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.

Don’t Hire a Realtor Just Yet

Many home owners are tempted to sell their home bypassing the services and fees of a real estate agent. Realtor’s fee can be a lot depending on the value of the property; if home owners can save this money they can sell their home for a few thousand dollars less. Dropping the price can lead to a quick sale.

Before you decide to go FSBO (For Sale by Owner), there are potential challenges that you might want to consider. You need a significant amount of time to sell your own home. Without a realtor, you need to research about your market condition and price your house accordingly, you need to make your home as attractive as possible, you need to plan your advertising, and you need to be available during showings.

You can do what an agent can. Realtors market your property to potential buyers and arrange for showing if any is interested. You can do this too. First, think of how much you are willing to invest in marketing your property. What marketing strategies are you going to utilize?

Do not limit your marketing plan to one method only. Remember, you have to reach as many buyers as possible. Use any means necessary as long as it stays within your budget; online listing, personal website, directory listing, flyers, and social media.

Agents are not lawyers. If you choose FSBO, hire a real estate lawyer to review contracts and provide advice on legal issues. A home owner’s common mistake is not disclosing relevant information about the house. If your house has a history of being infested by termites, you should let the prospective buyers know about this. Let them know what has been done about it and what the current situation of your house is.

Do you have the time and energy to sell your home? Does bypassing the agent’s fee worth the hassle? Do not give up just yet. You can still bypass the agent without the hassle. You can sell your house to a private investor like Lucas Properties. 

Step by Step Home Selling Process

Home selling process is identical whether you are hiring an agent, selling in an auction, or by FSBO.  There may be slight variations from state to state, but selling process includes one or more of the following steps.

1. Check the local market and how it will affect your sale. If you are lucky enough to be in a hot market where there are more buyers than sellers, you can price your house aggressively. Buyers will compete with each other and will more likely bid higher.
2. Set a price that sells. Over-pricing can make buyers move on to the next listing while low-pricing can make you look desperate. Buyers will be suspicious about your house and will probably move on to the next listing. Review the actual selling prices in your area and set your price within the same range.
3. Prepare your home for the showing. Before you put up your house in the market, make it look as nice-looking as possible. Buyers gravitate towards a clean house as they picture themselves living in it. You don’t have to do a major revamp; a new paint or wallpaper can do a lot in improving the look of your house.
4. Market your house. This part is done by a realtor should you ever hire one. Realtors have access to Multiple Listing Service where they can list your home. You can reinforce this marketing tool by creating a website for your house, distribute flyers, put up a ‘For Sale’ sign, and hold an open house.
5. Receive an offer. If you are in a hot market, you can expect multiple offers from different buyers. Do not fall for high offer alone as most buyers with exceptionally high offer do not have financing yet. Offering a very high price is their attempt to get your house while waiting for financing approval.

If you are in a cold market, do not despair because you can still sell your home and even get cash. Sell to private investors like Lucas Properties.

Lucas Properties buy houses as is, houses that need repair, distressed houses, and houses with tax issues. 

Sell Your Home Privately to a Property Investor

Selling a house is generally a tough decision. It is even more difficult if you are in the middle of a financial crisis. More likely, you need to sell your house in the quickest time possible without having to spend any amount of money. If you are looking for an alternative way of selling your house without dealing with a real estate agent, then you have come to the right place. It is understandable that most home owners stay away from estate agents because of the high commission rate they asked from their clients. Surveys show that estate agents charge an average of 2% plus tax commission of the sale price; this a LOT of money. If you do away with estate agents, you could have earned more from the sale.
What some people failed to understand is that estate agents also used real estate websites, local listings, and social media to attract buyers for their portfolio. You can also do the same; you simply have to invest time and effort to list your home in all the free listings and classifieds that you can. Selling private can also be as simple as putting a For Sale signs in your window or pathway. Reach potential clients who do not have access to the internet by listing your property in the local papers, distribute flyers in local stores, talk to friends and ask for referrals.
If you want to sell your house quickly, then the easiest way is to sell it to a private property investor. Property investors are not estate agents therefore you don’t have to worry about paying the commission. They are organizations or individual who specialize in buying any types of properties and they pay with cash. There are many reputable property investors in the market and Lucas Properties LLC is one of them. Lucas Properties has a network of cash home buyers so you can be assured of a quick and easy sale.

Sell Your Home: You Finally Have a Buyer, Now What?

You have promoted your house for sale by owner, distributed flyers, listed your property in all available property listings and classifieds you can find and finally you have yourself a buyer. By the way, if you don’t have an offer in writing with a deposited cash or check, you don’t have a serious buyer. You should have at least a percentage of your asking price as a deposit.

Let’s say you have a buyer, who has agreed to sign the contract, where do you go from here? Many sellers feel lost when it comes to closing the sale and preparing the documents. If you are one of these sellers, here are some of the important things to consider:

• ·         Prepare a sales agreement and have it signed. If you don’t know how to outline a sales agreement, consult a real estate lawyer for a small fee. 
• ·         Once the buyer signs the sales contract, you should not settle back just yet. Make sure that your buyer is pre-qualified by a lender to buy your home. The buyer’s lender may and can appraise the property to make certain that the borrower is not requesting more money than the property’s market value. Oftentimes, the lender will not grant a loan when the house is appraised for less than the sale price. 
• ·         Keep track of your buyer’s advancement in acquiring a financing. If your buyer can’t get a loan, then there is no deal. If agreeable, call your buyer’s broker and check how things are coming along. Or, you can ask your buyer to provide a letter from his lender stating that he qualifies for a loan of the amount required to buy your property. If you will get an adverse feedback, it is advisable to get your home back in the market. You do not want to tie up your home for an extended period of time only to find out that your buyer does not have the funds to complete the sale. 
• ·         Obtain a home inspection report from a professional and show this to your buyer. This will help in completing the sale faster and could prove helpful if you need to dispute an investigation from your buyer’s lender.

Do you find these steps hard and time consuming? Do you simply wish to sell your house for what it’s worth? If your answer is YES, then consult Lucas Properties LLC. They will sell your house fast and offer you cash in return so you can just sit back and relax.