Selling a House – What You Need to Know
When Selling a House, you’ll likely work with your agent to set a fair asking price that should encourage offers from buyers and maximize profits. They’ll consider the prices of nearby homes similar to yours in your neighborhood and complete a comparative market analysis (CMA) to help you find a good figure.
As you prepare to sell your home, think about what features are must-haves and which ones can be negotiated or eliminated. For example, if your roof is old and needs replacing, it’s an expense you can reflect in the sales price.
Selling a House: Common Mistakes and How to Avoid Them
If you’re planning to buy a new home, get pre-approved for a mortgage and make sure you can afford a down payment and closing costs. The lender will also want to see your employment history and bank statements to make sure you can comfortably afford the monthly payments if you take on a mortgage.
During the sale process, you’ll need to pay your real estate agent’s commission and other seller’s expenses, such as property taxes, escrow fees, attorney’s fees, and title insurance. You may also need to pay a transfer tax, which varies by location and is typically a percentage of the sale price.
You’ll probably also need to hire a lawyer, who can draw up the contract of sale and help you and your buyer work out the details, including which items from the home are included in the sale (such as appliances), a contingency clause, inspection dates, closing and possession dates, the purchase price, financing terms, deposit amounts, and other conditions.
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