit or HELOC to finance their down payments. However, financing down payments through loans take time, and there’s always the chance that you don’t get approved for a loan. Plus, you have interest rates on top of the loans to consider.

If you can leverage the cash equity you’ve acquired from the sale to an all-cash buyer towards the down payment of a new home and that payment is over 20% of the entire sale price of the house, you can save a ton of money in the long run.

Cash also gives you the opportunity to bypass tons of paperwork involved with lenders.

Usually, this is an excellent option for those looking to downsize or looking for a less expensive home in general. Since the house will be smaller in scale relative to your previous home, it’s likely to be more financially beneficial for you since you’ll be paying for less square footage.

As a result, it will make it much more viable to cover at least 20% as a down payment or an even bigger down payment.

So, if you’ve got cash on hand, consider setting at least some of it aside to go towards your new home, and your future self will thank you later.

What’s Mine is Yours: 5 Questions to Ask When Inheriting a House

March 27, 2019 by Joe Ruben

What is the best course of action when you inherit a house from a loved one after their passing? This question can be incredibly difficult to answer for the majority of people who need to ask it. Overall, inheriting a house can be a stressful, yet rewarding experience for those involved.

But it is important to thoroughly examine the situation before deciding on the best option for you. Read on to learn five essential questions to ask yourself and professionals once you have inherited a house.

Five Questions to Ask on Inheriting a House

The individual situation will greatly influence how the process moves forward when you’ve inherited a home. For example, if you jointly inherited with a sibling or other relative, there are going to further steps you may need to take. Here are some factors and questions to consider during your decision-making process.

1. What Is the Local Probate Policy?

The first step for any inheritance process is to understand how the will works, and finding a probate attorney is generally the best way to do so.

Probate will be the initial phase of a will, as it involves the judicial process it has to go through in order to move forward as a legal, binding document of the deceased’s wishes.

Once you become appointed as the executor of the will once probate is complete, the attorney will be able to advise you on moving forward with it.

2. What Are the Home’s Expenses?

Immediately after inheriting a house, you should look into what the expenses associated with it are.

Some examples could include a mortgage, home association fee’s, and utilities. Regardless of whether you intend to do with the property, you should keep these up to date to avoid issues in the near future once you reach a decision.

3. What Is the Home’s Value?

If you are thinking about selling the inherited home, you should reach out to a real estate agent about the home’s market value.

Essential factors on the value could include the age of the home, the neighborhood, nearby properties, and updates on it.

4. What Are My Options?

Overall, there are three main options when inheriting a home. You could sell it, live in it, or rent it out.

The best decision depends on if you are the sole owner of the home.
Furthermore, if you do want to sell the home, it is usually best to do it as quickly as possible as specific tax implications can complicate holding on to it for a long time.

That said because inheriting a home can come with many emotional and personal complications, it can be hard to rush it.

5. What Tax Implications Will It Have?

Regardless of what you choose to do with the home, there will be some tax implications for the decision.

When you inherit a house, it experiences what is called a stepped-up cost basis. This means that the property’s market value will be based on the date of the former owner’s passing.

If you sell the home, if the property has appreciated since it was purchased, you will only have to pay the long-term capital gains on the sale price exceeding that stepped-up basis.

If you live in the home, there is the potential for higher property tax due to the stepped-up basis. That said, living in the house for a few years can help you avoid capital gains that you would typically have to pay when selling immediately.

Finally, if you rent the home out, you can use the taxable income from the home towards depreciation and improvements. That said, the IRS will have to be reimbursed if you eventually sell the house.

Make the Best Choice for You

Ultimately, there is no right or wrong thing to do when inheriting a house. But, always make sure you reach out to a few professionals who have experience in the area so they can give you their input from a third-party viewpoint.

As well, if things get messy with others involved in the will, the best option is usually in civil court to ensure everyone gets their share.

Thinking about selling the home for cash? Check out our recent post on all the benefits of selling a house for cold-hard cash.

From the Bottom Up: How to Fix Foundation Issues on a House to Sell It

March 25, 2019 by Joe Ruben

For homeowners thinking about selling a house, nothing puts a bigger dent in those plans than finding out your home has construction troubles.

