Can You Sell a House With Code Violations?

House With Code Violations

Code violations refer to incidences of breaking local building codes and zoning regulations. If a home has been built without the necessary permits, or if it is not compliant with local building codes, it may have code violations. If your home has code violations, you’ll want to consider the possible consequences before selling a house without addressing them.

Can You Sell a House With Code Violations?

If selling a house with code violations, it is important to determine the extent of the violation(s) and any potential liabilities. Depending on the type of violation, the seller may be liable for any repairs that need to be made.

Even if the buyer is willing to purchase a house with code violations, their mortgage lender may forbid it. For example, FHA (Federal Housing Administration) loans don’t allow borrowers to purchase properties with outdated electrical panels. And some local and state authorities require sellers to fix certain safety issues before the property can be legally transferred.

Here are a few tips for dealing with code violations: 

  • Identify and document the code violations: Before attempting to sell a house with code violations, it’s important to know the extent of the violations and potential liabilities.
  • Get an estimate for repairs or necessary fixes: Determine how much it will cost to bring your house up to code so you can accurately assess any potential liabilities.
  • Consider selling the home in “as-is” condition: If you do not want to incur the cost of bringing your house up to code (and aren’t legally required to), you can consider selling it in its current condition by listing it as-is. Doing so puts the responsibility for repairs in the hands of the buyer. You will be legally obligated to disclose all known code violations and potential liabilities.
  • Address all code violations before selling: Although you could list your home as-is, doing so will likely hurt the sales price, and you may not be able to find a buyer willing to take on the responsibility of repairs. If possible, it’s best to address all code violations before attempting to sell the home.

When it comes down to it, you can sell your house despite code violations. However, doing so can scare away many buyers and reduce your potential sale price. Contact us at Randy Lindsay today for more tips on selling a house.

Is a Rent-Back Agreement a Good Idea?

 rent-back agreement

Selling your home can come with all sorts of challenges. One of these challenges is finding a place to live before you close and move out.

It’s not uncommon for sellers to find themselves in a situation where they have a buyer lined up but nowhere to go, whether it’s because their new house hasn’t been completed or they simply haven’t yet found a new place to buy. If this is the case for you, one potential solution is to sign a rent-back agreement with your buyer.

What Is a Rent-Back Agreement?

A rent-back agreement is an arrangement in which the seller agrees to continue renting the property from the buyer for a set period of time. This can be a good option for sellers who need extra time to find a new place to live if the buyer doesn’t have to move in right away. It’s worth noting that this is generally a short-term agreement.

The Pros and Cons of a Rent-Back Agreement

Arguably the biggest benefit to a rent-back agreement is that it will give you time to find a new place to live. The last thing you want to do is to be forced into moving, putting everything in storage, and having to rent an apartment if that’s not what the plan was. On top of that, you’ll also deal with much less stress since you won’t have to worry about finding new living arrangements on top of everything else that comes with selling a house.

However, there are a couple of drawbacks. First, the buyer needs to agree. This means the buyer needs to be in a situation where they don’t have to move in right away. Such a buyer can be hard to find. Secondly, it puts you at a disadvantage as far as negotiations are concerned. You may have to accept a lower offer if the buyer knows you need something.

Consider Signing a Rent-Back Agreement

If you’re in a situation in which you need to sell your house but don’t have anywhere to go yet, you may want to consider finding a buyer willing to sign a rent-back agreement. Be sure to contact us at Randy Lindsay today for more advice on selling your home.

4 Tips for Selling Your Home for More Money

Selling Your Home

If you decide to sell your house, you’ll want to do everything you can to maximize your profits. However, to get as much as you can out of your house, you’ll have to do a little more on top of simply listing it and hoping you find a buyer willing to give you what you’re asking.

With that in mind, the following are four tips on selling your home for more money:

1. Price your house correctly

The most important factor in getting top dollar for your home is pricing it correctly from the start. One of the biggest mistakes sellers make is pricing their homes too high, thinking they’ll be able to come down later if nobody bites. However, overpricing your house can scare potential buyers away. And the longer your home sits on the market, the more difficult it will become to sell.

2. Make necessary repairs and updates

If any major repairs or updates need to be made to your home, it’s best to do them before putting your house on the market. Not only will this make your home more appealing to potential buyers, but it will also increase its value. If you’re unsure what repairs or updates need to be made, a home inspector can give you a detailed report.

3. ‘Time’ the real estate market

If you put your house up for sale during a buyer’s market, it will likely take longer to sell because there will be fewer buyers, and you’ll probably have to lower your asking price. However, if you list during a seller’s market, you’ll likely have more buyers interested in your home and you might get away with a higher asking price. Competition may even result in a bidding war. Pay attention to your area’s market conditions to help determine the best time to list your home.

