The most important step in selling a house is obviously determining how much it should sell for. You can usually accomplish this in the same way that buyer does – by finding out how much other houses in the area have recently sold for. You also have the option of hiring an appraiser to determine the value of the home. Often a series of simple repairs can improve the resale value and should be completed before attempting to sell.
The market value of a home is usually defined as the price at which a given house, in its present condition, will sell in 1 to 3 months. If the house needs to be sold more it needs to be sold more quickly, the asking price will probably need to be lowered. Factored into the house’s value are the surrounding neighborhood, the quality of local schools and many other details.
The steps that go into selling a house are essentially the reverse of those required to buy a house . Keep in mind what the buyer is doing and attempt to get the best fair price for the home you are selling. You may find that listing though an agent is the best way to do this or you may have more success by offering your home as for sale by owner and pocketing the commission you would otherwise pay to an agent. Of course, there will be more work involved in negotiating and dealing with any problems that arise if you sell on your own.
A lawyer should review all bids and contracts. He or she will concentrate on contingency clauses and other negotiated details. Once a deal is agreed upon, it is time for the closing. You will receive a check for the price of the house and then, if necessary, write a check to your lender to pay off the outstanding mortgage.
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