How much does it cost to sell a house fast in Virginia ? Well that’s what we’re talking about today and we are starting right now. If you’re looking to buy, fix and flip a home or really need cash for home in Virginia, then this is the post for you.
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So how much does it cost to sell a house fast in Virginia?
Assuming that you are going to hire areal estate agent these are the typical expenses that you’re going to incur in Virginia.
#1: you’re going to pay the commission to the real estate agents involved in the transaction.
You hire an agent and you agree to pay them X percentage of the sales price of the house.
Are you currently in a situation were you are thinking about how to sell my house quickly?
Have you thought about using a cash buyer but have concerns about going down this route, and consider cash buyers unethical and out for what they can get?
Then let me alleviate your worries by taking you through the process of a cash sale.
Many, but not all, cash buyers are completely ethical and generate business from previous client referrals and testimonials, using a win-win approach. A win-win approach means that you both you, and the cash buyer, come out of the transaction satisfied that you have achieved your own goals.
But before you proceed with a cash buyer, you must first consider the following.
Is your requirement to move greater than your need to get the best price for your home? If you can answer yes to this, then you should consider using the services of a cash buyer. Typically this would be in circumstances such as:
· Chain Breaking
· Ill health
· Moving abroad
Sale and rent back
By seeking out an honest and professional house buying company, you may get a provisional offer on your home within hours, and have made that important fast sale within the week, or at least within a time frame that is acceptable to you.
The ultimate advantage this way of selling has over the more traditional methods, such as using an estate agent or through private sale, is that the sale is both fast and guaranteed. Speed and certainty are generally not common features within the housing market, therefore because of this, you will pay for this service by selling your property at a discount.
So what sort of discount should you expect to sell at? Many cash buyers offer anywhere from 65% to 85% of the open market value of the property. Realistically, and speaking from experience, a cash buyer will need a discount of around about 82% simply 'to make their figures work'. That is, both cover their costs and leave them with an adequate, but not excessive profit, for the future upkeep of the property. Be aware that you understand that the open market value is not the same value that the estate agent would put your house on the market at. Open market value is what your property will actually sell for, if you were to ask the estate agent to sell your property within a 10 week time frame.
Should you expect to pay any additional costs other than the discount when selling to a cash buyer? Definitely no! If the cash buying company you decide to go with asks you to pay anything towards a surveyors valuation, or solicitors fees, or fees for providing the service, then I suggest you walk away. I would advise that you choose the type of company that will pay your legal fees, one that considers YOU and your situation throughout the process, and one that is concerned about making the transaction as cost free for you as possible.
There will be companies out their waiting to take advantage of your situation, and will even offer you as low as 50% for your property. It is imperative therefore that you always go with a reputable company, taking into account all of the above. On a positive note however, once you do find that trustworthy company, then selling your house to a local cash buyer can make perfect sense and alleviate those how to sell my house quickly worries!
When the buyer comes along if they are represented by a different agent your agent pays that person.
Now I’ve done a whole other video about where the commission goes.
If you’re interested click that but just know that we do not keep the whole thing ourselves.
We are splitting it with the other agent, we are splitting it with our brokerage, we are paying all of the marketing expenses, so don’t go thinking that we’re all millionaires because that’s not really how it works.
#2: you will have to pay the property taxes for the time that you lived in the house.
After the property changes hands the buyer will pay that.
If you’ve already paid your property taxes for the whole year then from the date of your closing to the end of the fiscal year you’re going to actually get are bate because you’ve already paid those property taxes and the buyers should be paying them.
So you’ll get money back.
In the Georgia market it’s very common that buyers ask you to pay their closing costs or at least a portion of it.
We have a lot of first-time buyers and nobody puts 20% down any more.
I mean people don’t have $100,000 just sitting in the bank waiting to buy a house as a general rule, so they may ask you, “Hey can you chip in $3,000 towards my closing costs?” They will probably also ask you for either a home warranty, a termite bond, or both.
As you know living in Georgia there are two types of houses -those that have termites and those that don’t have termites yet.
So we typically like to have some sort of pest control plan on our homes so that that doesn’t happen.
