Real estate agents are constantly asked, “how can I sell my house fast in Virginia?” People involved in real estate like to say location is everything. It is not. Location is extremely important, but here are some other things you need to keep in mind when trying to sell a house in a hurry in Virginia.
Selling a House in Virginia Advice
You have to set a reasonable price when selling a house in Virginia. So how do you pick a reasonable price?
1) Get an appraiser to examine the house. This person checks your house thoroughly and compares it to similar properties and what they sold for. They will give you a price based on their research.https://www.realtor.com/advice/buy/what-does-an-appraiser-do/
2) Check the tax records. The county tax office sets a value for your property. Bear in mind most tax appraisals are a bit less than the fair market value. Sometimes the tax value can even be too high.
3) Check online. Zillow is one of the most popular websites for checking property values. You must be careful here. Zillow only uses reported sales of the property and neighborhood sales to set a value. The Zillow price does not include the condition of the home right now and other factors. If Zillow’s estimate seems wrong, based on what you know about your neighborhood, it probably is.https://www.zillow.com/
4) Do your own research when selling a house in Virginia. Go look at the real estate records at the courthouse
If you have the best piece of real estate in town and set the price too high, finding a buyer will be hard to impossible. If you set a reasonable price, buyers will come to you with offers.
You may even get buyers involved in a bidding war. Of course, no one can guarantee a bidding war that will drive the price up, but it does happen.
“In real estate, a bidding war can happen when there is more than one potential buyer making an offer on a home. These buyers compete to become the new owner of the property by incrementally increasing their offers — often pushing the price higher than the original property value,” says an article at Bankrate.https://www.bankrate.com/real-estate/what-is-a-bidding-war/
Selling a House in Virginia: Negotiate
If you are willing to negotiate to sell my house fast in Virginia, then you can speed the process up a good bit. What points are negotiable?
Will you come down on the price? Dropping a few thousand dollars may be enough to clinch the sale. However, if you cannot lower the price when selling a house in Virginia, you can do some other things.
Make sure what you are asking is reasonable. Remember, you can always come down on price, but it is very hard for the seller to raise the price.
Think retail when setting a price. Instead of saying $400,000, put $399,000. The actual price difference is tiny, but it appears much larger because of how people look at the numbers 3 and 4.
If you list the house for $405,000 and people search for “houses under $400,000,” your property will never appear in their search.
Sometimes you may need to reduce the price. Buyers look at this two ways.
1) Something is wrong with the house, and the seller just found out.
2) The seller needs to sell the house in a hurry.
In either case, a buyer is going to come in expecting to do more negotiation on the price. If you have to reduce the price to get a fast sale, then you have to.
Closing costs vary and are linked to the price of the home. These include recording fees, application fees, appraisal, attorney fees, closing fees, and more. Rocket Mortgage explains closing costs in detail. The seller has to pay some closing costs, like a commission to a real estate agent. Some the buyer pays.https://www.rocketmortgage.com/learn/closing-costs
Seller closing costs in Virginia are also different from other states. For instance, Virginia requires an attorney to oversee the closing.
Seller closing costs in Virginia also vary depending on how you sell your house. If you do it yourself, do you not pay a real estate agent a commission. Seller closing costs in Virginia still include the attorney fees.
IMPORTANT – If you agree to cover closing costs, this amount will reduce your final payout when the sale closes. Any closing cost you cover must be paid at closing. Here at Onyx REI we cover all closing costs.
Property taxes on selling a house in Virginia are usually adjusted during the sale. You, as the owner, pay the taxes owed up through the sale. Once sold, the buyer takes care of the taxes through the rest of the year. This is called prorating.
If you can cover some of the other taxes, that may sway the owner. Check with your accountant, but taxes on selling a house in Virginia are usually deductible.
Learn more about Virginia’s property taxes at https://www.tax.virginia.gov/property-tax-and-real-estate-tax-questions
Virginia also has taxes on selling a house in Virginia. These real estate transfer taxes are $3.50 per $1,000 of the home sale price.
In other words, if a home sells for $150,000, the taxes on selling that house in Virginia are $525. How these taxes on selling a house in Virginia are split between buyer and seller is a negotiating point.
