Selling a house can be an emotional process, but it doesn’t have to be difficult. Selling a house with a mortgage can seem daunting because you’ll need to sell your home for more than what the bank owns it for in order to avoid owing money. The 8 Stages of Selling Your House With a Mortgage will help simplify this process and make the whole experience less stressful!
Stage One: Pre-Planning
This is the stage where you’ll want to start getting your ducks in a row. This includes gathering all of your important documents, such as bank statements, pay stubs, and tax returns. You should also decide on an asking price for your home and whether or not you’re willing to accept offers below that price. If you are, be sure to set a minimum acceptable offer price.
Stage Two: Preparing Your Home for Sale
Now is the time to start cleaning and decluttering your home. Make repairs that are necessary and update your paint job if needed. You’ll also want to make sure your home is “staged” for potential home buyers Louisville KY; this means arranging furniture in a way that highlights your house’s best features and hiding aspects of the home that may look outdated. Finally, you’ll want to make sure your yard is in good shape with neat landscaping and clearly visible pathways leading up to the front door.
Stage Three: Getting Pre-Approved for a Mortgage Loan
If possible, it helps to be preapproved before listing your house for sale. This can help expedite the process once you have an accepted offer on your home! If not already done so, get preapproved by contacting at least two or three banks or mortgage lenders as soon as possible after deciding on an asking price for your home. Be aware that financial institutions will likely only provide this service if you are honest about your financial situation and have no outstanding debts.
Stage Four: Listing Your Home for Sale
Now it’s time to list your home! You’ll want to create a listing that accurately portrays your home and its features, as well as specifying the asking price. It’s also important to include photographs of your property that are high quality and showcase your house in the best light possible. You’ll also want to be sure to keep your listing up-to-date with any changes or updates you make to your home before it sells.
Stage Five: Receiving Offers from Buyers
Once you’ve listed your home, you can expect to start receiving offers from potential home buyers relatively soon. When you do receive an offer, you’ll want to respond immediately. It’s also crucial that you do not accept the first offer received; always wait until you’ve had at least a few offers before choosing one, as this can help increase your chances of getting closer to or even surpassing the asking price for your home!
Stage Six: Negotiating an Accepted Offer with Your Buyer
Once you have accepted an offer on your house and are ready to move forward, it is very important that both parties agree on certain terms in order to avoid any issues later down the road. For example, if there were repairs made prior to closing that wasn’t paid by either party (such as new paint), make sure these are noted in writing so they don’t cause problems later on. You’ll also want to agree on a closing date and schedule a home inspection with the buyer as soon as possible.
Stage Seven: Finalizing the Sale of Your House
Assuming all goes smoothly, this will be the final stage in selling your house! All that’s left is to finalize all the paperwork, have the home inspected, and wait for your money to come through. In most cases, you should receive it within 30 days of closing. Congratulations on successfully selling your house with a mortgage!
Stage Eight: Moving On to Your Next Home
Once the sale of your home is finalized, you’re free to move on to finding and buying another house. You should set a budget for this new purchase; remember that in most cases it takes at least two or three years before the equity accumulated from selling a prior property can be used towards financing the next one! If you have any questions about what comes after closing on your mortgage loan-related transaction, don’t hesitate to ask our friendly sell my house fast Louisville team members today. We look forward to hearing from you soon!