No two real estate investors are the same. You may have similar styles & tastes but there is always something about you and your business that makes you start at the same point but where we go from there is completely up to us. 

There is no sugarcoating the fact that investing is difficult at times. Without the right mindset you can easily get frustrated and swallowed up by the business. There are several common business traps and pitfalls you need to avoid. Falling for even one of them will cause your business to get off track, making it difficult to get back on. Here are five common investor traps you need to be mindful of.

1) Short-Sided Thinking
Regardless if you invest on a part- or full-time basis you can’t expect immediate results. Entering the world of real estate is much like entering any other business. There will be a period of adjustment and a learning curve you need to deal with. It is extremely rare to generate revenue in your first 90 days without a little bit of luck involved. Too many investors expect leads to fall in their laps, and when they don’t they get frustrated with the business. The reality is that it takes some investors months before they close their first deal. Even if you enter the business with established contacts, it could be rough going until you get the feel of things. Simply browsing the MLS or looking at real estate websites doesn’t mean you are committed to the business. Doing this for 90 days and seeing what happens is not a recipe for success. You need to commit for six to twelve months of working hard and grinding regardless of the results. If you can’t commit to that your business will be in trouble.

2) No Business Planning
Real estate is one of the few careers where you don’t need a degree or license to enter and be successful. Literally anyone can make an offer on a property and own real estate. However, the best investors are those who map out a plan before they start. This doesn’t mean you need to write out every move you plan to make for the next twelve months. It means that you should have an idea of where, when and how you are going to invest. Even answering the most basic questions will help guide you and streamline the process. You won’t jump at every new property that becomes available that doesn’t fit you’re your criteria. This will help not only save time but increase the likelihood that you will get deals you actually want. Many new investors forget that the goal of real estate is to generate a profit and not simply get an offer accepted. The more you know about your business and where you want it to go the more successful you will be

3) Slow to React
Investing in real estate happens in real time. In most cases, those investors who react the fastest get a leg up on their competition. Sellers are not going to wait for you to run your numbers and present an offer. You must be able to make quick, decisive decisions in short time. Investors who get into trouble are often slow to change. Real estate markets are constantly fluid. Something that worked for you even just six months ago may not apply today. If you are relying on outdated and inaccurate trends and data, you will find yourself in trouble. On the flip side, if you are one step ahead you will get the best price on deals and be able to generate the best leads. You need to be able to process data as it comes in and know how to decipher it. If you are slow to react your competition will soar right past you.

4) Unrealistic Expectations 
 There are more real estate investing shows today than ever before. There is a good chance you can find a show to your niche any day of the week, on multiple channels. While these shows do a great job at providing some of the pitfalls investors face daily, they are often unrealistic with the numbers. Most new investors don’t have the ability to pay for a $400,000 property with cash. They don’t have residual capital to cover up their mistakes that can help them generate a higher profit. The returns you see on TV can happen, but usually with an established investor in the right market. Don’t think that every deal you are part of will turn into a home run. These deals are the exception and not the norm.

5) No Networking/Contacts
Every good business relies on contacts. This is magnified in the world of real estate. Even if you haven’t closed a deal you need to get out there and meet people. Go to investment club meetings and networking events. Don’t be intimidated by the fact that you don’t know as much as others in the room. Everyone started in the same position you are in now at some point. Even if you only make one connection in a meeting it is well worth it. Every meeting you can add someone else to your network and before long you will have a solid list of people you can turn to for help, deal generation or team building. Without making an effort to network your business won’t be nearly as strong as you need it to be.

180 Homes is Here to Guide You When It Comes to Investing
There is a fine line between success and disappointment in any business. As you are just starting out in real estate, beware of these common investing traps . 180 Homes has a team of professionals who are here to hwww.180homesandproperties.com/investment-opportunities.htmlelp you avoid these investing traps. 

You can invest passively or actively, but invest now! Contact 180 Homes now to start!

When selling or buying a home, the topic of whether or not a home appraisal should be completed is bound to come up at some point or another. A home or residential property appraisal helps establish a home’s market value, or the likely sales price that the property would fetch if offered in a competitive real estate market. There is value in arranging for a home appraisal as both the buyer and seller – understanding the home’s value can tremendously influence the selling price one way or another. But what is a home appraisal, exactly?

In this article, 180 Homes explores what a home appraisal is and how much it costs, who you would hire to get your house appraised, and some of the benefits home appraisals provide for both buyers and sellers. With 180 Home’s helpful guide, you can approach your home appraisal like a real estate professional and properly anticipate what their results mean for your real estate transaction.

