How much commission do home sellers pay now?

No law sets real estate commissions, and every part of the fee is negotiable, including whether and how much you offer the buyer’s agent.

• Since August 2024, offers to pay the buyer’s agent can’t appear in the MLS. They’re shared directly or handled as a concession in the offer.
• Buyers now sign an agreement that sets their agent’s pay, so offering nothing can shrink your buyer pool or lead to lower net offers.
• Nationally, buyer-agent fees have averaged about 2.4% since the settlement.

How we help: We show you side-by-side net sheets for different compensation strategies, so you see what each one actually puts in your pocket.

Do I still have to pay the buyer’s agent?

No, you’re not required to, but most sellers still offer something because it attracts more buyers and keeps you competitive with other listings.

• You can offer a set amount, a percentage, or a credit toward the buyer’s closing costs.
• Your listing agreement should state your plan in writing.

What are closing costs for a seller in Virginia?

Plan on roughly 6% to 9% of the sale price, including commissions, plus your mortgage payoff.

• Virginia-specific costs include the state grantor tax of $1 per $1,000, which the seller pays, and in Hampton Roads a regional grantor tax. Confirm the current rate with your settlement agent.
• Other costs include settlement and deed-preparation fees, prorated property taxes and HOA dues, the HOA or condo resale certificate, and any concessions or repairs you agree to.

How much will I walk away with when I sell?

Your net proceeds are the sale price minus your mortgage payoff, commissions, taxes and fees, and any concessions or repairs. Ask your agent for a written net sheet before you set a price.

• A net sheet at two or three price points makes pricing decisions much clearer.

Related: Get your home’s current value

How do I figure out my home’s value and the right list price?

Price from recent nearby sales of similar homes (a comparative market analysis), adjusted for condition and current competition, not from online estimates or what you paid.

• Online estimates can’t see your renovations, your lot, or the house down the street that sold as-is.
• Pricing right on day one drives the most showings. Overpricing is the #1 reason listings go stale.

How we help: Chris has closed 632 transactions and more than $217M in Hampton Roads sales since 1999, so pricing is based on real local results.

How fast do homes sell in Virginia Beach?

Well-priced, well-prepared homes in Virginia Beach typically go under contract in a few weeks, and some in a matter of days, followed by about 30 to 45 days to close with a financed buyer.

• Homes listed with Chris Faircloth go under contract in as little as 5 days.
• Speed comes from pricing, preparation and marketing, all three.

When is the best time to sell a house in Hampton Roads?

Late winter through spring typically brings the highest prices, and Hampton Roads also gets a steady flow of military buyers during the spring and summer moving season.

• Nationally, March through May has historically brought the biggest price premiums.
• The best time for you also depends on your next move, your taxes and your family’s schedule.

What do I have to disclose when selling a house in Virginia?

Virginia is a “buyer beware” state: you give the buyer a disclosure form stating you make no representations about the home’s condition, but certain items must still be disclosed and you can never hide a known defect.

• Items you must disclose include pending building-code or zoning violations, recorded lawsuit notices against the property, properties used to make meth that weren’t cleaned up, stormwater facilities, repeated flood-insurance claims, and military air-installation zones.
• Homes built before 1978 also need the federal lead-based paint disclosure.
• If the form is delivered late, the buyer may have a right to cancel.

Do I have to disclose that my house flooded?

If you know of two or more flood-insurance claims on the home within 10 years, yes. Virginia requires you to disclose it.

• Beyond that rule, being upfront about water history protects you and keeps deals from falling apart after the inspection.

Related: Flood Zones in Hampton Roads: What Buyers and Sellers Need to Know

Should I make repairs or updates before listing?

Fix safety, function and obvious inspection red flags and do inexpensive cosmetic work like paint, landscaping and deep cleaning, but skip major remodels, which rarely pay for themselves.

• A pre-listing inspection helps you avoid surprise renegotiations after the buyer’s inspection.
• Older roofs and HVAC systems draw the most buyer objections.

How we help: Chris’s construction background means she can tell you which fixes actually pay off and which to skip.

