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.
What do I do if I can't sell my house?Kris Krohn, Limitless TV and I get this question all the time in the comments.
Iknow that some of you are trying to sell a house because there's a need to orthere's a financial hemorrhage going on and I want you to know that in today'svideo, we're going to be providing some answers and we're going to provide somereally awesome solutions.
I don't know if you can hear that but wetotally got the cleaners upstairs that are that are cleaning the house so wemight have a little bit of vacuum sounds going on in the background, I hope thatdoesn't bother you too much.
What we're going to be doing today is, we're going to betalking about what do you do when you have a house you can't sell.
We get thisquestion all the time, it's common where I've got this house, I can't sell it andfirst of all, I want to talk about some of the different reasons why people arestruggling and actually in this situation in the first place because itcan often be a byproduct of, I didn't have a plan or the market did somethingI didn't plan for.
Steven, you know, with you running the back into the entirereal estate system, I know that you work with people on a pretty regular basisthat have a home and they perceive and need to sell it, what are some of thereasons why people become don't want or need to get out of the house? - First, sofirst of all, I want to talk about, you don't ever need to sell a home when themarket's bad, right? That's a bad decision.
- That's actually the opposite ofwhat you want to be.
When everyone's selling you should be, what.
- Yeah, youshould be holding on to the right or buy.
So the reality is, if youthink you need to sell your home, chances are you probably don't need to sell it,you just need to find a different option.
So I want to just challenge yourthinking for a second, right, what if I need to sell my home or what if I I wantto sell it but I can't sell it, well the real answer is, you just don't sell it,you just hold on to it, as a matter of fact, when markets go down, if your homeis in a lease option or a rental and the market kind of starts to tank a littlebit, you're actually in a better position than you were before because althoughyour equity that home, may it look like on paper that it's leaving, it'sgoing away, the reality is, demand for your home's going to go up becausepeople can't qualify for a homes with the bank so they have to getinto your property.
- But I want to push back, Steven.
Some people say, "I'm in abad financial situation" or "There's equity in my house" or "I got this houseand I can't cover the payments" So sometimes people will look at theirstruggling financial situation or a house just have some extra repairs andit's like, I can't afford to keep this house so I can't sell it in the market andI'm financially struggling, what do you tell that person where it's not aboutthe market, it's about their personal market? - Great so there's a couple things.
Number one, if you keep that home in a normal rental market, it's probably notgoing to be the best thing for you but we talked about lease options alittle bit, right? The lease option is a wonderful solution if you're in afinancial pinch and let's just say thatyou need an extra $2,000 or you need an extra $5,000 or even extra $10,000, alease option is a perfect scenario for you because what a lease option allowsyou to do is to collect this initial money right off the bat and click morethan your typical rental would be anyway.
- If you don't know the lease option is,check out some of the lease option videos on our channel so that you canget an explanation of what that is but essentially what Steven is saying hereis, if you need to hold your house and the market is telling you, we're notgoing to buy it from you at the price that you need or want, then you need tohold it.
So instead of losing it, hold it in the most intelligent way.
Right now ona lease option, on a home, a single-family home purchased at or below the median,there's usually a $40,000 difference between renting and doing the leaseoption because like Steven said, you can collect a $3,000, $5,000, $7,000, $10,000 down payment,you're going to collect a higher rent so if you were renting it for $1,300, you canprobably lease option it for $1,500, that extra cash flow can create thatbreathing room of, I'm not going negative, I'm not losing money,I collected a down payment, I got someone taking care of the house, they'reactually doing all the maintenance on it, it actually manages mostly itself, I canbreathe again and then sell that house at the right time later in the market oryou can wait for a rebound, you can wait for the market to come back but you getto be positive on your cash flow.
- So one thing that people often say is, "Wellwhat if I'm upside down in my house? I need to get rid of my house orI feel like I need to but I'm upside down.
" - That is the worsttime to be thinking, "Oh I'm down in the market, I should sell.
" - Please don't, likeplease don't sell off your upside down in your home but the reality is, thelease option done right also accounts for that type of a scenario.
- Well justthink about it, man.
Every 15 years, the market is going through its ups and itsdowns.
In time, it will correct itself.
How can we say that with confidence over thelast 3,000 years? I'll tell you, they've been tracking it and it's because wekeep doing this thing called making babies.
Population increases and it always creates more demand.
We might be in amarket right now where at one point in the market, it's like there's not enoughhouses and we're building like crazy but you know what always follows that? Too manyhouses and not enough buyers and that's when people start getting skittish andfearful, the market goes down, they want to take, they want out.
