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?
- 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?
- 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?
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.