When the buyer comes along they’ll say, “Hey, I want you to transfer that termite bond to me so that I can live in a house for the first year and not worry that the house has termites or is going to have termites very soon.
“Now let’s say the buyer moves in and the first Thanksgiving that they have all their family come to visit the stove breaks.
Yes, this actually happened to one of my clients.
The home warranty company comes and if they can’t repair the stove they buy them a new stove.
So it’s a great thing for the buyer to make sure that they’re not going to have any unforeseen major expenses the first year that they live in the house.
A home warranty is typically somewhere around$500.
Now if you decide to sell your house for sale by owner you will not be paying the real estate agents commission.
Instead you’re going to be paying for all of the marketing of your home.
Just a for sale by owner sign in your front yard is probably not going to get the job done.
The people that buy for sale by owners are looking for a great deal so they’re gonna come and offer you far less than the actual market value of your house as a typical rule.
You’re going to be paying for the photographer, for the video, for the drone photography, for all advertising, you’re gonna have to put a nice sign in the yard, you’re going to have to show the property every time somebody calls you to make an appointment.
So the money that you save in the commission you’re going to be incurring a lot of additional costs in marketing and in time, where it’s going to be all on you.
You don’t have an agent who’s doing all this stuff for you.
So now you know how much it costs to sell a house but do you know what your home is valued at? Do you know what your market value is?
Because half the time your neighbor might tell you, “Oh we sold it for300,000!” But they actually sold it for $289,000.
I’m just saying sometimes people have the tendency to exaggerate just a little bit.
So if you’d like to find out what your home is worth because you’re thinking of selling in the next six months or so, click this link.
We would be happy to do a free no-obligation home valuation analysis for you so that you can really sit down and say, “Okay, if I sold how much money could I expect to make?” Because that’s a big factor in deciding is now the right time to sell or should I wait a year or two? Thank you so much for watching and I will see you on the next one.
Can I Sell My Home as is in Virginia ?
Hi, my name is Jason Castle, I’m a partnerwith Jaburg|Wilk and my practice areas are family law and criminal defense.
Q: Can I sell my house while the divorce ispending? A: This is a yes and no.
If the other partyagrees, then yes, you can.
However if they are not in agreement you cannot.
It’s importantthat everyone reads the papers that are actually filed with the court.
Specifically, I’mtalking about the preliminary injunctions that’s filed with the initial petition fordissolution of marriage.
Often the petitioner, the person filing, won’t actually read thepreliminary injunctions because that’s what’s going to be served on the other spouse.
Butin the preliminary injunctions, it expressly says that the parties cannot sell property,destroy property, transfer property, encumber property – all of that is precluded andso unless you have an agreement or a court order, the answer is no, you cannot sell theproperty.
Q: What happens if I do? A: If a party sells a house or property, itbecomes an issue that will be brought before the court as a contempt violating a courtorder and so there can be sanctions and the other penalties that would be incurred.
RecentlyI had a case where the husband moved out of the residential property and as soon as hewas gone, the wife put everything on Craig’s list and made very sure that the public knewthat it was her husband’s property that she was getting rid of and it was going forcheap and so it does happen and you go back into court and you get an injunction and hopefullythe court can get you in before all the property is gone.
Sell My House - Prepare Before You Sell
Selling house is a very intricate process that needs a lot of understanding in the field of real estate as well as patience. If you think buying a house is a much difficult process than selling one, you are mistaken. This is because selling a house is an equally complex process, where several factors need to be taken care of at once. Starting with fixing the interiors and exteriors to finding the right buyer who can pay the right price, everything needs to be in order and as preferred for the deal to take place.
An Investment That’s Worth It
The real estate market is one of the most lucrative markets in terms of investment, because the kind of returns that the real estate market is known to give, other investment tools can rarely match. Whether you have an investment property that you want to shell out or want to sell off your current residence, looking for a price higher than the current market price is a common goal for most of the sellers. And, to an extent, this is legitimate as well because the price of the real estate property is going to increase with time anyway.
