Costs of Selling Your Home
Selling your home is about getting you the best possible price. There are some expenses you can expect:
Mortgage Balance
This is the remaining balance on your original home loan. You will need to pay off your mortgage in its entirety when your home is sold.
Home Equity Loans (2nd, 3rd Mortgages)
Any other loan on your home will also need to be paid in full when your home is sold.
Prepayment Penalties
The bank or lending institution that currently owns your mortgage title may assess a pre-payment penalty. You should speak to your lender now, ask if they plan on assessing a pre-payment penalty, and figure out exactly how much that amount is. You may be able to negotiate with your lender to reduce or waive the pre-payment penalty, if there is one.
You’ll also want to submit a formal pre-payment notice to your lender.
Pre-Sale Preparations
In most cases, it’s not advisable to make major investments in your home right before a sale. There are however, a few things that can be done to increase your home’s curb appeal, fix minor problems, and otherwise make your property more attractive. Together we can identify what items should be addressed and can create a budget for these pre-sale preparations that are sure to produce a significant return on investment.
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