Home Selling Tips

Your home is usually your largest asset. Selling a home is a complex process with many elements, steps, and considerations. There are also plenty of things to watch out for and avoid. Click the tips below to learn more about selling a home, to make selling your home a better experience.

• Essential tips to sell your home

• Ensure that you are personally and financially ready to sell your home.

• Work with a knowledgeable, experienced, and caring real estate agent.

• Study the real estate market and determine the right time to sell your home.

• Understand the home selling process.

• Buy the right home with the right loan at the right time.

• Check your credit report at least once per year for accuracy.

• Shop for a home loan before looking for a home.

• To enhance getting your offer being accepted, submit a complete offer.

• Familiarize yourself with the purchase agreement and related documents.

• Understand the home selling costs.

• Things to watch out for when inspecting a home.

• Have the seller pay for any necessary termite-related repairs.

• Have the seller pay for a comprehensive home warranty.

• Obtain a home inspection and other necessary inspections.

• Get a home inspection from a home inspector who is very thorough and diligent.

• Get a heating furnace inspection and tune-up.

• Request that seller repair health and safety or significant issues.

• Shop around and get several competitive homeowner's insurance quotes with adequate coverage.

• Do not remove contractual contingencies in writing until you are ready.

• If a home was built prior to 1978, it may have lead-based paint.

• Create a living trust to avoid probate.

• Save all receipts for all home improvements to your real property.

• Re-evaluate your automobile insurance when you move after selling a home.

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To make selling your home quicker and easier, follow these essential home selling tips.

1. Sell at the right time.
• Know the current real estate marke.
• Is it the right to sell from the market standpoint?
• Your life, job, and situation.
• Are you ready to sell and move on?
2. Sell at the right price.
• Set a realistic price to actually sell your home.
• Price your home to receive offers
3. Prepare your home to sell.
• Consider making needed repairs.
• Unclutter and clean.
• Stage the home or hire a stager to do it for you.
4. Hire a real estate expert.
• Provides information about the market
• Advises you on your home's market value
• Helps you strategize
• Provides recommendations on how to prepare your home
• Market your home and expose it to the entire market
• Works with you on offers and counter-offers
• Facilitates the entire selling process.
• Use the appropriate legal documents to prevent or minimize future legal liability.

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Before proceeding to sell your home, you should ensure that you are personally and financially ready. If you are ready to buy home, you should be able to say the following:

• The house I can afford meets my expectations.
• I am better off buying than renting.
• I understand the cost of homeownership.
• I have good credit.
• I am financially stable.

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Real estate is a complex field, selling a home is a complicated process, and a home is a very large investment, therefore it is important to work with a knowledgeable, experienced real estate professional who cares about you and your goals. Try to find the best real estate agent and work closely with him.

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It is very important to study the real estate market and consult with a real estate advisor to determine the right time to sell your home. Timing is critical. Selling a home at the wrong time can cause you to lose money and jeopardize your financial situation.

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It is very helpful to understand the home selling process.

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A home is one of the largest purchases you will make in your life. You need to ensure that you:

1. Buy the right home for you.

   The home should have the characteristics that will enable you to enjoy it and make you happy.

2. Get the right home loan.

   Learn about the various types of home loans and be sure to get the right loan for you. Do your best to get a competitive interest rate and closing costs.

3. Buy at the right time.

   You should shop for a good deal and strive to buy a home when prices are favorable and homes are not overpriced.

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Having a high credit score can help you qualify for lower interest rates when obtaining a home or automobile loan. It is a good idea to check your credit report at least once per year for accuracy. The largest credit reporting agencies in America — Experian, Transunion, and Equifax — have collaborated to provide a Web site from which you can obtain a free copy of your credit report from each of them. Click the link below and follow the on-screen instructions to obtain a free copy of your credit report from each of these companies.

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It is important to consult with different lenders and shop for the right loan—before looking for the right home, and definitely before you submit an offer or before your offer gets accepted.