I’m in an HOA or condo. What paperwork do I need?

You must order the association’s resale certificate and deliver it to the buyer. In Virginia this can’t be waived.

• The association has 14 days to provide it, so order it as soon as you’re under contract, or before you list.
• The buyer can cancel within 3 days of receiving it.

Will I owe capital gains tax on the sale of my home?

Probably not if it was your main home for 2 of the last 5 years: you can exclude up to $250,000 of gain ($500,000 if married filing jointly).

• Gain above the exclusion is taxed federally, and Virginia taxes it as regular income at up to 5.75%.
• Improvements you’ve made add to your cost basis, so keep your receipts.
• This is general information, not tax advice. Talk to a CPA.

What are the steps to sell a house?

Choose an agent and price, prepare and photograph the home, list and show it, negotiate offers, get through the buyer’s inspection and appraisal, then close with a settlement agent.

• In Virginia, closings are handled by a settlement agent or attorney, not an escrow company.
• From listing to closing, most financed sales take about 45 to 75 days.

How do I choose a listing agent?

Compare each agent’s recent local sales, marketing plan, pricing logic and how they communicate, then read the listing agreement’s term, fees and cancellation terms before you sign.

• Ask each agent how they plan to handle buyer-agent compensation and how they’ll market online.
• Referrals from people who’ve sold recently are one of the best signals.

How we help: 90% of Chris’s clients come through referrals.

Should I sell For Sale By Owner (FSBO) to save on commission?

You can, but FSBO homes typically sell for less, you often still pay the buyer’s agent, and you take on the pricing, contract and disclosure work yourself.

• Virginia’s disclosure and HOA resale-certificate rules apply to FSBO sales too.
• Compare your likely net, not just the commission you’d save.

Do I need to leave the house for showings?

Yes, whenever you can. Buyers look longer and talk more openly when the owner isn’t there, which leads to more offers.

• Use scheduled showing windows and a lockbox, and take pets with you if possible.

Do I have to fix everything the buyer’s inspector finds?

No. The buyer asks, and you negotiate: you can agree to repair, give a credit, lower the price, or say no.

• Credits are often simpler than repairs because they avoid a re-inspection.
• Your contract’s deadlines control how long each side has to respond.

What happens if the appraisal comes in low?

You can renegotiate the price, the buyer can cover the gap in cash, you can meet in the middle, or the buyer may cancel if they have an appraisal contingency.

• Strong comparable sales provided to the appraiser up front help prevent a low appraisal.

Can I sell my house if I still owe money on it?

Yes. Your mortgage is paid off from the sale proceeds at closing.

• If you owe more than the home will net, see the Short Sales section.

What do I need to bring to closing?

A government-issued photo ID, your mortgage account information, and all keys, garage remotes and warranty paperwork for the buyer.

• New Virginia rules in 2026 require settlement agents to verify the seller’s identity as a deed-fraud safeguard, so expect an ID check.

Should I sell first or buy first?

Selling first gives you certainty and a stronger offer as a buyer, while buying first avoids a double move but risks carrying two mortgages. Your equity and debt-to-income ratio usually decide it.

• A rent-back after your sale is a common middle path.
• Talk to your lender about both scenarios before you list.

How we help: We plan both transactions together so your closing dates line up.

Can I make an offer contingent on selling my current home?

Yes, but in a competitive market like Hampton Roads sellers are less likely to accept it unless your home is already under contract or priced to sell fast.

• Many Virginia contracts pair a home-sale contingency with a kick-out clause that lets the seller keep taking backup offers.

What is a rent-back, and can I stay after closing?

A rent-back (post-settlement occupancy) is a written agreement that lets you stay in the home after closing, usually a few days up to about 60 days.

• The buyer’s loan typically requires them to move in within 60 days.
• Put the daily rent, deposit and condition requirements in writing.

Can I use my home equity for my next down payment?

Yes, through your net proceeds at closing, a bridge loan, a HELOC opened before you list, or a buy-before-you-sell program.

• Each option has different costs and timing risks. Compare them with your lender.

