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.
Love is one of those human emotions that are as vital as air and water. It has been behind the biggest feats – and biggest atrocities – of humankind. Love is everywhere and in everything humans are involved in, so, what are the similarities, intersections, and relationships between Love and Real Estate?
That’s what we are going to figure out with this article. Shall we?
First impressions matter
Like with love and dating, while it’s not definitive, first impressions do matter in real estate. A house with no home staging, completely uncared for, will not impress home buyers. A poorly put together real estate agent ad, website or a poorly presented in-person real estate agent will not impress home sellers and home buyers either. On the contrary, it will make them shy away from you or the house.
You’re not physically getting into bed with your clients and buyers, but you are metaphorical. So you need to present yourself and what you have to offer with confidence. One will truly love the other only if they see in their eyes a spark of self-love. That’s what people really fall in love with. Pity is not love, and that’s what home buyers feel when they walk into a home with an uncared-for garden entryway in desperate need of care. And worst: if they do make an offer, chances are it’s the opposite of love; indifference to you and your desires of selling for the highest you can. They are probably trying to buy it on the real low, put some of their love to the home so they can sell it for much more. So, in other words, its all about self-love, really. Love yourself and your house and increase your home value with these home improvement ideas.
Loyalty is important
The majority of our society is strictly monogamist when it comes to love relationships, and the same should apply to real estate. We’re not saying real estate agents should have just one client at a time, but they should treat them as if they were the only one, with the care, attention, and respect they deserve.
And regarding home buyers or home sellers avoid dual listings as much as you can. Yes, we know it’s okay if the real estate agent comes clean with both the lovers—I mean, clients! But you know what? Go back to the first topic. Love yourself! A dual agency will keep your real estate agent from fully focusing on his fiduciary duties to you. But also, don’t go out selling your home with a bunch of real estate agents, like in an Open Listing. It seems like a good idea, like a lot of people are out there selling your house and it will speed up the process, but you’re better served with one dedicated person trying to sell it because they know if they do they’ll get a commission. The reality is that in an open listing, only inexperienced real estate agents really spend their time marketing the home; most will have it at their backburner in case it perfectly matches a client’s taste.
Exes are forever
Just like in romantic relationships, it’s likely that an ex will, down the road, show up again in your life. And, like with love, that can be a good or a bad thing. That’s why, real estate agents, no matter how big their influence (or commission) will be, should always do their best, be the kindest and the most righteous they can. You don’t want the evil Ex returning, complaining about something you forgot to do, smearing your name all around your real estate market. You want the good Ex that will return because they want to sell the house and buy another one, and their experience with you was so good it’s part of the reason why they want to do it again.
No matter if it’s a fling (like someone just wanting to have more information about something real estate-related) or a long-term relationship (like someone who hired you to buy or sell a house with you) show them some love and courtesy.
There's no I in love
And neither in a real estate agent.
When you love someone, you give up a few of your needs in favor of your loved ones’. Which is great when they do the same in return. If they don’t; maybe rethink your relationship, ok? With real estate agents, it should be the same thing. Sure, they are relying on your experience to guide them through the home buying process, but please: this is not about you! Listen to your clients, become interested in understanding them and their needs before you come with your “my way or the highway” attitude. That’s one of the worst Real Estate Agent types there is. Every case is different, don’t try to simplify it for your own sake. Don’t be lazy. Your clients deserve your best efforts and doing exactly the same every time is not doing that.
Surprise x Routine
A balance between this too is very important in a romantic relationship. Humans long for the comfort of routine, but also get bored by it and crave for a little bit (not too much!) of surprise. That usually translates in unexpectedly bringing flowers home, going out to dinner from time to time, traveling to get some one-on-one time away in a different setting. For a real estate agent that means mixing up a little bit. Don’t be just the guy who calls or appears when there’s a showing/offer on the table. Call them even if nothing special is going on; let them know you’re thinking of them. Send an e-mail with something that you saw on the news or the internet that relates to them and their house. There are several websites out there that put out great content related to real estate; just like on our website RealEstateAgent.com. Be their curator!
But like we said, don’t overdo it either. Try to find the balance. You don’t want to bother them too much.
Communication is key
This is the most important aspect of a romantic relationship. If you don’t develop a clear communication with your loved one, it doesn’t matter how much you love them and how much they love you back… it will be a troubled, confusing relationship. Who wants that? Be very clear about your intentions and your way of working, learn to listen to your client; learn to understand even their non-verbal communication! If both of you are completely honest with each other, there will hardly be any disappointments.
May it be eternal while it lasts
Hey, sometimes everything started out great but something happened along the way and communication started getting bad and now you can’t understand or respect each other and it’s just… bad.
