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Tips For First Time Home Sellers

first time home seller tips

Tips For First Time Home Sellers

Getting ready to sell a home is more than just signing a listing agreement and posting the house on the local multiple listing service (MLS).  In order to get the best possible offer the first time home seller should make sure their home is in tip top condition both looks and function wise.  Having broken appliances or fixtures, dirty walls, dirty floors or more just distract buyers from seeing what the home is truly capable of.  In this article first time home sellers can learn about some of the important areas they should be addressing before listing the home for sale.

Home Repairs

Making sure the home is in tip top condition with no clear repair issues is an important step to take to make sure buyers are happy with the home they see.  Homes with deferred maintenance can be seen as ticking time bombs by home buyers.  Since if there are some issues left untouched what else could be hiding beneath the surface of a home that can be an expensive surprise to a new owner.  For those issues, sellers may not be aware of getting a pre-listing home inspection can help the first-time home seller identify critical areas that need to be addressed.

When a home buyer gets a home inspection report with little to no significant issues that will only help the closing process go through that much quicker.  By repairing things prior to listing the home for sale the home seller can save valuable time by not having to get repairs done in a short time frame if the buyer...

Can A Mortgage Be Transferred To Someone Else

Can A Mortgage Be Transferred To Someone Else

Can A Mortgage Be Transferred To Someone Else

Some homeowners may get an offer to “buy” their home where the buyer proposes to give a small down payment to the homeowner and take over the existing mortgage.  As part of this deal the buyer agrees in writing to continue paying on the mortgage.  Especially with mortgage interest rates much higher than they were in the recent past getting a house with a low-rate mortgage can be a great deal.  Once the homeowner moves out the buyer will then attempt to sell, rent or live in that house.  The problem with situation becomes when the current homeowner does not have an assumable mortgage or has not done the proper paperwork for the buyer to assume the mortgage when the mortgage is assumable.  If the buyer stops paying on the mortgage the trouble will begin.

Which Mortgages Are Assumable?

An assumable mortgage means a buyer can officially take over an existing mortgage and take the place of the current homeowner whose name is on the mortgage.  Generally VA (Veteran’s Administration) and FHA (Federal Housing Authority) mortgages are the only assumable mortgages for residential real estate.  Both the VA and FHA have rules and requirements for the new buyer to meet prior to being able to assume the mortgage.  Failing to meet those requirements can prevent the assumption of the mortgage.  As a result the homeowner needs to be discussing the assumption process with the VA/FHA at the very start before any agreements are made to sell a home with the condition of...

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