Selling a House

A home is one of the largest investments most people will make in their lifetime. When the time comes to sell a home, getting the most back from your investment is the main goal. There are things to take into consideration when selling, such as an asking price, choosing an estate agent and fixing repairs on the house, so a buyer will make a good offer.

Selling a house is almost more important than buying the house in the first place. All of the money you have invested in it, by means of a down payment, home repairs, as well as interest accrued over the time you have had the loan, is money that needs to be calculated when generating an asking price. The reasons why people choose to sell their house can be a need for a larger or smaller home, a need to relocate due to new jobs or the inability to afford to live in the home.

You can sell your home by contacting an estate agent, who will come out and do a cost analysis of your home. The agent will have the home appraised and establish an asking price for listing. Having the asking price more than what is invested in the home, as well as what is owed to the bank, is the best way to profit from a home sale. Some people choose a “for sale by owner” option and spend their own money advertising to sell their home, to avoid paying fees and closing costs to a real estate company. Often, if the home is part of an estate, an auction will take place in which the home, and the surrounding property as well as the contents can also be sold for one bid. In instances where the house is close to going into foreclosure, a “quick sale” can be implemented, where the home is sold back to the bank with minimal fees taken out of the transaction.

Before selling a home, the homeowner needs to make a list of everything that needs to be repaired or replaced, on the exterior and the interior of the dwelling. Any problems should be addressed before the house is sold, or they should be listed as a disclosure in the asking price. If items are in disrepair, it will decrease the amount of money you will get for the sale of the home. Most homes for sale will also have a yard sign, as well as newspaper listings showing the features and amenities of the home, the size, and what price the home is being listed at.

When selling a house, you need to take into consideration the time needed to prepare the house for sale, the length of time until an offer is made on the house, and the length of time until the new owners will take possession. Making sure the home is in good repair, is clean, and has curb appeal that will attract buyers, can take several weeks to prepare. The property market, and the listing price of the home compared to others in the area, will determine how quickly a home sells. Most estate agents contracts are for 6 months, but extensions can be granted if the house does not sell within that time frame. Once the house has an offer, the new buyers typically have up to 30 days before they can take possession of the home, unless otherwise disclosed in the sales contract.

Selling a home can greatly relieve the debt load the homeowner has with the bank and the mortgage note, and in most cases will generate a profit. Once a home sells, the seller can then move on to purchase a new home that will suit their needs financially. Not all effects from selling a home are positive; some people may have to sell due to loss of a job, death of a spouse, a divorce, or due to a probate court order over other family members fighting for the residence.