If the sale of a home is related to the purchase of another home, it is recommended that you contact your loan officer to see what your current financial situation is. Only the loan officer can tell you if your house needs to be sold first in order to buy the next one. In a situation where the bank can issue a new loan, provided that you sell your old home, an agreement is drawn up for the new house, which states that the transaction will take place only if the buyer’s house (that is, you, the seller buying a new house) will be sold on time. This is often referred to as a contingency agreement. 

Here are some of the costs of selling a property:

• Title Insurance
• Payment for title company services
• Payment of real estate tax in advance (from the beginning of the year to the close of the transaction)
• Commission to Realtors®
• Possible repair work
• Partial coverage of the buyer’s transaction closing cost
• Survey
• Purchase of home warranty

Some costs are a matter of bargaining between the seller and the buyer

Recommendations:

• When selling a property, it is recommended to do an inspection of the house. Knowing about the problems in advance puts you in a better position when negotiating with the buyer.
• You never get a second chance to make the first impression. The same applies to selling a home: an unkempt lawn and ragged walls can play a decisive role when a potential buyer chooses a home.
• Your Realtor® is an expert who will give the correct assessment of the house, develop a marketing plan, and will be able to qualify potential buyers.

Call us for additional information or help buying or selling a property.

832-359-4226

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