4. List your property at the right time

Besides timing the market, try to list your market during the peak season, either in the spring or summer. This is when more buyers are looking for homes than at any other time of year, so you’ll have a better chance of selling quickly and for top dollar.

These are four tips you should keep in mind to help ensure you get the most money possible from selling your home. Contact us at Randy Lindsay today for more tips on selling your home.

How to Make Your Small Home Look Bigger

selling your home

Selling your home is challenging! And if your home is on the smaller side, homebuyers might think twice about whether it will address all their needs. Even if it does, if your home feels small and cramped, it won’t attract a lot of buyers. 

There are ways you can make your small home feel bigger and make it more attractive to potential buyers. Try these tips on how to make a small house feel bigger:

1. Use light colors when painting your walls

Light colors make a room feel more open and airier, which can give the illusion of more space. In contrast, dark colors often make a space feel smaller and more cramped than it is. If you don’t want to paint the entire home, paint an accent wall in a light color to make a statement and open up the space.

2. Let in natural light

Natural light is one of the best ways to make a small room feel bigger. If your home doesn’t have a lot of windows, consider installing skylights or solar tubes to brighten things. You can also use mirrors to reflect light and make the space feel more open.

3. Keep the clutter to a minimum

One of the quickest ways to make a small space feel cramped is to have too much stuff. Go through your belongings and get rid of anything that you don’t need or use. This will not only create space, but it will also make your home feel less cluttered.

4. Use multipurpose furniture

Furniture that serves more than one purpose is ideal for small homes. For example, ottomans with storage can be used as a coffee table or extra seating, while a Murphy bed can be folded up into the wall when not in use. Look for furniture that is both functional and stylish to make the most of your space.

5. Hang curtains high

Hanging curtains closer to the ceiling will make your windows look taller and your ceilings appear higher. This simple trick can give the illusion of more space and make your small home feel bigger.

Making your small home feel bigger doesn’t have to be difficult. By using these tips, you can create the illusion of more space. If you’re selling your home, making your small house feel bigger can attract more interested buyers. For advice on selling a house, contact us at Randy Lindsay today.

Can I Sell My House Soon After Buying It?

sell my house

If you’ve recently bought a new house, then you can sell it anytime you want. It’s your house, after all! However, that doesn’t mean you should. Although extenuating circumstances might force you to sell your house soon after buying it, there are several reasons why you should consider waiting a few years if possible.

Why Should I Wait Before I Sell My House?

Real estate tends to be a very stable investment and will typically appreciate over the long term. If you sell quickly after you’ve bought (say, within the year), then odds are you won’t make much of a profit; if any. In fact, it’s more likely you’ll lose money when you take into account all of the costs associated with buying and selling a house as well as moving to and from a new location.

For instance, in addition to the down payment and mortgage payments you’ve already made, you’ve also spent money on moving costs, property taxes, mortgage insurance, and more. 

Secondly, even if your house does jump in value significantly, if you sell your house within a year of having bought it, your capital gains will be taxed like regular income. You need to wait at least a year for your capital gains to be taxed as long-term gains and not short-term gains (which will save you money).

How Long Should I Wait Before I Sell My House?

At the very least, you should wait a year to avoid a higher capital gains tax rate. However, considering all the costs associated with buying a house, most homeowners won’t break even when they sell unless they wait at least two years.

For more advice on buying and selling homes, be sure to contact us at Randy Lindsay today.

3 Hidden Home Selling Costs

home selling costs

Believe it or not, selling a home can cost you money. It’s not as simple as just putting a for-sale sign in your yard. If you want to sell your home as quickly as possible, hire a real estate agent who can help you navigate the home-selling market and find motivated buyers.

You may need to invest some money into repairs and upgrades where needed. But a Realtor and home improvements aren’t the only expenses associated with selling a house. The following are three hidden home selling costs you may not have known about:

  1. Appraisal: You can use comps within your neighborhood to help determine the value of the house, but you’ll get a more accurate assessment of what to ask your home is appraised by a professional. Independent appraisals cost between $350 and $500.
  2. Survey: If you own an older home in an older neighborhood (and/or your home is in a rural area surrounded by natural elements), you’ll need to schedule a survey. A land surveyor will determine the property lines so you know exactly how large your land is and exactly what you’re selling. A land survey can cost from $250 to $1,000.
  3. Vacant house insurance: If you’re not living in the house, you’ll want to purchase vacant house insurance. This protects you financially if your house is vandalized. Expect to pay upwards of a few hundred a month.

There are a lot of different costs associated with selling a house. Although you may be aware of most of them, there are often hidden home selling costs.

For more home selling advice, contact us at Randy Lindsay today.

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Randy has enjoyed over 31 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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