What is a Home Appraisal?
A home appraisal is a certified appraiser’s report of the estimated value of a home. Whenever someone uses a home or other type of real estate as security for a loan, the lender will order an appraisal to be conducted by a third party licensed real estate appraiser. Lenders will typically only lend to a borrower 65-80% of a home’s value on most standard loan products. In order to provide an accurate loan amount, the lender needs to have an accurate idea of the property’s worth. So, to determine the loan amount, the first step is determining the objective value of the property. This step is critical from the lender’s perspective because it reflects the likelihood the property will sell for at least the amount of their investment in it.

A home appraisal is typically centered around the research of comparable home sales nearby. the appraiser’s analysis of the home, and the appraiser’s overall judgment of the property they are inspecting. The reason mortgage lenders will require a home appraisal is to gauge the risks of extending the loan. If the borrower defaults for any reason, the lender seeks to ensure they are still in a strong financial position to get their money back via the sale of the home.

How Much is a Home Appraisal?
Some might wonder how much a home appraisal costs. A home appraisal’s cost is typically in the $300-400 range but can vary widely based on the home’s location. For example, in some metropolitan areas, the fees and quote for a home appraisal might span between $600-$1000 for a larger property. In terms of who pays for the home appraisal, that depends on if a mortgage is involved. In the case of there being a mortgage, the lender hires an appraiser, with the home buyer paying for the appraisal. Likewise, if a homeowner is refinancing a mortgage, they will front the bill for the appraisal as well.
Once the physical inspection and sale analysis has been completed, the appraisal service will provide a home appraisal report.

What is Included in a Home Appraisal Report?
Appraisers are licensed by their respective states after completing coursework and/or a job internship that helps them become familiar with their local real estate markets. The appraisal process itself begins with a thorough inspection of the property being appraised to determine the true physical condition of the property. The time it takes to complete a home appraisal will vary based on the property size and complexity. The appraiser will look at features like the number of bedrooms and bathrooms to ensure that they really exist and are in good condition. Most important, the appraisal looks for any obvious features or defects as well as recent upgrades, updates, and improvements that would affect the value of the house.

There are numerous factors that an appraiser will consider when completing a home appraisal. Some of the most common factors that will be reflected within the final calculation of a home appraisal include:

• Surrounding neighborhood
• Local characteristics and benefits
• Sales price of comparable homes in the neighborhood
• Lot and home size
• Age of home
• Overall design and functionality of the space
• Home condition
• Interior and external materials used
• Age and condition of home appliances (dish washer, laundry facilities, etc.)
• Home amenities (pool, fireplace, patio, etc.)
• Any home improvements and upgrades that have taken place

Why Would You Get Your Home Appraised?
Now that we understand what a home appraisal is and what goes into a home appraisal report, it’s time to explore why home appraisals are so important. We’ve covered that home appraisals are a necessity when buying or selling a home with a mortgage and when refinancing a mortgage because the amount a lender will lend is directly tied to the property’s value. While this is the most common scenario for ordering a home appraisal, there are a few other occasions when an appraisal is appropriate.
​

1. When selling a home: If you’re a homeowner and wish to place your home on the market soon, it might be smartest to complete a pre-listing appraisal. This provides a greater understanding of the market value and can help influence the asking price. With a realistic asking price, a quick sale can be more easily accomplished to avoid unnecessary back-n-forth with the buyer. Appraisals can even be required in some probate scenarios.
2. Getting a home equity loan: A home equity loan is a second loan that stacks onto an existing mortgage. The loan is influenced largely by the amount of equity you have, based on the remaining value of the mortgage getting subtracted from the home’s current value. If the home appraisal indicates the home has decreased in value, the home equity loan may be denied.
3. Appealing a tax assessment: Property taxes are typically determined by the fair market value of the home. Naturally, a home’s value can be influenced by numerous factors. If the value of your home’s property taxes seems too high, maybe because home prices have lowered in recent years, homeowners may appeal the tax assessment by completing a home appraisal.

Benefits of Home Appraisal for Sellers
If you’re on the selling side, a home appraisal shows you how much you can realistically ask for your house. The appraised value should not be confused with the asking price, offer price, or sales price. Asking price is what a seller indicates as a fair and reasonable offer for his/her home. A seller is free to set whatever asking price he/she chooses. An offer price is based on the buyer’s discretion and the sales price is the final transaction price.

