Disabled, Selling My House, Where Do I Begin?
December 16, 2009 by
Filed under Carpet Sales
I’m disabled, live alone and still dealing with effects of Katrina. I need to sell my home so I don’t lose it but don’t know where to begin.
It’s a cute house, but needs several minor repairs and clean up. Pressure washing house and drive, minor plumbing, carpet pulled up and lino put down in 2 rooms; is stained, some painting. The fence is broken at the bottem from the kids and dogs next door.
If some repairs aren’t done how much does that effect the selling price, or do they overlook some things?
I can’t find a hanyman despite asking everywhere in town. Seems they are all working on bigger construction since the area is booming.
Is it difficult to handle the sale myself? Ideas as to what % realtors get?
Does the equity/check come directly to me right after the sale? I have a student loan that is overdue, though I paid regularly before I had my accident. My dire needs have to come first right now.Any chance ‘they’ could take that before or after I receive it?
Thanks
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I have had several homes and bought and sold them, if you need to sell it before you loose it and are in this type of situation you have to consider these things first. 1) what do you owe. 2) how close you are to forclosure. 3) what is the home worth. 4) most importantlly! what do you need to relocate. generally a real estate company will want a 6 month contract, usually at 6 or 7 % of the sale. Go with a reputable company i suggest era. Ive had good results with them, sell it as is or as a fixer-upper keep your price low enouph to encourage a quick sale if your gonna be going into forclosure but make sure to cover all you owe and what you need to move. when you sell you,ll go to the title company and when the paper,s are signed bye the buyer you will get a check from them immedietlly, also consider how much time you will need to remove your belongings after closing. If there is any money,s owed on the house such as taxes or loans they will be deducted before you receive a check at closing, this is done by the title company automatically and paid to who,s owed. as far as repairs keep them small as possible especcially offering it as-is or a fixxer-upper. Make sure that you stipulate in the sale that the buyer,s pay all inspections and closing costs as well as a timely duration to be accepted for a loan. usually it takes 45 days for a loan answer, make sure if you accept an offer to ask your real estate agent if he or she will stop showing the home during this process, most do stop upon an accepted offer and if not accepted you have to start over. This may not be quick enouph to sell it for you to keep you out of forclosure. Generally it takes about 90 days to enter forclosure and another 30 to 90 days to close it. Keep in mind only if the student loan is tied to the house as a lein is the only way they can collect before you close. Talk to your agent before you accept any offer to make sure it,s gonna be in your best intrest,s. Stress the fact that you need a quick sale to your agent and make sure there not to busy with bigger dollar sales to worry about your,s by visiting the agents website and looking at the homes they are selling, this will give you a good idea. I personally would choose a newer agent with the firm there! “there hotter and more motivated to make a sale” this could work substantially to your benifit…….trust me i know it,s stressfull to be in a bad financial situation but these are good steps in releiving your fianancial stress.
If you have equity in the home, I would highly suggest that you hold off for a bit, and either refinance it (taking out the equity in cash) or get a home equity loan. Fix it up a little, then rent it out instead of selling. Use the rest of the cash to do whatever it is you need to do.
If , for some reason, this is not feasible, then, yes, get a realtor. They take about 6% of the sale price (3% for the seller’s agent, 3% for the buyer’s agent) but usually it’s worth it, for the fact that you will get a higher average price for the home, and they may be able to help you find a handyman. They can also help you decide which repairs will add the most to the home’s sale value.
I can’t stress enough, though, that a house is a wonderful financial tool. If at all possible, keep your home. In the long run, it will benefit you tremendously.