Originally Posted by nishash

1. Get Pre-approved for a Home Loan

You must first get pre-approved by a lender and then research the housing market near the area where you wish to transfer before finally deciding to sell the house. This will give you an idea of how much it will cost to buy a replacement house. Oftentimes, sellers tend to sign contracts with buyers in such a hurry without making sure that they are qualified to make a loan. These sellers usually end up renting or buying a home that do not suit their ideals. This means that need to start looking for two types of real estate. These would be (1) houses that seem to match the one you would like to buy and (2) houses that are similar to your current home. You must know how the two categories compare in price and will you be able to handle the difference if you are planning a step up.

2. Check Your Mortgage Payoff

To check the payoff for your current home mortgage, you must call your lender. You will later need this information when you calculate estimated proceeds.

3. Determine How Much Your House is Worth

Oftentimes, sellers don't go out to determine their property's fair market value. If you hire trustworthy and experienced real estate agents, they will usually help you determine the right value for your home as a courtesy. You might want to take it a step further and order an appraisal later on.

4. Estimate Your Costs To Sell

Real estate commission, professional fees for your attorney and real estate agent, excise tax for the sale, property taxes, home owner association fees, fuel tank rentals, surveys and inspections are some of the costs you might incur before selling the house. Before actually selling the house, you might want to find out just how much you could pay. As always, real estate agents will be able to help you acquire this information as they deal with transactions every day and can give you a very close estimate of seller closing costs.

5. Estimate Costs to Buy a New Home

You must learn how to calculate all expenses related to buying a home. Moving expenses, loan costs, down payment, home inspections, title work and title policy and a new hazard insurance policy are just some of these. Your lender should be able to give you a disclosure of estimated costs when you apply for loan pre-approval.

6. Calculate Your Estimated Proceeds

You should know whether or not your closing proceeds would cover your costs to buy a new home. You should have funding or cash ready to make up for the difference if it won't.

7. Make Necessary Repairs

Unless you want to give potential buyers a reason to offer you a lower price, make all necessary home repairs. You must fix problems especially if they are one of several repair hot spots that worry buyers the most.

8. Get the House Ready to Show

Before they are shown to potential buyers, most houses need some preparation. Be sure to avoid the things buyers hate most about houses.

9. Get Psyched Up to Let People In - But Stay Away

You might want to leave the house when it is being shown by your agent. That is, if you do not want your buyers to feel nervous. Buyers feel uncomfortable inspecting the house when they feel they are intruding your personal space.


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