Will I pay taxes when I move up to a more expensive home?

Usually not, if you meet the 2-out-of-5-year rule and your gain is under $250,000 ($500,000 married filing jointly). Buying a pricier home doesn’t defer tax the way it did before 1997.

• Confirm your situation with a CPA.

Can both closings happen on the same day?

Yes. Settlement agents handle back-to-back closings regularly, but build in some buffer or a short rent-back in case one side is delayed.

• Movers, utilities and insurance all need to line up with both dates.

How much tax will I owe selling a house I’ve owned for decades?

Often none, because the $250,000/$500,000 home-sale exclusion covers most gains, but long-time owners with large appreciation can exceed it.

• Your cost basis is the purchase price plus capital improvements, so dig up old receipts for additions, roofs and remodels.
• Gain above the exclusion is taxed federally and by Virginia at up to 5.75%. Talk to a CPA.

Related: You’ve Spent Decades Building Equity. Let’s Make Sure You Keep It.

My spouse passed away. Can I still get the $500,000 exclusion?

Yes, if you sell within 2 years of your spouse’s death, haven’t remarried, and the ownership and use tests were met.

• You may also get a partial step-up in basis on your spouse’s share. Ask your CPA.

Where do I start with decades of belongings?

Decide what fits in your next home first, then work room by room: keepsakes to family, then an estate-sale company, then donations and haul-away.

• Start 2 to 3 months before listing if you can.
• Once the clutter is gone, staging makes a big difference in photos.

How we help: We connect you with trusted stagers, estate-sale companies and movers so it doesn’t all fall on you.

Should I sell first or buy my smaller home first?

Downsizers often have enough equity to buy first without a sale contingency, or even pay cash, then sell with a rent-back if they need more time to move.

• The right order depends on your finances and how much disruption you want to handle.

Should I sell as-is or fix things up?

Compare the cost, time and energy of repairs against the price difference. A listing on the open market almost always nets more than a single cash offer, even as-is.

• Focus on low-cost, high-impact fixes: paint, lighting, landscaping and any safety issues.

Will selling affect my Social Security or Medicare?

Excluded gain doesn’t count as income, but a taxable gain can raise your Medicare premiums (IRMAA) two years later.

• Run the numbers with a CPA before you pick a closing date, especially near year-end.

Should I rent my old house instead of selling?

It can work, but after 3 years of renting it out you lose the home-sale tax exclusion, and depreciation is taxed when you sell.

• Compare after-tax rental income with what you’d earn by selling and investing the proceeds.

Who helps 55+ homeowners downsize in Virginia Beach?

Chris Faircloth specializes in guiding 55+ homeowners through downsizing, from pricing and preparing the family home to finding the right next home.

• She coordinates stagers, estate-sale companies and movers so your move follows one plan.

Who has the authority to sell a parent’s house after they die in Virginia?

In Virginia, the house passes to the heirs or beneficiaries at death. An executor can sign alone only if the will grants a power of sale; otherwise all heirs or beneficiaries must sign.

• Spouses of heirs may also need to sign.
• Your settlement agent will confirm exactly who must sign before closing.

Do we have to go through probate to sell the house?

Usually some court step is needed so the title can be insured: with a will, the will is probated and the executor qualifies; without one, a List of Heirs is filed and recorded.

• Virginia charges a probate tax of $0.10 per $100 on estates over $15,000, and some localities add to it.
• An estate attorney can tell you the fastest path.

How soon after someone dies can we sell their house?

You can list once authority and title are clear, often within weeks of qualifying, but sales within one year of death may need extra steps because Virginia real estate stays subject to the deceased’s debts during that time.

• Title companies may ask for proof that debts are paid, an indemnity, or a court-approved sale.
• Start the paperwork early so it doesn’t hold up closing.

Do we need to fill out the Virginia seller disclosure form?

Heirs selling in their own names generally still use the form, while certain court-ordered and fiduciary sales are exempt.

• Heirs usually know little about the home’s condition, so the standard “no representations” form fits naturally.

What do we do with everything left in the house?

