When a person is considering selling their home, there are a lot of factors that need to be considered. It is best to wait until the real estate market is a “seller’s market” to sell if possible. This occurs when the number of homes for sale is lower than the number of people wanting to buy them. Here are some other indicators that the market is good for sellers:
- Mortgage interest rates are low
- The economic climate is strong
- There is a seasonal jump in house buying activity such as in the Spring
- Your area is considered especially attractive because of the schools, low crime rate, weather, affordability of starter homes, proximity to a major city, or employment opportunities.
If the market is down and you move on short notice due to financial reasons, a divorce, or employment, you may have to accept a lower price in in exchange for a faster sale.
When you are ready to sell your home you will need information from a variety of sources. You should locate:
- the original sales contract for your house
- documents related to title and ownership, including the property survey, certificate of occupancy, and certificates of compliance with building and zoning codes
- mortgage and financing documents
- tax records
- the appraisal
- homeowner’s insurance
- Inspection reports
- receipts for improvements
- home repair and maintenance records
- home systems manuals and warranty information
If you are selling a home that is part of a homeowner’s association that you will need to obtain additional documentation.
- Covenants, Conditions, and Restrictions (CC&Rs) and related documents, such as bylaws
- Recent association financial statements and budgets
- the amount of monthly association and maintenance fees
- the association’s master insurance policy.
If you require advice and assistance with selling a home, consult with an experienced real estate attorney.
The Mark Law Firm, LLC is a legal resource for those faced with employment matters. If you are an employer who is hiring, you should consider your legal options.