How Much Does it Cost to Sell a House

Many people consider their home as the most valuable property they ever own. Thus, if they found themselves in need to sell their home, it is only logical that they would like to get the most money out of it. Selling one’s home can be a fulfilling experience if it was bought with the price below its market value. As a seller, it is imperative that you know the costs involved in selling so you can have the maximum return.

Real Estate Agents

If you don’t have the time or the experience needed to move your home, then real estate agent’s fee is the first thing to think through. The service fee varies from one agent to another; usually it is between 7-10 percent of your selling price. You might want to take note that if you will include the agent’s fee in your selling price, it will put your asking price well above the house’s market value. Pricing the house too high will not gain you a favorable deal.

Pick the agent who offers the lowest agent fee possible with the shortest lock-in period. Shorter lock-in period will allow you to search for another agent or choose an alternative should your initial agent failed to sell your house within the agreed time.

Title Insurance

Some states require the seller to pay for the title insurance. This will assure the buyers that the house has a clear title prior to purchasing. The title insurance is dependent of the selling price and varies from one state to another.

Marketing

When you hire an agent to sell your house, he is expected to use any means necessary to find a buyer. However, you should not limit the marketing through your agent alone. You can market the house yourself by spreading the word, giving out flyers, and advertise in local listings.

These are just some of the basic costs in selling a house. Then, there are other costs such as closing fee, fix-up costs, and taxes.

If you want to sell your house and get the most money within the shortest time possible, you can sell it to private property investors. For more details, you may get in touch with Lucas Properties.

Know Your Local Real Estate Market

Before you put your house up for sale, it is important to know how your real estate market is behaving. Is now a good time to sell your home? Real estate is local; this means that if there are more buyers in New York it does not necessarily means the real estate in California is the same. So, if a 4-bedroom house in New York is selling at $120,000 it does not necessarily mean that a house with the same features in California will also sell at $120K.

The easiest and fastest way to get information about your local real estate market is by talking to an agent. Agents have access to the local multiple listing services so they are more familiar with how the market works, how many houses sold and at what price. By knowing these, you will have an estimate of how much your house will sell.

This may seem old school but another great way to research about the local real estate market is by reading the newspaper. Check out the local newspaper by subscribing or by visiting their website. There is a section in the newspaper which is dedicated to real estate alone; If you have not done it already, keep track on number of similar houses sold and the corresponding prices.

Make use of the Internet. With today’s technology, you can find almost anything in the Internet. You can even get an estimate of your asking price by using an online calculator. You can also interact with agents online or via social media sites.

You can also talk to a local appraiser. Appraisers are normally hired by banks to evaluate the real estate’s fair market value. They can be good source of information about the latest market trends.

Ready to sell your home? Do not wait for buyers to make an offer. You can sell your home quickly to Lucas Properties, a private investor who buys houses in any condition at any given time.

Tips For Selling Your Home Quickly

In a declining economy where there is more supply than demand, these tips can help your home stand out from the rest and improve your chances of getting a buyer.

Clean your home. This simple trick is often taken for granted but you will be surprised to see how a simple clean up will improve the value of your home. Cleaning your home is not only limited to storing the trash away; this also means removing old furnitures to make the room bigger or removing wall decors to achieve a neutral look. Potential buyers need to be able to picture themselves with the space.

Improve the curb appeal. External appearance is as important as the house interior. To entice potential buyers to even look at your house, revamp your curb’s appeal by applying a fresh coat of paint to your fences, trim the bushes, and keep your lawn clean. 

Post a video on Youtube. Showcase your home by recording a video using a camera or smart phone. Walk through your home and your neighborhood while telling your buyers about your house. Include the good features in your neighborhood such as malls within walking distance, favorite coffee shop that you frequented on, and amusement parks for a week-end picnic. Let the buyers feel how great it is to be in your neighborhood.

Price it right. Regardless of how well you stage and market your house if the price is way too high, buyers will always look for another alternative. You can get an estimate of your house’s value by checking the local market. Look for properties with similar features as yours; their price should give you an idea how to price yours. You can also hire an appraiser to conduct market analysis and give you a more accurate price.

If all else fails, contact Lucas Properties. They buy lands, commercial buildings, and houses in as is condition. It’s a no hassle, no obligation cash offer on your home.

Can I Buy a House After Foreclosure?

Losing your home in a foreclosure is a traumatic experience. Not only that you will be looking for another place to stay, foreclosure has a negative impact on your credit score. The good news is, you can buy a house again even with foreclosure on your credit history.  

 

How can I buy again? How long do I have to wait? These are the common questions from home owners who have had foreclosure. One way to ensure and improve your odds of getting another home is to work on your credit score. You can start by paying your other credits on time, such as credit cards or auto loans. Make sure that these payments are reported to credit bureaus every month. Making on-time payments will increase your credit rating and will more likely get you another mortgage to finance a new home. 

 

Timing is also a determining factor. The longer you wait to purchase a second home can work on your favor. More waiting time means more chances of repairing your credit score. Oftentimes, lenders will take into considerations the past 2 years of your credit history following foreclosure. 

 

Typically, the waiting period before buying a home following foreclosure is seven years. This is also the same time required by Fannie Mae; a federal entity that grants home loans. An exemption of three years if the reason of foreclosure falls under extenuating circumstances such as death of family member, job loss, divorce or illness. To apply for home loan with extenuating circumstances, you are required to submit documents to validate your claim. Along with this, you might also be asked to present an updated credit report. 

 

Owning a second home is not impossible but it surely is a struggle. What if you can stop foreclosure? Then you don’t have to worry about repairing your credit score. You can move on with your life and buy another home whenever you’re ready. Sell your home quickly to private investor like Lucas Properties LLC. You might lose your home now but with your credit score in top shape, you will be able to purchase another home in no time.

Home: Renting Out vs Selling

Your family has grown its number because you now have babies. You are doing well with your job and you feel that it’s about time to have a bigger home. One common question that you might have in mind is “Should I rent out my home?” or “Should I sell my home?” Before you decide which way to go, here’s what you should consider:

Do you want to be a landlord? Being a landlord is not easy. You should be available for your tenant if something goes wrong in the property – a pipe breaks, there’s a problem with electricity, kitchen needs repair, and so on. You should also be prepared in dealing with difficult tenants who will cause damages your property or are late in paying rents.

Can you afford to rent out? Since you are getting a bigger and a better place, ask yourself if you have enough to buy your next home. Maintaining two properties requires large amount of money in reserve. You should have a backup if your tenant did not pay the rent on time or if the property needs repair. Worst scenario is if you need eviction proceedings to move non-paying tenants. Eviction is a very tedious process not to mention very costly. As the landlord, you should be prepared for the worst.

You should consider the taxes when renting out your property versus selling. When you rent out your home you will still pay tax for your rental income but when you sell out your home you will not only earn money from your property, you could also earn money in capital gains tax-free. If you know of someone who will treat your home as their own, then by all means have your home rented. But if you think owning two properties is more of liabilities than an asset then sell your home quickly.

How to sell your home quickly? Sell it to private property investors like Lucas Properties LLC. They buy houses, apartments, and commercial properties in “as is” condition. In a matter of few days, you can walk away with cash for your home.