How much does it cost when someone says We Buy Houses 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 when they say We Buy Houses in Chesapeake?
Assuming that you are going to hire areal estate agent these are the typical expenses that you’re going to incur when We Buy Houses 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.
There are many reasons why a home owner would want to sell a house fast. Job change, relocation, debt problems, divorce and inheritance are just a few. Unfortunately, people in need also tend to attract predators who have no problem profiting from someone else's misfortune.
If you're looking to sell a house fast, here are a few scams to be on the lookout for and how to avoid becoming a victim yourself.
One of the most common types of "we buy houses" scams allows the "buyer" of the home to make off with most or all of your equity. It begins with you transferring your home's deed to the "buyer." The buyer may then have you make payments to him instead of the mortgage company, or he may have you move out so he can begin renting out the house.
There are several ways the buyer can then profit from this transaction. First, he receives some sort of payment every month -- whether from you or from the renter. Second, he can use the equity in your home to secure home equity loans or other lines of financing. Third, he can simply resell the house without satisfying the outstanding mortgage.
Ultimately, once most of his profit is exhausted, he simply stops making payments on the mortgage and allows the home to go into foreclosure, because while he holds the deed to the home, he never assumed liability for the mortgage. As a result, you are left with a foreclosed home, no remaining equity and a significant black spot on your credit history.
Contract Bait and Switch
The contract "bait and switch" is a clever scheme that takes advantage of the trust between buyer and seller.
In one version of this scam, the home buyer inspects your house and makes a verbal offer that you accept. A few days later, he presents you with a written contract that he presents as "just a formal, legal version" of your verbal agreement. Because you believe it to be the same offer you had already agreed to, you simply skim it and sign on the dotted line.
In the time between signing and closing, he may also deliver one or more "minor changes" to the contract. He presents these as simply "a few tweaks" and nothing that really affects the original agreement.
At some point, though, possibly at the closing or even later, you discover that the last contract you signed actually bears little resemblance to the initial offer, and you are either stuck with a losing home sale or tangled in legal battles for months or even years to get out of the contract.
This scam is an interesting twist on the Nigerian Scam or 419 Scam. In it, a person outside the U.S. contacts you after seeing your house on a For Sale By Owner site, telling you that he is looking to move to the U.S. soon and can pay cash for your home. His story is compelling to the point that you actually feel good about helping him out -- not to mention being able to sell your home.
Ultimately, though, his only goal is to get you to transfer him money and/or to get access to your bank account so that he can transfer the funds himself before you realize what has happened. And because he is outside the U.S., recovering your money can be next to impossible.
How to Protect Yourself from Scams
If you need to sell a house fast, here are a few rules for protecting yourself from falling prey to a scam like these.
Only Work with Professionals
The best way to protect yourself from scams is to work only with professionals who have an established history of home buying. These days, anyone can order a book from an infomercial and become a "professional home buyer," but real professionals have been in business for many years and have closed millions of dollars in real estate transactions. Their primary concern is the health of their business, and they will not risk that by cheating you or otherwise treating you unfairly.
Check Out the Buyer
If you have any concerns about the buyer, don't hesitate to check them out. Contact your state Attorney General's office, your state's Real Estate Commission, or your District Attorney's Consumer Fraud Unit. If they are an established business, also check out the Better Business Bureau.
Always Understand What You're Signing
Not asking questions because you are afraid of looking stupid could end up costing you tens of thousands of dollars or more if you end up in a deal that wasn't what you thought it was. A lawyer or even your mortgage company can help you if you want professional advice from a third party. Never, ever sign a contract that you don't understand.
Get All Agreements in Writing
If a disagreement arises about a verbal agreement, the issue becomes your word against theirs and often must go to a court of law to be settled. Don't risk that. Insist that all terms be in writing, and don't agree to anything that isn't.
Be Willing to Walk Away
If you have any doubts about the buyer or the contract -- or if it just doesn't feel right -- just walk away. It's never worth the months (and maybe years) of future headaches to sell your house a few days sooner.
If something sounds too good to be true, it usually is. So don't get so emotionally tied up in the sale of your home that you abandon caution and logic. Your home is both a major financial obligation and a major asset. Falling prey to a scam like these will have major repercussions many, many years down the road -- and maybe for the rest of your life.
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.
We Buy Houses as is in Virginia – Does Yours Qualify?
If the current chaos in housing and the economy all of a sudden has you seeing little yellow signs and big billboards that say, "We Will Buy Your House" you probably need to sell a house fast and may be wondering who are these guys behind the signs and can they really do anything to help.
The signs have been around for probably three decades, but like everything else, you only see the things that are of immediate importance to you. While anyone can buy and sell houses in the United States most people only buy and sell the house they live in or expect to live in.
Buying houses without the expectation of living in them-as a business, really started to take off about 30 years ago when a number of seminar speakers crossed the county selling training in buying and selling homes for profit.
