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Eights Steps to Home-Selling Success
1. Get Pre-Approved for a Home Loan. That’s right! Make sure you can afford your next home before you sell the one you have.
2. Check Your Mortgage Payoff. Call your lender to find out how much you own on your current home mortgage.
3. Determine How Much Your House Is Worth. Real estates can help you do a fair market value evaluation, or you can try to find similar homes listed and estimate on your own.
4. Estimate Your Costs to Sell. Figure out how much your realtor is going to cost you, including how much you will need to spend on advertising and any associated professional fees.
5. Estimate Costs to Buy a New Home. Calculate all expenses related to buying a home, including down payment and moving expenses to name a few. Your lender should give you a disclosure of estimated costs when you apply for loan pre-approval.
6. Calculate Your Estimated Proceeds. Deduct your mortgage payoff from your home's fair market value. Then, deduct your total costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing. Will your closing proceeds cover your costs to buy a new home? If not, do you have cash or other funding to make up the difference?
7. Make Necessary Repairs. Pretty simple. If it’s broke, fix it, because everything will come out doing the inspection and appraisal phases of the home-selling process. In some cases, repairs can be deducted from the sale price and the new owner will handle the repair process and assume the cost.
8. Get the House Ready to Show. The quintessential new coat of paint.
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