One way to sell your house fast in Richmond is to sell it directly to a local real estate home buyer or investment company that can close quickly and pay cash for the house in as-is condition. They typically can assess the price, will make you an offer within 24-48 hours, sometimes give you multiple offers with different price and terms, and when both of you agree on one offer, they can arrange to close on it within a 1-2 weeks after once the title research is done.
Some FSBO and classified ad websites can also provide you with potential buyers, but a sale is not guaranteed. You still might not find a buyer in the time frame that you would like or even need. Thankfully there is a third type of website, one that many people do not even know about. There are people or companies as we described above who advertise to buy houses cash as investments. This will allow you to sell your house fast and with little hassle.
How to Quickly Sell Your Home in Richmond
With access to local cash home buyers thru their website, you will not have to deal with dozens, or even hundreds, of phone calls and strangers going through your house. With the housing market cycling and foreclosures being sold fast at auction, banks and mortgage companies have made their loan qualification much stricter. This limits the number of buyers that will actually be able to qualify for a loan to buy your house.
These sites typically allow you to enter the information about the house to sell quickly in Richmond and your contact information so that they can analyze the property and make you a cash offer. This method is especially useful for people that do not have the luxury of time to wait for the perfect buyer, or is in a situation that is not appealing to normal buyers. These situations can include, but are not limited to: bad tenants, house needs a lot of serious repairs, house is functionally obsolete, house has fire damage, sellers in middle of divorce, bankruptcy, etc. The investor option is an option that you should consider depending on your situation when you are looking to sell your house fast in Richmond.
Tips to Sell Your House Fast
One need to be careful when selling an inherited property. If you take title to a house as a gift or inheritance, you may have to pay capital gains tax when you sell it. There are several options for avoiding the tax.
Living in the House
Moving into the house is one way to avoid capital gains. Tax law exempts $250,000 on the sale of your personal home, or $500,000 if you're married and file jointly. You must own the house for two of the five years before you sell and live in it for two of the five years.
Under Section 1031 of the tax code, there's no capital gains on the sale of a rental or investment property if you exchange it for a comparable property within six months.
Example: Your father gifts you a rental property. You sell it and buy another rental of equal value, avoiding capital gains tax until you sell the second house.
The 1031 rules are complicated — just buying a replacement house won't cut it; it must be a business or investment property — so you may need professional help.
Timing the Sale
If you sell an inherited house right after you take title, the sale price will probably be close to your basis. In that case, you'll have little or no capital gains to report. With a gift house, where you assume the donor's adjusted basis, this only works if the fair market value is close to the basis.
If you have more than one capital gains transaction in the same year, you can subtract any losses from the gains. For example, if you sell your gift house for a $20,000 gain but sell another house at a $25,000 loss, you can wipe out your taxable gain.
Need to Sell Your House Fast ?
22 DIY Ways to Update Your Home on a Small Budget
When you decide to renovate a home before selling it, note that home renovations are typically thought of pricey, time-consuming projects. You don't need a costly contractor or interior designer to update your home — instead, try one of these DIY ways to update your home on a small budget. From freshening up your kitchen to upgrading your light fixtures, you can make your home look like it just came out of a design magazine without clearing out your bank account.
You don't need expensive lighting fixtures to update your home. Switch out your existing light fixtures for mason jars to make your home feel inviting and rustic.
One of the easiest ways to free up counter space in your kitchen is with a rustic magnetic wall rack. You can use it to hang anything metal — especially knives — for a functional piece that also doubles as cool decor.
Need more shelf space but don't have the room or budget for a floor-to-ceiling shelving unit? A few pieces of plywood, rope and steel pipe will make a hanging shelf rack that only looks expensive.
Brighten up an otherwise dreary exterior with a colorful window box planter. You can make this one for about $20 and it will only take you an hour. You only have to worry about what you want to plant first!
For many people, built-in bookcases are the things of home decor dreams. It would be costly, timely and difficult to hire a carpenter to alter your home's walls to build bookshelves. Instead, use this DIY to make your already existing bookcases look like they were built into your walls.
You can't log into Pinterest without seeing wood pallets being used for some sort of home decor. Add texture and a rustic cabin vibe to a room in only an hour with this easy wood pallet accent wall DIY.
Turn your fireplace into the focal point of a room by adding texture and depth with an accent piece. You can create this beautiful custom designed fireplace with one piece of plywood!
Wainscoting is a detail that can make a room feel next level. Typically seen in older constructions, you can create your own to give your home more character.
Add value and architectural interest to your home by installing crown molding. It's extremely affordable to buy and the hardest part is just measuring correctly — there's no need to hire a contract for this renovation!