Checklist For Selling Your Home

Similar to the process of getting a mortgage or purchasing a home, selling a property has several steps and details to be aware of.

The following simple checklist will help you gather your thoughts before you start interviewing Milwaukee real estate agents about selling your property.

Define Why You Need to Sell

• What are your future goals?
• Is this an emotional or financial decision?
• Will you need to do a Short Sale? (See explanation for a short sale below*)
• What about renting your property out?
  
• Would a home remodel be more beneficial? (Some States offer Rehab Loans, see below*)
• How fast do you need to sell?
• Would a Home Equity Line of Credit get you the cash you need?
• Do you need to sell before you can qualify for a new mortgage?
  
  

Understand The Economics of Selling a Property

• What is your home worth in today's market?
  
• How much equity do you really have?
  
• Understanding the difference between an appraisal and a property comp
• Understanding how the appraisal process works for buyers.
• Are there any repairs or upgrades you need to make before listing your property?
• Are there any tax consequences in selling now as opposed to selling later?
• What are the real estate and/or legal expenses?
• What will the final mortgage payoff and other liens be?
• Is it better to short sale or to foreclose and walk away?

Plan Your Selling Strategy

• Benefits of hiring a real estate agent.
• Understanding the difference between a buyer’s and seller’s market.
• Will you be living in the property while it is on the market?
• How available will your property be for buyers to preview?
• Are you comfortable with holding an open house?
• What do you expect from a real estate agent?

While you are considering your options, please feel free to browse our current listings and properties for rent so that you can get a feel for local real estate market trends in Milford, Connecticut.

What is a Short Sale?

Many homeowners have found themselves in a situation over the past few years since the real estate crash where they owe more on their home loan than their property will appraise or sell for, yet they are still in a position of needing to sell due to a hardship, change in employment or lifestyle.
A Short Sale is one of a few alternatives to foreclosure where the seller and bank negotiate the terms of selling the property for less than the amount owed on the mortgage. Banks choose to negotiate a short sale because it typically saves them time and money as opposed to going through a lengthy and sometimes costly foreclosure process.

Rehab Loans

Some States allow for Renovation Loans (like the FHA 203K renovation loan in Wisconsin) which allows borrowers to finance additional renovation costs into a loan amount that may be needed for financing, basic cosmetic upgrades, fresh paint, new carpet, cabinets, kitchen remodeling, etc. In Wisconsin, the FHA 203l loans, allow for buyers to buy foreclosures and short sales that are vacant due to any rehab work needed to make the property move-in ready.