This article will be perfect for those of you who are thinking of selling your house whether in Reno-Sparks or Chattanooga,Tennessee (pop.155,554), or is currently selling it (For Sale By Owners or through a Real Estate Agent)
Eric and Ray's Top 20 Tips for House Sellers
Authors of the highly praised book 'House Selling for Dummies'. What I really like about this book is it breaks down complicated real estate issues and explains it in plain English to make it easier for us to understand.
We may be in the real estate business for awhile now, but trust me there are still some things that confuse us. Many people like using real estate jargons (what's a jargon anyways?) for the simple reason that it makes us feel smarter. hmmm.
Ok here it is:
1. Your most important house-selling decisions is whether or not to sell. Take the time to research your options and the personal financial ramifications of each option before you sell.
2. The expenses of selling your current house and buying another will gobble a large chunk of your house's equity (that is, the market value of your property less the outstanding mortgage balance.)
Before you sell your house, weigh the expected benefits of buying a new home against these transaction costs. Be sure to estimate your proceeds of sale and relocation costs before selling.
3. Before you commit to selling your house, review the mortgage options for your next purchase, especially if you're trading up to a more costly property. Remember, mortgage lenders and real estate agents can't tell you how much you can afford to borrow; they can only tell you the maximum amount that you're eligible to borrow. To determine the price you can afford for your next home, you must also consider your financial goals and objectives.
4. Don't make a loan without doing your homework(pun intended). If you consider providing financing for the buyer of your property, do what a good mortgage lender does- conduct a rigorous background investigation to determine the creditworthiness of your buyer.
5. If you do decide to sell your house, try to time the sale so that it closes simultaneously with the purchase of your next home. Unless you're wealthy enough to afford the luxury of owning two properties at the same time, don't close on the purchase of your next home before your current one sells.
6. Weigh the pros and cons of selling your house yourself. Be realistic about the amount of money you can actually save by selling without an agent, and the amount of additional time and effort that you must invest. If you want to sell without a real estate agent, be sure to hire a good real estate lawyer and read this entire book so you know what you're getting into.
7. Field a great team. Selling your house usually requires that you hire and work with various real estate professionals (such as real estate agents, property inspectors,escrow officers, and, possibly, tax, legal, or financial advisors). If you put the right players on your team, you maximize your chances of a successful sale.
8. If you're going to have a real estate agent list your house for sale, invest the time to find the best possible real estate agent. An agent who doesn't know property values in your area or doesn't understand the best way to market your house can be a liability. A knowledge-able,market-savvy agent can help you obtain a higher sale price.
9. Be sure to thoroughly review and negotiate the real estate broker's listing contract, which is a personal services contract between you and a real estate firm. For most sellers, a 90-day listing that puts your house in the local multiple listing service is best. Remember that commissions and other terms of the listing agreement are negotiable.
10. Disclose, disclose,disclose. If you have any doubts as to whether to disclose a defect or problem with your house,err on the side of disclosure. Otherwise, you greatly increase your (and your real estate broker's) chances of being party to a lawsuit initiated by disgruntled buyers.
(House Selling For Dummies, Eric Tyson,MBA Ray Brown, page 1)
I recommend this book to everyone who is thinking of selling their home by themselves (For Sale By Owner). It will be invaluable. Here is a link where you can get it.
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