There are things you need to know before selling your house. Before selling your house there is a ton of stuff to do, a lot to pay attention to and figure out. If this is your first ride in this rodeo, there is likely to be a lot to learn. You can help yourself out by leaning on the professionals who are around to help.
What You Should Know About Insurance Before Selling Your House
You l must know that your homeowner’s insurance is up to date and valid until the new owners take possession. Only once the mortgage is paid in full are you safe to cancel insurance on the property. Canceling your homeowner’s insurance too early could very easily lead to disaster.
Until the property has changed owners and is documented, you still have liability. If the place floods or is vandalized, you will probably lose the sale and may be stuck with some hefty repair costs.
You Must Know the Competitive Value of Your Home
You need to know before selling your house what it’s market value is. Before putting your home on the market it is wise to get a comparative market analysis of your property This report allows you to see how the value of your home stacks up against similar homes in your area. It is important to know this information in order to set your asking price at a reasonable and profitable price point. A price too low takes money out of your pocket. However, if you price your home too high it could backfire resulting in no sale.
Before Selling Your House Know What Repairs Need To Be Done
One of the worst mistakes you could make while selling your home is to neglect to mention repairs that need to be done.
It is not required but paying to have a home inspection is recommended. The price of a professional home inspector is a small price compared to the consequences of failing to disclose information about the property.
Know the tax laws
When you sell a property you may be responsible for paying the IRS taxes on that sale. It is your responsibility to know the tax laws that apply to the
sale of your house.
It is best to consult a professional regarding your particular situation because there are multitudes of variables involved in calculating those taxes.
Know what documents you need and where they are
By gathering these and having them available your closing process will likely go smoothly and much quicker.
Title that is free and clear of any liens
Homeowners insurance policy
Deed & sale agreement
Current tax statement
Warranty information and user manuals for appliances, HVAC, or other items staying with the house