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 ?Adam Buys Houses CompanyBlockedUnblockFollowFollowingJul 24, 2017Avoid the wolves in sheep’s clothing.
You want to sell your house but are wondering how you know it’s one of those “we buy houses scams”.
Be aware of those we buy houses scams. This is a very important topic to cover. I wouldn’t feel like I’m doing sellers any justice as a real home buyer unless mentioned ways to avoid predatory scams in Denver Colorado. As the market here gets hotter and hotter, more and more people want to take advantage of the situation in a bad way.
Have those advertisements for people saying, ‘we buy houses’ caught your eye and made you question whether they are we buy houses scams? This is a very real concern for people considering this kind of service.
Trying to sell your house fast in Denver? Are you concerned that you might get taken advantage of or have the wool pulled over your eyes?
Join the club.
The traditional way to sell a house is using a real estate agent and having them list your house.
Maybe you would rather skip the hassles and sell to a Denver cash home buyer instead. Every year, thousands of people sell their homes directly to investors rather than listing with an agent. In fact, nationwide, 5.5% of home sales were to investors according to a report by RealtyTrac.
If you’ve never sold a home before or never sold one without the services of agent, it can be quit scary. It can seem downright overwhelming. Most people may be buying or selling a property a couple times in their lifetime.
I’m going to share some tips for you to make sure that who you are working with is a legitimate house buyer and not someone looking to scam you. By the end of this article, you’ll be armed with what you need to know to choose the right company to buy your house.
The Sniff Test For We Buy Houses Scams
There are a lot of legitimate house buyers in Denver, but there are also some people that are running we buy houses scams. It can be difficult to know which one you might be dealing with.
The stakes are high. People have lost lots of time, money and even their houses to scams run by people that don’t have any sort of moral compass.
It can be difficult to determine if who you are dealing with has your best interests at heart. Most of the time there are “tells” that will clue you in to their true intentions. These signs can mean you are caught in some of the we buy houses scams being used today.
The Three Most Important Things to Look Out For
- Upfront Money and Application Fees — If a house buyer wants you to pay them any kind of fees to evaluate your house, run away as fast you can. This person is likely a scammer. Honest home buying companies don’t make money charging application fees or asking for money. They make their money from buying houses, fixing them up and either renting or selling the house. I’ve had many sellers in the past even mention to me that they were told to put up the earnest money deposit to sell there house. Again, run fast if you’re ever asked to give any money.
- “Kitchen Table Closings” — If a buyer wants you to sign over the deed to your house anywhere other than a title company or attorney’s office, you’re likely going to be making a costly mistake. Any sale you have should happen at a title company so that you can make sure the paperwork is handled properly and all liens are taken care of. The sale must be recorded with the government to prove new ownership and the sale of the property. If the government must know that why would you sell in secrecy?Please do not mistake this for signing a contract to sell your house. A Purchase and Sale Agreement is the very first step in the process to selling your house. That can and probably will happen at your house. Just don’t sign any Warranty Deeds, Quitclaim Deeds without the services of a real estate attorney or title company.
- Too Much Information is Given — Phony bank statements and pre-approval letters for loans are given without being requested from untrustworthy real estate investors. These investors present these documents to make them appear legit but these documents can easily be faked. There is no reason for an investor to asks for driver license numbers, social security numbers or even your date of birth. The title company will be the only one asking for that for verification of owner on title. The only thing the home buyer should legitimately ask about is your situation and the condition of the property so they can find a solution to your problem with what you need and so they know how much they can pay for the home.This occurs a lot when the supposed “investor” lives in a different city than Denver Colorado and communicates almost entirely by email. I don’t know about you, but I’d rather work with somebody local that I can meet face to face. Just because they are not local doesn’t immediately make them a scammer, but I sure would rather know who I’m dealing with. With technology nowadays it should be difficult to make a phone call or use an app like FaceTime or Skype to communicate from a distance.
Scammers Don’t Always Look and Act Like Used Car-Salesmen
It’s not always easy to pick out who the scammer is in a crowd.
Sometimes it’s the overly nice person.
Sometimes it’s the straight and to-the-point always in a rush person.
Don’t let your guard down just because someone smooth talks you. You need to get the facts about who they are and what they can do for you.
We will discuss exactly what to ask for to determine whether you are dealing with the right kind of house buyer or not later in this article.