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It is a good idea to visit at least several homes and areas before you decide to buy a particular home. This will help you refine your home criteria as well as give a basis for comparison, which will help you ensure that the home you decide to buy is the right home for you.

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To enhance getting your offer being accepted, submit a complete offer containing the purchase agreement and related documents, an underwriting loan approval or pre-approval letter from a funding lender, your most recent bank statement(s), a minimum of 1% of the purchase price as earnest money deposit, a recent credit report with your credit scores, and possibly a personal letter from you to the seller.

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It is very helpful to familiarize yourself with the purchase agreement and related documents. Your real estate advisor can explain these documents to you.

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It is very important to understand the home selling costs. Click the link below to learn more.

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Below are some of the many things to look for when inspecting a home. Be sure to get a thorough home inspection from a professional home inspector.

Look For	Description
Road Noise	Observe if there are road noise and excess pollution from a nearby major road. I do not recommend buying a home very close to a major road that has significant road noise, because the home will be more difficult to sell in the future and will sell for less.
Natural Hazards	Research for potential natural hazards such as wildfires, earthquake fault line, flood zone, soil movement, radon, and other potential negative factors. Negotiate with the seller to provide a natural hazard report indicating whether the property is subject to any of these potential natural hazards.
Cracks in Driveway, Garage Floor, or Sidewalks	Carefully look at the driveway, garage floor, and sidewalks for unevenness or cracks.
Deteriorated or Damaged Fencing	Look at the fence around a property for evidence of deterioration or damage.
Deteriorated Wood Fascia	Look at the wood fascia or trim around the roof for signs of deterioration.
Cracks in Stucco	Look for large cracks on the stucco around a home.
Cracks in Ceiling, Walls, or at Door Casings	Carefully look at the ceiling, walls, and door casings for cracks or separations which may indicate that the structure has shifted or has sustained damage possibly due to earth movement or foundation problems. Doors that do not close or gaps between doors and their casings may also indicate similar problems.
Cracks in Foundation	Carefully look at all the floors for unevenness or cracks. Cracked tiles may indicate a crack in the underlying cement foundation. I do not recommend buying a home with foundation problems.
Uneven Floors	Carefully look at all the floors to determine if they are even or if there are spots that are uneven. If the floor does not have carpeting, place a marble in the middle of the floor and see if it rolls instead of staying stationery.
Stains on Ceiling or Attic	Be sure to look for signs of leaks, such as stains on the ceiling or attic. Ask your home inspector to confirm whether there are any water stains on the wood in the attic. Have him take photographs of the attic areas and show them to you
Leaks Beneath Sinks	Look beneath all sinks for water stains or leaks.
Mustiness or Moisture	Carefully smell the home for signs of mustiness or moisture, this may indicate mold problems. Mold is a health hazard. I do not recommend buying a home with mold issues.
Ground in Contact with Stucco	There should be a distance of several inches between the soil or cement patio and the bottom of the stucco of the exterior of the structure, so that water or moisture does not permeate into the wall and inside the home.
Improper Grading	The ground around a home should be graded slightly or gently sloped so that rain water naturally flows away from the structure to the perimeter of the property.
Tree Roots	Observe if there are large tree roots in the yard that may be burrowing into drainage pipes and may potentially clog them and cause a sewage backup.
Old Equipment	Watch out for old equipment such as a very old furnace, hot water heater, air conditioner, or kitchen appliances. These may likely need to be replaced once you buy the home, and therefore will be an additional significant expense. You may try to negotiate with the seller for him to provide an monetary concession or credit to compensate for the condition of such equipment.
Old Single-Pane Windows and Doors	Observe if the home has old single-pane windows and doors. The cost to upgrade the windows and doors to dual-pane vinyl windows is significant.
Non-permitted Additions or Modifications	Check if the home has room additions or other modifications that were done without the appropriate legal building permits.
Rodents or Reptiles in Electrical Panel	Check if the home has rodents or reptiles in the electrical panel. These can cause safety problems.
Rodents in the Attic	Check if the home has rodents in the attic. If so, the rodents should be eradicated by a pest control company.
Termite Damage	Be sure to get a termite inspection report and look for termite-related damage to the wood fascia, eaves, patio cover, fences, and other wood structures.
Electrical Hazards	Check if the home has any electrical hazards such as exposed electrical wires, unprotected electrical cords, faulty switches, uncovered wall outlets, and so on.