From the seller’s standpoint, a low home appraisal indicates that the asking price needs to be lowered to realistically sell the property in a timely manner. Gathering information about comparable homes nearby and understanding the details of your home that you might not notice or even know, like a larger lot size or nearby schools. If the neighborhood’s nearby homes are also not selling, speaking to an appraiser may be able to increase the appraised value by their inspection of other attractive features that might drive the value up.

Benefits of Home Appraisal for Buyers
If on the buying side, a home appraisal shows the home buyer a black and white picture of the home’s value. By understanding the home’s appraised value based on the factors we’ve covered above, as a buyer, you can ensure that the price you’re paying is indeed in line with what the banks consider a fair market value. By having a clear picture of a market value, buyers can make an educated call on their offer price. An offer price, on the other hand, is a number that the buyer feels he/she is willing to pay after an appraisal has been completed.
​
A home appraisal may be an accurate reflection of the true market value of a home, or an attempt by the buyer to purchase the property at a considerable discount. As a buyer, you should always look out for sellers that are asking for a price much higher than the home’s value, because this tremendously impacts the bank’s loan amount. The sales price is what the buyer and seller actually agree upon through negotiations; it generally lies somewhere between the asking price and the offer price.

Contact 180 Homes for All Your Real Estate Needs
As a home seller, you may wonder if there is a way to skip a home appraisal for your home. We have good news! Here at 180 Homes, performing a home inspection or home appraisal is NOT a contingency of our cash-as-is offer! Since we’re paying cash, a third-party appraisal isn’t needed the same way a typical financed buyer would require. If you’re interested in a less stressful real estate transaction, 180 Homes is the trusted resource. Learn more about 180 Homes’ simple as-is cash offers today!

If you’re selling your home and wish to forego the home appraisal process, your best bet is to find a cash buyer for the home. 180 Homes can help you skip the home appraisal, with our cash as-if offers on Long Island homes. We can help home sellers achieve their real estate goals and avoid the pesky back-n-forth process of finding a seller and getting to escrow. Contact 180 Homes today to learn more!

Facing financial difficulties can be overwhelming, especially when it involves your home. If you’re currently in forbearance and considering selling your home, know that you have options. This article is designed to guide you through the process of selling a home in forbearance, providing you with the information you need to make informed decisions.

What is Forbearance?
Forbearance is a temporary pause or reduction in mortgage payments granted by your lender. It is typically offered to borrowers experiencing financial hardship, such as job loss, medical emergencies, or other unexpected financial setbacks.

When you apply for forbearance, your lender agrees to reduce or suspend your mortgage payments for a specific period. During this time, interest continues to accrue, and the deferred payments must be paid back later, often at the end of the forbearance period or added to the loan balance.

Can You Sell a Home During Forbearance?
You can sell your home while it is in forbearance. Selling a home in forbearance involves paying off your mortgage, including any deferred payments, at the closing of the sale. This is the typical process:

1. Notify Your Lender: Inform your lender of your intention to sell the home.
2. Obtain a Payoff Statement: Request a payoff statement from your lender, which will include the total amount needed to pay off your mortgage.
3. List Your Home for Sale: Put your home on the market and find a buyer.
4. Close the Sale: Complete the sale and use the proceeds to pay off the remaining mortgage balance.

Pros and Cons of Selling a Home in Forbearance
Before deciding to sell your home during forbearance, it’s essential to consider the advantages and disadvantages. Understanding these pros and cons will help you make an informed decision that best suits your financial situation.

Pros:

• Relieve Financial Stress: Selling can alleviate the burden of mortgage payments and related costs.
• Avoid Foreclosure: Selling your home can prevent the foreclosure process from starting after the forbearance period ends.
• Potential Equity: If your home has appreciated in value, you might still walk away with some equity.

Cons:

• Short Sale Possibility: If the home’s value has decreased, selling might not cover the total mortgage amount, leading to a short sale.
• Credit Impact: While selling can prevent foreclosure, forbearance and a potential short sale may still impact your credit score.
• Market Conditions: Selling in a buyer’s market might result in a lower selling price and a longer time on the market.

Alternative Option: Selling to Cash Buyers
Selling to cash buyers can be an excellent option if you’re in forbearance and need a quick, hassle-free sale. Cash buyers are typically investors or companies that purchase homes as-is for cash, allowing for a swift transaction. This can be particularly beneficial in a forbearance situation because it eliminates the need for repairs or extensive home preparation, which can be costly and time-consuming. Additionally, cash sales can close much faster than traditional sales, often within days, providing you with immediate relief from your financial obligations.

