If youve never sold your home before, you might think that the process only involves a quick exchange of money for the house and then both parties go on their merry way. There is much more involved with selling a house than this. A home seller incurs many costs with selling the house that might not first be realized. Before you sell a home, make sure to understand these costs and how they will affect you. If you think you will be making a profit, these costs might change your mind.
Most people use a real estate agency to sell their home. In addition to their salaries, real estate agents make commission on every home that is sold. Who do you think pays this commission? The home seller, of course. The selling price of your home is marked up slightly to include the amount of commission the real estate agent makes from the sale of your home. This amount can be anywhere from .05% to 4% depending on the agent you use. Make sure you are aware of the amount of commission your agent takes from the sale of your home.
Think youre going to sell your home by simply placing for sale sign in the yard? Think again. Unless you live in a high traffic area, it is not likely that you will be able to sell you home by sticking a sign in the yard with your telephone number. More advertising than this is needed for selling a home. Advertising can include placing ads in the newspaper or listing on a for sale by owner website. These advertising costs add to what it takes to sell your house.
Several different kinds of professional fees are required to sell the house. This includes the attorney and the closing agent. Of course, these fees will vary from one professional to the next but could wind up being anywhere from a few hundred dollars to a few thousand dollars.
Depending on the area you live in, you might be responsible for other fees associated with selling your house. This includes survey, inspections, and other processes that are required for selling a house.
Before you put the house up for sale, youll need to have some work done to make the house presentable. This process is known as home staging. You can do the work yourself or hire a professional to do it for you. In either case, an outlay of cash will be required. If you do the work yourself, you will have to purchase the materials that are needed for cleaning the outside and inside of the house. Hiring a professional home staging company will vary depending on the agency, the size of your home, and the amount of work that is needed.
Now that you are more familiar with the various costs associated with selling your house, no doubt you will think differently about the price at which you sell your house. Of course you want to be reasonable according to the market, but you also need make sure you dont lose in the sell.
All of the above, if violated, will result in prosecution and criminal charges being brought against the violator.
Having Your Home Appraised
In addition, you may end up being responsible for some part of the home cost if the bank is not able to auction the home for the full amount owed. Find ways to boost your income for period of time until you get back on track with your payments. You may think that getting a home appraisal is a bit over the top, but in many cases this is something that you need to do.
How long has it taken to sell homes, both for sale by owner and real estate agent assisted, in your area that are in a similar price range?
Buyers who get cold feet after signing the sales contract. You can do the work yourself or hire a professional to do it for you. By simply studying the industry and the market, you will be an expert on house foreclosures in no time at all. This way you will be able to work out a solution with them before it gets to be too late. Learning about house foreclosures is not a difficult thing to do.