Selling your home is a big step, and you don’t want to make it without some preparation. Every bit of time you invest now will help you get the most return from your investment in the long run. Here are a few steps to remember:

Get Pre-Approved for a Home Loan
Before you decide to sell your house, get pre-approved by a lender you trust and research the housing market where you wish to live. With your agent, start looking for two types of real estate: houses that seem to match the one you'd like to buy and houses that are similar to your current home. How do the two compare in price? Can you handle the difference if you're planning a step up?

How much do you owe?
Call your lender to check the payoff for your current home mortgage. This information will help you and your agent decide if you’re really ready to sell your home and buy another.

Find the fair market value
I would be happy to prepare a Comparative Market Analysis of your home and help determine how much a buyer is likely to pay for your home.

How much will it cost?
Potential selling costs include attorney, closing agent and other professional fees, excise tax for the sale, pro-rated costs for your share of annual expenses like property taxes, and fees typically paid by the seller in your area (surveys, inspections, etc.).

Estimate Costs to Buy a New Home
Calculate moving expenses, loan costs, down payment, home inspections, title work and title policy, paying for a new hazard insurance policy - all expenses related to buying a home.

Calculate Your Estimated Proceeds
You’ll need to deduct your mortgage payoff from your home's fair market value. Then subtract your selling costs to get an estimate of the proceeds you will receive at closing. Will your closing proceeds cover your costs to buy a new home? If not, do you have cash or other funding to make up the difference?

As a real estate agent, I deal with these kinds of transactions every day and can help you with this process. I would be happy to assist you in any way I can.

James Paradise, Broker-Realtor: 509-525-1828 or paradise@bmi.net

Search www.wallawallamls.com

Go Back To Real Estate Information Frequently Asked Questions