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house selling tips

Jun 2022

How to Sell My House With a Reverse Mortgage?

2024-01-06T12:50:48-05:00June 20, 2022|house selling tips|

Reverse mortgages are not quite the same as traditional ones, and this is especially true when selling a home under a reverse mortgage. It is important to understand that the main difference between traditional and reverse mortgages is that a reverse mortgage is meant to allow the homeowner to continue living in their home while using the home’s value as a liquid asset.

The mortgage company can not make you sell the home in question, but if you want to do so, you are allowed to sell the home yourself. When you sell a home under these circumstances, mortgage insurance should cover the difference if you owe more than the home is worth. If the home is worth more than you owe, you will be able to pocket the difference.

The important thing to note is that by selling the house outright, it is no longer in your possession, and you will not be afforded the same rights under this type of sale as you would be under your reverse mortgage.

Do This to Sell a House With a Reverse Mortgage

If you think selling your house is your best option and you already have a reverse mortgage, here are the steps you will need to take to sell your home successfully.

1. Find Out What You Owe

The first thing you have to do is make sure that you look at the correct numbers. Next, you will need to be in touch with your mortgage company or your lender to find exactly what you owe on the reverse mortgage.

If you are serious about selling your home, it is a good idea to get this in writing. This way, you will have a verifiable record of your pay-off quote.

2. Consult a Real Estate Attorney

If you are dealing with a complex situation or any extenuating circumstances, a real estate attorney will be able to help you through those. They may also help you be able to determine what is a good market rate for your home as well as what you can expect this process to look like.

3. Put Your House on the Market

This will mean using a realtor or traditional listing services. Be careful of selling a home on your own without the help of professionals because you may find yourself caught in a sticky situation because you don’t know all of the laws.

It is also important to understand that there are no guarantees in the traditional market. Keep in mind that you may not get a sale as quickly as you would like, and there is no guarantee you will be able to get your asking price or even sell the house at all.

4. Settle the Balance

Once the home is sold and all of the financing is complete, you will need to pay off the reverse mortgage, and if the sale did not fully provide enough money to do that, your mortgage insurance should cover it. If the house made more than you owe the reverse mortgage, you could then pocket the profit.

Sell Your Reverse Mortgaged Home Today!

If you have decided that you are ready to sell your reverse mortgage home, the best way to sell is by opting for a cash sale because it is the quickest and easiest way to move the process along.

Don’t waste time with traditional listings and showings on top of the hassles of navigating selling with a reverse mortgage. For a quick and seamless cash sale now, contact Handsome Homebuyer today!

Jun 2022

Can I Sell My House if I Owe Child Support?

2024-01-06T12:50:45-05:00June 20, 2022|house selling tips|

Child support is a complicated issue and becomes even more complex with real-world
application. The issues surrounding child support can dramatically affect your finances and also
be very emotional.

When it comes to owing child support, the United States government and state governments
give a lot of latitude and tools to local agencies to collect child support. In many cases, judges
may adjust the methods used to collect arrears for a specific case.

Some things that can be done in aid of collecting child support, called enforcement actions,
according to the state of New York, are:

  • Increasing the number of payments
  • Tax Refund Offset
  • Interception of lottery winnings
  • Payroll deductions
  • Driver’s license suspension
  • Credit bureau reporting
  • Denial of passports
  • Denial of professional license

Remember that penalties and collection methods can vary by state and local jurisdictions, and
enforcement actions can also vary based on the specifics of a case and situation.

If you owe child support, it does not mean that you can not sell your house. However, it does
impact how you can sell your house. It will make some methods impossible and others much
more favorable.

Let’s take a closer look at selling your home when you owe child support.

Unpaid Child Support and Property Liens

When you owe someone money, including child support arrearages, that can put what is called
a lien on (or against) your property. This means that they are making a claim against your
property to gain compensation for the debt that you owe them.

This is done by registering a lien against the title of a property. Once this is done, you can not
get any kind of compensation for selling your property until you pay the amount you owe to the
person or entity that filed the lien.

Most of the time, a court order for payment is necessary to levy a lien on a property, but in the
case of child support arrearages, many states will allow a lien to be enforced with just proof of
missed payment of court-ordered child support.

If the amount owed is high enough in relation to the property’s value, sometimes you may be
forced to sell the property to pay the debt.

How Can I Sell My House if I Owe Child Support?

Having a lien against your house because of past-due child support does not mean you can not
sell it. It may, however, affect whether or not you can get a mortgage. Many homes that have a
lien against them are rendered unmortgageable.