In the context of forbearance, selling to cash buyers can prevent the risk of foreclosure and the negative impact it can have on your credit score. It offers a straightforward solution to settle your outstanding mortgage balance, including any deferred payments, without the stress of a prolonged selling process. This can be a better option for those looking to avoid the complexities of a traditional sale and ensure a smoother, more secure financial transition.

180 Homes Makes Selling Your Home Easy!
Selling a home in forbearance is a viable option to consider if you’re facing financial difficulties. Carefully weigh the pros and cons of selling your home traditionally versus selling to cash buyers. By understanding your options and the steps involved, you can make the best decision for your situation.

At 180 Homes, we don’t mandate a home inspection or appraisal to make our cash-as-is offer. For a smooth and stress-free property transaction, turn to 180 Homes. Learn more about 180 Homes’ simple as-is cash offers today!
​

f you’re facing the challenge of selling a home that needs repairs, you’re not alone. Many homeowners find themselves in this tricky situation, especially when time is of the essence. Whether due to financial constraints, family circumstances, or other pressures, deciding the best course of action can be overwhelming. In this article, we’ll explore three effective strategies for selling a home that needs repairs: completing full repairs, completing minimal repairs to make the home marketable, and selling the home as-is to a cash buyer. Notably, the last option offers a quick and straightforward path for those looking to sell without the hassle of renovations.

1) Complete a Full Repair of the Home
When you opt for completing a full repair of the home, you’re looking at undertaking significant renovations. This might include fixing structural issues, updating old plumbing or electrical systems, and giving the home a cosmetic makeover.

Pros

• Enhanced Market Value: Fully repairing your home can significantly increase its value, making it attractive to a broader audience of buyers.
• Broader Appeal: A home in excellent condition appeals to buyers who are not interested in handling repairs themselves.

Cons

• High Costs: The investment required for extensive renovations can be substantial.
• Potential for Loss: There is always a risk that the costs of renovation may not be fully recouped in the sale price.
• Time: A full repair of a home can take anywhere from a few weeks to a few months, depending on the condition of the home.

Before diving into full repairs, assess the potential return on investment. Look at similar homes in your area—what they sold for and their condition. This will help you determine whether the potential increase in sale price justifies the investment.

2) Complete Just Enough Repairs to Make
the Home Desirable
Alternatively, completing just enough repairs involves fixing what is critically necessary to make selling a home that needs repairs more appealing, without going overboard. This means prioritizing repairs that offer the most significant return on investment.

Pros

• Cost-Efficiency: This approach focuses on spending less while still making significant improvements.
• Improved Functionality and Appeal: Addressing major issues like leaks or electrical hazards can make the home safer and more attractive to potential buyers.

Cons

• Balancing Act: It can be challenging to decide which repairs are essential and which can be omitted.
• Unexpected Costs: Even minor repairs can uncover more significant issues, leading to unplanned expenses.

Focus on key areas such as the roof, HVAC systems, and structural integrity. These are crucial for buyers and can prevent your home from being a hard pass. Also, setting a clear budget for these repairs can help manage expenses and prioritize tasks.

3) Sell the Home As-Is to a Cash Buyer
The third option is selling the home as-is to a cash buyer. This method involves selling your property in its current state without any renovations or repairs, typically to an investor or a company that buys homes for cash.

Pros

• Quick Sale: This is by far the quickest method when selling a home that needs repairs. Transactions can often be completed in days.
• No Repairs Needed: Selling as-is means there’s no need to worry about the cost or effort of making repairs.
• Immediate Cash Offer: Cash buyers usually offer immediate payouts, which is ideal if you need to sell quickly due to financial or personal circumstances.

Cons

• Lower Sale Price: The trade-off for convenience is that you might receive less than the market value of your home if it were in better condition.

Identify reputable cash buyers by checking reviews and past client testimonials. Expect to receive offers that are below market value, but consider the savings from avoiding repair costs and the quick sale process.
180 Homes Makes Selling Your House Easy
When selling a home that needs repairs, you have several options, each with its own set of advantages. Completing full repairs can maximize the sale price, making minimal repairs can balance cost and appeal, and selling as-is offers the quickest, least complicated process. If quick and straightforward is what you’re after, selling to a cash buyer might be well worth considering.