The process of buying and selling a house is a complicated process. There are home inspections that must be done. Updates to appeal to buyers are also important. But what do you do if you find out there are foundation issues on a house? Will this lower the value of your home?

Is this the end of your selling dreams? Well keep reading and find out more!

Call a Professional to Check the Foundation

The most important part of dealing with home issues before putting it on the market is getting professional opinions.

Foundation issues can be detrimental to a home. Making sure you have it inspected by a professional will give you the peace of mind knowing any and all issues your home may be facing. If you’re worried that a damaged foundation may stop your home from selling, discuss all your options with your contractor on repairs.

Don’t Ever DIY Repairs

Secondly, never repair foundation issues yourself. The foundation is the most important part of any home.

You should always refrain from trying to fix these issues yourself. Always make sure you contact an inspector. A professional construction crew should be the only group that works on your home’s structural issues.

Get a Few Repair Quotes

It never hurts to shop around when trying to find a construction group that can repair your home’s foundation issues. If you think a quoted price is too high, get another crew in that may be able to provide a more competitive price point.

While repairs may lead to a price change in your home’s market value it’s still important to be up front about any issues the building may be facing. It’s also important to get those repairs done before placing the home on a market.

Being prepared for this sort of pitfall will help you in the long run. It may save you from some other, more complicated issues in the future as well.

Skipping Repairs Could Lead to Legal Troubles

Lastly, while skipping structural repairs may seem like a good idea at the time, it could lead to legal troubles in the future.

If you know your home is not structurally sound but still go through with a sale, you may be complicit in any damages the future owners may experience. Getting sued for damages after your old house experiences irreparable damage even after you sell it, could happen to you.

Don’t Ignore Foundation Issues on a House

If you think your home is damaged and that damage may hurt its chances of being sold, you may want to consider getting those repairs done quickly.

Foundation issues on a house can lead to structural damage. If it isn’t handled by a professional that home could haunt you, even after you sell it.

Selling a home can be a long, complicated affair. Luckily, our professional staff will be able to walk you through the process. Contact us today for more help and information.

Playing Catch Up: What To Do If You’re Behind on Mortgage Payments

March 21, 2019 by Joe Ruben

Falling behind on mortgage payments can be a frightening situation. You don’t want to lose your home, but you know that if you can’t meet your obligations, that becomes a real possibility.

Mortgage delinquencies are down overall, but all it takes is an unexpected emergency, government shutdown or natural disaster to throw your finances into chaos.

If you find yourself among those teetering on falling behind on your mortgage payments, there are steps you can take to stay in your home. Read on to find out what they are.

Take a Close Look at Your Financial Situation

You need to sit down and take an honest look at your finances. Assess whether or not this is a temporary situation or a long-term situation. About 40% of Americans can’t cover a $400 emergency, which makes it more likely that people will face this type of situation.

For example, if you lost your job, how quickly do you think you’ll be able to get a new job? In the case where you see a drop in income, look to see where you can trim down other expenses.

The reason why this is important is that when you talk to your lender, you want to provide them with information about your income and your situation. They’ll help you find a solution that works.

Sell Your Home for Cash

One other option is to sell your home for cash. You can use the proceeds from the sale to pay off the mortgage on your home, leaving you free and clear to start over.

When you sell your home for cash, you’ll get a less than the full value of your home. That’s mostly because you can get cash for your home in as little as 7 days.

You’re paying for speed, but when you’re in a situation where you need to catch up on mortgage payments, it’s well worth it.

Plus, there’s no hassle dealing with real estate agents and potential buyers coming in wanting to see them home. It’s a great solution if you’re in a position where you can’t wait for a home to close.

File for Bankruptcy

Filing for bankruptcy should be your absolute last resort. It doesn’t stop the foreclosure process, but can keep you in your home a little longer and give you a chance to catch up on your mortgage payments.

This is should be considered a “nuclear option,” since bankruptcy will stay on your credit report for 10 years. That will impact your ability to get loans in the future.

Solutions for Falling Behind on Mortgage Payments

With every problem comes a solution. It’s the same with your mortgage payments. You want to make sure that if you are close to falling behind on mortgage payments, you have plenty of options available to you.

If you find yourself in a situation where you’re behind on your mortgage, we can help. Contact us today to find out more about selling your home for cash.

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