Important Questions to Answer Before You Sell Your Home
If you are selling your home yourself, it is wise to consult a real estate attorney to make sure that you are in compliance with all state and federal requirements.If you have a loan on the property you are selling, it is also wise to have the attorney review your loan documents. In addition, you will need to answer the following questions.
- How do we set a realistic price?
- Will we be released from our mortgage obligation if the buyers assume our loan?
- How much cash will we actually net after our selling expenses?
- Will we have to pay a prepayment penalty?
- What are loan discounts and points? Do we have to pay? Why? How much do points cost?
- What is special financing?
- How is a property shown to best advantage?
- How do we protect ourselves against unqualified buyers?
- Does your state have mandatory disclosures and how do we comply?
- What federal environmental hazards disclosures are required and how do we comply?
- How do we protect ourselves legally?
