Articles From Experts
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Express Newsline Articles From Experts |
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Though the actual process of selling a house may differ from region to region or also vary according to individual situation but these are some of the non-avoidable steps a home seller must take before they put their house on the market. Get Pre-Approved for a Home Loan: 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. You cant ignore the possibility of a situation, where you may not qualify for a loan or would have to settle for renting or buying something you didn’t want to. These have been known to happen. How To Start Researching --Pick up free For Sale publications outside the grocery store, or wherever you find them in your town. --Search the Internet for homes for sale in your area and read real estate ads in your local newspapers. You won't find house locations without making phone calls, but browsing the general market is a good start. Check Your Mortgage Payoff Make a call to your lender to check the payoff for your current home mortgage. How Much Is the House Worth --Determine your home's fair market value. Real estate agents will usually help you determine value as a courtesy, but you might prefer to order an appraisal. --Do both of the above if you want to be sure the price is right. 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 or other professional fees. --Excise tax for the sale. --Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and fuel tank rentals. --Any other fees typically paid by the seller in your area (surveys, inspections, etc.). --If you are unsure of costs, ask a real estate agent. Agents deal with transactions every day and can give you a very close estimate of seller closing costs. Determine Your Costs to Acquire a New Home Total your costs to acquire a new home: moving expenses, loan costs, down payment, home inspections, title work and 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 pre-approval. Calculate Your Estimated Proceeds --Deduct your mortgage payoff from your home's 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 acquire a new home? If not, do you have cash or other funding to make up the difference? Make Necessary Repairs Make all needed repairs unless you want the house to be regarded as a fixer-upper. I'm not referring to cosmetic updates, but to items in need of repair. Anything that's obviously broken gives potential buyers a reason to submit a lower offer. Get the House Ready to Show Most houses need at least a little cleaning 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 atmosphere are essential if you want the house to appeal to buyers. Get Psyched Up to Let People In If you're listing with a real estate agent, she'll no doubt ask you to leave when the house is shown. Why? Because lurking sellers make buyers nervous--they don't feel comfortable inspecting the house when they feel they are intruding. Unless there's a real reason for it, don't ask your agent to be present for all showings. That's the kiss of death for the best showing rates. Other agents want privacy with their buyers and they don't usually have time to work around your agent's schedule. Make the house accessible. That means it's always ready to show. Many agents won't bother showing a house that takes 24 hours to get into.
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