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10 Important Steps to Take Before You Sell Your House
Essential Home Selling PreparationsThe home selling process differs from state to state, but there are some important steps that most home sellers should take before listing a house with an agent or selling it for sale by owner. Every bit of prep work you do helps you get the most return from your investment.
1. Get Pre-Approved for a Home Loan
I've 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 weren't 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 you'd 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 you're planning a step up?
2. Check Your Mortgage PayoffCall your lender to check the payoff for your current home mortgage. You'll need the figure to complete Step 6.
3. Determine How Much Your House Is WorthDetermine your home's fair market value. Real estate agents will usually help you determine value as a courtesy, but you might take it a step further and find a appraiser.
4. Estimate Your Costs to Sell
5. Estimate Costs to Buy a New Home
6. Calculate Your Estimated Proceeds
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 RepairsMake all needed repairs unless you want the house to be regarded as a fixer-upper. I'm not referring to cosmetic updates--just items in need of repair. Anything that's obviously broken gives potential buyers a reason to offer you a lower price, especially if it's 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 InIf you're listing with a real estate agent, she'll 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 in your personal space.
Unless there's a valid reason for it, don't 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 don't usually have time to work around your agent's schedule.
Make the house accessible. That means it should always be ready to show. Many agents won't bother showing a house that takes 24 hours to get into.
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