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During the offering process, negotiate for the seller to pay for any potential termite-related repairs (known as Section 1 termite work).

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Have the seller pay for a one-year comprehensive home warranty with coverages for the major systems of the home, including the roof, furnace, air conditioner, building code upgrades, and refrigerator.

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It is essential to obtain a home inspection of the home that you are thinking of buying. Additionally, you may obtain other inspections that may be necessary, such as a termite and pest inspection, roof inspection, plumbing inspection, mold inspection, soil inspection, geological inspection, radon inspection, pool inspection, and so on.

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You should hire a highly competent home inspector or home inspection company to perform a home inspection of the home you intend to purchase. The home inspector should provide good service and explain to you the results of his inspection. He should also provide you a comprehensive written report with color photographs of defects. These defects can be used to negotiate repairs or a monetary concessions from the seller during the escrow process.

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When you buy a used home, it is a good idea to have the heating furnace inspected and tuned up to ensure that it is working properly. A local company, ASI Hastings Heating and Air Conditioning, will perform this service for $87. If you have the heating furnace inspected and serviced before you buy the home, and if any defects are discovered with the furnace, you can request that the seller repair the furnace or provide you a monetary concession or credit for the repair.

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Based on the findings by the home inspector during the home inspection process and your review of the home inspection report, work with your real estate advisor to request that the seller repair health and safety or significant issues or problems.

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During the home buying process, you should shop around and get several competitive homeowner’s insurance quotes with adequate coverage.

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A typical purchase agreement has an inspection contingency period of 17 days and a loan contingency period of 17 days, both from the date that the agreement is signed by both the seller and the buyer. (The contingency period for inspections and financing are negotiable and can be extended during the escrow process.) Both the inspection contingency and the loan contingency serve as safeguards for the buyer. You should not remove either or both contractual contingencies in writing until you are sure you want to proceed with the purchase of the home and are confident that you will be able to secure your home loan. If you remove both contingencies in writing and then cannot or will not complete the transaction, your earnest money deposit will be forfeited and retained by the seller.

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Many houses and apartments built before 1978 have paint that contains high levels of lead, which is referred to as lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women.

Children exposed to lead may develop lead poisoning, which may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory.

If the home was built prior to 1978, take special care when materials or surfaces painted with lead-based paint are disturbed.

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Probate is the administration of the estate of a deceased person. It is a Superior Court proceeding to settle the affairs (assets, debts, and other matters) of a deceased person.

The probate process can take considerable time and money. It also makes information public. To avoid probate altogether, you can create a revocable living trust via an attorney.

A living trust is a way of holding title to real property and other assets. It offers you more flexibility in estate planning, keeps your assets confidential, avoids probate of assets in the trust, and may help to preserve an estate.

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The tax basis for a real property is the sum of the purchase price, acquisition costs, and improvements to the property. Knowing the tax basis is important because it is used when calculating gain or loss on the sale of the property, as well as for calculating the depreciation tax deduction for an investment property.

When you sell your property, the higher your tax basis, the lower the amount of potentially taxable capital gain. Therefore, be sure to save all receipts for improvements that you make to your real property, so you can increase your tax basis for the property and thereby reduce your potential capital gain tax liability.

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If you sell a home in an area with a higher crime rate and move into an area with a lower crime rate, you may be able to reduce the premium amount for your automobile insurance. Once you move into your new home, contact your automobile insurance company and ask them to re-evaluate your automobile insurance policy based on your new address and zip code to determine if the insurance premium should be reduced.