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.
- [Announcer] Welcometo Homebuyer's School brought to you by Brookfield Residential.
- Hi everyone, andwelcome to another episode of Homebuyer's school.
Today I'm joined by Kevin French with ReMax Realty and thequestion we're going to answer is can I sell my home without a realtor? So Kevin, obviously you're a realtor.
Maybe a little biased answer but is it possible to sell your home without a realtor? - Absolutely.
It's typically better to do that in a seller's market,instead of a buyer's.
Currently we're in a buyer's market so the advantages weighingon the buyer's side, it's much more difficult to sell so if you're not aware of how to properly market your property, price the property, then those things are going to work againstyou, especially right now more than ever.
- I guess you need asmany resources as you can to help you sell your home.
- Okay and if I were totake that route though, if I wanted to sell the house on my own, what are some of the steps Iwould do to accomplish that? - So there's multiple site,obviously you can find things such as Kijiji or Forsalebyowner and you can list it on those, or you can look for assistance through Property Guys, ComFree.
Property Guys is a private system.
Your property wouldn'tbe on the MLS system but most people are aware that it exists so they can search thereif they are looking for a property.
And then with the ComFree option, the property would be on MLS so you take a package that they offer, and then you would listthe property with them.
They would coordinatea portion of the things for you and then it would be on the MLS and then you would help with the showings and organize all that, deal directly with whoever'slooking to purchase, whether it's a realtoror a single individual.
And then once an offer is received, then that would be part on the owner, who's selling the property themselves to set a price they are comfortable with but they would have a bit of assistance from ComFree.
- Okay, but you're takingcare of everything though.
Like booking those appointments or people calling youto say hey, I want to come visit your home.
- Making sure the home is show ready.
Making sure that it's showingin the best possible way.
Making sure that you'retaking care of everything that you want to make surethat you're taking care of.
Those little small detailsmake the biggest difference.
The biggest thing thatneeds to be considered is pricing.
I often list a property,I go in and let's say the property is worth499,900 and the person happened to have purchasedit in peak market in 2014, so they owe 520.
So now all of a suddenthey want to list for 549.
So they tell me if I list at 549, then we'll negotiate down to540 and then after the fees we'll be somewhere in the ballpark of paying it off.
Well that doesn't change market value.
So you can't really do that.
So what happens when you leave the sale in the hands of the person trying to sell the property and they're trying to do it on their own,they may take that route where they're trying to look for, well what are the expensesthat I need to cover and then that's what we'll price the home which has nothing to do with market value.
- So you're saying you mightleave some money off the table? - Well, the property, if you do that, if you overprice it, it's just going to sit on the market longerand then it's going to become stigmatized and then when it does actually sell, which might be years later or you might choose to list with anagent shortly after, being unsuccessful trying it on your own, then the property would sell at fair market valuebut now people are going to see that in the history.
It sat on the market for three months, or it sat on the marketfor a year, who knows? - When it could have sold-- - When it could have sold much sooner and probably for more money.
- Anything else to add? - No.
- Awesome, well thank you very much Kevin.
That's it for our show today.
Thank you very much for joining us and we'll catch you next time.
- [Announcer] That's another edition of Homebuyer's School.
Tune in next time for moreexpert tips and tricks and visit homebuyersschool.
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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.
3 Formulas To Sell Any House In 7 Days Or Less in VirginiaWe Buy Houses at Fair PriceBlockedUnblockFollowFollowingDec 1, 2017
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We Buy Houses Anywhere In Santa Ana And Other Parts of CA, And At Any Price. We’re Ready To Give You A Fair Offer For Your House | Houses With Land For Sale. If you want to sell your Santa Ana house… we’re ready to give you a fair all-cash offer.
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