Count on Incurring Costs While You Sell
You can pay off the mortgage and may still end up making out better even selling at the discount price.
We Buy Houses | King George VA: A house that sits on the market, though empty and with little or no utility bills, is costing you money. You may not realize this at first, but when you begin to pay rent or another mortgage in your new house, you’ll quickly see that every month is going to continue to drain you of your money. The longer the house sits on the market unsold, the less you will be receiving in proceeds from the sale of the house when it finally does sell.
The mortgage payment and insurance costs are obvious to most. But where it gets tricky is in the other smaller less obvious expenses that go on and on until someone else comes to buy it and live in it. Consider pest control. Is there a need for that, especially with no one living there to scare the mice away? What about the neighbor who goes over to mow the lawn for you once per week at a cost of $20 each time? Have you considered the cost of running utilities in the winter to keep the water running and the pipes from freezing? It will cost you.
“Once you have done a true calculation of what it will cost you over a year’s time, for instance, consider what you can get for the property if you sell it to an investor.”
Keeping the house up for sale over a period of months or even years, as it is taking in some cases, will end up eating away at any profit you may have hoped to make on the sale of the house. For every month that goes by, subtract the cost of running the house from the asking price. It can be a considerable bill to pay. The problem is usually that the expenses trickle in. The mortgage payment and insurance are sizable bills so you really feel those. It’s the little nickels and dimes that will add up over time.
Once you have done a true calculation of what it will cost you over a year’s time, for instance, consider what you can get for the property if you sell it to an investor. They generally will give you 70 or 80% of the market value in cash. You can pay off the mortgage and may still end up making out better even selling at the discount price. The other advantage to using an investor is that they don’t expect you to do any maintenance or repairs, they charge no fees or commissions, and they usually work on a cash or line of credit basis, meaning you’ll have your sale proceeds within the week in many cases.
We Buy Houses Direct are experienced real estate specialists in Stafford Virginia. They buy houses that others won’t touch in the following areas of Virginia:
We are not real estate agents who list your house looking for buyers. We are Spotsylvania local home buyers, and there are no fees or commissions to you when we buy your house.
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Filed under: House Selling Tips
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