Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

2 Things You Need To Know About Selling Your House

by Luke Fields

Selling your home can be a stressful time. There are many people who find themselves worrying about getting the right bid, selling it quickly, and making sure that the house is in good condition to sell. However, If you do things right and hire the right agent, you can make the home selling process quite painless. Here are some things you need to know about selling your house.

1. Fix The Small Things

If there is a problem with the house, like the roof needs to be redone, you don't have to buy a new roof before you sell the house. It is completely ok to let the next owner know that in advance and let them deal with the problem. This doesn't mean that you don't tell them; it simple means that you price the house a little lower so that they know that the reason you are pricing the house lower than what it could be worth is because there are some repairs that need to be done.

The reason you should leave the big stuff for the next owner is that you don't know what they want. Rather than try to flip the house yourself, you can just sell the house at a lower price and let the new owners make the house into exactly what they want.

Instead, you should just fix the small things. For example, you should fix paint, maybe add some detailing to windows, and other simple things like that. This will be more doable and more affordable for you.

2. Be Realistic in Your Pricing

One thing that many people have a hard time with is knowing how to price their home. Of course you want to make money on the house, and if the market is doing well, you might be able to ask a significantly more amount than what you paid for it. However, you need to make sure that the pricing reflects what the house is worth. Don't be dishonest and ask for a large amount if there are foundation problems. This will only come back to bite you later.

Conversely, don't undersell the house either. If you can get more out of the house, because others in the neighborhood are getting more, then you should. Also, pricing your house too low will turn off buyers because they might be worried that there is something wrong. A real estate agent can help you know what the right price point is based on your appraisal and the market.

By knowing these things you can sell your house easier. 


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.