1) Before
Selling or Listing
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Research
the neighborhoods to which you plan to relocate, and then get pre-approval for
a home loan before pricing yours on the market.
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Calculate
your current mortgage payoff. Get your
home appraised to estimate its current worth.
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Calculate
the costs of selling and buying a new home, and figure out the estimated
proceeds.
2) For Sale by Owner
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Study
housing markets and prepare professional fact sheets, contracts, and
forms. Assemble documents and get home
repairs and cleanup in order for the sale.
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Familiarize
yourself with the neighborhood so you can answer questions & price your
home accordingly with comparable properties.
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Consider
listing our home for a flat fee with the Multiple Listing Service (MLS).
3) Interviewing Real Estate Agents
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Ask
how many years they have worked in the real estate business, and how many homes
have they sold in the area?
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Ask
how many total homes they have sold, and what percentage were sold at the
original asking price or better?
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Ask
what are the commission rates, and if they are negotiable?
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Ask
how the home will be marketed and how will meetings with potential buyers be
coordinated?
4) Pre-listing Inspection
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Hire a
license or certified Home Inspector to help set realistic price expectations
and to see the home through a third party.
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Inspections
provide opportunities to make repairs and prevent delays in obtaining use and
occupancy permits.
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It
establishes trust and peace of mind, alleviating a potential buyer's concern or
suspicions about the property.
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Make
copies of the inspection and repairs available to buyers.
5) Disclosures
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Note
"material" problems to the buyer in writing.
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Disclose
plumbing or electrical issues; hazards such as asbestos, radon gas or lead
paint; foundation, roofing, pests and heating and ventilation issues;
alterations to the properties without a building permit.
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Shift
as much responsibility as possible to a paid professional.
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Check
your state's housing authority for legal disclosure rules.
6) Creating First Impressions
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Conduct
curb-to-door cleanup. Prune shrubs and
trim trees and lawns, paint the front door and plant seasonal plants to enhance
the attractiveness of the home.
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Remove clutter and make the home look
spacious.
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Depersonalize - let the buyers imagine the
home as their own.
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Remove religious, political, and social
artifacts before showing the home.
7) Setting a Price
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Prices
can vary for comparable structures and depend on current market
conditions.
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Take
current market conditions into consideration when pricing your home for
sale. Is it a buyer's, seller's, or
balanced market?
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Study
market listing no more than half a mile away from your home for pricing
guidelines. Look for common patterns.