Call or Text With Your Question 562-881-9811
Email us to AnwerMyQuestion@homecentralfinancial.com
Article topics: How to Sell My House, How to Sell My House Fast, Real Estate Agents
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
How do I sell my house, questions and answers
In general, I am going to answer “questions” that several clients that I have helped them sell their properties have asked me.
My name is Miguel Vazquez, I am a real estate agent…I am a broker and I am bilingual…I speak Spanish AND English…I have been a broker, realtor and in the profession of selling houses for 16 years…I am a house seller, I also help clients buy houses and real estate…I also have my lender’s license…The two professions (Home Mortgages / Real Estate) are linked and one profession facilitates the other…Most of my clients use a loan to buy their house, if you also have questions about How to qualify for home mortgages I can help you with answers, apart from also helping you with the answers about selling your house.
Question # 1 – How to sell a house / how to sell a property / steps to sell a house
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
#1 First Step, – Clarify the goal or goals for which you need to sell the house .
First we talk and figure out what are the goals that the client wants to achieve by selling his house. For example, they want to sell their house and go buy another in another city. Another goal is maybe they want to sell the house and continue living in it as a renter. They may want to sell their property and buy units as investment property.
The first step in selling your house is to be clear and understand the goal that the client wants to obtain when he wants/occupies selling his house/property. Part of this step is to understand why he wants to sell his house.
#2 Second step , we are going to see how much your house or property is worth or how much your house can be sold or how to know the price of your house or what your house is worth.
We will determine the sales price of your home. Initially, we are not going to spend money to request an evaluation by a professional advisor to conclude more or less than what your home or property is worth. How to know how much to sell my house / how to know the price of my house / what is my house worth? The way we are going to know how much your property is worth is to look at the comparables of recently sold houses around you. We are going to look at houses, properties in similar condition and similar characteristics in terms of bedrooms, square footage as well as the condition, square footage of your house. And based on the sales of these houses sold, we are going to give you an idea of how much money you can also sell your house, property.
I am going to give you a simple report indicating the value of your property and the price that I believe your house can sell for based on other recently sold houses.
#3 Third step , is to qualify them to see how much they qualify for a mortgage loan to buy their next house, if they want to buy another new house after their current house is sold.
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
Before selling your house and going to buy another house, what we are going to do is qualify them to see if they can buy the next house before selling their current house…In this qualification, they will understand how much the new payment of the new house will make are going to buy, how much down payment will have to be made to buy the new house, what will be the interest on the new mortgage on the new house… We will also know where we are going to find, in what area or city, where we are going to find and buy the new house… And I am going to give you your prequalification letter.
After knowing the goal that you want to meet by selling your house , we know more or less the value of your property and you are also qualified for a new mortgage based on the sale of your house, we continue to the fourth step.
#4 Fourth step , is to explain to them the earnings, expenses and taxes numbers – how much money will they have left after selling their house and if they will have to pay taxes or not after selling their house .
Before selling your house, I am going to give you a written sheet indicating all the expenses that the sale of your house consists of.
But in general one can realize, more or less, the money that will remain after selling their house, in the following way. Only the value of your home is taken and the current balance of your mortgage is subtracted to figure out how much money you will have left before selling your home. For example, if we determine that your home is worth $550,000 and what you owe on your current mortgage is $300,000, you will be left with approximately $250,000 less commission fees and closing/selling fees after the sale of your home.
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
The total expenses of selling your house , in general, will be approximately 10% percent of the value of your house. If the value of your home is $550,000, 10% of the $550,000 value would be $55,000 in total expenses, which may include “agent commissions, seller closing costs, and buyer closing costs if dealt with.” The seller helps the buyer with the paperwork expenses.
How much profit is left over from the sale of your home, after the balance of your current mortgage is paid off, as well as closing costs . If your home sells for $550,000 , and $ 300,000 is owed on your current mortgage, and closing costs are $55,000 , then we will subtract $550,000 for costs and the balance on your current mortgage.
Precio de venta de su casa $550,000 menos $300,000 de su hipoteca actual es $250,000
$250,000 minus $55,000 closing costs , they have $195,000 left in profit.
