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Buying or Selling a Home With Pest Issues Buying a Home With Pest Issues Purchasing a home with pest issues can be a major concern, as pests can cause damage to the structure of the home and create health problems for the occupants. It is important to have a professional pest inspection completed before purchasing a home to identify any existing or potential pest issues. Pest infestations can have serious consequences for the integrity of a home and the health of its occupants. Termites, for example, can cause significant damage to the structural wood of a home if left unchecked. Other pests, such as mice and rats, can damage wiring and insulation, posing a fire hazard. They can also carry diseases, which can be transmitted to humans through bites or contact with contaminated surfaces. It is important to have a professional pest inspection completed before purchasing a home to identify any existing or potential pest issues. A pest inspector will look for signs of infestations, such as droppings, nests, and damage to wood and other building materials. They will also look for potential entry points and conditions that may attract pests, such as excess moisture or standing water. If the inspection reveals the presence of pests, you should consider negotiating with the seller to have the pests treated or for a credit towards the cost of treatment. You may also want to consult with a real estate lawyer to determine your rights and options as a buyer. In addition, you should consider the long-term cost of pest control and make sure it is factored into your budget for maintaining the home. Pest control can be expensive, and it is important to have a plan in place to address any future pest issues. Selling a Home With Pest Issues If you are selling a home that has pest issues, it is important to be proactive in addressing the problem and transparent with potential buyers. Pest infestations can be a major concern for buyers, as pests can cause damage to the structure of the home and create health problems for the occupants. The first step in selling a home with pest issues is to have the pests professionally treated. A pest control company can figure out how bad the problem is and suggest a plan for treatment. Make sure to do what they tell you to do and give the treatment enough time to work. It is also a good idea to have the home re-inspected  to ensure that the pests have been effectively eliminated. Next, it is important to disclose the pest issue to potential buyers. Most states require sellers to tell buyers about any major problems, like pest infestations, that they are aware of. This can be done through a property disclosure statement, which should be provided to potential buyers as part of the home sale process. It’s important to be honest and clear in your disclosure, because not telling the truth about known major flaws can cause legal problems in the future. It is also a good idea to provide documentation of the pest treatment, such as receipts or a certificate of treatment. This will show that you have taken steps to deal with the pest problem, which can help buyers feel less worried. Lastly, you might want to think about giving the buyer a credit toward the cost of future pest control. This can help ease their concerns and make the home more attractive to potential buyers. If you can’t offer credit, you might have to lower the price of the home to make up for the cost of pest control. It is important to be flexible and open to negotiation in order to make the sale. Final Thoughts In the end, whether or not you buy a home with pest problems will depend on your personal situation and how willing you are to take risks. If you are okay with how much it will cost and how much work it will take to get rid of the pests and are sure that the problem can be solved, you might want to think about making the purchase. However, if the pest issue is significant or the cost of treatment is prohibitive, it may be best to look for a home without pest issues.
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Can I Sell my House During Foreclosure Introduction For someone who is unable to keep up with mortgage payments or other liens on the home, the foreclosure process is frequently drawn out and difficult. For those who are currently going through this process, there may be ways to continue without losing everything. Because of this, the people who live in the house can stay there until the dispute is completely settled. The homeowner should stay in their home, talk to a real estate lawyer, and do research to avoid a situation in which debts may still be owed for different reasons. This might result in a better outcome. The house can still be sold for a profit while the foreclosure process is ongoing. The current owner may sell the property for more than what is owed in mortgage payments if the property has not yet been sold through an auction. This would then generate enough income to pay off the mortgage debt and leave money on the table to buy a new home or rent or lease an existing one. This has to be completed, though, before the property is sold at auction to fund the foreclosure process. This calls for prompt action and proper documentation Aspects to Consider with Foreclosure A bank agent who starts the foreclosure process may be contacted by someone who is unable to make the required mortgage or loan payments to keep the account open. The homeowner may have other options, though, as these processes can take months or even years, depending on a number of factors. In some circumstances, the financial lending company may look for an alternative to foreclosure. It’s possible that a payment extension will be given. It might be possible to refinance or make a new payment plan by adding to the original agreement. Before leaving the property to foreclosure, it is best to get in touch and talk with the company to discuss any potential alternate routes. Others look at the contract for the lending facility to see what might be possible based on the fine print. To make sure that the payments are made at a lower interest rate or payment amount, another company may be contacted, or there may be a grace period to get the needed funds. Before taking any other action, it is best to seek the advice of a real estate attorney if this is not possible. He or she might explain that the best course of action might be to sell the property. However, the homeowner might only have a limited amount of time to do so. This means that before continuing with a sale before an auction, he or she should make sure that all of that information is known. Hiring a Real Estate Lawyer or Agent While the home is going through the foreclosure process, a seasoned and knowledgeable real estate agent might be able to get in touch with the lending institution and try to negotiate so that the property has time to sell. This may be a good way for the agent in charge of the case to make sure the homeowner gets their money, even if the bank or another institution won’t work with them. Before the sale can happen, a realtor might need to conduct a market analysis on the property to determine its true value. Then, to bargain with