Family keepsakes first, then an estate-sale company, then donations and junk removal, and photograph everything before anything leaves.

• Photos protect the executor if beneficiaries have questions later.

How we help: We coordinate cleanout, repairs and listing, which matters a lot for families who live out of town.

Who pays the mortgage, taxes and insurance until the house sells?

The estate or the heirs. Keep payments current and tell the insurance company the home is vacant, because standard policies can exclude vacant homes.

• Keep the utilities on for showings, inspections and the appraisal.

Is there an inheritance or estate tax in Virginia?

No. Virginia has no inheritance or estate tax. Only the probate tax and federal estate rules, which affect very few estates, apply.

• Heirs may owe capital gains tax only on growth after the date of death. See Inherited Properties.

Do I pay capital gains tax when I sell an inherited house?

Only on the gain above the home’s stepped-up basis, which is usually its fair market value on the date of death, so selling soon after inheriting often means little or no tax.

• Get a date-of-death appraisal to document the stepped-up basis.
• Inherited property is automatically treated as long-term for tax purposes. Confirm with a CPA.

My siblings and I inherited a house. What if we can’t agree?

Every co-owner has to sign for a voluntary sale. If you can’t agree, the options are a buyout based on an appraisal or a partition lawsuit, in which a Virginia court can order the home sold.

• A neutral market analysis often settles disagreements about value before they turn into lawsuits.

How we help: We provide a clear, documented market valuation that every sibling can see.

Can one sibling live in the inherited house?

Yes, as a co-owner, but put the arrangement in writing (rent, expenses and a timeline) to avoid disputes.

• Unwritten arrangements are a common path to partition lawsuits.

Should we sell the inherited house as-is or fix it up?

Compare repair costs and time against the price difference. Many estates sell as-is on the open market and still attract strong offers.

• Homes built before 1978 still need the federal lead-paint disclosure.

Can I move into an inherited house and use the home-sale exclusion later?

Yes, after you’ve owned and lived in it for 2 years, and your starting basis is still the stepped-up value.

• Talk to a CPA about how this fits your plans.

What if the inherited house still has a mortgage?

Federal law generally stops a lender from calling the loan due just because the home passed to a relative, so keep making payments while you decide.

• Contact the servicer early, and send proof of death and your authority in writing.

Does an inherited house always go through probate?

No. Homes held jointly with survivorship rights, placed in a trust, or passed by a transfer-on-death deed avoid probate; otherwise a court step is usually needed.

• The deed tells you which situation applies.

What is a short sale and how does it work?

A short sale is selling your home for less than you owe, with your lender’s written approval. You submit a hardship package and a buyer’s contract, and the lender approves, counters or denies.

• Expect about 60 to 120 days or more after an offer comes in, and longer with a second mortgage.
• The lender typically orders its own valuation of the home.

How we help: Chris holds the CDPE (Certified Distressed Property Expert) designation.

Will I owe the difference after a short sale in Virginia?

Possibly. Virginia allows lenders to pursue the remaining balance (a deficiency), so get written approval stating the sale fully satisfies the debt.

• Have a real estate attorney review the approval letter before you sign.

Is a short sale better than foreclosure for my credit?

Generally yes, and it clearly shortens the wait before you can get a new mortgage.

• Fannie Mae’s waiting period is typically 4 years after a short sale versus 7 years after a foreclosure, and it can be shorter with documented extenuating circumstances.
• FHA and VA waiting periods differ and are often shorter.

Will I owe taxes on the forgiven debt?

Possibly. The federal tax break for forgiven mortgage debt on a primary home expired for debt forgiven after December 31, 2025, unless the arrangement was in writing before 2026.

• The insolvency exception may still apply, and Congress could extend the break.
• Talk to a CPA.

Do I have to be behind on payments to do a short sale?

Not always. Lenders require a documented hardship, and some approve short sales for borrowers who are still current.

• Common hardships include job loss, divorce, medical costs, death in the family and military relocation.

Who pays the commission in a short sale?

The lender approves the commission and closing costs out of the sale proceeds, so the seller usually brings nothing to closing.

