Selling a Home

Selling a Home

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  1. Deciding to sell your home can create a variety of emotions to include joy, feeling melancholy, fear, sadness and more.  Some people who decide to sell their home do so because of the need for more room, downsizing, empty nesting, changing States, school systems and more but whatever your reason, you need to be an educated seller. 

    Being educated includes knowing what your home is currently worth, what you own on your present mortgage loan to see if you will profit from the sale, what other similar homes are selling for in your area and how competitive is your home verses other homes offering the same characteristics in a certain mile radius.  A lot of people are experiencing financial hardships and because of that they are forced to attempt a short sale on their home and some even go through foreclosure.  Shorts sales and foreclosures also make it hard on traditional home sellers because of the price the home is selling for, decreasing property values of nearby properties and the inability of most traditional home owners to compete. 

    When making the decision to sell your home it is important to have as much knowledge as possible and it does not hurt to solicit the services of a real estate agent or real estate broker.  They are trained in the area of home sales and purchases and can offer some valuable advice with regard to your home sale. 

    One of the most important steps an agent takes in helping you sell your home should be a market analysis. 

    A market analysis provides a good idea of what other sellers are selling their homes for, how many may be for sale in your immediate area and it can also help determine a competitive sales price for your home.  Preparing a market analysis takes time, especially if your agent is diligent in their research.  Though it takes some time to prepare it is an important element in your home sale decision. 

    For people who are looking to short sale their home they must work with their mortgage holder who will in turn decide if a short sale is a possibility. 

    Also another thing that most people do not know is that a short sale as well as a foreclosure does impact their credit.  On average and also depending on the State you reside it, it can take up to 90 days or more to obtain approval from your lender to sell your home short.  Short sales means selling your home for less than what you currently owe on your mortgage loan and again that approval must come from your lender. 

    Do you have to pay back the difference from the short sale amount and what you currently owe on your mortgage?

    That is a decision that is up to your lender and you should ask that question before you proceed with a short sale.  As a rule of thumb you should make a list of all of your questions whether selling your home by way of short sale or traditional and propose those questions to your agent and or your lender.  It is always best to be highly informed before making such a move. 

    Selling your home does not have a to be a tedious and strenuous adventure and if you hire and agent it can alleviate a lot of pressure and frustration.  When deciding to sell, be as informed as you can possibly be so that the decisions that you make are ones that you can live with for the long-haul.    

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