the bank, third-party authorization forms are typically required. In general, it is preferable to sell the house for a profit as opposed to a short sale or auction, where the owner receives nothing after the house is bought by the buyer. Due to the foreclosure process costing the company money and not always recovering all of the money owed, lending institutions believe working with the sale is a better alternative than going through with the foreclosure. It might take 90 to 120 days to complete a short sale in which the owner receives no money. During this time, the homeowner may still be making mortgage payments. Depending on the state in which the house is located, the foreclosure process can take weeks or months to complete. The completion of all paperwork can occasionally take up to or even longer than a year. Depending on the state, the owner usually has up to 90 days to fix a late payment so that the problem can be fixed and business can go on as usual. A realtor or real estate agent should be hired to help sell the house if this is not possible. A real estate lawyer should be hired to handle these things from start to finish to make sure that everything is valid, legal, and done the right way.
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Closing Costs – What to Expect When you sell your house, there are many hidden closing costs that can eat into your profits. This article highlights what those common closing costs are. From agent commissions to transfer taxes, it’s important to be aware of all the potential expenses. One of the biggest costs you can expect is the real estate commission. This is a fee paid to the agent who represents the buyer. The commission is typically a percentage of the sale price, so it can add up to a significant amount of money. Fortunately, many closing costs are tax-deductible, and they can be offset against the proceeds of the sale. However, it’s important to be aware of all the potential costs involved so you can budget accordingly. Below are some of the most common closing costs and how you can budget accordingly: Agent commissions: Realtor commissions are the fees real estate agents charge for their services. The fee is typically a percentage of the total sale price of the home, and it is paid at closing. While realtor commissions can vary depending on the agent and the market, they are typically around 5-6% of the sale price. For example, on a $200,000 home, the realtor commission would be $10,000-$12,000. Realtor commissions are negotiable, and some sellers may negotiate a lower rate. However, it is important to remember that the real estate agent is providing a valuable service and is entitled to fair compensation. It is important to understand realtor commissions so you can factor it into your budget. Appraisal fee:  A home appraisal is an important part of the closing process on your home purchase. The appraiser will visit the property and assess the value of the home, taking into account factors such as the location, condition of the property, and recent comparable sales in the area. This appraisal will be used to determine the amount of closing costs that the buyer will need to pay. In some cases, the appraised value of the home may be lower than the purchase price, in which case the buyer may need to negotiate with the seller to bring the price down to match the appraisal. In other cases, the appraised value may be higher than the asking price, giving the buyer some negotiating power when it comes to closing costs. Either way, it is important to have a clear understanding of your home’s value before heading into closing. Legal fees: You may need to hire a lawyer to handle the legal aspects of your sale, or if you are selling directly to a buyer.. Their fees will vary depending on the complexity of the transaction and the location of the property. In some cases, the seller is responsible for paying all the legal fees associated with the sale, this includes any fees associated with the transfer of ownership of the property. Title insurance: This is a type of insurance that protects the seller against any claims made on the title to your property. It is typically required by the lender if you have a mortgage. The exact amount you will pay as a seller will depend on the specifics of your title insurance policy. However, knowing the typical closing costs can help make sure you’re not caught off guard. Mortgage discharge fee: If you have a mortgage on the property, you will need to pay a fee to have it discharged. This fee is typically around $200-$300. These fees are a common closing cost associated with refinancing your home. Discharge fees are paid to the lender to cancel an existing mortgage and create a new one. The fee is typically a percentage of the total loan amount but can vary depending on the lender. Be sure to ask about the fee and get an estimate from your lender before making any decisions about refinancing. Property taxes: One often forgotten potential closing cost is property taxes. Depending on the location of the property and the value of the home, property taxes can be quite expensive. In some cases, they can even exceed the mortgage payments! As a result, it’s important to be aware of the property tax situation before you purchase a property because they must be paid in full before the sale can be completed. Credit report: One cost that is often overlooked is the cost of ordering a credit report. A credit report is necessary because lenders use credit report scores to determine if buyers qualify for a loan and what interest rate they receive. While the cost of ordering a credit report may seem insignificant, it can add up – especially if you’re closing on multiple properties. For example, if you’re closing on a home and an investment property, you’ll need to order two credit reports. The cost of ordering two credit reports can range from $30-$50, depending on the provider. Pest inspection: A pest inspection can help identify any potential problem areas like termites and dry rot from pests, which could lead to costly repairs down the road. This will help uncover any hidden issues and help you with negotiating repairs or treatment prior to closing. Recording fees: To finalize the sale, you will need to pay recording fees. This amount is charged by your local government for registering the deed to your new home. Utility bills: Any outstanding utility bills will need to be paid before the property changes hands. These are the fees associated with finalizing the purchase, and they can add up quickly. utility bills are one of the most common closing costs. If you’re buying a home that is already occupied, you’ll need to pay for the utilities that have been used, through the date of closing. This can include things like electricity, gas, water, and trash service. In some cases, you may also be responsible for paying the seller’s utility bills if they haven’t been paid up to date to ensure you can have services turned on in your name. As you can see, there are a number of different closing costs that can add up when selling your house. It’s important to be aware of all of them so that you can budget accordingly and avoid any nasty surprises at the end of the process.