Can a short sale stop a foreclosure in Virginia?

It can, but Virginia foreclosures move fast, so contact your lender and ask to postpone the sale date while your short sale is under review.

• Start as early as possible. Once a sale date is set, time is short.

A parent with a reverse mortgage passed away. How long do we have to sell?

Heirs have 30 days to respond after the servicer’s due-and-payable notice and typically up to 6 months to sell, with up to two 90-day extensions if HUD approves, for about 12 months total.

• Keep in touch with the servicer in writing and share proof of listing and offers.
• Interest keeps accruing, so a prompt sale protects any equity.

What if the house is worth less than the reverse mortgage balance?

With a HUD reverse mortgage (HECM), heirs can sell for as little as 95% of the current appraised value, and FHA insurance covers the shortfall.

• HECMs are non-recourse: heirs never owe more than the home is worth.
• The 95% rule applies only to HUD HECMs, not private or jumbo reverse mortgages.

Do heirs inherit reverse mortgage debt?

No. Heirs aren’t personally liable. The debt is repaid from the home, and any equity left after the payoff belongs to the heirs.

Can my surviving parent stay if they weren’t on the reverse mortgage?

An eligible non-borrowing spouse can usually stay if they were married to the borrower at closing and the home remains their primary residence.

• For loans made after August 4, 2014, the spouse generally had to be named at closing. Check with the servicer.

Can someone with a reverse mortgage sell their home while living?

Yes, at any time. The balance is paid off from the sale proceeds with no prepayment penalty, and the rest is yours.

What if we just want to walk away?

Heirs can sign a deed-in-lieu of foreclosure and hand the home back to the lender, with no personal liability, but you give up any equity.

• Get a market valuation first, because there’s often equity worth selling for.

Related: Get your home’s current value

How do I avoid capital gains tax when selling a rental? Can I do a 1031 exchange?

Yes. A 1031 exchange defers the tax if you reinvest in like-kind investment real estate: identify the replacement within 45 days and close within 180 days.

• A qualified intermediary must hold the sale proceeds. You can’t touch the money.
• Line up the intermediary before you close on the sale.

What is depreciation recapture?

It’s tax on the depreciation you took (or could have taken) on a rental, charged at up to 25% federally when you sell, plus Virginia income tax.

• The 3.8% net investment income tax may also apply. Talk to a CPA.

Can I sell my rental with tenants living in it in Virginia?

Yes. The sale doesn’t end the lease; the buyer becomes the new landlord, and security deposits (with any required interest) transfer to them.

• Tenants must get reasonable notice before showings.
• Investor buyers often prefer a property with a tenant already in place.

Can I end the lease early so I can sell vacant?

Only if the lease allows it or the tenant agrees, and paying the tenant to move out early (“cash for keys”) is common.

• Month-to-month tenants must get proper written notice under Virginia law.

Should I sell my rental vacant or occupied?

Vacant homes usually show better and appeal to owner-occupants who pay more, while occupied homes keep rent coming and appeal to investors.

• Compare the rent you’d give up with the price difference you’d likely gain.

Can I move into my rental to use the $250,000/$500,000 exclusion?

Partly. Gain from rental years after 2008 isn’t fully excluded, and depreciation you’ve taken is always taxable.

• Work through the math with a CPA before you move in.

Is a “we buy houses” wholesaler offer legitimate?

Sometimes, but many wholesalers plan to assign your contract to another buyer for a fee, so read the contract for assignment language and compare it with a market listing.

• Ask for proof of funds and a meaningful earnest money deposit.

I got PCS orders. Should I sell my house or rent it out?

Rent it out if the rent covers your payment plus property management, vacancies and repairs and you might come back; sell if the numbers are tight or you want your equity and VA entitlement back.

• After 3 years away you can lose the home-sale tax exclusion, unless the military extension applies.
• Military rental demand in Hampton Roads is steady.

Related: Selling or Buying During a PCS Move to Hampton Roads

Do military members get extra time on the capital gains exclusion?

