Frequently Asked Questions
Here’s a quick collection of some of the questions people ask us… If you still have a question, don’t hesitate to contact us and we’ll be happy to answer it for you.
The timeline for receiving cash proceeds from a home sale can vary. In a cash sale, the process is typically faster than traditional sales, often taking a few weeks. The exact timeframe depends on factors such as the buyer’s due diligence, the title transfer process, and any negotiations.
Pros: Potential for profit, release from landlord responsibilities, and access to cash. Cons: Capital gains taxes, potential market fluctuations, and the loss of rental income. Each situation is unique, so carefully weigh these factors based on your financial goals.
While it’s challenging to completely avoid taxes when selling a property, there are strategies to minimize tax liability. One common approach is a 1031 exchange, which allows you to defer capital gains taxes by reinvesting the proceeds from the sale into a similar property. Consult with a tax professional to explore options based on your specific situation.
Allowable expenses when selling a rental property can include real estate agent commissions, legal fees, title insurance, and any costs associated with preparing the property for sale. These may vary, so it’s essential to keep thorough records of all expenses related to the sale.
Yes, it is legal to sell a rental property with tenants in it. However, the rights of tenants vary depending on local laws. Typically, tenants have the right to continue their lease even after the property is sold. Some jurisdictions may require the new owner to honor existing leases until they expire.
Selling as-is can speed up the sale due to fewer repairs and negotiations. However, finding the right buyer might take time, potentially lengthening the overall process.
Prices for as-is sales are negotiable. Buyers often consider repair costs when making offers, but negotiations should align with the property’s market value and condition.
The primary risk is accepting a lower price due to the property’s condition. Buyers might negotiate harder on price or terms due to the as-is condition.
The loss varies based on the property’s condition and the market. Selling as-is might result in a lower sale price due to needed repairs or the property’s condition.
A quick sale involves selling directly to cash buyers or investors who offer a faster transaction without mortgage approval. They typically purchase properties as-is, speeding up the process.
Price competitively, emphasize its potential, and target cash buyers or investors who specialize in such properties. Highlighting it as a renovation opportunity can attract interested buyers faster.
Prepare the property well, market it extensively through online platforms, and consider hiring a real estate attorney for legal aspects and paperwork.
Selling a house as-is means offering it in its current condition, without making repairs or improvements. Buyers take it with all existing faults, and the seller isn’t obligated to fix anything.
Our streamlined process allows for a quick sale, with closing possible in as little as seven days.
Yes, you can. Use the proceeds from your sale to pay the mortgage balance.
A cash sale can make your move quicker and easier because you get your money immediately. You don’t have to worry about the house after moving.
We buy houses as-is. You do not have to make repairs.
On average, our home buyers close most deals within one to three weeks. Selling your house and closing the deal in as little as seven days is possible.
Our buyers buy your house as-is directly from you and pay cash for the property.
A probate sale begins with an appraisal to determine the home’s market value. Depending on the jurisdiction, some sales might need confirmation or approval from the probate court. The property then goes on the market, much like in a conventional sale, with a real estate agent handling the listing. When an offer is made, the executor or administrator has the authority to accept it, though some cases may require court approval.
A probate sale in real estate refers to the sale of a property following the owner’s death, which is overseen by the probate court. The process is managed by the estate’s executor or administrator and often takes place when the deceased didn’t specify property distribution details in their will or to address estate debts.
If you inherited a house, the property should first pass through the probate process. Once probate is completed, you will need to obtain a new deed that transfers the property title to your name, typically prepared by an attorney or a title company. After the new deed is signed and notarized, record it with the county recorder’s office or local land records office to officially place the house in your name.
During probate, a house is typically appraised to determine its market value. The executor or administrator of the estate manages the property, which may involve maintaining it, paying any property taxes or mortgages, and deciding whether to sell or distribute it to heirs as per the will or state laws. If there are outstanding debts or taxes associated with the estate, the house may be sold to settle those obligations.
Typically, there isn’t a strict time limit imposed on selling the property, but the entire probate process itself has timeframes and stages that need to be followed. The executor or administrator must manage the estate’s assets, including real property, in a manner that is in the best interest of the heirs and creditors, and this sometimes necessitates the sale of the property.
No, not all heirs have to agree to sell property during probate. The sale of the property is typically overseen by the executor or administrator of the estate. If the will specifies a sale or if the executor believes it’s in the best interest of the estate, the property can be sold even if some heirs disagree.
Yes, a home in probate can be sold. The sale is typically overseen by the estate’s executor or administrator. The sale might become necessary to pay off debts, distribute assets to heirs, or if specified in the will.
Reach out to us and let us know about Reachcontactll guide you through the process and provide the necessary information to make an informed decision.