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
Gains and taxes when selling your house
The profit / amount of $195,000 is less than $250,000 and is tax free, as long as your home that is being sold has been your home for at least two years and has also been your primary residence, in other words you have been living In your home for at least the last 2 years you do not have to pay taxes. You may see a profit from selling your primary home of $250,000 per person. If the owners of the house are a couple, there can be a profit of $250,000 thousand dollars per person for a total of $500,000 thousand dollars without paying a penny of taxes. If there is no profit greater than $250,000 per person or $500,000 per couple when you sell your home, there is no tax to pay.
Yes, if there are earnings above $250,000 thousand dollars per person then between 15%-25% of taxes will be paid ONLY ON the amount “after” 250K/500K thousand dollars allowed per person or couple. For example, if a “couple” of owners sells their house and after subtracting expenses and paying the current mortgage balance, the profit is $560,000, they will only pay taxes on $60,000, not on $560,000. The amount of taxes on the $60,000 would be (15%-25%) $9,000 – $15,000 of taxes.
According to the state of California, if you file your taxes as an individual you will not have to pay taxes if
Your profit from the sale was less than $250,000
You have not used this exclusion from paying taxes in the last 2 years
Owned and occupied the home for at least 2 years
The seller will pay tax on any gain above $250,000.
Si está casado o declara sus impuestos con su pareja, usted y su pareja ”pueden excluir hasta $500,000 si se aplica todo lo siguiente:
A) Your profit from the sale was less than $500,000
B) Filed a joint tax return for the year of sale
C) Both spouses meet the 2 of 5 year use requirement
D) Neither you nor your spouse excluded the proceeds from the sale of another house in the last 2 years.
E) The seller will pay taxes on any profit above $500,000″
What are the costs of selling your home ?
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
The commission of real estate agents is negotiable. You can negotiate 1%, 2%, 3%, 4%, 5%, 6% for selling your house. You can also negotiate a fixed amount to sell your house, for example $500, $900, $1500, $5000, $10,000 if you want a more limited agent service / assistance.
Example of expense when selling a house. Expenses are based on the sale of a home that sold for $329,000
PRORATIONS/ADJUSTMENTS
$134.77 County taxes at $2,732.90/semi-annually from 01/01/2023 to 10/01/2023
AGENTS COMMISSIONS (Commission can always be negotiated with the real estate agent)
$9,870.00 Seller’s Agent (3%)
$9,870.00 Buyer’s Agent (3%)
$9,870.00 Seller’s Agent (3%)
$9,870.00 Buyer’s Agent (3%)
OTHER DEBIT
$356.16 City of LA – Building and Safety Residential Property Report
$94.95 MyNHD, Inc for Natural Hazard Disclosure
HOME TITLE/TAXES/RECORDING FEES TO TITLE COMPANY
$1,307.00 Title – Owner’s Title Insurance (optional)
$10.00 Title – Recording Service Fee
$62.50 Title – Sub Escrow Fee
$361.90 Transfer Tax – County to Los Angeles County
$1,480.50 Transfer Tax – City to City of Los Angeles
$3,006.19 Property Taxes – 1st half + Penalty to Los Angeles County Tax Collector
$579.02 Supplemental Taxes
ESCROW CHARGES – Escrow
$1,073.00 Title – Escrow Fee
$80.00 Title – Messenger Fee
$60.00 Title – Wire Fee
$1,073.00 Title – Escrow Fee
$80.00 Title – Messenger Fee
$60.00 Title – Wire Fee
$28,345.99 Total Expenses in this example
$329,000.00 (Home sale prices less expenses $329,000.00 – $28,345.99 = $300,654.01)
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
$300,654.01 Net Proceeds (This is the amount left over after resetting expenses)
The TOTAL expenses (agent commissions, buyer’s expenses) from the sale of this home were approximately 8.7% of the price the home sold for.
In this example, there was no mortgage balance because the house was fully paid for, nothing was owed to a bank. The owner was only one person so after being “free” from paying taxes on the $250,000 thousand dollars of the total profit of $300,654.01, the owner only had to pay 15%-25% on profits on profits after $250,000. In this case, the taxes would be 15%-25% on $50,654.01, and he had to pay between $7,598 – $12,663 of taxes.
They may incur additional costs for the seller if they are also paying the buyer’s closing costs. Those additional expenses can be between $1000 – $20,000 depending on the negotiation of the purchase and sale.
In this example, the business owner does not pay the buyer’s closing costs.