This gives the feeling to the sellers that their asking price should cover at least the next few years’ going rate. If the property is nicely and centrally located in a popular area, has sufficient space, is well designed, have all the basic amenities in place, is well maintained, and all the paper works are in order, asking for the higher price shouldn’t pose any problem during the selling process. In popular areas, there is always a high demand, and thus, finding the right buyer who can afford to pay a bit of a markup over the going rate should not be a problem.
Why You Should Look For Higher Price
Looking for a higher price is a common thing in the real estate market, whether it is the real estate agent or firm who is doing the selling on your behalf or is it the seller himself. To an extent, it is this practice of increasing the selling price considerably and frequently for just about every sale and every property is what has led to an overall boom in the real estate market. The reason why you should look for a higher price too is that it not only helps get you better returns on your investment but also helps sellers to pay for the ad hoc expenses during selling without having to compromise on their original asking price.
Things To Do To Bag A Higher Price
Even if your house is situated in a nice area, it is not always possible to bag a good price, because of buyers apart from considering the area, also considers many other factors. How is the house maintained? What are the problems that the house is facing currently? What are the fixes that need to be made? What fixtures need immediate attention? What would be the cost to repair and fix the problems existing in the house? Does the house need a paint job? And, so on.
These and similar factors would be considered by the buyers, and if your house is not well maintained, then forget about asking for the higher price than your house is worth, you would face a tough time asking for the current market price as well. This is because the aim of the buyers would be to cut out the repairing and fixing costs of the house from the asking price. To ensure that you are able to bag a higher price than your home is worth without having to struggle too hard, you need to take care of several factors –
- If your house is old and it shows, do a paint job on the interior and the exterior to give it a new and fresh look. The idea is to make your house look attractive, both from the inside as well as outside to make the buyers with deep pockets fall in love with your property.
- Check for the fixes to be made in your house, whether it is your driveway that needs to be maintained, garden that needs to be mowed, washroom fixtures that need to be replaced, kitchen fixtures that need to be repaired or replaced, any electrical or water leakage that needs to be taken care of, and so on. Make sure that the house is in ready to move in shape so that the buyer does not find any fault or reason to compel you to drop the price.
- Take attractive pictures of your property and post it on the internet on real estate buying and selling sites. Good high-quality pictures would attract more buyers, and more buyers would automatically help in increasing the chances of getting the right buyer.
- Negotiate smartly and smoothly whether it is a real estate agent or the buyers. Do not sound or look like you need to sell the house urgently or you are in dire need of the money you will get by selling the house, even if that just might be the case. Desperation is an easy giveaway, and the smart buyers would easily read between the lines and try to take advantage of your financial situation to lower the asking price.
These are the few things you should keep in mind and do to get a higher price than your property is worth. It would need some research, effort, money, and time to get things in order, but it would be worth it. These few changes can drastically increase the price of the property.
Do Your Research
Before you go in to sell your property, you need to do your research about the current market price in your area. What are the prices other similar houses in your area are bagging, what the asking prices for similar properties in your area are showing online, what are the advantages that your house has over other properties that can help bag you a higher price, and so on. Researching would help you give the knowledge about the property and also help you negotiate well during interaction with the agent or the buyer.
Also, make sure that all your paperwork is in order, all financial obligations over the house are cleared, and all the dues are paid such as house tax, electricity bills, and so on. If there are any legal disputes over the property, make sure to get rid of them before you considering selling the property. You should also consult with the real estate agents and firms in case you have any doubts about the going rates, and can ask them about what can be done to get a better price.
How To Market Your Property To Attract Right Buyers
Marketing needs to be done in the right way to attract more buyers. In the otherwise case, even if your house is well maintained and in good condition, there would be lesser numbers of buyers coming up and showing interest. You need to market your property well to reach out to potential buyers who can afford to pay the price you are looking for.
Most of all, when you are looking for a higher price than what your house is worth; you need to have a lot of patience. It will take a considerable amount of time and effort, but the wait would be worth it. Sometimes finding the higher price is not a difficult task, and sometimes it can take longer. In any case, you need to stick to your price once decided to be able to get it, even if it takes a long time.
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