It may seem impossible to determine whether someone is genuine or running we buy houses scams…but it’s not.
One way is to trust your gut. If something doesn’t seem right…it probably isn’t and could be one of those we buy houses scams. It also could be someone having a bad day or simply just needs to use the restroom. Okay, all kidding aside it’s best to at least be aware of we buy houses scams and that’s the point.
Another way is to determine whether their actions match their words. Actions always speak louder than words and I’ve found them to be very telling about people.
If a Denver home buyer says he or she is going to meet you at your house at 2:00pm on Wednesday and they show up at 2:40pm.. they certainly don’t value your time or respect it.
If they walk through your house and tear it apart with harsh words about the house or your situation, you are probably dealing with someone that could care less about your feelings or what you get out of the deal.
Harsh words about your house are solely intended to force you to lower your opinion of the value of the house. This type of investor may as well be wearing a plaid suit and lots of gold chains.
A respectable and reputable real estate investor will always treat you with respect. They will show up on time and show empathy. When viewing houses, trustworthy house buyers will look for the positive aspects of the house as they know full well they will be making repairs and breathing new life into the home.
Other Not-so-obvious Semi-We buy houses scams
There are many other situations that I call ‘semi-scams’ to watch out for. These may not be illegal or full-blown we buy houses scams but are intended to take advantage of you and your situation.
It’s best to avoid these at all costs with we buy houses scams.
- Sub2 or Subject To Scams — Some investors use a strategy called ‘Subject To’ or Sub2 when using shorthand. This is where they buy your house from you “subject to” the existing mortgage. They will want you to deed them the house without paying off your mortgage.The biggest problem with this is that the mortgage is in your name and, if it goes unpaid, directly impacts your credit!It’s pretty easy to see why this type of deal is important to avoid. You would basically be trusting an almost complete stranger with your credit. No thanks!
- Conflict of Interest Scams — One I often hear about is a real estate agent not disclosing they are an agent and offering to buy the property. Only later to say they changed their mind and would rather list it. This goes against the NAR Code of Ethics 2016. What is happening is they are looking for a way to make money no matter what happens and are only looking out for their best interest. People should be absolutely clear on their intentions from the start. Too much wishy washy commitments usually means something is wrong.
- Short Sales Scams — Short sales are where a bank or mortgage company agrees to release their lien on your house in exchange for less than the principle balance of your loan. Typically, you have to pay off any principle balance and interest due for them to release the lien. When they agree to accept less, you are performing what is called a short sale.A short sale in and of itself is not a problem, it’s when this is attempted when it doesn’t make sense that causes a lot of problems for Denver Colorado homeowners.If you are behind on payments but have a lot of equity and a home that doesn’t need any major repairs, you might have an investor convince you to attempt a short sale.Short sales can drag on for months and the bank may wait until just before a foreclosure auction to deny it. Then what are you going to do? You won’t have time to sell it. It’s almost certain to be lost to foreclosure.Some careless investors don’t give you all the facts when they attempt a short sale on your house. You also need to be aware that even if the bank agrees to take less for the lien to be released, they could put a deficiency judgement on you for the amount the loan was shorted. You will probably also have to report the amount shorted as income which could cause your income tax owed to be a real problem for you.
How to Avoid These Potential Scams
Do your homework to avoid we buy houses scams.
With some quick research you can easily determine whether somebody has a history of doing what they say. You can also find out if they’ve been in business for a while which shows they are stable and worthy of your business.
Crooks rarely stay in business long and almost always have negative reviews.
- Check testimonials — Be sure to look for online reviews and testimonials for the house buying company you are considering. Any reputable business will have statements from previous customers that can attest to how they do business. You can read dozens of reviews from customers upon request from Adams Buys Houses. Take a look at them for an example of the types of things you will find for any honest business owner.
- Check the Better Business Bureau — The Better Business Bureau (known as the BBB) allows consumers to leave reviews and rate local businesses. You should only work with house buying companies that have a strong rating with the Better Business Bureau. If they don’t have a rating they may be new or not have an LLC yet but it’s still a great thing to look into.
- Make sure to close at a title company — There is so much legal talk in contracts and deed documents that you simply must have a title company or real estate attorney handle the closing.This is to ensure that everything is done properly.The last thing you want is for something to be done incorrectly that you have to deal with years down the road.You could even run into a situation where you are sued because something wasn’t handled properly.Title companies provide title insurance that will protect you from most of these problems. It’s definitely worth it.
