Once you have decided that you want to sell your home. There are several questions we suggest you ask yourslef to make sure you are making the right deicision. It is also helps to ask the following questions to make sure you understand that the selling process usually means you will be in the buying process at the same time. These are eight question that will help you sell your home, buy a new home and estimate costs between then.
1. Can I Get Pre-Approved for a Home Loan?
Make sure you can buy a new home before you sell your present home. It is important to know if you will qualified to purchase property if your financial situation has changed. By getting pre-approved you can find a property in the area you want to live. This is help you undersatnd better how much your next mortgage will cost.
2. How Much Is My House Worth?
Ask friends, neighbors and local officials for information about real estate in your area. Order an appraisal. Check online listings in your area Check Newspapers in your area
3. How Much Will it Cost to Sell?
No Commission if you sell for sale by owner with NoCommish.com Real estate commission if you use an agency to sell. Advertising costs Lawn signs. Attorney closing agent Other professional fees Excise Tax for the sale. Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
4. How Much to Buy a New Home?
Calculate moving expenses, loan costs, downpayment, home inspections, title work and title policy, paying for a new hazard insurance policy--all expenses related to buying a home. Your lender should give you a disclosure of estimated costs when you apply for loan pre-approval.
5. How Much Is my Present Mortgage Payoff?
If you keep good records you should know how much your balance is on your present loan. Call the lender if you are uncertain.
6. How Much will I have after selling Costs and Mortgage Payoff to buy a new home?
If you subtract you mortgage payoff from the fair market value of the home, then subract the cost edured from selling your home. You will have an estimate of what you will be paid at closing. This payout plus cash will give you a good idea of how much you can spend and how much and if you will need to borrow.
7. Is my home ready to sell and show?
Make necessary repairs to ensure you are not giving the potential buyer an opportunity to put in a lower bid and have good reason. Clean up, paint, orgainize work areas and closets, clean the windows, wash the floors, shampoo carpets or wax hard wood floors.
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