Some people consider taxes part of the seller closing costs in Virginia and some do not.
If you have enough equity in the home or own it outright, you might consider owner financing. This will save the buyer money as he will not have to pay any mortgage fees. You can also set the interest rate, which could save even more money. Get an attorney to draft the contract.
You can even set the owner financing for a set period of time. After that, the buyer has to get a conventional mortgage.
Owner financing is not for everyone. Investopedia has an article on the pros and cons of this kind of sale. https://www.investopedia.com/articles/personal-finance/082815/pros-and-cons-owner-financing.asp
Sell My House Fast in Virginia: Finding a Buyer
Selling a house in Virginia does mean finding a buyer so you can sell my house fast in Virginia. Finding a buyer means letting people know you have a home for sale.
For Sale By Owner (FSBO)
If you are selling a house in Virginia, this is called For Sale By Owner or FSBO. You still need to let people know the house is for sale.
People want to look at your house. You must be flexible when showing your house to potential buyers. If you are going the FSBO route and cannot show your home anytime or any day from 8 a.m.-7 p.m., getting a fast sale may not happen. You should hire a real estate agent who can show your house while you are at work or elsewhere.
Flexible does not mean being ridiculous about it. You can, and should, say no to a 3 a.m. showing.
You should also consider an open house on the weekend. Announce the event in the newspaper, on social media and in other places. Open houses attract all kinds of people, so be prepared to have people who have no intention of buying a home but just want to look. You can book private showings at the open house.
Selling the house yourself does mean you have to deal with buyers, the paperwork and find an attorney. You are also responsible for making sure all the legal requirements the attorney does not review are covered.
Here are some options:
1) Newspapers. Buy a classified ad. You do not need a giant ad in the paper.
2) Online. Various online sales sites like eBay and Craigslist are good places to start. You can even post on social media websites.
3) A sign in the yard.
4) Flyers at various places.
5) A sign and mailbox in the yard where the mailbox has a printout describing the house and your asking price.
Using a Real Estate Agent
A real estate agent represents you. This person takes care of all the advertising and promotion and the paperwork. They schedule people to visit the house. They can also screen buyers, so your time is not wasted.
Not all real estate agents are Realtors. A Realtor is a member of the national real estate service Realtor.com.
Real estate investors like us here at Onyx REI are always looking to buy property. You can find real estate investors and real estate investment groups online.
Sometimes developers buy houses. They either flip the property after doing some work or tear the house down and build another one on the lot. The teardown and rebuild usually happen when the property is worth much more with a new home.
You can sell your house in an auction. If you must sell in a hurry, this is probably the fastest way.The drawback is you will probably get less than the fair market value unless the auction attracts many bidders.
You may need to hire a professional auctioneer. The National Auctioneers Association can help you find someone. Sometimes the auction house takes care of advertising. Sometimes you must do the advertising.
To sell my house fast in Virginia, it must look good. Buyers want the best-looking property they can get.
Sweep, mop, dust, mow the yard, trim the bushes, and make sure the pool is crystal clear. Put things away. Call in some professionals if you need to.
If you can live without it for a while, pack it up and put it in storage. Clutter is not attractive. This includes family pictures, trophies and other things you like to look at but do not actually use. Leave a few things out that add to the home’s appearance, especially if you are willing to let the buyer have them in the sale.
Keep the closes organized. Leave some space there to make it appear you have plenty of storage space.
Or, if you if you decide to sell your property to Onyx REI, you simply take what you want and leave the rest behind. We take care of cleaning your property when we do the renovation.
Simple repairs and touch-ups make a difference. A coat of paint on a faded wall will improve the looks of that room.
Fix any leaks. Make sure every light socket has a functioning bulb. Make sure all the outlets and switches work.
If you have appliances that stay with the house, make sure they work and look good.
Again, call in the pros if you need to. However, when you sell your house to Onyx REI you do not need to worry about making any repairs. We purchase your property 100% as is!
Get some outstanding photographs. Sure, you can snap some images with your cell phone. If you want to present your house in the best possible way, hire a professional photographer. The difference in the images is worth it if you are in a hurry about selling a house in Virginia.
Right after pictures, words matter. Words and pictures are the first impressions people will get of your house. A great description and great photographs create a positive impression.