So, you are thinking about selling your home.
Maybe you have even talked to a couple of Realtors.
Of course, they make it seem like it'll be a slam dunk sale, and you'll get top dollar and be on your way in no time flat.
Is that the truth? What is really going to happen when you list your home? First of all, the market is flooded with unqualified buyers.
If a buyers isn't qualified by a lender, its a waste of everybody's time.
Make sure that your realtor asks for a letter of qualification from every buyer that makes an offer.
Be prepared for contracts to fall through.
Even the most qualified buyer can fall through thanks to paranoia on the part of the banks.
The requirements to close a loan now days are tougher and tougher to meet, and often the loan underwriters will throw a last minute stipulation out there that the buyer just can't meet.
And then you are back on the market again.
Be prepared for some pretty insulting offers.
Buyers seem to think that sellers are all desperate and giving away their homes, so buyers are tending to make some pretty low offers.
Also, expect them to ask you to pay for their closing costs.
Buyers now need to come up with their own down payment of at least 3.
5%.
In a cash poor economy that means they need your help for the closing costs.
Lastly, if you really need to sell your home, know that you're going to have to be pretty competitively priced.
You won't be walking away with a ton of money if you really need to sell.