Steps To Consider When You Decide To Sell Your Home
If you are thinking about selling your home, there are a lot of issues that come to the forefront. Once you decide questions likes whether it is a good time to sell, the amount of money you will get, where you will move and so on, there are less obvious steps you need to take.
Part of the process in determining whether to sell your home is a review of your current situation. In this case, we are talking about your home loan. You need to determine two things. First, what is the balance on the loan and will the sale price be sufficient to pay it off. The second factor is less obvious, to wit, you need to determine if there are any penalty clauses written in to your mortgage for an early sale. Some loans have draconian penalties, which will stop you in your tracks immediately.
If you are selling your home, you need to find another place to live. This sounds obvious, but many people leave the process to the last minute which adds unnecessary stress to the situation. If you intend to immediately buy another home, you need to sit down with a mortgage loan officer and get pre-approved for another purchase. Selling and buying a home at the same time can be hectic, so definitely get pre-approved to make everything go as smoothly as possible. If you intend to rent for a bit, make sure you find a place and that it has enough space for your stuff. If it does not, rent a storage facility and start moving things in now.
The third issue is timing. Specifically, you need to determine how long it takes for homes to sell in your area. You next need to determine how that time frame fits into your plan. If you need a quicker sell, your home needs to be offered at a lower price. If you can afford to wait, then you can price it a bit higher and sell on specific benefits the property has that others do not.
Selling a home is not as easy as simply deciding to do it. By following these steps, however, you should smooth out the process.