Our latest articles
October 26, 2022
No matter how good the housing market is, selling a home in Gaithersburg MD is still a complicated process. And one of the most difficult to understand is the money aspect. On paper, it might seem simple. You sell your home, the buyers write you a check and the transaction is closed. But keeping money after the sale of your house is not automatic. Often, homeowners still owe on their loans and have to pay off their balance.
Let’s learn more about what costs are associated with selling a house in Gaithersburg and how to beef up your profits.
How Much Does it Cost to Sell a House in Gaithersburg?
Whether you’ve had your house for five years or 25 years, you’ve been paying down the mortgage ever since you signed the papers. Your mortgage is made up of the principal, taxes, interest and insurance, so your monthly payment is split between all four. When you go to sell your property, you will have paid down some of your mortgage.
However, keeping the money from the sale of your house is not always the case. Your profits come from how the money is divided among the following:
- Remaining loan balance. If your home isn’t paid off, you still have a loan and will need to pay this off.
- Closing costs. The average closing costs in Maryland are around 3.5 percent of the home’s final sale price. Closing costs are typically more for buyers, but sellers pay them, too.
- Real estate agent commission. If you hire a real estate agent to sell your house, you’ll need to pay them for their work. Realtor fees in Maryland are between 5 and 6 percent.
- Necessary repairs. Unless you sell your property as-is, you may need to make certain repairs. You may know of these repairs already, or they may turn up in your inspection report.
- Property taxes. Maryland home sellers are required to pay property taxes on the days they’ve owned their home in the calendar year. Taxes are split between the buyer and seller.
Can I Sell My Gaithersburg House AND Keep the Money?
Depending on your situation, you can walk away with a lot of money in your pocket – or barely any. The most cost-effective way to sell a property is to sell it for cash. While you are likely to take a smaller offer, you can close in two weeks and avoid realtor fees and commissions.
4 Brothers Buy Houses will make you a fair cash offer – and you get to keep it all! There are no fees or commissions, and we typically pick up closing costs. This eliminates the need to pay for a realtor, repairs, updates, etc. Everything is negotiable! Contact our cash buyers in Gaithersburg to get a free cash offer on your home!
October 18, 2022
The D.C. housing market is changing, forcing more people to hold onto their properties. If you are one of them, the idea of becoming a landlord and renting out your home might seem attractive. You can generate passive income and move onto the next chapter of your life while waiting for the housing market to improve.
However, being a landlord isn’t all fun and games. Here are some of the most common tenant scams you’ll want to be aware of as a landlord. This way, you can protect your investment and choose a qualified tenant to rent out your home in D.C.
Fake Checks for Rent and Security
Typically, written checks that appear to come from a reputable bank don’t raise a red flag. But when the landlord goes to cash them, they realize these funds are invalid. Now, they have to try and collect the money and/or evict the current tenant, both of which are not easy to do. To avoid this, the FDIC and BBB have listed several ways to spot fake checks.
If your soon-to-be tenant offers to pay more than what you asked, this is a red flag. Scammers overpay on purpose and then ask for a refund. On your end, it might look like the funds are available, but it can take a few days for the money to clear. If you refund the balance and then notice that the check didn’t clear, you’re now out the money. The best way to prevent this from happening is by not accepting rent overpayment.
False Employment Records
Always do your due diligence when qualifying a tenant. It’s not uncommon for tenants to provide a fraudulent employment history and ask friends or family to act as their employer. Tenants do this because they may not have steady income streams. Don’t just take their word for it – follow up with the employer and ask for other information to verify employment like pay stubs, bank statements and a letter of employment.
Fake Credit Reports
Another thing that some tenants will lie about is their credit score. While a good credit score can indicate financial responsibility, it’s still a good idea to dig deeper into the tenant’s payment history. Always conduct your own credit and background checks. Don’t take the tenant’s copy – this could be a fake.
Renting on Behalf of the Owner
Subleasing a property to a new third party isn’t illegal, providing it’s allowed within the terms of your lease. However, your tenant must notify you of this. Otherwise, they might collect months of payment upfront from the third party and never transfer the funds to you. By the time you find out and go to collect the money, the new tenant is there and has already paid their rent to the leaseholder.
Unfortunately, this is not an exhaustive list of scams that happen to landlords. There are many things that can turn your investment strategy into a headache – and a money pit. If you’re on the fence about renting out your D.C. property, contact 4 Brothers Buy Houses. We’ll provide you with a free cash offer, and you can choose which path is right for you!
October 11, 2022
If you own a home in Alexandria Virginia, there’s a chance that you may live near the Potomac River, which does flood from time to time. Aside from this, there are many other things that can cause water damage in the home, such as faulty drainage systems, clogging drains, broken pipes and malfunctioning appliances.
