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.
Welcome to another edition of Fridays withFred, my name is Fred Sed.
I got a call from a seller of mine that's looking to list andsell their home with us and he asked me.
Fred, do I have to pay Capital Gains or income taxeson whatever my equity is? This is the answer I have for you.
For him, it was a little bitdifferent.
But for you, it depends on what type of property you own.
If youown an investment property, you're always going to have the liability of paying incometax or Capital Gain on whatever the equity might be.
Because it's an investment property.
No matter if you own it for 6 months or 10 years, you're going to pay Capital Gains.
Now, whether or not you're going to pay it, or how much you owe on it, that depends onthe equity, the net equity.
Meaning after commissions that you pay for agents to sellthe property, repairs, appreciation of value, or whatever it might be your CPA or accountantknows and they'll tell you what taxes you actually have to pay on that net equity.
Butyou are subject to and liable for Capital Gains on any investment property in Californiano matter how long you've owned the home.
Number 2, if its the principleresidence, this is the breakdown for that.
If you own the principle residence for lessthan two years and you sell within two years of owning it, for example.
You bought it ayear ago and you're selling it today and you close tomorrow whatever it might be.
You'llalso be subject to Capital Gains and what that amount will be depends on all the factorsI talked about before in regards to what your equity is, what your cost is, acquisition,closing cost, etc.
That's for your accountant and CPA to figure out.
The second aspect ofselling your principle residence and having to pay taxes or not on the equity is the following.
If you own the property for more than 2 years, this is the cool part.
In California, as longas you're a single individual or married it's broken up into those categories.
If you'resingle, you're allowed up to $250,000 of tax free equity.
So if you've only made $150,000in equity of 4 years of owning it, you don't pay a dime in taxes or capital gains.
Butif you break that quarter million dollar mark as a single individual, you will be subjectto capital gains of whatever that amount is above a quarter million.
If you're marriedin California, you're allowed up to $500,000 in tax free equity.
Anything beyond that,you'll be subject to capital gains.
Either way, consult or talk to your CPA or your accountantin regards to "would I owe anything", "do I owe anything" prior to selling it.
That'ssome of the vendors we have access to that we give our sellers if they have any questions.
If you have any questions about your property in general, contact me 7 days a week at (949)272-0125.
For any questions regarding this topic, videos, to look at properties.
View our highly reviewedwebsite at www.
Com and tune in next week for another amazing edition ofFridays with Fred.
Why? Because that's what Fred said.
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 ?
If the housing market is poor, like it is right now than selling your home fast is even more difficult. However, there are ways to increase the chance of people beating down your door so you can sell your house.
First, consider lowering the price the point to where the house can sell on cost alone. This might be difficult for some people to do because that is money that they are taking right out of their pocket. However, if you need to sell your house fast than this is going to get things moving more than any other one item. The irony is that in most cases if you set it really low, even up to 20% lower you most likely will start a bidding war for your home, even in today's market. So the price will rise close, if not over the value you would have placed on it. But you are going to have to have mental toughness to do this and most people just don't have a belief that it will work out this way.
Get yourself a storage unit and put everything possible in there. A house that looks packed will cause people to think it is small. A house that has less in it will actually cause people to think it's large and spacious.
Next add lamps, lights and increase the wattage of the other bulbs in your home to make the house glow. Light is one of the things that help people feel the house is alive and fresh, dark homes make people feel down. So brighten the room up with lighting throughout the house.
Although it's your home people are looking for a house, so take your personality out of the house. Family photos, religious information, work related information, etc. will take away the focus from the house and place it on the home.
People buy the kitchen, so place the focus on the kitchen and either do a light remodel with appliances or a full remodel with cabinets, countertops, flooring and appliances. This is an area of real importance in getting your house to move quickly.
Last, be ready to show it. People won't come when you are ready, they will come when they are ready and normally that means with a very short notice. Keep the house clean and clutter free so an agent can call and show with a moment's notice. Take the time up front to learn what you need to do to sell your house fast and you will increase your chances.
How To Sell Your House Fast in Virginia - Why Is My House Not Selling?
Kris Krohn with REITV, and you've asked it! We've got the answer.
What do you do TODAY if your house your trying to sell is NOT selling?? "My house isn't selling! What should I do?!" Drop the price! Listen, I know that that may not be what you wanna hear, but it is one of your options.
There's a chance that youmight be thinking that your house is worth more than the market is telling you that itis.
There's a chance that you got advice.
Listen, it happens in the world of real estate.
We take our best guess and I'll go to my experts and I'll say "What should we list this at?".
And you know what? Often, they're right on the money.
Sometimes, they're low, and sometimes were too high.
And if that's the case, then you need to live within reality because it doesn't matter what YOU think it's worth.
I don't care how much money you put into the landscaping of the yard or how much you've put into repairs, a $50,000 yard does notmean that the house is worth $50,000 more.
In fact, very minimal repairs actually gointo increasing the value of a home.
So, the most important thing here is to first, make sure that you operate inside of reality and the market - the people that live in your area, they're gonna tell you what's real.
Your second option is actually doing a lease option.
Lease option is where it doesn't make sense for you to actually sell your housein the market and yet maybe you still want to move.
So what can you do? Well, you can collect the down payment with the seller financing option.
A family maybe gives you a 3, 5, $7000 of a down payment saying "We'd like to move in to this house and we'll cover the payment".
And depending on how your mortgage is structured, you could get BOTH a down payment in the thousands of dollars and you could collect a positivecash flow on that property.
And that also is another way to say 'Hey,if the market isn't going to allow me to sell my house for what I need, then this is anexcellent strategy for holding on to it longer until it WILL SELL and MAKE MONEY.
But in the meantime, I can still move on with my life if I have to leave the state or takea new job or simply move into a different house.
If you liked this video, we have a lot morecoming your way, but you GOTTA hit that Subscribe video so we can make sure you know about every one of them.
Thanks so much! We'll see you next week!.
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