Important Steps to Take Before You Sell Your North Seattle Real Estate
Essential Home Selling Preparations
If you are selling your home in the Edmonds or Lynnwood Washington real estate market there are some important steps that most home sellers should take before listing a house with Lonnie. Every bit of prep work you do helps you get the most return from your investment.
1. Get Pre-Approved for a Home Loan
Sometimes sellers have signed a listing contract to sell their house before they knew if they were qualified to buy another. Either their financial circumstances had changed since their last purchase, and they could no longer qualify for a loan, or they weren't able to sell at a price that allowed them to buy the type of replacement house they wanted. First talk to Lonnie before jumping to the purchase of another home. We will always ask if you are planning and are prepared for your moving and future living arrangements.
Before you decide to sell the house, get pre-qualified by a lender you trust and research the housing market in the area where you wish to live so that you have a good idea how much it will take to buy a replacement.
2. Check Your Mortgage Payoff
Call your lender to check the payoff for your current home mortgage. This will help determine your net profit when selling your Lynnwood Washington real estate or home. You'll also need the figure to complete Step 6.
3. Determine How Much Your House Is Worth
Determine your home's fair market value. Lonnie will usually help you determine value without obligation and of course narrow down a more accurate range if we are listing, but you might take it a step further and order an appraisal on your own. This is not required just recommended.
4. Estimate Your Costs to Sell
- Real estate commissions, which are always negotiable
Escrow, closing agent and other professional fees.
Excise tax for the sale.
Any additional mortgages that will need to be paid off
Prorated costs for your share of annual expenses, such as property taxes, home owner association fees, etc..
Lonnie deals with transactions every day and can give you a very close estimate of seller closing costs. Also the Escrow company you or Lonnie chooses will give you a break down called a settlement.
5. Estimate Costs to Buy a New Home
Calculate moving expenses, loan costs, down payment, home inspections, title insurance, paying for a new hazard insurance policy--all expenses related to buying a home. Your lender should give you a disclosure of estimated costs when you apply for loan pre-approval.
6. How to determine your net proceeds
Deduct your mortgage payoff from your home's fair market value.
Deduct your 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
Make all needed repairs unless you want the house to be regarded as a fixer-upper. This can mean cosmetic or issues of safety. Think about families moving in your home. Anything that's obviously broken gives potential buyers a reason to offer you a lower price, especially if it's one of several major repairs that worry buyers the most. Also, make sure your home smells good to those coming through it.
8. Don't worry about people in your home
When you list with the Williams , they will ask you to leave when the house is shown. Why? Because lurking sellers make buyers nervous--they don't feel comfortable inspecting the house when they feel they are intruding in your personal space.
Lonnie probably won't be present for every showing either. But our trusty keyboxes make note of every buyers agent that enters your home for the utmost in safety. Should you have an open house? This article might help you determine that.
Make the house accessible. That means it should always be ready to show. Many agents won't bother showing a house that takes 24 hours to get into.
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