Selling your house for cash can help you save your credit by avoiding missed mortgage payments, foreclosure, or bankruptcy.
Contact us and let us know about your situation. We can provide more information and help you make an ad decision.
We buy distressed houses. The condition of your house does not deter us from making an offer.
We assess your property and provide a fair and competitive cash offer within 24 hours.
There are no hidden fees or commissions involved. We offer a transparent and straightforward transaction.
We buy houses as-is, so you don’t have to worry about making any repairs.
Our streamlined process allows for a quick sale, with closing possible in as little as seven days.
Yes, we work with sellers in all types of financial hardship, including bankruptcy and foreclosure.
In certain cases, a court can order the sale if it’s deemed necessary to fairly divide assets or meet financial obligations. However, there might be negotiations or legal strategies to explore alternatives to a forced sale.
The timeline depends on the divorce agreement or court order. It might specify a timeframe for selling the house or stipulate conditions for the sale within a certain period.
If both spouses are legal owners, typically, consent from both is necessary to sell. However, divorce proceedings might allow for a court-ordered sale even without explicit consent.
The timing depends on various factors like market conditions, emotional readiness, and financial implications. Some prefer selling before divorce to avoid complications, while others wait until after for personal reasons.
A court-ordered sale in divorce occurs when the court mandates the sale of a property as part of the divorce settlement. It’s often used to divide assets equitably between spouses or fulfill financial obligations.
Documents may include the sales contract, property disclosures, deed, title report, loan payoff information, and any relevant permits or inspection reports.
A contingency is a condition that must be met for the sale to proceed. Common contingencies include home inspections, appraisal, and financing.
A home inspection assesses the property’s condition, identifying any issues or defects. While not mandatory, it’s advisable to have one to ensure transparency and address potential concerns.
Review offers carefully with your agent, consider the terms and conditions, and negotiate as needed to reach a mutually agreeable agreement.
Spring and early summer are often considered the best times to sell due to increased buyer activity and better weather for showcasing properties.
The time it takes to sell a home varies based on factors like location, market conditions, pricing, and the property’s condition. It could range from a few weeks to several months.
Costs may include agent commissions, closing costs, repairs or renovations, staging expenses, and potential concessions to buyers.
Hiring a real estate agent can streamline the selling process, provide market expertise, and help you navigate negotiations and legal aspects, but it’s not mandatory.
To prepare your home for sale, consider decluttering, making necessary repairs, improving curb appeal, and staging your home to showcase its best features.
You can determine your home’s value by researching recent sales of similar properties in your area, consulting with real estate professionals, or getting a professional appraisal.
No, it is not illegal to sell a house for cash in Pennsylvania or in most places. Cash transactions are a legitimate and common way of buying and selling real estate. However, it’s important to follow all relevant real estate laws and regulations during the transaction.
Whether to accept a cash offer depends on your priorities. If a quick and certain sale is crucial, a cash offer might be favorable. However, carefully consider the offered price and terms compared to potential financed offers.
Pros: Faster closing, more certainty of sale, potential for negotiating a lower price. Cons: Possibly receiving a lower offer, limited pool of buyers, and the need to have the full purchase amount available in cash.
To sell your house for cash, you can explore options such as contacting local real estate investors, reaching out to cash home buying companies, or marketing your property as a cash sale. Local real estate agents may also have connections with cash buyers.
Yes, you can sell your house for cash. There are real estate investors and companies that specialize in buying properties for cash. Additionally, individual buyers may choose to make cash offers. It’s essential to assess the terms of the offer and the credibility of the buyer.
In a cash offer, the buyer uses their own funds to purchase the property, eliminating the need for mortgage approval. This can lead to a faster closing process, as there’s no lender involvement. The transaction typically involves a purchase agreement, inspections, and a closing, similar to financed purchases.
A cash-only offer on a house is when a buyer proposes to purchase the property entirely with cash, without relying on mortgage financing. Cash offers are attractive to sellers as they often involve a quicker and more straightforward transaction.
The timeline for receiving cash proceeds from a home sale can vary. In a cash sale, the process is typically faster than traditional sales, often taking a few weeks. The exact timeframe depends on factors such as the buyer’s due diligence, the title transfer process, and any negotiations.
Pros: Potential for profit, release from landlord responsibilities, and access to cash. Cons: Capital gains taxes, potential market fluctuations, and the loss of rental income. Each situation is unique, so carefully weigh these factors based on your financial goals.
While it’s challenging to completely avoid taxes when selling a property, there are strategies to minimize tax liability. One common approach is a 1031 exchange, which allows you to defer capital gains taxes by reinvesting the proceeds from the sale into a similar property. Consult with a tax professional to explore options based on your specific situation.