About 40 percent of homeowners have experienced a loss from water damage. If water isn’t completely removed from the home, it can lead to mold, mildew and wood rot. If you’re currently dealing with this situation, you might assume that you’ll be unable to sell your home and start fresh.
While it is definitely harder to sell a home with water damage, it is not impossible. In fact, 4 Brothers Buy Houses will buy your house from you – water damage doesn’t scare us! We have the resources to stop and repair water damage in your house. And because we pay cash, we waive the inspection, appraisal and most closing costs.
Do You Need to Disclose Water Damage History to Buyers in VA?
Whether you’re selling your house for cash or with a realtor, you should disclose water damage to the buyers. Virginia is not as strict as other states when it comes to disclosing information, but it’s still in good taste to let the buyers know.
Virginia is a caveat emptor state, meaning “let the buyer beware.” It’s one of the oldest states and still follows this old English common law concept. If you compare the disclosure form to other states, you’ll see that Virginia has a short and simple form. There are national disclosure requirements, however, such as lead paint.
Nevertheless, we always recommend being honest and upfront about your property and its issues. The inspection will still turn up any issues with water damage or mold, so being honest reduces the chances of the buyers backing out.
Benefits of Selling a Water Damaged House for Cash
If you know that your house has water damage, and you don’t care to deal with picky buyers or be held liable later down the road, you can sell your property for cash. At 4 Brothers Buy Houses, we have no problem buying properties with water damage. Whether the water damage is old, new or ongoing, we have the resources to deal with it.
Our cash buyers in Alexandria VA buy properties in as-is condition, which means we take them in their current condition. We will not ask you to address a leaky appliance, a clogged toilet or mold. We will offer you a fair price, while taking into consideration the cost of the repairs.
Additional benefits to selling a water damaged house in VA for cash are:
- No inspections or appraisals
- Most, if not all, closing costs covered
- Quick process – close in just two weeks
- No need for banks, financing or loan approvals – we use cash
- No repairs, updates or maintenance required
Get a Fast, Free and Fair Cash Offer
To see what our cash buyers will pay for your Alexandria house, contact 4 Brothers Buy Houses today. There is no obligation to continue, so see what we’re willing to offer on your property!
October 2, 2022
The housing market is slowing considerably in Virginia. Earlier this summer, home sales were down nearly 20 percent from the year before. This was the sharpest decline in more than two years. Still, there are plenty of people looking for homes, and the market is still favoring sellers. But this can flip at any time, which we’re already seeing in other parts of the country.
If you’re planning to sell your Arlington VA house in the near future, you could be working with a limited buyer pool. Winter is coming, house prices are soaring and interest rates are increasing. This is forcing many people to pause their home search. And, if your house isn’t in perfect, move-in ready condition, this can make it even more difficult to sell.
To help you prepare, here are our best tips for selling a Virginia house in a slow market.
Price the House Just Right
The key to selling any house in a slow market is pricing it just right. While you want to get the best price for your property, setting the price lower will drive in more traffic and help you sell your house faster. To determine what to price your house at, you’ll have to do some research. Look at what comparable homes in your area have sold for and use this as a benchmark.
Sweeten the Deal
Anything that you can do to incentivize potential buyers can help you sell your property faster. As a seller in a slow market, it’s your job to make sure that buyers feel like they’re getting the best deal. So, think about some of the ways you can make the deal sweeter, such as by covering some closing costs or offering a home warranty.
Make Sure Your Home is Always Show-Ready
Another way to make sure you don’t miss out on any potential sales is by making sure that your house is always ready for a showing. Keep it clean and picked up, and be flexible with showing times. This way, you can be sure that everyone who wants to see the house has the opportunity to do so.
Ensure Your House is Move-In Ready
Your Arlington VA home should also be move-in ready. People don’t want to buy a house and then have to put a bunch of work into it. This is especially true in a buyer’s market when there are more houses than buyers. Address issues with the property and consider making improvements, such as replacing the carpet or repainting the walls.
Optimize Your Online Listing
Many people start their search for houses online, so make sure you have a great digital footprint. This includes a staged home with professional photographs, an interactive video tour and a detailed description of your property and its area. If you’re still not getting traction, you may need to enhance your marketing with an open house or paid advertising.
Want to Sell Your Arlington VA House Fast? Sell it for Cash!
If these suggestions don’t make sense for you, consider selling your house for cash! Not everyone has the time or money to fix up a house, pay for staging, pick up closing costs, cover realtor commissions and more – and that’s okay! 4 Brothers Buy Houses will pay cash for your Arlington property, and we’ll buy it in as-is condition. Contact us today for your free cash offer.