Nadine Reyes February 5, 2024
It takes more than just putting your home on the market and waiting for offers from motivated buyers to start pouring in to sell your house. You'll need to take a deep breath, look at your home closely, and ask yourself a few questions if you want to have any hope that your sale will go successfully. Finding a real estate agent, deciding on a list price, and holding a few open houses all seem like fairly simple phases in the home selling process, but there are a number of less obvious elements that have a significant impact on whether your house sells and how much it sells for. To help you enter the home-selling process fully prepared and with your eyes open, here’s a list of five essential questions to ask yourself to get started.
Before choosing between expanding an existing home or upgrading to a larger house, think about the following issues:
Individual demands, the amount of work required, and what would bring the most value should ultimately guide the choice.
Don't be concerned if you come across strange acronyms in a real estate listing. There is a method to this shorthand's apparent craziness (which is mostly adopted by sellers to save money in advertising charges). From a recent newspaper's classified section, these acronyms and their definitions are shown below:
Resources: “Real Estate’s Ambiguous Language You Oughtta Understand,” Glennon H. Neubauer, Ethos Group Publishing, Diamond Bar, CA; 1993.
For seven to ten years, bankruptcy and foreclosure records can stay on a credit report. If a person has rebuilt good credit, some lenders will take them into consideration earlier. Lender decisions can also be impacted by the bankruptcy's conditions. Lenders might be more understanding, for instance, if you filed for bankruptcy because of financial issues at your place of employment. However, the lender is likely to be less lenient if you filed for bankruptcy because you lived above your means and overextended your personal credit lines.
The more information you have about a seller's intentions, the better your negotiation position will be. For instance, a seller under pressure to sell soon because of a job transfer would agree to a lesser price with a quick escrow. People who are going through a divorce or who have already bought another property are examples of other so-called "motivated sellers." Keep in mind that the listing price may not be what the seller will accept; it is simply what they would like to get. Check the most recent sales prices of nearby houses that are comparable before submitting an offer to see how the seller's asking price compares.
Some experts advise against purposefully making lowball bids. Such an offer may be made, but it also has the potential to ruin the deal and put the seller off from engaging in any further discussion.
Legally, sellers are not required to inform potential buyers of the conditions of rival offers.
Put it in the best condition you can, especially if you're in a market where there are many for-sale homes and few purchasers. That suggests, if you can afford it, taking care of any significant repairs that would put off a buyer (such repairing any broken windows or a leaky roof). Next, improve the curb appeal of your house. Make sure your surroundings are immaculate. Mow the lawn, clear the area of any trash, and weed the garden areas. Put a few annual flowers in pots and place them at the door or plant them nearby. Other simple fixes that are inexpensive yet can help you sell your house for top dollar include: Make sure the paint is not damaged or flaking while cleaning the windows. Make sure the doorbell functions. Rooms, furniture, floors, walls, and ceilings should all be cleaned and refreshed. Ensure that the kitchen and bathrooms are spotless. Make closets orderly. Verify that the essential fixtures and appliances function. Replace frayed wires and leaky faucets. Get rid of the cat box or any other sources of odors. To make sure the place smells welcoming before your open house, use air freshener or bake a batch of cookies. Purchase a few vases of fresh flowers to scatter around your home.
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