At 180 Homes, we don’t mandate a home inspection or appraisal to make our cash-as-is offer. For a smooth and stress-free property transaction, turn to 180 Homes. Learn more about 180 Homes’ simple as-is cash offers today!

When you decide to sell your house, one of the most crucial decisions you’ll make is choosing the right real estate agent. This choice can not only alleviate much of the stress associated with selling your home but can also significantly impact how quickly you sell and the profit you make. In this article, we will guide you through how to pick a real estate agent that meets your needs and helps you achieve your selling goals.

Step 1: Understanding Your Needs
First, consider what you’re looking for in the sale of your home. Are you in a hurry to sell, or are you aiming for the highest possible price? Understanding your priorities—whether it’s speed, price, or minimal effort on your part—is crucial in finding an agent whose abilities align with your goals.

A real estate agent will manage the marketing of your home, negotiate with potential buyers, and handle the sales transaction. The right agent should have a strategy that aligns with your priorities and can make the process as smooth as possible. It’s essential to choose someone who is not only skilled but also a good fit for your particular needs.

Step 2: Finding Potential Agents
Start your search for a real estate agent online, where you can find listings and reviews. Local real estate offices and recommendations from friends and family can also be valuable resources. These avenues can help you compile a list of potential agents.

When considering how to pick a real estate agent, look at their licensing, any awards they’ve won, and client reviews. An agent’s understanding of the local market and their professional accomplishments can give you insight into their capability and fit for your needs.

Step 3: Interviewing Agents
Prepare a list of questions to ask during your interviews with potential agents. Inquire about their experience, specific strategies for marketing and selling your home, and their preferred communication style. These questions will help you gauge whether an agent’s approach matches what you’re looking for.

Here are some essential questions that can help you assess if an agent’s approach matches what you’re looking for:

• How long have you been working as a real estate agent?
• What is your track record for selling homes in this area?
• Can you share your marketing strategy for homes like mine?
• How do you handle negotiations with buyers?
• What are your communication preferences and how often can I expect updates from you?

These questions will help you gauge whether an agent’s approach matches what you’re looking for. Pay attention to non-verbal cues that may indicate their confidence and attentiveness. How they present their market analysis and sales strategy can also provide insights into their professionalism and suitability.

Step 4: Deciding on an Agent
After interviewing several candidates, compare their qualifications, strategies, and your overall impressions. Trust and comfort with their approach are as important as their professional skills.

Discuss and understand the terms of the contract with your chosen real estate agent. Ensure clarity on aspects such as commissions and exclusivity. Once satisfied, you can finalize the agreement and begin the process of selling your home.

​Consider Alternatives: Selling On Your Own
Selling your home on your own, commonly referred to as For-Sale-By-Owner (FSBO), is an alternative method where you manage the entire sales process without the assistance of a real estate agent. This approach allows homeowners to take full control of selling their property. Here’s what to consider if you choose this route:

Selling your home by yourself can save on commissions and give you full control over the selling process. However, you’ll face challenges like limited market access and the complexities of negotiation and legal procedures.

For those needing to sell quickly, perhaps due to financial constraints, cash buyers can be a viable option. It’s important to vet cash buyers properly to avoid scams and ensure a fair deal.

180 Homes Makes Selling Your House Easy
Navigating how to pick a real estate agent involves understanding your needs, evaluating potential agents, and making an informed decision. With the right agent by your side, you can look forward to a more efficient and profitable home-selling experience. Consider all your options, including selling on your own or to cash buyers, to choose the best path for your circumstances.

At 180 Homes, we don’t mandate a home inspection or appraisal to make our cash-as-is offer. For a smooth and stress-free property transaction, turn to 180 Homes. Learn more about 180 Homes’ simple as-is cash offers today!

Facing the possibility of losing your home can be one of the most distressing experiences in life. If you find yourself in a tough financial spot, it’s crucial to understand your options, particularly when it comes to a short sale vs foreclosure. This article aims to provide you with clear, straightforward explanations and actionable advice to help you navigate this challenging situation. Remember, understanding these options is well worth the effort and can help you make decisions that are best suited to your circumstances.

What is a Foreclosure?
A foreclosure occurs when a homeowner fails to make mortgage payments, leading the lender to terminate the homeowner’s rights to the property. The process typically starts after several missed payments and can end with the home being auctioned off to the highest bidder.

The impacts of foreclosure can be severe, including a significant hit to your credit score that can last up to seven years. This can make it difficult to purchase a new home, obtain loans, or even secure housing rentals. The emotional and financial stress of undergoing a foreclosure should not be underestimated.