After completing the first four steps: #1 goal, #2 home value, #3 qualify them and #4 understanding and explaining the numbers of selling your home (expenses, taxes and the money that will be left over at sell your house). After this, if you are ready, selling your house would be the fifth step.
#5 Fifth step, Sell Your House (list, advertise your house for sale to the public and the market)
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
Process and time to sell your house
The time frame to sell your home can be as fast as 2 months or in a slow market it can take more than 2 months to sell your home. The total time frame from signing a contract with a real estate agent to sell your home to handing over the keys to the new owner can be as little as two months.
Assuming your home sells in 2 months, the first month would be for your home to be shown to the public and potential buyers. One month to show the property to many potential buyers, receive offers, go over the details of that offer and then accept an offer and open escrow between you the seller and the buyer of your home.
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
Within the “first month” it may be achieved and we accept an offer from a buyer. After receiving, negotiating and accepting an offer from a buyer, escrow is opened and the sale of your home begins to be processed. In a sale where the buyer is buying your house and is asking for a mortgage loan with a bank.
The second month for the process of the sale of your house to be processed and the buyer to process your loan to buy your house.
Again, selling your home if the buyer is buying your home getting a mortgage can be 2 months. But the reality is that the sale of your house can last 3 months and in extreme situations the time can be 4 months.
Selling your house and Buying your new house simultaneously
This is how selling and buying a house at the same time is achieved.
Now I am going to explain how you are going to sell your house and at the same time buy the new house that you, the seller, are going to buy. The sale and purchase of your home will be simultaneously.
The way that we are going to do so that your house, property is sold and at the same time buy your new house is that we are going to negotiate this condition with the buyer of your house. This condition will indicate that we will accept your offer to buy your house on the condition that they will wait for you to find your new house and that the sale of your house AND the purchase of your new house will be done at the same time. The sale of your house AND the purchase of your new house are closing in a few days. So first the sale of your home is completed and days after that your purchase of your new home is completed. It is done this way so that they are not left without a home to live in any day. This is what it is like to sell your house to buy another at the same time.
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
Real Estate Agent – More Questions and Answers on how to sell my house
Can I sell my a portion (half) of a property that I own ?
Yes, if you can sell half of a house, only the ideal would be to sell that half to the owner of the other half… This is done through a home refinancing, where the owner of the other half requests a mortgage loan to who can buy half of you or vice versa. The process is easy, the hardest thing is for both owners to agree. Selling/refinancing from one person to another half of the property only takes about 3-4 weeks. After the process, the seller receives his money through refinancing.
Is it necessary to make repairs before selling my house, property ?
They do have that option to repair your home before putting it up for sale, but it is not necessary. Repairs are not absolutely necessary to list your home for sale. Your house can be put up for sale in “sale AS-IS,” where it is understood that you are selling your house in its current condition. If the repairs are extensive and the costs to make the repairs will cost a lot of money to repair, one option is to give the buyer a credit for the outstanding repairs at the end of escrow/sale. Yes, you can sell your house even in its current condition, without making any repairs.
Are you a realtor or a real estate agent ?
I am both, I am a realtor and also a real estate agent.
Can I sell my house if I still have a mortgage on it ?
Yes, if you can sell your house that is mortgaged. The fact that you owe a balance on your current mortgage does not prevent the home from being sold. For example, if you owe a balance of $350,000 on your home, and the home has a value of $550,000 dollars, your home is sold for $550,000 dollars, and at the end of the process of selling your home, escrow, you will subtract the amount that it is owed to your current mortgage and is sent to the lender, paying off the balance of the mortgage and the rest / difference is delivered to the owner. In this case, $350,000 (what is owed on the house) is subtracted from the selling price of the house ($550,000): $550,000 (selling price of the house) – $350,000 (balance owed on the house) = $200,000 ( This amount remains for the owner / seller of the house.
What documents / papers do I need to sell my house ?
The documents that are used to sell a house are minimal.
Identification.
Current mortgage statement.
Homeowner’s Insurance documents.
Living Trust Papers (if the house is in a trust).
How can I sell my house fast ?
The fastest way to sell your home would be to sell it to a discount and an all cash buyer. Typically, this happens when the property needs extreme repair. Our investors can buy your house with cash within 7-10 days.
Do you speak any other languages other than English ?
