Maribeth Marzeotti's Blog
The home selling process should be quick, particularly for those who offer great houses at competitive prices. However, problems may arise that prevent an individual from enjoying a seamless home selling experience.
When it comes to selling a house as quickly as possible, it generally is a good idea to be proactive. That way, you can resolve any potential home problems before you add your house to the real estate market. A proactive approach to selling a house also may enable you to minimize the risk of encountering time-intensive problems throughout the home selling journey.
Now, let's take a look at three tips to help you avoid delays as you sell your house.
1. Perform a House Inspection
A home inspection typically is requested by a homebuyer after his or her offer is accepted on a house. Conversely, a home seller can perform an inspection prior to listing a residence to identify home issues and fix these problems right away.
During a house inspection, a property expert will examine a residence both inside and out. He or she then will provide an inspection report that offers comprehensive insights into a residence's condition.
A home seller should assess the results of an inspection report closely. By doing so, a seller can prioritize myriad home repairs and alleviate these issues. And as a result, a seller can prevent such problems from potentially stopping a home sale at a later time.
2. Establish an Aggressive Initial Asking Price
The price that a seller sets for his or her house can have a major impact on how quickly the home selling journey progresses. If a seller establishes an aggressive initial asking price for his or her residence, this individual may boost the likelihood of a fast home selling journey.
Remember, homebuyers are searching for residences that deliver the ideal mix of quality and affordability. If you price your residence competitively based on the current housing market's conditions, homebuyers may choose to pursue your house over others that are available. Then, it may be only a matter of time before you receive multiple offers on your house that are at or above your residence's initial asking price.
3. Collaborate with a Real Estate Agent
If you're worried about encountering time-intensive problems during the house selling journey, there is no need to stress. For those who hire a real estate agent, you can get the support you need to address any potential home selling problems.
A real estate agent possesses the skills and know-how to help you simplify the home selling journey. He or she is happy to provide expert recommendations as you proceed along this journey. And if you ever have concerns or questions about selling your house, a real estate agent is ready to respond to them.
Want to accelerate the home selling journey? Use the aforementioned tips, and you can limit the risk of encountering potential hurdles that otherwise could slow you down as you sell your house.
Believe it or not, the costs associated with selling a house can add up quickly. If a home seller fails to budget accordingly, he or she risks costly, time-intensive home repairs following a property inspection. Perhaps worst of all, this scenario may force a home seller to miss out on an opportunity to get the best price for his or her residence.
With a home selling budget in place, you can increase the likelihood of a profitable home selling experience. If you know what it takes to set up a home selling budget, you may be better equipped than ever before to streamline the home selling process.
Now, let's take a look at three tips to help you establish a home selling budget.
1. Assess the Condition of Your House
Before you list your house, it helps to perform a comprehensive home assessment. That way, you can identify potential upgrades both inside and outside your house and evaluate the costs associated with these home improvements.
Typically, a home inspection enables you to learn about your house's strengths and weaknesses. This inspection requires a property expert to assess your house and may take several hours to complete. Then, once the inspection is finished, you'll receive an inspection report that you can use to determine which home improvement projects that you may need to complete sooner rather than later.
2. Establish Home Improvement Priorities
Although you might want to give your residence a complete overhaul, there may be only limited time and resources at your disposal. Thus, you'll want to establish home improvement priorities to ensure you can maximize your time and resources.
Think about which home improvement projects are necessary. These projects should rank at the top of your list of home improvement priorities, as failure to complete them may prevent you from optimizing the value of your house.
As you establish home improvement priorities, don't forget to assess the costs associated with various home upgrades. This will help you achieve the best-possible home improvement results without spending beyond your means.
3. Consult with a Real Estate Agent
A real estate agent understands exactly what it takes to sell a home, regardless of the current housing market's conditions. In fact, this housing market professional can make it easy to map out a successful home selling budget and ensure you can quickly and effortlessly navigate the home selling process.
With a real estate agent at your side, you'll receive expert support throughout the home selling journey. A real estate agent will learn about your home and help you identify ways to enhance your residence. Plus, a real estate agent will offer recommendations to ensure you can upgrade your house on a budget.
If you're getting ready to sell your house, it helps to collaborate with a real estate agent. Reach out to local real estate agents in your area, and you can get the support that you need to establish a home selling budget.
You got a reverse mortgage on your home to help with your retirement, but now, you want to move out. Maybe its because your kids want the house, or it just doesn't work for you anymore due to the climate or just how far away your family lives. Makes sense, when you were younger your life changed all the time, that doesn’t stop after retirement. So, are you stuck? Or can you sell it?
First, what is a Reverse Mortgage?
A "reverse mortgage" is a special form of home financing that pays out based on the equity of your home. While you continue living in the home, the loan pays either a single lump sum, as a line of credit, monthly payments, or in some combination thereof to help cover the cost of your retirement. In the United States, the home must be the primary residence, and the homeowner must be over the age of 62 to qualify. While originally started to allow seniors to keep a more stable income, the IRS doesn't see it that way and instead looks at the income as a "loan advance" and taxes it accordingly.