- Don’t sign documents you don’t understand — This one seems to be common sense but is definitely not common practice. If you don’t understand something, don’t sign it.This is also where a good real estate attorney or title company can be worth their weight in gold. They should be able to break it down for you in layman’s terms so that you know what you are getting into.Great house buying companies will also take the time to clearly explain everything you are agreeing to in a way that makes sense to you. They are not in a rush and don’t sound confusing. If you find you are working with someone not willing to do that, don’t work with them. Find someone else that buys houses.
When selling a house fast to a local house buying company, you should be aware of the signs of potential we buy houses scams.
Armed with the knowledge from this article you are much better prepared to find a great house buyer for your house that will treat you with respect and do what they say they are going to do.
If you would like to get a fair cash offer for your Denver house, do not hesitate to give us a call at 303–558–5843. We would be glad to answer any questions you have and help you in any way we can whether you sell to us or not.
How to Sell Your House Fast in Chesapeake's Market
hey what's up guys, I'm a 80 year old man.
gonna teach about real estatetoday so what were gonna talk about is how to calculate your list price.
I'm gonna expoint to you exactly why we do what we do and how everything goes down I'm gonna show you how to grow your business These are the things that today's market, you're gonna love what we did in here alright, were gonna start making some money, that's how we do it Hey what's up guys john cochran here in today is system Saturday day that I you a system that I use my business andyou can rip off duplicate using your own local market now on today system Saturday what we're gonna talkabout is how to calculate your listing price whenever you're getting ready to sell aparticular property now guys whether you are a real estate investor or just a a realtorgoing to be listing a property up onto the marketthis is the most crucial part in my opinion of actually getting a property to sellis coming up with that correct price a year and that the public will buy thatand is very very simple whenever you can really break it down think guys I will tell you this theprice that you bring into the market to it is should be the price that shouldselling for so don't try any of this you know hey if if I if the comps andeverything it's its I'll I'll probably end up getting130 out of it was listed at 140 or 150 and just let the buyer take medown on that guys it does not work we list all of ourproperties for exactly what we get for every singleone of them now the goal on this is to get them into multipleoffers situation and get more for that however but I'm just telling you rightnow that we list our properties for exactly what we want and we don'tpat it up up we don't do any that stuff we list for exactly what we want but howdo you calculate this this listing price to come up with thatmagic figure how do you do that in allcomes down to the very first thing you gonna do and you got a full comparables aroundyour property now when you pull comps or comparables um.
you do this very very simply you want to go anywhere between aquarter mile to a half of a mile around your subject property in a radiussearch particularly you wanna go a quarter milearound your subject property you're also whenyou're pulling comps find out what your value is you're looking for all theseproperties around yours that's sold that's sold with then the past 6 months now why that why do Iwant sold properties within the past sixmonths guy's that is the most accurate way to literally find the valueof your property and you're going on find the value anactor in value over property if you search a mile around yourproperty you know any go back two years market changes so much so you need to be looking for otherproperties that sold within six months of your list date in that the properties or aquarter mile around your subject property that have the similar bedrooms baths and square foot of the property that you're getting readylist this is huge now once you find all the comps once you find all of these comparables andyou find out you know there's you know exact amount of propertiesyou know and that's another thing is that you wanna have anywhere between atleast 2-3 sold comps if it doesn't have two to three sold comps on it guys don't even you shouldn't evenbought a property but you have to have so comparable to go by now when you have the sold comparables and you do the search the searchesalways gonna come straight from the MLS doesn't come from Zillow it doesn't comefrom trulia doesn't come from realtor.
Com it doesn't come from john cochran.
Com it comes straight from the MLS because that's gonna be the mostaccurate data holiness into the MLS will give you a great idea of what other properties a a quarter mile awayfrom your subject property are actually selling for, its gonna tellyou those numbers and how how long days on market, now coming upin calculating your list price, when you're gonna be selling you need that information but let's justreally done this down for you now all you have to do is you just needto identify what retail would be on your particular property thatyou're selling if if was already fixed up if it fix upto the nines what would retail be that's the magic number you gottafind out what retail would be so if you can actually you look at allthese comparables and you come up with a retail figure let's say say one hundred thousanddollars and maybe you're gonna be wholesaling this property of but retailers is one hundred thousanddollars so you're gonna be looking for your target buyer is gonna be realestate investor so when they go that fix up property ifthey sell that property they it's already fixed up they're going to rate a lotfor one hundred thousand dollars right so if your extra strategy is to wholesalethis property you take the retail figure x.
