Love my Articles
Submit your articles now-
Home |
Submit |
Latest Articles |
Site Map
10 Important Steps to Take Before You Sell Your House
View PDF | Print View by: vishal123 Total views: 71 Word Count: 818
Essential Home Selling Preparations
1. Get Pre-Approved for a Home Loan
Ive known sellers who signed a contract to sell their house before they knew if they were qualified to buy another. Either their financial circumstances had changed since their last purchase, and they could no longer qualify for a loan, or they werent able to sell at a price that allowed them to buy the type of replacement house they wanted. They ended up renting or buying something that was far from ideal.
Before you decide to sell the house, get pre-approved by a lender you trust and research the housing market in the area where you wish to live so that you have a good idea how much it will take to buy a replacement.
Start looking for two types of real estate: houses that seem to match the one youd like to buy and houses that are similar to your current home.
How do the two categories compare in price Can you handle the difference if youre planning a step up
2. Check Your Mortgage Payoff
Call your lender to check the payoff for your current home mortgage. Youll need the figure to complete Step 6.
3. Determine How Much Your House Is Worth
Determine your homes fair market value. Real estate agents will usually help you determine value as a courtesy, but you might take it a step further and order an appraisal.
4. Estimate Your Costs to Sell
* Real estate commission if you use an agency to sell.
* Advertising costs, signs, other fees if you plan to sell by owner.
* Attorney, closing agent and other professional fees.
* Excise tax for the sale.
* Prorated costs for your share of annual expenses, such as property taxes, home owner association fees, and fuel tank rentals.
* Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
Real estate agents deal with transactions every day and can give you a very close estimate of seller closing costs.
5. Estimate Costs to Buy a New Home
Calculate moving expenses, loan costs, downpayment, home inspections, title work and title policy, paying for a new hazard insurance policy--all expenses related to buying a home. Your lender should give you a disclosure of estimated costs when you apply for loan pre-approval.
6. Calculate Your Estimated Proceeds
* Deduct your mortgage payoff from your homes fair market value.
* Deduct your costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing.
Will your closing proceeds cover your costs to buy a new home If not, do you have cash or other funding to make up the difference
7. Make Necessary Repairs
Make all needed repairs unless you want the house to be regarded as a fixer-upper. Im not referring to cosmetic updates--just items in need of repair. Anything thats obviously broken gives potential buyers a reason to offer you a lower price, especially if its one of several repair hot spots that worry buyers the most.
8. Get the House Ready to Show
Most houses need at least a little spiffing up before they are shown to potential buyers. Great curb appeal, fresh paint indoors (and sometimes out), organized closets and cabinets, sparkling clean windows and appliances and a clutter-free look are essential if you want the house to appeal to buyers. Be sure to avoid the things buyers hate most about houses.
9. Get Psyched Up to Let People In
If youre listing with a real estate agent, shell ask you to leave when the house is shown. Why Because lurking sellers make buyers nervous--they dont feel comfortable inspecting the house when they feel they are intruding in your personal space.
Unless theres a valid reason for it, dont ask your agent to be present for all showings, because that requirement can be the kiss of death for showing activity. Other agents want privacy with their buyers and they dont usually have time to work around your agents schedule.
10. Make the house accessible.
That means it should always be ready to show. Many agents wont bother showing a house that takes 24 hours to get into.
A Quick Checklist
10 dos and donts from the pros when it comes to showing your home.
1. Make the front entrance inviting.
2. Clear away clutter.
3. Clean the house thoroughly.
4. Freshen the appearance of rooms.
5. Arrange furniture for spaciousness.
6. Do all you can to reduce odors.
7. Perform minor repairs, if necessary.
8. Replace outdated light fixtures.
9. Clean the carpeting.
10. Dont forget the garage and basement.
source:Electronicappraiser.com
Article Source: Love my Articles
About the Author
Electronic Appraiseris based in Boca Raton, Fla., For consumers, Electronic Appraiser provides a complete and convenient solution for your house values and property value ..
Comments
No comments posted.Add Comment
Copy and Paste Article Code.
Remember: The article body, title, author bio and links may not be changed or removed. By publishing this article, you agree to all the terms in our Terms of Service.
