SELLING YOUR HOME: 4 QUESTIONS TO ASK
Niceties and Formalities don't close deals: Get facts and get paid
A homeowner contemplating the sale of his or her home sometimes finds himself or herself trying to balance two competing mindsets: the financial, by-the-book steps of pricing and marketing as well as the emotional aspects of letting strangers in on one’s most prized possession.
Answering these key questions will make the financial aspects of listing your home fairly straightforward.
What is your Credit Score?
It is likely that you will purchase another home at some point in the future. Therefore, before beginning your own sales effort, take the time to obtain and examine your credit history. Make sure you address any errors or inaccuracies on your credit report that may have an adverse effect on your ability to obtain a new mortgage.
When do you need the proceeds from the sale of your home?
Pricing strategies may be affected by your personal timeline. The quickest way to sell your home is to list it for a lower asking price than comparable properties.
Is your property survey and mortgage documentation in order?
Your sale may be slowed or halted altogether if any of these factors are not met. Investigate whether your state or local requirements cover separate roof inspections, pest inspections, mold inspections, or other structural inspections. Furthermore, it is important to ensure that your property is free from any liens.
Do you have an up-to-date homeowner’s insurance policy?
It is easy to lose focus on the present when you are focused on the future. In the event that someone claims to have been injured in your home, you would like to ensure that you are protected. If you are considering homeowner’s insurance, you may also wish to ask your underwriter for a copy of the Comprehensive Loss Underwriting Exchange report for your property. As with a Carfax report, the CLUE report provides a detailed history of claims regarding your residence. It is possible that you will be surprised by what you find.
Once you have completed your financial assessment, it is time to conduct a gut check.
Feeling emotionally ready is equally important, especially if you will be living in the house while it is being shown. When selling a house for sale by owner (also known as FSBO), the attachment a homeowner feels to it becomes a priceless asset. Sellers must rely on their agents to represent their interests when working with a real estate agent. It is important to remember that no one knows your house better than you do which makes it an enjoyable place to live. A homeowner who utilizes an online service to access the same resources as an agent empowers themselves to become a by-owner seller.
Furthermore, a seller’s confidence is boosted when he or she has a strong support team in place. In Tyner’s opinion, every seller hires home sale professionals regardless of how they choose to market their home. For sale by owner sellers are not going it alone. Whether a seller is selling by owner or through an agent, they will have to hire an appraiser, an attorney, or a title insurance company.
If you are thinking of selling your home, you should be prepared to make one of the most important financial decisions of your life. According to experts, you should address all of these issues at least two months before listing your home for sale. Establish a timeline for the sale of your home from beginning to end to ensure that you stay on schedule.