Top 10  Tips on How to Sell Your Home for More Money

Introduction

When it comes to selling your home, you want to get it done as soon as possible. Did you know you only have six seconds? Your home may have been on the market for longer, but that’s not what we’re talking about. First impressions are important to homebuyers, and real estate experts estimate that those impressions are formed within the first six seconds—three from the curb and three from the entryway.

If you want to persuade a prospective buyer that your house is the one for them, you must capture their attention quickly. Yes, location is crucial. And, yes, price does matter. However, with a few strategic planning steps, you can make your property as appealing and inviting as possible. This will position it to sell sooner rather than later.

Think Like a Buyer

It can be tempting to present your home in a way that emphasises the features you enjoy the most. The problem with this approach is that your favourites will not be shared by everyone. Potential buyers will not be viewing your home through a nostalgic lens. Help them see your home as a blank canvas on where they can create their own identity and envision themselves.

Invest in Value-adding Improvements

Choosing which home improvements to invest in can be difficult, and the costs can quickly add up. The key is to invest in projects that will provide the highest return on investment. When it comes to ROI, a garage door replacement is the single most valuable investment. The average return on a new garage door is almost 1:1.

The “money rooms” are the kitchen and the bathroom.

Renovating them will only increase the value of your home.

Minor kitchen improvements such as resurfacing cabinets, replacing countertops, applying a fresh coat of paint, or updating fixtures and hardware can make a significant difference.

Up Your Curb Appeal

Curb appeal is important because, as the saying goes, you never get a second chance to make a first impression. If curb appeal is a friendly invitation, a freshly painted front door is a cheerful welcome. Because every buyer who views your home will most likely enter through the front door, a fresh coat of paint can conceal any scuffs and dings that have developed over time. This minor change will make the house appear livable rather than lived in.

Make sure your front yard is clean, the bushes are pruned, and the grass is cut. 