Yes. On qualified extended duty you can suspend the 5-year test for up to 10 years, so you need to have lived in the home for 2 of the last 15 years.

• Depreciation from rental years is still taxable. Confirm with a tax professional.

Can I sell my house after I’ve already PCS’d?

Yes. With a local agent, a power of attorney if needed, and a remote or mail-away closing, you can sell from anywhere.

• Confirm early how your settlement agent will verify your identity under Virginia’s 2026 rules.

How we help: Chris manages transactions for military families who have already relocated, from preparation through closing.

Can a buyer assume my VA loan?

Yes, including a non-veteran buyer, but unless the buyer is a veteran who substitutes their entitlement, yours stays tied to the loan until it’s paid off.

• Get a release of liability from the lender.
• An assumable low-rate VA loan can be a strong selling point.

Can my military tenant break their lease if they get orders?

Yes. Under the Servicemembers Civil Relief Act, service members with PCS orders or a deployment of 90 days or more can end a residential lease.

• A 2026 Virginia law change removed the advance-notice requirement for military tenants ending a lease on orders, so military landlords should plan for shorter notice.

What if I’m underwater and have to PCS?

Your options are renting the home out, a short sale, or bringing cash to closing. A short sale can affect your finances and potentially your security clearance.

• Talk to your installation legal and financial counselors early.

Can I sell my house as-is in Virginia?

Yes. “As-is” means you won’t make repairs, but the buyer can still inspect and may renegotiate or walk away, and required disclosures still apply.

• Listing as-is on the open market lets investors and owner-occupants compete for your home.

Are cash offers from “we buy houses” companies fair?

They’re usually well below market value, often around 70% of the after-repair value minus repair costs. You trade price for speed and certainty.

• Compare any cash offer with an agent’s net sheet before you sign.

Related: Get your home’s current value

Is selling to Opendoor or another iBuyer worth it?

It can be for convenience, but service fees plus repair deductions often add up to as much as or more than traditional selling costs.

• Get the iBuyer offer and a market analysis side by side.

How fast can a cash sale close?

Often in 7 to 14 days, limited mainly by title work and mortgage payoff paperwork.

• Estate and inherited sales still need authority and probate steps first.

How do I know a cash buyer is real?

Ask for proof of funds and a meaningful earnest money deposit, and check the contract for assignment language.

• Your agent can vet the buyer before you sign.

Why didn’t my house sell?

Almost always it’s price, condition and presentation, or marketing exposure, in that order.

• If a well-marketed home gets no offers after 30 to 45 days in Hampton Roads, it’s usually priced above what its condition supports.
• Low showings point to price or exposure. Showings without offers point to price versus condition.

How we help: Chris’s “List Smart. Sell Fast.” relaunch strategy is built for expired listings.

My listing expired. What should I do now?

Re-evaluate the price against current sales, fix what the showing feedback pointed to, refresh the photos and marketing, and relist with a clear plan.

• Check whether your buyer-agent compensation is competitive.
• Ask any new agent for a written plan that’s different from the last one.

Will relisting reset my days on market?

Not usually. MLS rules often carry the days on market over when a home is relisted within a set period, and buyers’ agents can see the history anyway.

• A real change in price, condition or presentation matters more than resetting the clock.

Why am I getting so many calls from agents after my listing expired?

Expired listings show up in the MLS, so agents reach out. It’s a chance to interview someone with a different approach.

• Ask each one specifically what they’d do differently, and why.

Should I lower the price or offer concessions?

If showings are low, fix the price or exposure. If showings are steady but there are no offers, a price adjustment or a buyer concession like a rate buydown often works better than several small price cuts.

• Concessions such as closing-cost help can still be advertised in the MLS.

Can I cancel my listing agreement early?

It depends on your agreement’s terms. Many brokerages will release you, sometimes with conditions or a fee.

• Read the cancellation and protection-period clauses before you relist.

How fast can a relaunched listing sell?

With the right price, preparation and marketing, a relaunched listing can sell as fast as a new one. Chris’s listings go under contract in as little as 5 days.

• Chris’s listings average more than 5,600 views in the first 24 hours.