If you are wondering why you are losing your equity in your house or you are not able to sell your house for the price you are hoping for. Here are the 5 Equity Killers to Sell Your House in Kent, WA. (click the video below to play) or keep reading below!
Why do you need to know the 5 equity killers to sell your house?
if you are looking to sell you how fast, if you are considering selling your house, and if you have five of these factors, it’s gonna kill your equity in the house really quickly! so pay attention to this article.
Now that you know you’re now armed to solve the issues, so the number one equity killer to sell your house fast in Renton is:
1-TIME to Sell
It is like a toll lane, where you have to pay to get from where you are to where you want to be quickly. You’re gonna pay a price! Nothing in life comes for FREE.
The same thing with housing. The same thing with selling your house fast! The major tool that cash buyers in the area are using is a Private Money Lender, Cash or Hard Money Lender! so that they can extremely fast buying your house at your timeline!
That means they don’t have to go through:
- bank process
- bank approval
- no appraisal
- no inspections
- no listing
- no wait
So pretty much they can underwrite the deal, can underwrite buying your house, and decide to buy a house in-house! and just process to close on your timeline, whether that is 7 days, 14 days, 30 days or 45 days.
I don’t know what other people are doing in their companies, but Angel Home Solution, we would not just give you a discounted offer because we wanted to keep more money in our pocket.
The cash buyers will have to pay the investor, the private lender, the bank, the hard money lender because they need profits from the investment.
2-Issue related to your house
Another common thing that could be a major equity killer to sell your house in Kent is Liens! whether that is:
- A Lis Pendant, you are in a court problem and somebody put a lien onto your house to pay off that settlement, or
- A contractor Mechanic Lien. If you dealt with contractors, and you are not paying them or somehow you’re thinking you’re not owed any money to them, but the contractor expected you to pay more.
- Sometimes, the contractor doesn’t pay a sub-contractor intentionally or unintentionally, and the subcontractor now puts a Mechanical Lien onto your property.
Those Liens are gonna stay on to your title. To sell, you have to clear that “clouded” title, so those are the money that sometimes you don’t even know. You’ll find that out from a title and escrow company through a title search.
3-Back Taxes and Arrears
The third major, a really common, equity killer to sell your house is Back Taxes and Arrears.
Back Taxes like property tax. If you’re not paying government property tax, they’re gonna put a lien onto yours! and they’re gonna be the primary lien, and essentially they can foreclose on your house when the time gets there! So really proactive on that, if you have the property lien.
Arrears from your mortgage. if you are late or behind on your mortgage, the chances are you will have arrears including late Principle and Interest, and late fee from your mortgage lender.
To sell your house, you will have to pay off all of that. It’s gonna come as payoff amount, so those are the #2 equity killer to sell your house fast in Kent.
3-Condition of The House
The number three is also the next common one, the condition of the house! A lot of properties that we buy, need some value-add, meaning we buy and we rehab the properties, and put it in a really great condition! So it depends on how much your property needs in terms of rehab and fixed up.
In a way, it’s not really killing your equity because it is the value at current condition, the As-Is value that the market is pricing at. So the condition of the house determines the value of the house by itself. It is obviously lower than the market value of a perfect condition house.
If you do the rehab yourself you can increase that. You can force that value and get a higher price than your house is now appraised at. It is the best way to get more money into your pocket. Check out these resources to sell your house for top dollar from start to finish:
- 7 steps to sell your house for top dollar in [marketc_city].
- 11 steps and timeline of a traditional selling process
4-Property Type
The fourth Equity Killer to sell your house in Kent or nearby areas is the Property Type. You probably heard of the starter house, a two and one, 2 bedrooms/ 1 bath or one/one, 1 bathroom/ 1 bath. That is the low extreme! and high extreme is you have a three-stories, four-stories house that is really not typical here in Washington. Huge luxury house or the house situated in really weird conditions. House that has a special layout that really worked really well for you. You like it so much but it’s not common. It’s unique.
Unique is not always special! sometimes it’s gonna be a deal killer! you have instead of 90% of your buyer, someone that looking to buy the house, like a family couple instead of having 90% population you now have only 20%! so it’s essentially your market size is reduced significantly!
5-Procrastination
The last one is a really major and essentially it kills not only equity to sell your house, but it also a factor that kills most people are in other businesses as well, like in my business, personal level, and other people’s personal level! so the fifth Equity Killer to Sell Your House in Kent is procrastination!
Nothing worse than not taking any actions! If your house needs to be fixed up, I totally highly recommend you make the decision now. Doesn’t matter if you need to:
- list the house
- rent a house
- sell to a real estate agent
- sell to a cash buyer, you don’t have to work with us at Angel Home Solution whoever you work with just make that decision!
If your house is in great shape and you currently live in a house, if you plan to list if you plan to rehab the house, then do your best! but make that decision!
Some people that we know, they stick to Drinking and Procrastinate. They have a really hard time with the situation, which I totally understand! (I’ll share with you my story at the end of this)
They take procrastination as a friend. Alcohol can make you forget about hard times temporarily, but the next day you’ll face reality again, in that same loop! It is very common that people default to temporary relief when they are in pain.
How Does Procrastinate kill your house equity?
By procrastinating if the house needs work, if the house is currently in a deteriorated condition, if you’re not doing anything, you will be in a tougher and worse situation! The problem will get larger, the condition will get worsen, it will cost more to fix up, your stress will go up.
We have one of the deal that seller had been keeping the house for twenty years, not doing anything, as the result: the house condemned not only it condemned, the lot now is not buildable, because of the new code!
We had an issue with building septic in that property so I wasn’t able to build anything not able to do anything with that property at all. So instead of making you know 100k, hundred thousand or seventy thousand or ten thousand or five, four, three thousand, they made nothing, on top of that she keeps paying tax every month, and maintenance and getting a code violation letter, and now what?
Sometimes people had the option to list the property for more cash but they procrastinated. They didn’t do it, they wait until it is too late, and now they have 14-day 30-day 45-day now what! Listing is no longer an option! The only option is to sell to a Cash Buyer that can buy it quickly!
The real estate agent won’t be able to do so because listing the house would need the time to show. If you really want the top dollar you also have to wait for the buyers the right buyer to put an offer and then the time for that to close. At the end of the day, you know what you’re losing a lot of equity in that house.
Here is my story related to alcohol. I have a really tough situation in the family. I don’t want to share too much on a personal level but it is about relationship issues. I have to do two jobs and we had to pay for two mortgages and to properly taxes. Take care of my son, take care of the bills were really stressful things.
I got into drinking every day! that’s how I learned how to drink alcohol. Luckily I wasn’t addicted, I wasn’t going to hard liquor but it’s a painful time! What got me back on track was meeting my mentors. I have a lot of mentorships, professional spiritual and personal. Having someone by my side to share a little bit of here and there were really helpful. Saw my situation was not that worse, and I was able to solve the issue!
I have a lot of procrastination there’s a lot of things that I should have done! um even until now! There are some tasks that I wanted to be done, but I don’t have time.
It definitely the top equity killer that could cost you ten thousand, twenty thousand, fifty thousand, or one hundred thousand dollars! If you have those five issues under your belt and you’re looking to sell your house fast, I wish you all the good luck and you know hope you for the best!
But hopefully, now that you know all the five equity killers to sell your house! it is Time to Sell, Issue in Your House, Property Condition, Property Type, and Procrastination! Make sure you tackle all of them, and I guarantee you that you have the success in selling your house for top dollar. You’re not having to lose your equity!
If you’re looking for more tips like the 7 way to sell your house for top dollar and relatively quickly! check out the link above
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