Before Selling Your Home

Here are some important steps you should take before you put your house on the market:

1. Home Loan Approval for your next Home

You don’t want to be signing a contract to sell your house before knowing if you are qualified to buy another. Your financial circumstances may have changed since your last purchase and you may not qualify for the loan amount you seek. You’ll get a good idea of what you can afford by getting a pre-approval before selling your house. You may then take the decision of whether or not it would be reasonable to sell your house at this point of time or maybe consider renting something after selling the house instead of readily buying another.

2. Determine Fair Market Value of your House

You’d want to get the best price off your property and in the quickest time possible. However, over-pricing your home will only limit your chances of selling fast and under-pricing may speed up the process but you lose out in the bargain. An agent or an appraisal service should be able to assist in determining the fair market value of your home. Another way is judging by how much other houses in your neighborhood sold for. Irrespective of the method, one must be used to determine the true and best value of your home to ensure it’s sold in quickest time possible.

3. Estimate Cost of Selling

• Advertising costs, if you plan to sell home yourself.
• Real estate commissions.
• Attorney, closing agent and other professional fees.
• Excise tax for the sale.
• Property taxes, home owner association fees, and fuel tank rentals.

sameer@choiceofhomes.com

 Sameer S Panjwani

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