Yes, Miguel Vazquez and all the agents in the office also speak Spanish.
How to sell my house to buy another house ?
Before selling your house and going to buy another house, what we are going to do is qualify them to see if they can buy the next house before selling their current house…In this qualification, they will understand how much the new payment of the new house will make are going to buy, how much down payment will have to be made to buy the new house, what will be the interest on the new mortgage on the new house… We will also know where we are going to find, in what area or city, where we are going to find and buy the new house… And I am going to give you your prequalification letter…Selling your house and Buying your new house simultaneously. The sale and purchase of your home will be simultaneously. The way that we are going to do so that your house, property is sold and at the same time buy your new house is that we are going to negotiate this condition with the buyer of your house. This condition will indicate that we will accept your offer to buy your house on the condition that they will wait for you to find your new house and that the sale of your house AND the purchase of your new house will be done at the same time. The sale of your house AND the purchase of your new house are closing in a few days. So first the sale of your home is completed and days after that your purchase of your new home is completed. It is done this way so that they are not left without a home to live in any day. This is what it is like to sell your house to buy another at the same time.
Is it possible to sell my house & buy another one ?
Yes, if you can sell your house and buy another. Before selling your house and going to buy another house, what we are going to do is qualify them to see if they can buy the next house before selling their current house…In this qualification, they will understand how much the new payment of the new house will make are going to buy, how much down payment will have to be made to buy the new house, what will be the interest on the new mortgage on the new house… We will also know where we are going to find, in what area or city, where we are going to find and buy the new house… And I am going to give you your prequalification letter…Selling your house and Buying your new house simultaneously. The sale and purchase of your home will be simultaneously. The way that we are going to do so that your house, property is sold and at the same time buy your new house is that we are going to negotiate this condition with the buyer of your house. This condition will indicate that we will accept your offer to buy your house on the condition that they will wait for you to find your new house and that the sale of your house AND the purchase of your new house will be done at the same time. The sale of your house AND the purchase of your new house are closing in a few days. So first the sale of your home is completed and days after that your purchase of your new home is completed. It is done this way so that they are not left without a home to live in any day. This is what it is like to sell your house to buy another at the same time.
Do I have to pay taxes on the earning from the sale of my house ?
According to the state of California, if you file your taxes as an individual you will not have to pay taxes if:
Your profit from the sale was less than $250,000
You have not used this exclusion from paying taxes in the last 2 years
Owned and occupied the home for at least 2 years
The seller will pay tax on any gain above $250,000.
If you are married or filing your taxes with a partner, you and your partner” can exclude up to $500,000 if all of the following apply:
A) Your profit from the sale was less than $500,000
B) Filed a joint tax return for the year of sale
C) Both spouses meet the 2 of 5 year use requirement
D) Neither you nor your spouse excluded the proceeds from the sale of another house in the last 2 years.
E) The seller will pay taxes on any profit above $500,000″
What are the cost & commissions associated with selling my house ?
TOTAL expenses (agent commissions, buyer’s fees, escrow, closing costs, etc.) from the sale of this home were approximately 6%-10% of the selling price for the home, depending on agent commissions, or if you are going to pay the closing cost of buying your home. Real estate agent commissions are negotiable.
Is it possible to sell my house & continue to live in it afterwards ?
Before selling your house we can reach an agreement with the buyer that after the sale of your house to the buyer, that the buyer will agree that you will continue to live in the house through renting it to the buyer. He will continue to live in the house but as a renter and not as an owner.
Is it possible to sell & buy another house at the same time ?
Before selling your house and going to buy another house, what we are going to do is qualify them to see if they can buy the next house before selling their current house…In this qualification, they will understand how much the new payment of the new house will make are going to buy, how much down payment will have to be made to buy the new house, what will be the interest on the new mortgage on the new house… We will also know where we are going to find, in what area or city, where we are going to find and buy the new house… And I am going to give you your prequalification letter…Selling your house and Buying your new house simultaneously. The sale and purchase of your home will be simultaneously. The way that we are going to do so that your house, property is sold and at the same time buy your new house is that we are going to negotiate this condition with the buyer of your house. This condition will indicate that we will accept your offer to buy your house on the condition that they will wait for you to find your new house and that the sale of your house AND the purchase of your new house will be done at the same time. The sale of your house AND the purchase of your new house are closing in a few days. So first the sale of your home is completed and days after that your purchase of your new home is completed. It is done this way so that they are not left without a home to live in any day. This is what it is like to sell your house to buy another at the same time.