I'm like, don'tsell the house, manage house.
This is part of knowing how tomanage your assets so really the message that we're sharing today is, if themarket will not take your house and a price you need for it to go for, then youneed to hang on to the house - get creative - but do it strategically andwatch one of the lease option videos because we'll share with you the mostintelligent way to do that and we even have a course that will show you, giveyou the contracts, show you how to market it, it's really simple, we create so manysuccesses with this system and so if you're in that position where you'rethinking, "Man, I really need to get out of this.
" Maybe you don't, you might fastforward five years and say, "Whoa at that time, I thought it needed out but I endedup making $30,000 out of a lemon situation, I turn it into lemonade andthirty thousand dollars is way better off where I was fighting.
- I want to saysomething crazy here for just a second.
- Give them a bonus okay.
- This is a bonus.
What if you're upside down in your home, you can no longer afford your paymentsso you need to downsize.
Now for often for people, they think, I used to get ridof this home, I need to get it off, get it out of my mind, I need to move on andmove out.
- Because of the fear and the scares, how am I going to pay for it -Here's an idea.
If you can't qualify to buy another home, what if you, what ifyou downsized, what if you rented for a while and now what if while you'rerenting, you turn that home into a lease option? - Well and you can actually getyour own self into a lease option.
- You can absolutely do that.
- And at the same time,so your own house and before you notice like, man, I reduced my payments, Iincreased my profitability, I'm way better off.
- Yeah, all of a sudden,you thought you were down because maybe you had a decrease in monthly income orwhatever the case is but now all the sudden you're able to maybe make up someof that, maybe make up a lot of that and put yourself in a situation where fiveyears down the road, you're not only a little bit better off,you're way better off.
- So if you are in a situation where you need to sell yourhouse and you don't know how and you want to make that extra forty thousandgain that we're talking about, make sure you click the link here and we'll goahead and have one of our team, it might even be Steven Miller or myself thatreaches out to you and actually shares a gameplan for a very real solution totake a stressful situation and turn it into a beautiful profitable situation.
Ihope this provided some really good optional solution for you on what youcan do.
The lease option truly is an amazing way to go click the linkso that you can learn more about it.
Otherwise, subscribe and join ourFacebook channel.
Oh my heavens, Facebook is the place for us to meet up, it's aplace where I'm doing a lot of real time and life videos, it's a place to findpartners and introduce partners, it's a place where I can share deals with you,if you want to get way more hands-on in real estate then you know what? Come findus on that Facebook page.
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 ?
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.
We Buy Houses Scams in America
There are a number of ways to sell a house. Listing a house with a real estate agent. Selling a house for sale by owner (FSBO), or selling a house to a real estate investor are all house selling options. Which one is right for you? When you decide to sell your house you should not rule out any of the three major selling options. What you should do is figure out which selling option is best for your selling situation. Every selling situation is different and so are your selling options.
Lets take a quick look at each selling option and see how you can determine the best way to sell your house.
Listing your house with a real estate agent:
A home seller should consider selling their house with a real estate agent if they are in the following situations. I do not need my house to sell fast. I can wait for my house to sell on the open market while I live in it. My house is in excellent condition and does not need any repairs. My house is ready to be put on the market, it has natural interior and exterior paint colors, and has great curb appeal. I am in no financial hardship that requires me to sell my house. I am happy living in my house no matter how long it takes to sell.
Selling your house for sale by owner (FSBO):
A home seller should consider selling their house for sale by owner if they are in the following situations. I am knowledgeable about real estate. I am willing to sacrifice my time and put lots of effort into selling my house as long as I do not have to pay a real estate agent. I have money to market my property so I can get it sold. My house does not need any repairs and is not a fixer upper. I do not need to sell my house right away.
Selling your house to a local real estate investor:
A home seller should consider selling their house to a local real estate investor if they are in the following situations. I need to sell my house fast. I need to sell my house to stop the foreclosure process. I can not afford my mortgage payments. My house needs repairs and I can not afford to fix it up. I have just been relocated by my job and I need to sell my house. We inherited a house from a family member and we would like to sell it. I am tired of being a landlord and want to cash out of my investment. I am going through a divorce and need to sell my house now.
As you can see there are definitely times when you should list your house, sell your house FSBO, and sell your house to a local real estate investor. If you are in a situation where you need to sell your house quickly, your best option is to sell it to your local home buyer. They will take care of all the paperwork, purchase your home quickly and you can move on with your life.
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