What do you need to know as a seller
The first thing you should do is find out what your home is worth. There are great resources available on the internet like ZIllow and Realtor. They are great starting points. But nobody knows the real value. It is simply worth what someone is willing to pay. That being said nobody knows more about that than a local full-time REALTOR. I say local and full time for a reason. A local full time Realtor will know all about your area because they are in tune with that market. There is a big difference between areas as well as price points. Someone not familiar with the area or someone that does real estate as a side job might not know all these important factors. What is a CMA? A CMA is a comparative market analysis. It is done by taking several homes in your area and comparing factors like square footage,lot size, upgrades, pool, proximity to schools, parks and other attractions. I like to call it a competitive market analysis. Cause you are really competing with all the other homes for sale around you. Getting your home ready to sell is very important as well. The best way is to make your home very appealing to a larger majority of people. If you have a crazy neon pink kitchen that might be exactly what you like but may not be the most attractive for the majority of home buyers. Upgrades may help sell your home as well but before you dump a bunch of money into them you should talk to a Realtor to make sure you are spending wisely. Something as simple as new carpet may make your home sell quickly for asking price VS sitting on the market and then haggling over price.
For Sale by owner
Thinking of selling your home without an agent? Some important things to consider are: Forms and documents: Do you have access to them? Do you know which ones to use? Do you understand lender regulations? Do you know the timelines involved with appraisal and inspection periods? Buyers agent: Do you feel comfortable paying commission to a buyers agent? Are you ok with dealing with someone that is an expert in the field and is trained to get their client the best deal they can? Marketing: How much money do you have set aside to market your home? Do you have a plan to get it in the local MLS? Do you have plan to advertise your home? Which websites will you use? Qualifying buyers: Do you know the difference between pre approved and pre qualified? Do you know how to verify funds? Are you familiar with how to open escrow? Time: How much time do you have? How much is your time worth? Can you be available all day long seven days a week to answer calls and questions about your home? Selling your home can be a smooth painless process with the right agent. There is so much happening behind the curtain that you don’t see.
What is a Short Sale?
A short sale is when you sell a home and the proceeds from the sale won’t cover what is owed, and the property owner cannot afford to pay the difference. The lender then agrees to release their lien on the home and accept the amount the buyer is offering. Any left over balance owed to the creditors is known as a deficiency. Short sale agreements do not always release borrowers from their obligations. A short sale is often used to avoid foreclosure because it is cheaper for the borrower and for the lender. A short sale will result in a negative credit report against the property owner. Doing a short sale can also have tax repercussions. Always consult an accountant or attorney before making the decision to do a short sale.