Like any business, you can expect a number of the people who buy houses to be skilled, honest professionals and others not so skilled and some-that you would want to avoid.
The bottom line is that some of these people can in fact help you sell a house quickly, sometimes in a few days, and solve problems. Others, I have found, will not even answer the phone or call you back, if you call and leave a message. Strange as it may seem, I have found that this reluctance to follow up on a lead happens in a number of areas in sales.
So the first thing I would suggest in selecting a House Buyer to deal with is call several, see who answers the phone, and see who comes out to your house and arrives when they agreed to arrive. Not high tech, but a good start.
Who am I to tell you how to sort through these guys? I happen to be one of them and have been doing creative real estate for two decades in Florida, was previously a stock broker and financial reporter for the Chicago Tribune. It is sort of like going to a hacker to find out how to make your computer operation safe.
And as one of them, let me assure you there are good, competent people, who are able to raise the money it takes to buy and are knowledgeable of the way real estate works where you live.
There are also, and always, waves of new people who are learning how to buy houses and some of the people who need to sell a house fast will be helping these newcomers learn the trade.
In addition to seeing if they answer the phone and actually arrive at the time agreed for an appointment, I would want to know how long the person has been buying houses and how well they do it. In the second installment of this series, we will look at methods of checking them out and in the third article we will be looking at phrases in the contract they offer you that you may want to avoid.
One of the biggest pluses that the best of these guys and gals will bring to the table to help you is that they have been taught that there are a number of ways to sell a house, methods that have been used in commercial real estate for years but that are rarely used in residential real estate.
I learned the use of these creative methods the hard way twenty some years ago when I lived on the East Coast of Florida and unbeknownst to me had bought a house in an area where a garbage burning incinerator was planned. It was to be built about a mile from where my house was and when I was ready to sell the house to move to the Tampa Bay area, I could not sell.
Everyone knew of the plans when I was ready to sell and no one wanted any of the houses in my area. I finally left the house with a real estate agent and moved while bearing the cost of two homes.
While a lot of real estate agents do not like creative real estate, my agent was knowledgeable and suggested a way to sell my house. We were scarred, but after thinking about it we sold and it worked out fine.
There was a risk in what I did then and a risk in any creative answer to a real estate sales problem, but my experience was what eventually sent me into the We Buy Houses business and in the next several articles we will tell you how it may help you and discuss the risks.
We buy houses Newport News - Sell Me Your House Today
You may have heard an advertisement on the radio, you may have seen an advertisement in your local classifieds news paper or you may have seen signs posted on street corners. Whether you are aware of these home buying advertisements or not, I know for a fact they exist in your city.
If they have not caught your eye before they may now. Many of the local property buyers use similar language on their advertisements. Here are just a few you may see, we buy houses, we buy homes, I buy houses, we stop foreclosure, we will buy your house in 9 days, we buy houses any area any condition any situation, we buy houses in 24 hours.
So, just who are these professional property buyers? Typically property buyers are local real estate investors. They own small real estate investment companies that focus on buying houses from motivated sellers.
What serviced do local property buyers offer? Local property buyers offer to buy your house quickly so you can get on with your life. Everyone knows that life is not always easy and real estate is not always strait forward. Sometimes a large asset like a home can become a large liability. Local property buyers focus on buying homes from people who need to sell their house quickly.
Why do local property buyers exist? They exist because real estate is not always that easy to liquidate. In a slow real estate market like we are in today, selling a house can be a long drawn out process. Typically the longer the home selling process the more money it cost you to sell your home. Property buyers exist to solve your home selling need. They will give you a free offer for your house, and if you accept, you can move on with your life.
Can you trust a local property buyer? With the recent slow down in the real estate market across the nation there are more and more people entering the home buying profession. As with any shifting market there are also bad people running scams to take advantage of home owners. With that said the courteous, professional, local property buyers who you can trust still exist in your local area. I recommend using a company like ExpertHomeOffers.com to get in contact with a local property buyer you can trust. They are a company that connects you with local professional home buyers. I would also recommend asking your local home buyer for references from previous clients.
Who should consider using a local property buyer? Anyone who needs to sell a home quickly should consider contacting a local property buyer. The best way is to us a company like ExpertHomeOffers.com. They connect you with a local home buyer you can trust. If you are in any of the following home selling situations you should consider contacting your local property buyer. Need to stop foreclosure, need to sell my house because of divorce, I am being transferred by my employer and need to sell my house, my house is listed with a real estate agent and it is not selling, we inherited a house from a family member and want to sell it, our house has no equity and we can not afford the payments.
These are all home selling situations which require someone to consider selling their house to a professional property buyer. Local property buyers advertise in many different ways, but your best option is to have them contact you.
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109-G, Gainsborough Square #712
Chesapeake, VA 23320