What is a Short Sale?
n contrast to a foreclosure, a short sale is a process initiated by the homeowner before the mortgage defaults become unmanageable. It involves selling the home for less than the outstanding mortgage balance with the lender’s approval. This option requires the homeowner to work closely with the lender to agree on the sale terms.

Opting for a short sale can offer several advantages over foreclosure:

• Credit Impact: A short sale is less damaging to your credit score and typically remains on your credit report for a shorter time.
• Control: You will have more control over the sale of your home.
• Negotiations: You have the opportunity to negotiate with the lender on the deficit amount, which might be forgiven.

Comparing Short Sales and Foreclosures
Understanding the differences between a short sale vs foreclosure can help you decide the best course of action:

• Process Duration: Foreclosures can be lengthy, often taking months or even years to complete, whereas short sales can be quicker if a buyer is ready.
• Financial Implications: Foreclosures usually result in a greater financial loss due to legal fees and potential eviction issues.

Getting Started with a Short Sale
​If you are planning on entering the short sale process, understanding the role of cash buyers can be crucial. Engaging with cash buyers offers a streamlined alternative that can facilitate a quicker and less stressful sale, which is particularly important in a short sale situation.
Before considering a cash buyer, it’s important to start the short sale process correctly:

• Contact Your Lender: The first step is to inform your lender of your financial difficulties and the possibility of a short sale. This early communication is vital for exploring potential options available to you under their short sale policies.
• Gather Documentation: You will need to provide evidence of your financial hardship through documentation. This includes financial statements, proof of income, bank records, and a hardship letter explaining your situation.
• Seek Approval for a Short Sale: Not all lenders will automatically agree to a short sale. You must seek approval from your lender, which involves negotiating terms that could allow the sale to proceed at a price less than what you owe on your mortgage.

Why Consider Cash Buyers
Once you have initiated the process with your lender, considering cash buyers as potential purchasers of your property has several advantages. Cash buyers are known for closing deals quickly, which can be highly beneficial as it helps to avoid the lengthy timelines associated with traditional sales that involve mortgage approvals for buyers. They typically purchase properties “as-is,” meaning you won’t need to invest in repairs or renovations to make your home marketable. 

This simplicity can be a significant relief when you are already dealing with financial stress. Additionally, engaging a cash buyer can expedite the sale process, which is crucial when you are at risk of foreclosure. A faster sale can prevent the negative consequences of having a foreclosure on your credit history.

How to Engage Cash Buyers
To engage cash buyers, you can list your home on platforms that attract cash buyers, or work with real estate agents who specialize in short sales and have connections with reliable cash investors. When you receive offers, it’s important to consider them carefully. Ensure the cash offer covers your needs, especially in terms of paying off your mortgage balance as negotiated with your lender. 

Once a suitable offer is identified, work with your lender to finalize the acceptance. This involves ensuring all parties agree on the sale terms and moving forward with the closing process.

180 Homes Makes Selling Your Home Easy
Understanding the key differences between a short sale vs foreclosure is essential for any homeowner facing financial difficulties. Both options have their pros and cons, but being well-informed will help you navigate these challenging decisions. If you are considering these options, reach out to us. We understand the process and can offer the support you need to move forward confidently and with peace of mind

At 180 Homes, we don’t mandate a home inspection or appraisal to make our cash-as-is offer. For a smooth and stress-free property transaction, turn to 180 Homes. Learn more about 180 Homes’ simple as-is cash offers today!

Buying a house is a monumental step. It’s a blend of excitement, dreams, and, let’s be honest, a fair bit of anxiety. One of the pivotal moments in this journey is the closing process—the final lap in the race to your new home. But just how long does it take to close on a house, especially in a state as diverse as New York? While the process might seem wrapped in complexity, a closer look can demystify it and even make it a smooth, manageable journey.

​What Does Closing On a House Mean?
Closing is the legal process where the ownership of a property is transferred from the seller to the buyer. It involves a fair bit of paperwork, the settlement of closing costs, and, most importantly, the handover of the keys to your new home. It’s the day every homebuyer eagerly anticipates but also one that can be laden with delays and unforeseen hiccups if not navigated wisely.

