Have you wondered what forms you need when selling a home? Do you know how to determine the value of your home? Do you know how to find out the prices your neighbor’s home sold for?
These are a few questions answered by Donna Batdorff in her eBook 50 Things to Know About Selling Your Home. In it, she addresses the major concerns first time sellers have about the overall process of putting their home on the market, as well as detailing potential benefits and pitfalls that could help or hinder the sale. Donna was gracious enough to share the first 10 items from her full list of 50 Things to Know. Don’t forget to download the full eBook here.
1. Consult a Realtor for a Beginning Conversation
Whether you plan to use a Realtor for your transaction or not (and we will discuss this again at the end) it is a good idea to consult one for help in many aspects of your home selling preparation. These people are the experts in the field and hold a great deal of information. This book is written with the idea that perhaps a seller is going to try and manage his or her own transaction. However, if a Realtor is hired, the greatest majority of the items on this list are simply taken care of by them. There is a cost for hiring a Realtor, but the benefits are great and should be weighed out. The main reason people do not hire Realtors is to save money, but when faced with the work involved, a Realtor definitely earns their money.
2. Assess the Overall Condition
Many people don’t realize just how important the condition of a home is to a prospective buyer. Take an honest look and determine what needs to be done. Pretend if you were a buyer what you would see. We all walk past things in our own homes every day that we don’t notice any more. A fresh set of eyes might help with this, so ask someone else to come in and take a look. Make a list and then prioritize.
3. Know the Sales Price Of Nearby Homes
Before you pull a price out of the sky, take time to find out what nearby homes, like yours, have sold for. This information is available from a Realtor or by going onto government web sites and doing some research. A well priced home is going to sell more quickly than a home that is priced too high.
4. Identify the Special Features of Your Home
Do you have an updated kitchen? Do you have a clothes chute? Do you have double sinks in the bathroom? These are important things to mention when you are marketing your home.
5. Identify the Best Things about Your Surroundings
Are you close to schools? Are highways nearby? Is downtown just 10 minutes away? Think about your surroundings and write down what you think would be of value to people
6. Know What Conveniences Are Nearby
Of course we all know the things nearby that we frequent, but what about things we don’t even notice? What businesses? What churches? What stores? Make a list.
7. Know What Schools Children Go To
Maybe you have children, maybe you don’t. Either way, have a list of what schools children go to from pre-school, elementary, junior high, and high school as well as any private schools in the area. These are selling points and will help in selling your home.
8. Consult with a Title Company
Every home that changes hands has to have a clear title. It is imperative that you can prove clear title when conveying a property. Having this done ahead of time will avoid surprises once you have an offer.
9. Know What Costs Are Involved in Selling Your Home
There are various costs involved in selling a home. Title costs, Realtor costs, transfer taxes, recording fees. Avoid surprises and find out what these costs are before selling.
10. Know What You Owe
Call your mortgage company and ask them to help you understand how to calculate what you owe on your home. Often the number on your statement isn’t the true number. The amount owed must be calculated based on the day of closing.
[…] making such a large investment, you must get your finances in order. This includes paying off any credit card debt and creating a budget for how you plan to pay your […]
Nice newsletter. Good article. Good information. Thank you. Carol
For conventional financing, borrowers with scores at 740 or anywhere above generally receive the same loan pricing (rate and cost). That being said, the better your credit the higher your chances of receiving loan approval with high debt to income (up to 50%) or high loan to value (up to 95%) which can be a major benefit when applying for a new loan. For Jumbo financing, borrowers with credit scores above 800 are generally rewarded with both better pricing and easier guidelines. There are no situations where better credit is a negative when obtaining new financing so we should all continue to strive to reach and then stay in the 800’s.
What are the advantages of a score over 800
Thank you Mike for this information. As a residential realtor the information that you provide is crucial to a successful transaction for my clients. You are indeed a pleasure to recommend to all of my clients. You are so professional, thorough, conscientious and pleasant to work with. !!
Hi Dane! Wanted to make sure I'm clear on this. Am I right in saying that on whichever remodel is done you still take a loss rather than an increase in value - the ROI will never exceed 100% of cost?