If there is a lien against your home and you wish to sell, you must understand that whatever
profits you get will come after the amount due because the lien is paid. Therefore, your decision
to sell will not likely be opposed by the entity holding the lien because the sale will pay off the
debt.

Who Buys Houses with Liens Against Them?

Many investors and professional home buyers will buy houses with liens against them. A buyer
like Handsome Homebuyer can pay cash for your home and complete the sale quickly with a
guaranteed price as we buy houses in Long Island. This allows you to settle the lien and end the vicious financial cycle that can
go on with unpaid child support.

Selling your property for cash is often the best answer when you owe child support. If you owe
child support and want to sell your home, contact Handsome Homebuyer immediately to sell my house fast Long Island and to get
started!

Jun 2022

Who Pays House Selling Closing Costs in NY State?

2024-01-06T12:50:41-05:00June 2, 2022|house selling tips|

Closing costs are the money you pay at the end of your real estate transaction. Sometimes, the buyer pays these costs, and sometimes, they are paid by the seller. Who pays will depend on your particular sales contract.

Some contracts call for the buyer to pay closing costs. Even in these cases, as the seller, there may still be some costs that you will need to pay at closing. With this in mind, you should strongly consider these costs when you decide whether or not to sell your house. You should factor these costs into the price that you will ask for your house, or you could lose money in the process!

Where you live will also impact who pays what and how much when it comes to paying closing costs. This means that it is important to ask who pays closing costs in NY State, not just ask who pays them in general.

Does the Seller Pay Closing Costs in NY?

Traditionally, it is the buyer who pays the majority of closing costs. However, it is important to understand what closing costs are and specifically who will pay them in your specific situation.

What Fees Do Sellers Pay When Selling a House?

Closing fees can add up to as much as 10% of the home’s purchase price. However, they generally run around two or three percent for the seller. A seller’s closing fees can include:

  • Property Taxes
  • Real Estate Commission
  • Flip Taxes
  • Attorney’s Fee
  • Transfer Taxes
  • Recording Fees
  • Other Closing Fees

You may also have to pay off the old mortgage on your home. If this is necessary, you can use the sale proceeds for this. Some homeowners who sell their homes have to pay a capital gains tax. If you have lived in the home for less than a year, this tax will apply to you, except in special circumstances.

The property may need home repairs. Of course, you may sell your home as-is, but that will fetch a lower price and could be a deal-breaker for some buyers.

Average Closing Costs for Sellers in NY State

Your closing costs will ultimately be determined by the value of your home and your sales contract. The average cost to the seller for closing price in NY State is around $4500.

You can pay far less depending on your contract and how you ultimately decide to sell your home.

How to: Calculate Average Closing Costs in NY for Your House

How to Sell a Home in NY State

Selling a home in NY State can be a bit harder than it sounds. Many people don’t want to go with the traditional sales experience for several reasons. The biggest reason being that it can take a long time to find a buyer, and even then, you are often left waiting on financing and banks that could see your sale fall through.

Additionally, if a home has problems, such as a home needing repair, it can be more difficult to find buyers, especially at the price point the seller had been hoping for.

This is why many people choose to opt for a company that buys homes in NY State, like Handsome Homebuyer. Handsome Homebuyer can simplify the process by giving you a quick and easy quote and allowing you to close in as little as five business days.

This might sound too good to be true, but you don’t have to worry. Handsome Homebuyer has an upfront and transparent process that keeps you in the driver’s seat of selling your home.

Sell Your House in NY State

Do you have a property you’re ready to get rid of in the Empire State and are wondering who pays closing costs in NY? Ready to simplify the home selling process to close on your home promptly so that you can get into your new home as quickly as possible? If you need to “sell my house fast Long Island” or  have a home you want to sell in NY State, call Handsome Homebuyer now!

Jun 2022

Can You Sell Home While in Forbearance?

2024-01-06T12:50:37-05:00June 2, 2022|house selling tips|

Forbearance is a type of financial protection that allows homeowners to make lesser or no payments for a period of time, usually due to financial hardship. Many people found themselves seeking forbearance during the pandemic.

If you are coming to the end of your forbearance period, you may be wondering, “Can you sell a home while in forbearance?” The answer is that you can absolutely sell a home while it is in forbearance. In fact, many people consider this a great option if they see that they will not be able to resume payments at the end of their forbearance period.

Be Aware of Your Situation

It is essential that you fully understand your financial situation when you decide how to handle coming to the end of your forbearance period. You will have many options, but choosing the correct one will depend on whether you have the correct information to start with.

