Selling Your Existing Home
Be Prepared to Sell Your Home (cont.)

loans for mortgages, arm, 30 year fixed loans, 15 year fixed loans

 

 

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(cont.) Factors in pricing your home.

CONDITION OF HOME:
A well maintained home will sell faster. A refined manicured landscape will make the external much more appealing. Of course it's hard to compete with newly constructed homes nearby should that be the case.

HOME FEATURES:
Some people believe that an in-ground pool will automatically raise the value of a property significantly. While not always true, if you have a pool, you may indeed find yourself taking a loss on the cost of your pool. A majority of people don't have a strong interest in nor do they want to pay an extra $15,000 for a home with a pool. Be aware that some costly home upgrades don't hold their value.

Home features that add value are 3 car garages rather than a standard 2 car garage, white oak trim over regular color wood trim, oak flooring, more bathrooms, well insulated and well designed room additions, fire places and the like. Sometimes these housing upgrades can make your home appear much richer and fetch a much better selling price or help your home to sell much more quickly.

Finding the right buyer.
Many home buyers go about the process of searching and buying a home in a backwards fashion. Instead of getting approved for a loan amount that they can afford, they instead look for the house first, make an offer, and then apply for a loan. A portion of these buyers will get in over their heads and have the banks tell them that they cannot qualify for the amount they need.

If someone makes an offer for your home, ask them if they've been approved for the loan amount they'll need to buy your home. If they haven't done that, tell them to get approved first and then talk with them. It's a big mistake to commit to someone who's not approved. Otherwise, you may turn away a qualified buyer only to find your interested party unable to purchase your home.

Be sure the potential home buyer is actually approved. Some people have the lender run some numbers for them without going through with the actual financial form submissions and approval process. Ensure that their lender has pre-approved and is committed to lending the buyer the amount needed. Ask to see the papers to show their approval.

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Home Buying 101 bl.textbox.rt.top.gif (112 bytes)
v How About Your Mortgage Investment?
v Tips for Buying Your Next Home
v Selling Your Existing Home (part 1) and...
v Selling Your Existing Home (part 2)
v House Insurance Coverage
v Guidelines for Finding the Ideal Home Location
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v What Your FICO Score Means to You (part 1)
v What Your FICO Score Means to You (part 2)
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