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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.

What NOT to do when selling a house

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What NOT to do when selling a house
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What NOT to do when selling a house

Introduction:

Selling a house is not rocket science. You need to have two things, a house, and someone who wants to buy it.

Yet, if it is your first sale it can get confusing and feel stressful.  Luckily for you, we have prepared a list of tips to help you get the best deal possible.

Summary: 

Don’t Let Your Emotions Influence Your Decision.

Don’t do Everything by Yourself

Don’t Over/Under Price your House

Don’t Let Your Emotions Influence Your Decision 

Don’t Forget to Research Your Market

Don’t Fake it till You Make It

Plan The Selling Strategy

Be Ready to Negotiation

Qualify Your Buyers

Don’t Forget to Make it Look Nice

*Bonus Tip*

Don’t Let Your Emotions Influence Your Decision

One of the most expensive and difficult decisions you’ll ever make is selling your house. You can decide how to sell your house in a way that is best for your family if you don’t allow emotions to influence your decision-making.

Selling your house can be a bittersweet experience. We often feel emotionally attached to things we own. Moving away from your home can feel like a piece of you being taken away. Embrace those feelings. Emotions will fluctuate during the process and that is to be expected. As difficult as it can be to sell your house, remember that your next one will also be filled with sweet memories and good times.

Don’t do Everything by Yourself

It’s not impossible to sell a house on your own, especially if you’ve done it before. But having another person on your team will make things easier. Even though real estate brokers charge a large —5% to 6% of the sale price of your property, the return they can bring to your deal is usually much higher.

Your chances of a rapid sale will rise as a result of their help in choosing a reasonable and affordable asking price for your house. Your realtor will help in communicating with possible buyers and weeding out tire kickers who want to look at your house but have no plans to make an offer.

In addition, a professional agent may help reduce the emotional intensity of the process. Which could be a game-changer.

Don’t Over/Under Price your House

The market is hot for sellers when there are fewer houses on the market. Buyers won’t always overpay for a house, though. Sellers leave too much opportunity for negotiation as if they are attempting to sell something online.

Houses that get quicker offers tend to be priced appropriately based on the current market conditions. And by encouraging many bids, a competitive price lets the market decide how much the house is worth.

The seller who asks for more than their house is worth and aims for the stars eventually misses out on eager, willing, and able purchasers. The property might be pegged as being priced too high, and potential purchasers may decide not to purchase it.

Don’t Forget to Research Your Market

Whether you are buying or selling a house, you should always do a real estate market analysis. It will help you understand the current market, and how much comparable houses are worth. Additionally, you will get a much better insight into the real estate environment in your community.

Reports are produced by real estate brokers and agents. They can assist you in setting the most appropriate price for your property regarding the market. This research data assists both the seller in setting a listing price and the buyer in determining if the price is fair.

Don’t Fake it till You Make It

Don’t fake it when it comes to selling your house. People value honesty and transparency and for you to sell the house to a potential buyer you should establish trust. Do not try to fool people by showing them pictures from the internet and pretending that’s the house you are selling. Don’t overdo it with the description either.  Be factual, honest and create a description that accurately represents your house. Be as transparent as possible. Stay open-minded and do your best to answer every question the buyer might have regarding the condition and the history of the house.

Plan The Selling Strategy

Selling your house is like a game of chess. Not only do you need to have a well-planned strategy before the game starts, but you need to be able to think on the go and make fast changes.

First and foremost, is the correct valuation of your property. You need to price your house right. Your agent should be your go-to person for the most desirable valuation. People undersell their houses every day and then cry over the potential income they lost. That is why you should play your moves right from the very first step.

Be Ready to Negotiation

Regardless of how precise your price is, buyers will always try to negotiate. It is an age-old rule of the market, so expect some customers to come at you with low-ball offers.

Depending on the location of your property some buyers might try to bid each other out, which is the most favorable option for you. You need to be ready to negotiate if sales are slow in your region and you don’t receive many offers.

Usually, once you receive an offer, you can accept it, reject it, or make a counteroffer. But keep in mind that the money you are getting might not be the only decision-making factor. For instance, types of financing and timing might make a huge difference to the deals you are making.

Qualify Your Buyers

Your time is precious, and if selling houses is not your full-time job, just focus on serious buyers only. If you are in a situation where you need to sell fast then a cash buyer might be the best option for you to  consider.

Remember, time is money,  and pre-qualifying your potential buyers might just help you sell your house.

Don’t Forget Curb Appeal and Condition

The price of your house depends on many factors, however, the visual appeal has undoubtedly the biggest impact on how potential buyers will see your house. It’s pretty straightforward, the better your house looks, the more you will get out of it. That means that even before your house hits the market, you should invest in doing minor repairs, clean up and even staging. If you choose to go with a cash buyer like Fair Property Buyers due to the condition of your home or circumstances,  you won’t have to do any repairs or clean up.  Our buyers will purchase your home as is.

Once everything in your house is clean and repaired, it is show-ready. This will have a significant influence on how others see your property.

Keep in mind that everything you do should be neutral and subtle. Depersonalizing and decluttering your house might seem a bit boring, but it will make buyers feel way more welcome.

Lastly, make sure that your yard is clean and tidy, and you emphasize curb appeal. The exterior is just as important as the interior.

Do not be awkward!

Yes, selling a property is a very stressful and difficult process. But keep in mind that you are selling a home that will be brand new to someone else. Try to relate with potential buyers as much as possible. Understanding their home needs and desires is crucial because they are making one of the biggest investments of their life.

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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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