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It happens all the time. People have situations that leave them saying “I need to sell my house NOW!” So what do you do when the house is a teardown?
There are many reasons a homeowner may be looking to sell a teardown this year. Downsizing, moving into assisted care, selling an inherited property are all common factors when considering to sell a property that has been in the family for 20, 30, 40 or 50 years. As the South Tampa housing market continues to heat up, and economic growth continues nationwide, capitalizing on a seller’s market is a smart, financially sound decision many homeowners are making.
But many sellers wonder where to even start. How do I let go of my property if it’s a teardown and I need to sell my house fast for a fair offer?
When you’re thinking ‘I need to sell my house fast’, homeowners may believe diving right in will save them time and money. If selling as soon as possible is a priority, knowing the overall selling process and the few considerations involved will be invaluable information that will shorten your property’s time on the market. Before initiating the selling process, homeowners should consider these simple steps to ensure their home is sold as quickly and efficiently as possible.
Knowing as much about your property as possible is a great place to start your selling process. How much square footage are you working with? How big is the lot? How old is the property and has it appreciated during the years you’ve owned it? Are there any major repairs or updates needed that might impede a traditional sale? What is the elevation of the lot? Do you have a survey? Are there any title issues?
The answers to these and multiple other questions will not only help you sell your home to builders but also help you a estimate how much to ask for the property.
One of the most important questions homeowners must answer, however, is about their preexisting mortgage. How much money is left on your loan? Unless you’re keeping hard copies of the mortgage bill each month – a highly recommended strategy for anyone with long-lasting payment plans – you might not be able to recite the exact figure off the top of your head. Thankfully, homeowners can remedy this issue rather quickly.
Determining the principal amount owed on a home loan is simple. A short call to the mortgage lender can give you all types of information: last amount paid, interest rates, payment plan terms, and even the exact amount still owed. Why is this information pertinent to homeowners looking to sell? Unless a homeowner is gripped with an underwater mortgage, knowing how much you owe means knowing how much profit you’ll potentially make from selling your home.
There are also tax considerations… if the home was a homesteaded property, you may be able to realize a capital gain of up to $250,000 or $500,000 TAX FREE. If you are selling a rental property in South Tampa, you may be able to defer capital gains taxes by using a 1031 Exchange.
Taking the time to research your property is one of the most important steps when looking to sell your home. Unless a homeowner knows what similar houses, lots, and teardowns are selling for, how long they’re typically on the market, and the costs involved in getting their home in perfect condition, homeowners looking to sell are at a serious disadvantage.
Put in the effort and do some quick research for a fair estimate for your house, lot or, teardown. Most homeowners don’t know what their property is actually worth without requiring the aid of a professional. Whether it’s an appraisal or using the aid of an inspection, homeowners can be clueless to the value of their house. Without hiring professionals that require tremendous fees, an hour online can provide a safe estimate on your house. One thing we do at South Tampa Teardowns to help with this process is to provide regular updates of Recently Sold Lot and Teardown Prices for South Tampa, so our users know what properties are selling for in their zip code and neighborhood.
What are some other sources to use when I need to sell my house? Third party real estate sites can offer property information in a particular region without calling in the professionals. Utilizing sites like Zillow and Trulia, homeowners will be able to compare their home to others on the market that have similar upgrades. This can help you make the decision if it makes sense to spend $10,000 or $100,000 on updates and repairs to get the most out of your property… or simply put more money in your pocket by selling to a South Tampa Builder.
Knowing what comparable homes in the same shape sold for is essential when determining a selling price. These sites also give statistics on homes. These stats can show how long a particular property took to sell. When needing to sell fast, knowing a home’s timeline on the market is essential.
After gathering all the information you can about your property, it’s time to sell. Many homeowners are convinced that listing with a real estate agent to sell their property is the smartest decision. But listing a property can leave you in the housing market limbo for months at a time. Many the families we have worked with in the past have decided to find out if they should sell their house to a builder in South Tampa, and give us a call at 813-784-4199 to get an offer for their South Tampa Teardown.
Selling with an agent has its perks. Agents typically pay for your home’s advertising, prep for open houses, and find potential buyers. But these perks might not make sense when you’re selling a teardown and when you factor in commissions, repairs, closing costs, and other fees… you could pay as much as 9% to work with other real estate agents.
Keeping your home in peak condition is another sacrifice sellers must make when using an agent to sell their property. If your property is likely to be a teardown… sprucing up a property to meet a realtor’s expectations can be a waste of time and money.
When we need to get a teardown or house sold as quickly as possible, we work with builders who are cash buyers. Not only do they offer fair prices on properties, our builders can provide a lot of flexibility when selling. Your closing date could be as fast as 7-10 days… or you could decide to close in 30-45 days for more money. In some cases, you could even remain in your property for 30 days after closing to complete your move… all while not paying for commissions, repairs, or closing costs.
So before you make major repairs or updates and list the property… instead of paying for the appraisals, inspections, surveys, closing costs, and commissions associated with hiring other agents… why don’t you give me a call and find out what the lot is worth?
My name is Robert Wilson, and I’m the Director of Dirt at EXIT Bayshore Realty. Give me a call today at 813-784-4199 or request your offer online at SouthTampaTeardowns.com. Capitalize on 2017 & 2018’s healthy housing market and the South Tampa Land Grab by selling your property before the market slows down.