5 = your so in this case it's just 50percent in this case if you identify retailing you're gonna bewholesaling these deals of if you identify retail at one hundredthousand dollars you're gonna be wholesaling these properties upor listing this property for fifty thousand dollars which obviously means you have tobuy a way below or below this fifty thousand dollars inorder to create a spread and that deal and this will give yourwholesaler you know your other real estate investor it will givethem enough skin in the game to where they can make money on thedeal probably somewhere around this your selling for fifty thousand let's justsay you bought it for 45 your selling for fifty thousand you're gonna makefive thousand dollars a wholesale is gonna put or the investors gonna put ah you knowtwenty twenty five thousand dollars in this thing so they got seven grant$72,000 wrapped up in this they're gonna sell for 100 they can make$25,000 on that all day that's the formula.
5 take retail x.
5 equals your list price that if you'regoing to wholesale the deal of now if you're going to prehab that deal the formula is very very similaryou gotta start with your comps you have to start with your comps goquarter mile a way look for the sold properties within six months you need 2-3 comps and they're coming from the MLS sayyou did same exact process you have to identify their retail value first, okay so if you're gonna take a prehab this dealyour gonna make this property rent already a free not everything's gonna me knewwhen it but it's going to me pretty nice you're looking for an average buyer nota buyer to get emotional about what an average buyer somebody that's actuallylooking for a little bit of a deal something a little bit of of that retailback the the formula is very very simply you a takeretail value so you a take the retail value and you times at by.
1 which is 10 percent equals your list price very very simple so if you taking you identify that yourretail value on a prehab is gonna be $100,000 so got one hundred thousand dollars and youtake 10% off on that that means that your last price is goingto be ninety thousand dollars okay so that's a dealthat's the deal it's ten thousand dollars of a retail however when we calculate ourlist price we will never put anything up onto themarket for ninety thousand dollars never okay so in this case we would put thatright up onto the market for $89,900 we always we always always always will round down or something because89.
900 sounds it's not but it sounds a lotcheaper $90,000 very verysimple now if you have a deal that you just rehab this thing I mean this thing is awesome you put all the new doors intothe new group the new Windows you put everything inside the trend the Tile the carpet inside the floor everything they kit everything insidethis thing as new and you rehab this deal you go through the sameexact process you could go when you pull your comps a quartera mile away from the subject property within six months from the MLS in 2-3 sold comps you take the retail value that's exactlywhat you list it for so retail value equals your list price, okay very very simpleso on the same exact situation if you getting your rehab this property you take the retail value let's just saythat it is $100,000 you're gonna listing thatproperty at 100k but where where where Jon list it 99,900because 99,900 sounds way cheaper now let me just cover this for you real quick so why did ah why do we not prices why dowe not pad these is like what I said so at the very beginning in this video Ishared with you you know our list prices are list priceso I why did I not say you know what on this win rehab did that'snice what prices thing at 109,900, 109,900because I'm willing to take 99,000 for butlet just say price in a 109,900 not not not the market super super hotguy's a lot of people do that but let me tell you behind the scenes on what happens ofthat and what buyers actually do so if you take this property and you listed at 109,900 knowing that youwant the 99.
900 figure for that house so the hundredthousand dollars for that house your mind just says will just let them come on and take it down of a list price okay that's where your mind thingshowever what you don't know and what you actually do when you dothat is you missed so many different buyers and you you literally just chop them outthe equation so if a buyer is approved and their approved up to one hundredthousand dollars there never gonna know about this pricebecause they're not gonna be looking at properties for a 109,900 there a prooffor $100,000 that's why we do it that way is becauseyou know if if a buyer right here if they're approved to 90,000 if they approved100,000 they never know about that thing so that's why we don't had any of those in our list price ourlist price is exactly what we want for me that's the formula point a retail x.
5 is your list price ah retail x.
1 or 10 percent of is your prehabing price and retailvalue is you're list price whenever you rehabyour property so guy's like us on Facebook subscribe to ourYouTube channel comment below let me know what you think of these formula I don't know meyo or seventy percent or any that Jaz we don't know any of that stuff we we just makea simple math that it works so comment on this video below, and I'll see you on the next system Saturday.
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