  • You Owe Less than Your Home is Worth:

    This is an advantageous situation to find yourself in. The lender will need to be repaid fully from the profit of your home sale, but otherwise, selling will be simple. Find the buyer and sell the home and the profits, minus what you owe the lender, are yours to keep.

  • You Owe More than Your Home is Worth:

    Things are more complicated but not impossible in this situation. You may be able to make a short sale, where you sell the home for less than you owe with the lender’s approval. Depending on where you live, you may or may not be responsible for paying the difference in the sale amount and what you owe.

In other cases, you may be able to simply sign the home over to the lender and walk away. This is called a deed in lieu of foreclosure. The major disadvantages to this method are that it is very likely to hurt your credit score, and you will most likely be expected to move out immediately.

How to Sell Your Home While in Forbearance

If you owe less than your home is worth, and your home is a currency in forbearance, you might decide that your best option is to sell the home. Many people do this to alleviate themselves of the financial burden of homeownership. However, a once desirable situation may become a burden due to sudden and unexpected changes such as deaths in the family, divorce, and changes in employment.

If you have found yourself looking to sell a home while it is in forbearance, you may be looking to sell the home quickly before you begin to owe payments again. Unfortunately, cash buyers are not always easy to find, and financing can really hold up the process.

A great option is a company that buys homes, like Handsome Homebuyer. This kind of reliable, reputable company can get you through the sales process in just a couple of weeks from quote to close.

Their process is very simple and will greatly expedite your home sale. You can contact them online and get a quick quote. Then, once you decide that you are ready to accept the offer, you will be able to close in less than a week if you need to. This process really puts you in the driver’s seat of selling your home.

Are You Selling a Home in Forbearance?

If you need to sell a home that is in forbearance, contact Handsome Homebuyer today. They will help you through the whole home sale transaction. Their process is simple, painless, and completely transparent.

Ready to sell your home that’s in forbearance? Contact Handsome Homebuyer and let them show you what they can do for you!

Jun 2022

Can You Sell a House While in Probate?

2024-01-06T12:50:27-05:00June 2, 2022|house selling tips|

Short Answer: YES

You can sell a house in the probate process; however, it is not the same as selling a house that you outright own. This blog will explain exactly when and how you can sell a house while it is in probate.

What Does It Mean If a House is in Probate?

A house is considered in probate while being processed as part of a deceased person’s estate. This process may be easier or more difficult, depending on where you live. When it comes to probate law, rules vary by state and even by county in some cases. However, the general overview is still essentially the same.

How Can You Sell A Property in Probate?

The easiest way to sell a property in probate is when all of the heirs agree that it is ideal to split up the home’s actual value, which is quite often the case.

It is also fairly simple to sell a property in probate when a probate court orders it. This process can happen because the money is needed to pay the expenses and debts of the deceased, or it may be done to mitigate potential arguments among heirs.

How to Sell A House in Probate

There are a few ways to sell a home in probate; however, they must all be done legally and with the court’s approval. The steps are generally the same, with the difference being how and where you go about finding a buyer.

  1. The Court Appoints an Executor

    This may be someone named in the deceased’s will, however, not everyone leaves a will, and not all wills are held up by the courts. If an executor is not named in a will, the court will appoint someone in the family, usually the closest living blood relative.

  2. The Executor May Sell the Home

    The executor may sell the home before or after probate closes. For example, if the deceased owed debts or an outstanding mortgage on the home that the family did not want to pay, the executor may sell the home, and then any remaining funds will be split among the heirs.

  3. The Court May Order a Sale

    The court may order the sale of the home either to offset debts or as a way to handle distribution between multiple heirs.

Even when there is only one heir, it is not uncommon to sell a home in probate. This is especially common to offset debts and mortgages, but it also happens because one person cannot care for the home themselves. Many of these situations occur when someone lives in a state different from that of the deceased.

Why Sell A Property in Probate?

There are lots of reasons that a person may decide to sell a property that is in probate. Handling these situations can be painful and stressful. They can bring about complicated issues for families to deal with. Often, the best and easiest thing to do is sell the property and begin the healing process. Only you know what is right for your family in such a situation.

Who Buys Properties in Probate?

Handsome Homebuyer is a company that buys houses and purchases homes that are in probate. This company can be a great opportunity for buyers who simply want to get a fair price and get the process over with.

Handsome Homebuyer provides a fast and fair bid and can allow you to close in less than a week! If you have a property in probate that you would like to sell, contact Handsome Homebuyer today!