The home selling process is very similar in all states and in most countries. However local laws will always be a factor. Sometimes they will throw a wrench in the works.
Knowing as much as possible about the process and about local laws helps you get the most return from your by owner house investment.
Your goal is to net out as much money as property. This is not as easy as it seems. To prevent problems down the road you will want to calculate an estimate of net cash proceeds after your sale is over.
The factors that go into how much net cash you receive after the process is over depends on these things.:
- How much your home is worth.
- How much you can sell it for under current market conditions.
- What your closing costs are.
- What other costs you have to sell the property.
Your costs to move and to buy a new home are a factor in your decisions and will include:
- Moving expenses,
- Borrowing costs,
- Your down payment requirements,
- Costs of home inspections,
- Title costs,
- Homeowners insurance, and
- All other expenses of buying a home.
Contact your mortgage holder and have them calculate your loan payoff amount at closing. This is the starting point to determine your net proceeds. Then calculate the total amount you will have left after the closing costs and loan payoff amount.
If the amount is too low to buy the other home, you will want to know as soon as possible. It is a good idea to plan out all of these numbers in advance. They may affect what price you will accept in selling your home.
You Can Learn the Secrets of FSBO Success by listening to a free audio report full of hot tips on how to sell your home quickly at the highest price. Don’t try it on your own without listening to this invaluable free report, What You Must Know to Sell Your Home Without a Realtor.
Leo J. Vidal, JD, MA, CPA is a real estate marketing expert, and a Realtor who helps property owners use special marketing methods to sell their homes fast.