Paying off Your Reverse Mortgage
Typically, the point of a reverse mortgage is for the income. That means you defer payment of the loan until you die, though it comes due when you sell the home or if you live elsewhere for a whole year. That means it usually falls to your heirs to handle it. They can pay it off, refinance it or sell the home. As a last resort, they can give up the property to the lender in place of repayment, but they give up all the rights of ownership to the property. Its possible to get a Home Equity Conversion Mortgage (HECM) from the FHA restricted to the value of your home. This type of loan protects your heirs since the mortgage can't be more than the value of the house, which means all they have to do is hand over the property and they are free and clear.
Selling Your Home Under the Reverse Mortgage
Selling your reverse mortgaged home can be complicated. Your reverse mortgage compounds interest over its whole life on both the owed interested and the borrowed amount. That means the mortgage could be substantially higher than the original borrowed amount. If you want to sell the home, no matter if its family or open market, first start by figuring out just how much remains on the mortgage. Include the whole borrowed amount, owed interest, compounded interest and any fees your lender may charge. Double check that number by requesting a payoff amount from the lender. They will send you an estimated payoff amount based on your current status and will only apply for a specific date range. Keep in mind that regardless if you sell the home for the original amount, if it takes longer than you originally planned, those numbers could go up.
Want to know if your home is a good candidate for a reverse mortgage sale? Refer to your local real estate agent to find out if the market value of your home is high enough to make it a good idea.
If you intend to list your residence in the near future, you may want to complete various property renovations. In fact, there are many reasons to perform home renovations before you add your house to the real estate market, and these reasons include:
1. You can revamp the look and feel of your home.
If your home has a drab interior or exterior, now may be the perfect time to update your residence. That way, you can reinvent your house and make it an attractive choice for homebuyers.
As you look for ways to renovate your house, it may be beneficial to conduct a home inspection too. A house inspection typically is requested by a homebuyer after a seller accepts an offer to purchase. However, performing an inspection before you list your residence may help you establish home renovation priorities.
During a home inspection, a property expert will assess a residence both inside and out. A homeowner then will receive an inspection report that provides insights into a house's strengths and weaknesses. And with this report in hand, a homeowner can allocate time and resources to prioritize home renovations and find ways to upgrade his or her residence before listing it.
2. You can increase the likelihood of a quick house sale.
A house that boasts outstanding curb appeal is likely to make a positive first impression on buyers. Thus, this home may be more likely than others to stir up lots of interest among buyers, which may lead to a quick house sale.
If you want to speed up the house selling process, you should perform home renovations. Because the sooner you update your residence, the sooner you may be able to accept a competitive offer to purchase your home.
3. You can boost your house's value.
Home renovations may help you bolster the value of your home. These renovations also can help you differentiate your residence from other available houses – something that is exceedingly important in a fierce real estate market.
When it comes to renovating your home, it may be helpful to work with a real estate agent. If you have a real estate agent at your side, you may be better equipped than ever before to plan ahead for home renovation projects.
A real estate agent may be able to put you in touch with the best home renovation experts in your city or town. For example, if you want to improve your home's interior, a real estate agent can offer interior decorator recommendations. Or, if you need to perform roof repairs, a real estate agent can help you find the top local roofing companies.
Before you list your home, complete home renovations – you'll be glad you did. If you perform myriad house renovations, you could help your residence stand out in a crowded real estate market. Best of all, home renovations could make it easy for you to enjoy a fast, profitable home selling experience.
Staging a home requires a seller to think about how to differentiate his or her residence from others that are currently available. Fortunately, a home staging checklist can make it easy for a seller to ensure his or her house stands out from the competition.
A home staging checklist allows a seller to take a step-to-step approach to enhance his or her house's appeal, which may lead to a fast, profitable home sale.
In addition, this checklist is simple to create and may include the following items:
1. Removing Clutter
Although you likely have collected a variety of antiques, artwork and other attractive items over the years, you may want to remove some of these belongings from your house. That way, you can help homebuyers envision what their lives may be like if they decide to purchase your residence.
Remember, the goal of a home seller is to stir up substantial interest in a house. If you eliminate clutter from your home, you can enable homebuyers to see exactly what your residence has to offer and help them make an informed purchase decision.
To remove clutter from your home, you may want to host a yard sale or sell excess items online. You can always donate excess items to local charities or give them to family members or friends too. Or, if you want to keep all of your belongings, you can put various items in a storage unit until your residence sells.
2. Cleaning a Home from Top to Bottom
An immaculate residence is sure to garner substantial interest from homebuyers. Thus, if you clean your home from top to bottom, you can increase the likelihood that your residence will make a positive first impression on potential buyers.
Go room by room and clean as much as possible. If you require extra assistance, you can hire a professional home cleaning company as well.
3. Collaborating with a Real Estate Agent
If you need expert guidance as you sell your residence, you should hire a local real estate agent.
A real estate agent is a difference-maker throughout the home selling journey. This housing market professional can help you stage your home, along with provide real estate market insights that you may struggle to obtain elsewhere.
When it comes to home staging, it often pays to collaborate with a real estate agent. In fact, a real estate agent will learn about your house and offer personalized home staging recommendations.
Furthermore, a real estate agent understands the ins and outs of selling a house and can help you make tough decisions throughout the home selling journey. He or she can work with you to determine an initial asking price for your residence, whether to accept an offer a home and much more. Also, if you ever have home selling concerns or questions, a real estate agent is happy to respond to them at any time.
Take the guesswork out of staging your residence – include the aforementioned items in your home staging checklist, and you can quickly and effortlessly get your house show-ready.