When you first consider selling your North Oaks home you’ll probably experience an onslaught of questions. “Where to start?” typically tops the list.
While contacting a real estate agent is an important step, it’s not the first one you should take. Read on to learn what you need to do so that you and your agent can intelligently set a price for your North Oaks home.
Gather up your Loan Documents
That day you sat at the closing table and were handed the keys to your present home may seem like some far off memory. You’ll need to dig up your loan documents to refresh that memory and determine the following:
- Who else is on the title?
- Does the lender require a pre-payment penalty?
- Can the loan be assumed by a buyer?
- How much do you owe on the home?
- Do you have a second mortgage or a line of credit that also needs to be paid off? If so, what is the balance?
Anyone else that is on the title will be required to be present for the signing of all documents having to do with the sale of the home. If that person is deceased, you’ll need to remove him or her from the title before selling the home.
Pre-payment penalties aren’t always enforced on a sale, but it’s best to know if you have one, and how much the penalty is, so that you can determine how much you’ll net from the home’s sale.
Assumable loans, such as a VA loan, are a boon to homeowners because they help expand the buyer pool available to purchase your home.
Take stock of any repairs that need to be made and get them done before putting the home on the market. Any visible problems will lower the home’s perceived value and your aim is to get top dollar, right?
Do a thorough investigation of the home’s condition, looking at it through a buyer’s eyes. Make a list of what needs to be either replaced or repaired. If you have questions about what should be done, feel free to contact us.
Image: By As6022014 (Own work) CC BY-SA 3.0, via Wikimedia Commons