1)Motivation for Selling
First of all, you need to know your purposes for selling your home. The reason you bought it was for investment ? or for long term residential purpose? Some people pay hard for their house installments for years and sell it because of emotion impulse.Discuss this issue with your partner and think thoroughly before making any wrong decision.
2)Buying a New Home
Most of the people who plan to sell their homes also plan to get a new home too.So,do prepare the listings of new homes and do some research on neighbours and types of new homes you want to be residenting.If you are into investment,Check the location of the new home and future development plan in that area.
3)Call Real Estate Agents
Interview and talk to at least 2-3 neighborhood specialists and real estate agents.Selecting the right capable agent is as important as selecting a quality new home.Talk to the agent to understand the plans and strategies they are going to implement in marketing your home.
a)Home Sale Preparation
Get advices from people who sold their homes before.Move the furnitures out.
Rapairs the basic maintenance issues.Do not save money on that which may cause you loosing a deal.
By staging your house,you will probably get more.Request assitance from agents and proffesionals.
Do not select an agent based on suggested sales price. Some will overbid each other to get the listing but do not overprice. Remember taht overpriced homes often sell for less than the market value.
e)Net Profits from Selling
I always prepare two net sheets for sellers, each with a low price and a high price. This way, sellers can be prepared for the worst and hope for the best. If the lowest net price will let you buy the home you want, it's time to find financing.
4)Get A Lender
Check with existing lender how much existing need to pay off.Next,steps you need to do are order a beneficiary statement,check out new financing offers from your own lending institutions and credit unions,ask for a Good Faith Estimate (GFE),compare rates and fees,ask for referrals to mortgage brokers from agents. Often, mortgage brokers have more flexibility to discount rates and are more competitive.
a)Get a loan preapproval letter to check how much mortgage you are qualified to borrow.
b)Its is advisible to apply for lower mortgage for easier payment for the long run.
c)Compare the types of mortgage,select wisely.
5)Sell Before Buying
It's always more profitable to sell before buying a new home.Don't just search a new home through Real estate portals in the internet.Making decision by just viewing pictures and videos on new home is not sufficient.Visit the the place personally to have a clearer and more realistic and vivid look.