The first step to deciding whether or not you want to sell your home is to determine market value and look at your specific situation. Will the sale of your home allow you to be in the right financial situation for you to move forward? Do you know where you’re going to live next?
Ask me to run a competitive market analysis of your property. This will give you an up to date analysis of your home’s value by looking at current listings and recent sales around your home.
The next step would be to ask me to run you an estimated net sheet on your home. This will give you a great idea of what you will net in cash, or leave with, once the transaction is closed and all expenses are paid. This is a great way for you to help make your decision on if you really want to sell your home.
Think about where you’re moving and consider your transition. Will you move twice – once into a rental unit and once into your purchase? Or would you want to include a rent-back clause in your transaction to rent back from the buyer who purchases your home? Have you considered where you want to go and what those homes cost? Have your realtor set up a portal of where you are interested in moving to and see if this is something you really want to do.
Have you considered keeping your home as a rental unit? It’s a great time to own a rental property. Meet with a lender to discuss if this would be a possibility – it may be a good fit!
Once you’ve thought through the process and are certain of selling your home, have your realtor run an updated market analysis and review the listing agreement! Good luck!
Home Staging
One of the benefits you get when hiring me to sell your home is complimentary home staging. This is where I come in to your vacant home and bring with me décor, artwork, etc, and make the home seem far more welcoming and beautiful than an empty home would be. Staging can cost upwards of $3,000 or more, depending on the size of your home. This is something I enjoy doing, and offer my sellers as a benefit, included in the commission when listing their home.
If you plan on staying in your home through closing, I’ll help you pare down your personal belongings so the home looks and feels staged. We’ll make it photo worthy. You can read more about how I get this done in the article HERE.
Here’s an example of one home I’ve recently staged, so you can see what I can bring to the table and offer you when selling your home…
Distressed Homeowners
If you are having trouble making your mortgage payments, a short sale or foreclosure may be a good fit for you. A short sale is not always in the best interest of a homeowner – sometimes a deed in lieu of foreclosure or a full foreclosure may be a better choice. I’d recommend you speak with a real estate attorney to have a quick consultation on your current situation to discuss your best course of action and the impacts to your credit score, career, and future purchasing ability.
If you are interested pursuing a short sale, you will need to have a valid hardship in order for the bank to approve the request. A valid hardship is something that has created a situation where you can no longer keep your home – for example, a job loss, a divorce, a medical expense, a death of an income earner, a job transfer, etc. Simply not wanting to keep your home anymore because it is underwater is not a valid reason for the bank to accept your request for a short sale.
A short sale is often a lengthy and patience-testing process. The bank or lender that holds your loan will ask for many of your personal documents to help understand your situation and agree that you can no longer make your mortgage payment. These include valid proof of your difficulty to pay your mortgage, such as wage statements, tax statements, and a breakout of your monthly income and expenses. If you don’t like the idea of someone asking questions about your personal situation, a short sale may not be the right move for you.
If you’re considering a short sale, please sit down with an agent and discuss your concerns and questions. It’s best to understand the full process and possible outcomes prior to attempting a short sale. Good luck!
Leave a Reply