There are many reasons people sell a property. Some sell for financial reasons, such as offloading investment property or what is known as “flipping” a house or condo. Others sell out of necessity for moving, upgrading or downsizing. Whether you’re moving, flipping, or selling an inherited home, there are a few things to know before putting your home on the market.
1. Know Your Mortgage Payoff
It’s important to know how much you’ll need to payoff your current mortgage. Call your lender to find out.
2. Figure Out How Much Your House is Worth
You need to know your home’s fair market value. If you need it, I can help you determine the value but it’s always a good idea to hire an appraiser.
4. Estimate Your Costs to Sell
There are quite a few fees involved in selling your home. Things like real estate agent fees, attorney fees (if necessary), closing agent and other professional fees.
Also consider the excise tax for the sale and prorated costs for your share of annual expenses, such as property taxes, home owner association fees, etc.
I can give you an idea of seller closing costs based on what I see in the current market.
5. Calculate Your Estimated Proceeds
First, take your mortgage payoff amount and subtract that from the home’s fair market value. Next, subtract your costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing.
6. Make Necessary Repairs
If you want your home to sell for top dollar, you’ll need to make all necessary repairs. Otherwise, your house will be seen as a fixer-upper. Buyers will typically offer a lower amount for a fixer-upper.
7. Get the House Ready to Show
Most houses need at least a little spiffing up before they are shown to potential buyers. Things like curb appeal, fresh paint, 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. You want them to feel like they are home when they walk in.
8. Get Psyched Up to Let People In
When we are ready to show your house, it’s preferred that you leave the house when buyers are coming. Lurking sellers make buyers nervous. They don’t feel comfortable inspecting the house when they feel like they are intruding.
Be sure to keep the house ready to show at all times. Some agents won’t bother showing a house that takes 24 hours to get into.
9. Leave Your Emotions at the Door
Selling your home, whether you’ve lived in it your entire life or only for a few years, can be very emotional. Often sellers are attached to memories of the home and it is hard to let go. These emotions can hinder the selling process because they can cloud your judgment. It is important to keep your emotions out of the business end of the deal. If you aren’t willing to sell the home for the best possible deal, then you aren’t ready to let go of the house.