Allowable expenses when selling a rental property can include real estate agent commissions, legal fees, title insurance, and any costs associated with preparing the property for sale. These may vary, so it’s essential to keep thorough records of all expenses related to the sale.
Yes, it is legal to sell a rental property with tenants in it. However, the rights of tenants vary depending on local laws. Typically, tenants have the right to continue their lease even after the property is sold. Some jurisdictions may require the new owner to honor existing leases until they expire.
Yes, you can. Use the proceeds from your sale to pay the mortgage balance.
A cash sale can make your move quicker and easier because you get your money immediately. You don’t have to worry about the house after moving.
We buy houses as-is. You do not have to make repairs.
On average, our home buyers close most deals within one to three weeks. Selling your house and closing the deal in as little as seven days is possible.
Our buyers buy your house as-is directly from you and pay cash for the property.
There is absolutely zero obligation for you. Once you tell us a bit about your property, we’ll take a look at things, maybe set up a call with you to find out a bit more, and make you an all-cash offer that’s fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your house to us… and we won’t hassle you, won’t harass you… it’s 100% your decision and we’ll let you decide what’s right for you.
Real estate agents list properties and hope that someone will buy them. The agent shows the properties to prospective buyers if there are any (the average time to sell a property in many markets right now is 6-12 months) and then take a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 3-6% of the sale price of your house (so if it’s a $100,000 house, you’ll pay between $3,000 – $6,000 in commissions to an agent). Agents provide a great service for those that can wait 6-12 months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different: We’re not agents, we’re home buyers. Our company actually buys houses. We don’t list houses. Since we’re actually the one buying the house from you, and we pay with all cash… we can make a decision to buy your house within a couple of days (sometimes the same day). Again, we make our living by taking the risk to buy the house with our own cash, repair the house, and market it ourselves to find a buyer (which is the hard part in this market).
This is what makes us stand out from the traditional method of selling your house: There are NO fees or commissions when you sell your house to us. We’ll make you an offer, and if it’s a fit then we’ll buy your house (and we’ll often pay for the closing costs too!). No hassle. No fees. We make our money after we pay for repairs on the house (if any) and sell it for a profit (we’re taking the risks here on whether we can sell it for a profit or not, once we buy the house from you… the responsibility is ours and you walk away without the burden of the property and its payments… and often with cash in your hand).
Great question, and we’re an open book: Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and values of comparable houses sold in the area recently. As you know, house values have taken a huge hit in the last 5 years and most areas still haven’t seen prices come back up. We take many pieces of information into consideration… and come up with a fair price that works for us and works for you too.
Many of the houses we purchase are below market value (we do this so we can resell it at a profit to another homeowner). We are looking to get a fair discount on a property. However, in our experience, many sellers aren’t necessarily expecting a large “windfall” on the property but rather appreciate that we can offer cash, we close very quickly (no waiting for financing), and no time or effort or expense is required on your part of fix up the property or pay agent fees. If that’s what you’re looking for and you see the value in getting your house sold fast… let’s see if we can come to a fair win-win price. (Besides, our no-obligation pricing commitment means that you do not have to move forward with the offer we give… but it’s good to know what we’re offering!)
Great question. We’re not agents, and we don’t list houses. We are professional home buyers: We buy houses South Jersey that meet our purchasing criteria. From there we may repair the house and resell it to another homeowner or keep it as a rental ourselves.
Selling Your House Can Be A Quick And Simple Process
Phil Buys Houses Fast buys houses in and around South Jersey (and other areas too!). We’re not listing your house… we’re actually the ones buying your house. Because we pay cash, we’re able to close quickly… or on your schedule. Like we’ve mentioned, when you work with us there are no fees… like there are when you list your house with an agent. What this means to you is you don’t have to worry about extra costs, having to come out of pocket to sell your house fast, or even getting your house ready for a sale (we’ll buy your house as-is).
Don’t worry about repairing or cleaning up your property. We’ll buy your house in as-is condition… no matter how ugly or pretty it is… no matter the location.
Why Work with Phil Buys Houses
Phil Buys Houses is committed to giving you a fair price for your home and helping you get out of your current situation. Our company has worked with numerous sellers in the Metro Philadelphia area. Since we are local, we understand the market. We also operate our business with honesty and integrity. There are several reasons why you should work with us.
Sell My House Fast in Pennsylvania
If you need to sell your house fast but don’t want the hassle of a traditional home sale, contact Phil Buys Houses. We buy houses as-is. No repairs are needed. Avoid closing costs and realtor commissions. Close in as little as seven days.
Call Phil Buys Houses at 856-644-7904 for a fast cash offer in as little as 24 hours. Sell your house fast in Pennsylvania.
