4 Financial Steps to Take Before You Sell Your Michigan House
Oct 27, 2021 | Hometown Development
If you’re planning to sell your house in Michigan, you’re probably anxious to get it on the market. However, there are some important financial steps to take first to ensure you make the right decisions. Here are four to focus on before you start searching for a home buyer.
The first thing you should know is where you are in your mortgage. How much do you owe? When is the final payoff? You’ll also want to consider other debts you have and how much they add up to. Don’t forget to calculate capital gains taxes if you sell at a profit or any other taxes you may owe. You need to know your bottom line for debts before you sell.
Talk to a Lender About Your Home Selling Options
If you have a mortgage on your property, you’ll need to tell your lender you’re planning to sell and find out what options are available. For homeowners who are struggling to keep up with the mortgage, a short sale may be an option. Some lenders are willing to work with you on the sale price if you’re behind on your house payments.
Estimate the Value of Your Michigan Home
Before you settle on a price for your home, you’re going to need to know its value. You can have it appraised or talk to a real estate agent who can estimate the value based on other houses and properties in the area. When you know the value of the house, it will help you have a more reasonable list price.
Understand Upcoming Expenses
Selling a house is expensive. You have closing costs, real estate commission for the agents, and other expenses when the home is sold. You should plan your budget to know how you will cover these expenses or calculate them into the price of the home.
When you’re ready to sell, Hometown Development makes the process easy. We’ll provide a fair cash offer based on the current value of your Michigan home or property. We can close in as few as five days, so you can move on with your life. Get the cash you need to pay off debts. Contact us today for a no-obligation offer.