If I have a mortgage, can I still sell my house ?
Yes, if you can sell your house that is mortgaged. The fact that you owe a balance on your current mortgage does not prevent the home from being sold. For example, if you owe a balance of $350,000 on your home, and the home has a value of $550,000 dollars, your home is sold for $550,000 dollars, and at the end of the process of selling your home, escrow, you will subtract the amount that it is owed to your current mortgage and is sent to the lender, paying off the balance of the mortgage and the rest / difference is delivered to the owner. In this case, $350,000 (what is owed on the house) is subtracted from the selling price of the house ($550,000): $550,000 (selling price of the house) – $350,000 (balance owed on the house) = $200,000 ( This amount remains for the owner / seller of the house.
How can I sell my house if I still have a balance on my mortgage ?
Yes, if you can sell your house that is mortgaged. The fact that you owe a balance on your current mortgage does not prevent the home from being sold. For example, if you owe a balance of $350,000 on your home, and the home has a value of $550,000 dollars, your home is sold for $550,000 dollars, and at the end of the process of selling your home, escrow, you will subtract the amount that it is owed to your current mortgage and is sent to the lender, paying off the balance of the mortgage and the rest / difference is delivered to the owner. In this case, $350,000 (what is owed on the house) is subtracted from the selling price of the house ($550,000): $550,000 (selling price of the house) – $350,000 (balance owed on the house) = $200,000 ( This amount remains for the owner / seller of the house.
Is it possible to sell my house if I'm still paying it off ?
If your house can be sold, you are still paying for it.
Yes, if you can sell your house that is mortgaged. The fact that you owe a balance on your current mortgage does not prevent the home from being sold. For example, if you owe a balance of $350,000 on your home, and the home has a value of $550,000 dollars, your home is sold for $550,000 dollars, and at the end of the process of selling your home, escrow, you will subtract the amount that it is owed to your current mortgage and is sent to the lender, paying off the balance of the mortgage and the rest / difference is delivered to the owner. In this case, $350,000 (what is owed on the house) is subtracted from the selling price of the house ($550,000): $550,000 (selling price of the house) – $350,000 (balance owed on the house) = $200,000 ( This amount remains for the owner / seller of the house.
Can I sell my house if its still mortgaged / owed / not paid off completely ?
Yes, if you can sell your house that is mortgaged. The fact that you owe a balance on your current mortgage does not prevent the home from being sold. For example, if you owe a balance of $350,000 on your home, and the home has a value of $550,000 dollars, your home is sold for $550,000 dollars, and at the end of the process of selling your home, escrow, you will subtract the amount that it is owed to your current mortgage and is sent to the lender, paying off the balance of the mortgage and the rest / difference is delivered to the owner. In this case, $350,000 (what is owed on the house) is subtracted from the selling price of the house ($550,000): $550,000 (selling price of the house) – $350,000 (balance owed on the house) = $200,000 ( This amount remains for the owner / seller of the house.
Are you a real estate agent the know & understands Spanish & English ?
Yes, I understand and speak Spanish, I am bilingual. I also understand and speak English.
Can I sell my part of an inheritance house ?
Yes, if you can sell your share of the inheritance of a house. Yes, if you can sell half or a part of a house inherited from a house, only the ideal would be to sell that part of the inheritance to the owner of the other part… This is done through a home refinancing, where the owner of the other half asks for a mortgage loan so that he can buy half of you or vice versa. The process is easy, the hardest thing is for both owners to agree. Selling/refinancing from one person to another half of the property only takes about 3-4 weeks. After the process, the seller receives his money through refinancing.
Do you sell houses or any other property ?
Yes, I can help you sell your house and explain the process.
Could you tell me what the value of my house or what it could sell for ?
Yes, I can let you know the value or price at which your house can be sold. You can call me at 562-881-9811 and I will give you the value of your house over the phone.
If you have any questions about selling your home, feel free to call me (Miguel Vazquez) and I’ll give you the answers immediately 562-881-9811
Call or Text Your Question To 562-881-9811
email us to AnwerMyQuestion@homecentralfinancial.com
