At Geaux Home Buyers, LLC, we know that selling a house is a big decision and that sometimes selling a house involves a difficult situation. Such situations can be due to financial issues with a mortgage, a property allotment at the conclusion of a divorce, or simply an unwanted inherited property.
Regardless of the situation, the number one question most owners ask when selling their house is, How much can I expect for the offer?
People want to understand how much their house is worth.
While companies will do a lot of the legwork in this area for sellers, many people want to understand this question before they commit to selling or even before putting their home on the market in the first place.
Other questions might involve how long it takes to sell, when the house needs to be vacated, or what the process looks like, so we will dive into those as well.
Details of Pricing a House
Understanding how much a house and property is worth is called “valuation,” and it’s an important term to know as a seller and as a buyer. Depending on the situation with the economy and the current housing marketing in an area, the price of a house and property can vary greatly, so understanding the components is key.
Valuation usually involves three different measurements: fair market value, appraised value, and assessed value.
Fair Market Value
Fair market value is how the house and property that someone is looking to sell compare to other houses and properties in the area. This value includes everything from curb appeal to the size of the home and size of the lot to the type of appliance upgrades that have been completed. Fair market value can be estimated by looking at public websites like Zillow, but they should be taken with a grain of salt as these do not always include things like renovations.
The appraised value is actually something set by a licensed appraiser. This appraiser visits the house and property and completes a detailed report, including all the factors mentioned in the fair market value section and also the condition. Appraisers are privately contracted, and there is typically a fee associated with the calculation, but it is arguably more accurate.
Assessed value has to do with property taxes, so this calculation is completed at the county level annually. This is public record, and homeowners can contact their county assessor’s office to understand this value. It should also be represented on a tax bill.
If the seller understands how other people and the government value their house, they will have a better idea of what a buyer will be willing to spend. However, value can not truly be assessed without the buyer seeing the property.
How Long Will It Take?
As a seller, once someone offers to buy your home for an agreeable amount, the next round of questions usually revolve around time. For companies like us who buy homes for cash, this process can be very quick. We have experienced situations in which a seller contacted us, we set up and completed our walkthrough appointment, the seller received our offer, the seller accepted our offer, and we closed on the sale in as little as a week.
Now, we know each situation is different, and appointments can sometimes take a little time to schedule, so it’s helpful to understand the details and time constraints of each seller’s situation. We are here to work with you to understand the urgency of the situation, and if the seller can work quickly with us, the process goes a lot faster.
We Buy Houses in Baton Rouge
At Beaux Home Buyers, LLC, we are a real estate solutions company. We are here to understand your unique situation and help you sell your home. If you are a resident of Baton Rouge or the surrounding areas and are interested in understanding what offers are available for your home, contact us so we can schedule a walkthrough!
If you need to sell your house fast, we’re your best bet. We buy houses on a regular basis, and we have the tools and experience to finalize your sale in a matter of days. Or we can slow down if you aren’t in such a hurry.