Typical Closing Process and Timeline

1. Loan Application and Pre-Approval: Typically takes 1-3 days for pre-approval, with the full application process extending up to 2 weeks.
2. Property Search and Offer: The duration of this step varies greatly depending on market conditions and buyer preferences. Once an offer is made and accepted, the closing process formally begins.
3. Home Inspection: Usually conducted within the first week after the offer is accepted, and it can take 3-5 days to receive the report.
4. Appraisal: Scheduled immediately after the inspection period, the appraisal process can take 1-2 weeks for the lender to review and approve.
5. Underwriting: This is where your loan application is finalized and approved. Underwriting can take 2-3 weeks.
6. Closing Document Review: Once the loan is approved, you’ll receive your closing disclosure. Federal law requires you to have this document at least three days before closing to review.
7. Final Walkthrough: Conducted a day or two before closing to ensure the property is in the agreed-upon condition.
8. Closing Day: The day you sign all the paperwork, finalize the loan, and take ownership of the home. The signing process itself can take a few hours.

Factors Influencing The Closing Timeline
Several elements can affect how long it takes to close on a house on Long Island.

• Financing: The type of mortgage you opt for can either speed up or slow down the process. Conventional loans might sail through quicker than FHA or VA loans, which have more stringent inspection and appraisal requirements.
• Home Appraisal and Inspection Timelines: These necessary steps ensure the price you’re paying matches the property’s value and condition. Any issues unearthed here can lead to renegotiations, potentially lengthening the timeline.
• Legal and Regulatory Requirements: California has its own set of real estate laws and practices, from environmental regulations to specific disclosures, that can affect the closing timeline.

How Long Does the Closing Process Take on
Long Island
On average, closing on a house on Long Island can take anywhere from 30 to 45 days, post-acceptance of an offer. This timeframe is fluid, influenced by the factors mentioned earlier. Each step, from financing approval to inspections, plays a crucial role in the overall timeline.

Step to Speed Up Closing Process
Want to cross the finish line faster? Consider these tips:

• Get Pre-approved for a Mortgage: This shows sellers you’re serious and financially ready, potentially speeding up their decision-making process.
• Respond Promptly to Requests for Information: Be on your toes. Quick responses to your lender or real estate agent can shave days off the timeline.
• Choose the Right Real Estate Professionals: An experienced agent and lender can navigate the complexities of the California market efficiently, avoiding common pitfalls that delay closings.

Common Delays and How to Avoid Them
Preparation is key to avoiding setbacks. Financing hurdles, inspection surprises, and appraisal shortfalls can all throw wrenches in the works. Ensuring financial readiness, being prepared for quick repairs, and understanding the appraisal process can mitigate these risks.
While it’s tempting to rush towards the finish line, remember that thoroughness ensures the investment in your new home is sound. Delays, though frustrating, are often opportunities to address issues that could save you time, money, and headaches in the long run.
180 Homes Makes Selling Your House Easy
Closing on a house on Long Island is a journey that requires patience, preparation, and the right team by your side. While the process can take anywhere from 30 to 45 days, understanding the steps involved and how to efficiently navigate them can make all the difference. Remember, the path to your new home is well worth the work, and with the right approach, you’ll be turning the key to your new life in no time.
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There is no greater long term investment in real estate than a quality rental property. The right rental will not only provide short-term cash flow in the way of surplus rents received but can give you the potential for appreciation years down the road. For those that specialize in self-managed properties, they may be able to take advantage of many tax breaks afforded to rental property owners. To maximize your rental property’s bottom line you need to manage it wisely. Ideally, you will have enough cash flow to hire a dedicated property manager and let them run everything for you, but this isn’t always the case. There are many instances when self-managing the rental property makes the most sense.

In this article, 180 Homes will explore some of the pros and cons of property management surrounding self-managed rental property and how to handle some of the biggest challenges of self-managing rental properties. With 180 Homes’ helpful guide, you can approach your rental property like a real estate professional!

Biggest Obstacles When Self-managing
a Rental Property
To get the most from the property you need to be savvy in a number of key management areas. Depending on the rental property size and type, self-managing a rental property could be a full-time job. Luckily, by knowing which challenges are the most frequently experienced by those who self-manage rental properties, new landlords can better prepare for future obstacles. Here are the five biggest challenges with self-managing a rental property.

​1) Finding Good Tenants 
Every rental property revolves around finding good tenants. By finding the right tenants you won’t have to worry about collecting rent or getting phone calls at all hours if something breaks or needs fixing. On the flip side, if your tenant stops paying or constantly causes damage to the property, you will be forced to take action. Most of the problems can be cured by simply taking your time and finding the right tenants. By taking the extra steps to find the best tenants, you can prevent avoidable roadblocks down the line.