Also, place some brightly colored potted plants near the front door to greet visitors.

Keep it Neutral

Repainting might be a good idea if you personalized your home by using vibrant colours in each room. While you may enjoy bright colours, there is no guarantee that the next owner will. Painting the walls in neutral colours allows potential buyers to focus on the overall house rather than whether or not they like the colours you chose, and colors can be distracting.

Make it Less About You

Try to make a concerted effort to remove any decorations or trinkets that reflect your personal taste and identity. Family photos, no matter how friendly and familiar they are, will make buyers feel as if they are visiting someone else’s home. You want them to feel as if they’re in their own world.

Declutter and Clean

You don’t have to become “The Queen of Clean,” but getting rid of clutter will not only make your home look cleaner, but it will also make it feel larger. And there is no such thing as being too clean when it comes to this. When you think everything is clean enough, go over it again. Buyers will take notice.

Stage Your Home

When it comes to home staging, there are two general guidelines to follow: less is more, and keep it neutral.

It is critical to pique the interest of buyers right away. Pay special attention to the entry and invest heavily in staging it. Repaint, add flowers, purchase a new area rug, a large mirror, or a dramatic piece of art.

Remove objects and clutter that visually shrink a room, such as large ottomans or too many plants, and leave only one or two new-looking appliances on the kitchen counters. Don’t forget to stage the deck or patio, which serves as an extension of the house and can make a small house appear much larger than it is.

You can do the staging yourself or hire a professional stager to help you. The average cost of staging is just under $2,000.

Consider Hiring a Professional Photographer

Spending a little money on high-quality photography can help your house sell for a higher price. The majority of people look for homes online. If the photos pop, it can translate into a higher sales price — and it can also translate into a faster sale.

When it comes to your home’s online listing, you may want to leave some things to the imagination. I recommend against photographing every square inch of the house. The goal of photographs is not to give away all the goodies online, but to pique a buyer’s interest enough to entice them to see it in person. If they don’t come see the house, they’re probably not going to make an offer.

Determine the Appropriate Asking Price

Choosing the best asking price for your home can make or break your success. When a home is priced correctly, it attracts more buyers. Setting your price too high can be detrimental and prevent buyers from entering your home. To entice maximum buyer interest, always price on the lower end to be conservative.

How do you strike the balance between pricing for profit and not overpricing? That’s where your agent’s knowledge comes in handy. A knowledgeable agent understands the value of your home and how much you can expect to get for it. Good pricing necessitates the ability to thread the needle.

List at a price that is lower than comparable properties to attract attention, but not so low that you will be disappointed if you only receive one offer at list price. If you entice enough buyers, you may be setting the stage for a bidding war.

Hire a  Real Estate Agent

Enlisting the assistance of a professional is a wise way to achieve your goal of selling your home as quickly as possible. Experienced realtors understand the local market and can help you sell your home faster and for more money. Selling a home on your own may seem appealing, but when you consider that a real estate agent can handle the marketing, negotiations, and legal details, their commission may be money well spent.

Conclusion

Potential home buyers want to walk through a house that exudes excitement and newness. They also want it to feel like home. Following the advice listed above can help create what they are looking for. And the sooner you do so, the sooner those buyers will give you what you want—a house with a SOLD sign in the yard!

Greg Bilbro

Greg Bilbro

Greg Bilbro is the CEO and co-founder of Fair Property Buyers. After 20 years as a residential Realtor, Greg founded Fair Property Buyers, a nationwide group of real estate professionals committed to helping homeowners sell their problem properties quickly and easily. Fair Property Buyers helps people across the U.S. sell their homes for a fair cash price, without the hassles. Prior to starting Fair Property Buyers, Greg was a Series 7 and 63 securities and registered investment advisor with New York Life and NYLife Securities, where he was named “Rookie of the Year,” and named the youngest Partner in the U.S. Greg is a native of Texas and holds a Bachelor of Science degree in Biochemistry from the University of New Mexico. He currently hangs his hat in Scottsdale, Arizona with his sidekick Frenchie, “Bity".

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