Mary Gilletti - Realtor for Rockport, TX , and surrounding areas
A home sale is a complex transaction that has many steps that need to be completed. You will need to have the home appraised, list the home for sale and find an agent who can help with both of those aspects. You may also have to worry about disclosure laws and closing costs after an offer has been accepted.
How Much Is Your Home Worth?
It is important to understand that your home will go for what the market will bear as opposed to how much you owe on your current mortgage. Therefore, you may be faced with the prospect of selling the home at a loss. If you don't need to sell, you may want to wait until it makes better financial sense to sell.
Otherwise, your real estate agent and your attorney may be able to work with your lender to sell the home in an orderly fashion and pay off any balance that may be owed. To find out how much your home is worth, you will need to appraise it and look at recent home sales to determine what it should be listed at.
How Can You Help Sell Your Home Faster?
Adding curb appeal to your property may make it more attractive to buyers. This means adding a fresh coat of paint or adding flowers to the front of the house. You can also offer seller concessions that make it easier for a buyer to afford your asking price as well as handle their own closing costs. Pricing your home at or below market value can also make your home one that buyers target.
What Am I Obligated to Disclose?
You are only obligated to disclose what you know about the home. If you know that the house has termites, you must tell the buyer about them. However, if you weren't aware of the issue and it is discovered after closing, you aren't liable for anything. You may be required to allow a buyer to inspect the home prior to closing to learn of any potential issues, and the buyer may ask that certain issues be fixed prior to close.
Selling your home can help you lock in profits, cut your losses or make it possible to move into a home that better meets your needs. Your real estate agent will make sure that you are properly represented throughout the process and understand everything that happens along the way.