That’s ok. It happens. Dealing with unreasonable home buyers and home sellers is something every real estate agent goes through. And straight giving up is normal. No one should be ostracized for that. What is important is to realize it and set yourself and your client/loved one free. Reach out to the client and tell him or her that maybe it’s best to part ways. Don’t just say “hey, it’s not working, I’m out! Good luck!”. If you do, you’ll be the one responsible for them becoming an evil ex. Talk about how it’s not working for the both of them and you feel he/she will be better served with a fresh mind and point of view related to their house. You should even have recommendations of real estate agents you think could be a good fit, but remember they are free to do whatever they want.
Because in the end, the great lesson about love and real estate is a lesson of Freedom! No one is obligated to have you there by their side, as a lover or real estate agent. They are free to have or not have you. You need to prove your worth. Freedom is the only feeling humans long for more than love. For the truth is that only people who understand the concept of freedom can truly love. Only those who respect and adore freedom can understand and love another person’s spirit. So be free, let it be free and let love rule!
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 ?
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!
House Flipping Tips For Success
The real estate market is soft. It is truly a buyers market. In addition, the ability for a buyer to secure a new mortgage has reached unprecedented levels craziness. To get a new mortgage these days, a potential buyer has got to have almost pristine credit along with backup savings and a long, stable work history.
I am in the business of buying investment homes and then selling them for a profit. In the following paragraphs, I am going to describe how you can sell your house quickly. You will not have to pay realtor commissions. You will not have wait 45 to 60 days while your buyer gets a blessing from his mortgage company. You will not have to put up with all the back and forth price dickering. You will truly have the upper hand here.
The very first you need to do involves some work. Your house needs to be marketable. Now, I am not going to go into all the specifics of updating your house here. You will find that in some of my other articles. Suffice to say, drive up appeal needs to be good, the inside of the house will need to be updated, uncluttered and clean.
Now that your house is ready, take pictures of the outside front, living areas, kitchen and baths. Take some time and search your area online for three good web sites to place an ad. Craigslist might be one of them. Your ad headline will read something like this: Rent To Own Home. Easy Qualify.
I know what you are thinking, I do not want to be a landlord. I know, I get it. But read on, it gets better.
The type of buyers we are going to attract are people who may be self employed. They make a good living and have cash but do not necessarily show a great deal of income, because of expense allowances, on their 1040 tax form at the end of the year. Your buyer may also be coming off a divorce that forced them to into a bad situation. There are other scenarios, but basically you have good people.
Your offer to a potential rent to own buyer is this: You will lease the house to them for a specified period of time. Typically, one year is good. The amount of rent paid should be more than the amount you need to pay each month on your mortgage. That includes taxes, insurance, p.m.i. or other monthly expense you incur on the house. Positive cash flow is essential. You should expect to make at least $100.00 to $300.00 per month in positive cash flow.
The damage deposit you will require will be high. Typically a deposit is one month rent. In your case, because you are offering to sell the house on an option, the damage deposit will also function as the option deposit. The amount can be anywhere from $2500.00 to $30,000.00 or greater. I like to see a minimum of 5% of the purchase price paid upfront.
The wording of the lease must also include a statement that the renters, because they are buyers to be, will be responsible for all upkeep, maintenance and repairs. In other words, they do not call you when the water heater goes out or the toilet backs up. They agree to take on all those responsibilities.
You will then write up a separate option agreement. The option period should coincide with the term of the lease. the option allows the renters to buy your house in a specified period of time at a set price within that period of time. The option agreement should state that the damage deposit from the lease agreement is to be applied to the purchase price of the house. The agreement should read that the option deposit is nonrefundable.
If your would be buyers turn out to be not so good or walk away from the lease, remember that you have a very sizable damage deposit with which to get the house ready for a new buyer and pay for your mortgage during the down time.
This is a great deal for the buyer who cannot quite qualify for a mortgage. They get to move into a great home right away with very little resistance. Meanwhile, the option allows them time to fix their credit report and lower their debt to earning ratio or whatever else they need to do to qualify for a bank mortgage.
But most of all, this is a great deal for you! You set the price. You get a substantial amount of money upfront. The renters pay your mortgage for you. You make an additional monthly income on the positive cash flow from the rent. You do not make repairs or become a landlord. When it comes time to sell, there are no realtor commissions to pay, among a host of other normal costs like a homeowner warranty.
When the day arrives that your renters call you and say they are qualified and ready to buy the house, you will meet with them and write up a purchase agreement. The purchase agreement will state the price they will pay for the house, which side will pay for each type of closing costs and the date that the closing will take place. Everyone involved will need to sign and date. If a person is married, most states require the spouse to sign as well. Take the purchase agreement to a title company and inform the new mortgage company where the closing will take place.
Also, remember that the income you receive from your renter pays for your mortgage liability and then some. Therefore, there should be no problem being able to secure a new mortgage for you when you move into your new house because the house generates income over and above the liability.
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