As difficult as it might be, you need to fight the urge to rent to the first interested tenant that comes along. Develop a screening system so you know as much as possible about who you may be renting to. You will never be 100% certain about a tenant, but with a good application and follow up you can have a pretty good idea. Good tenants can make rental property ownership almost seem too easy at times. Bad tenants will have you question why you ever bought the property in the first place!

2) Maintenance 
One of the biggest mistakes inexperienced landlords make is thinking that their rental is indestructible. The reality is that even properties that are updated require time, effort and regular maintenance. It is essential to start building a team you can reach out to when you need them as soon as you take ownership. Every landlord should have a handy person, plumber, and electrician on their contact list. You can bet at some point during the lease you will have a clogged toilet or a dishwasher that stops working. Many property managers will hire an on-site maintenance professional, especially for larger properties with many tenants.

Anticipating tenant needs is an integral part of property management.

How quickly and efficiently you handle these issues goes a long way in building trust with your tenants. If you drag your feet, your tenants will feel you don’t really care about the property. If they feel YOU don’t care about the property, why should they? They won’t be as inclined to go the extra mile to take care of the property’s appliances and facilities, which will ultimately decrease the life of many of the items in it. Neglecting maintenance needs will shorten the useful life of your furnace, dishwasher, washing machine, dryer, and more. Maintenance items will happen on every property. Prepare yourself now for the inevitable.

3) Turnover 
Your tenants will not stay in the property forever. Even tenants that love everything about rental eventually move on. When they do, you will have a busy stretch that can be difficult to juggle and maneuver if you don’t know what you are doing. One of the pillars of property management is managing turnover. Turnover management is the process of attending to current tenant needs while also preparing units for future tenants. You must balance finding new tenants while being fair to your existing ones.

Rental property managers should come up with an end-of-lease checklist that can be provided to tenants so they know what needs to be done before move-out and when. Many tenants simply assume they can do some marginal cleaning, hand over their keys, and collect their security deposit. When self-managing a rental property, the move-out checklist should be as detailed as possible so there is no misunderstanding as to your expectations. You should also come up with a timeline and checklist for your incoming tenants. If you need a few days to have the property cleaned and painted, you should make this clear and reflected in your lease. No one wants to move in to find an unprepared unit. To avoid a horrible first impression, make sure both vacating and new tenants are on the same page.

4) Rent Collection
Those new to self-managing rental properties might assume that they will receive their rent on time every month. While this could be possible, it is not automatic. There are times when you will have to chase the rent check for a few days, a few weeks, or possibly longer. Some tenants may notify you that they’ll be paying late, but others could try to avoid you altogether. How you go about this can either defuse the situation or worsen things.

If you leave demanding voicemails on the first of the month, you run the risk of angering your tenants and extending the problem. However, if you don’t do anything, your tenants may feel they can send the rent whenever they please and do what they want in the meantime. There is a delicate balance in being stern without overplaying your hand. This is a skill set that those who self-manage rental property will develop and use regularly over time.

5) Upkeep 
Ultimately, rental property is a substantial investment and should be treated like an asset. Like any other asset, you need to build on it to maximize its value constantly. Every year you should perform maintenance on the furnace, HVAC, water heater, and more. Additionally, you should plan on cleaning the gutters, painting the walls, and updating one major item every year. The longer you avoid these items the more they add up and the more expensive they become down the road.

In areas of high demand, your rental property will be compared to the other properties in the market. If yours is worn down and not taken care of it will be reflected in the demand, and ultimately the rent received. To maximize your investment and assure you’re self-managing the rental property correctly, make sure to keep up with how tenants feel living there.

Tired of Self-managing a Rental Property? Sell fast with 180 Homes
​One of the great things about investing in real estate is that anyone can do it. However, you need to know exactly what you are getting into and how to run a rental before diving head-first into one. If you’ve decided self-managing a rental property is the best choice, these best practices are a great guideline for success. As both a landlord and property manager, it can often be challenging to balance the many monthly requirements needed for a rental. But by properly anticipating tenant needs and finding the right tenants for your property, you can approach self-management like one of the professionals while saving thousands in management fees. If you’re considering selling your rental property (or are just curious about what you could get for it), 180 Homes is here to help!

180 Homes specializes in CASH AS-IS offers to help expedite the real estate experience. Contact 180 Homes today to learn more!