Selling your current home and buying a new home require careful planning. Your plan works as your road map that helps you achieve your goals.
Below are
are some important steps that you should take to put your house
on the market--all steps that protect your interests and help you get
the most return from your investment.
- Contact a trusted Real Estate Agent
A qualified, professional realtor is your best friend, when it comes to guide you through the process of buying your next real estate property.
Professional realtors work with hundreds of families every year, and most likely your agent is qualified to guide you through the selling process.
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Think about your next home
What are your reasons for moving to a new home? Job relocation? You want a bigger house? A different neighborhood? Are you looking for cashing out some equity and getting a lower priced home, or are you trading up, getting a better and more expensive home?
Make sure you have very clear goals in mind
before you start the process of selling your home. This will help you create a strategy
that will maximize your return and protect your assets.
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Get a credit report
Before you start the process of selling your home, make sure your credit is in good condition, so you can qualify for a mortgage loan on your next real estate property.
Just imagine, if after selling you house, you find problems on your credit report that could prevent you from getting the home of your dreams, or it would make it much more expensive than anticipated.
Errors on a credit report usually take significant amount of time to be corrected. You want to make sure, all problems are cleared when it comes time to put your house on the market.
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Get pre-approved for a home mortgage 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.
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Check your mortgage payoff amount
Call your lender to check the payoff for your current home mortgage. You'll need the figure to complete.
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Obtain your home's estimated market price
I can provide you with a complimentary market analysis of your home, at no cost to you. Just fill out this form, and I will return you a comparative market analysis.
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Calculate estimated proceeds from sale
When working with a Real Estate Agent, he or she is responsible to provide you with an estimated amount for the proceeds that you will receive at closing.
Beware that real estate agents estimated proceeds are a "ballpark" number. The actual proceeds are determined by a myriad of factors, including the current value market value of your house.
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Review all financing options, including seller financing
Being flexible and being willing to accept creative mortgage financing options may make your house more appealing at the eyes of prospective real estate buyers.
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Make essential repairs to increase the marketability of your real estate property
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.
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List your home at a competitive price
The key to a fast closing is to match the price of the home to a price that is competitive in the market. Your realtor is equipped to provide you a suggested listing price that will bring prospective buyers to your home.
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Permit your home to be shown to prospective buyer
Keeping your home clean and organized may make the difference between a fast closing and a long extended sales period.
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Consider offers and negotiate a sales contract
Sales contracts may seem complex and the negotiation process may be emotionally draining. It is your realtor's responsibility to assist you, so you can get the best possible terms.
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Have inspections made
Most seasoned buyers will have a professional home inspector verify that your house is in good condition and that there are no major structural problems in the home.
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Negotiate repair items and make repairs
According to the terms of your sales contract, you may need to provide some of the repairs found on the home inspection report.
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Stand by while the buyer obtains mortgage financing
Offers from buyers that are pre-qualified and pre-ap proved bring additional weight, because home sellers know that the buyer is serious and that the closing process may be done quickly.
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Mortgage closing
Finally, this is the day. You sign all the paperwork and your house is sold!
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Move out to your new location
In most contracts, the buyer will provide 24 to 48 hours for the homeowner to leave the home.
