How do I sell a home I inherited?
First confirm you have legal authority to sell: probate completion, recorded inheritance, or trustee/power-of-attorney status if applicable. Get a current market valuation, address any deferred maintenance, and decide whether to sell as-is or do light updates for a stronger price. Work with an agent and, if needed, an estate attorney or CPA to coordinate title, […]
How do I handle a short sale?
A short sale happens when you owe more on your mortgage than your home is worth and you need your lender’s approval to sell for less than the balance. You’ll typically submit financial hardship documentation and a complete offer package so the lender can decide whether to accept the short payoff. Because short sales are […]
How does selling affect my property tax proration?
At closing, property taxes are usually prorated so you only pay for the portion of the year you owned the home. If taxes are paid in arrears or in advance in your area, the closing statement will adjust with a credit or debit between buyer and seller so each side covers their share. Understanding your […]
Should I pay off my HELOC before selling?
You don’t always need to pay off a HELOC in advance; most sellers simply pay it off at closing along with the main mortgage from sale proceeds. However, knowing your HELOC balance and any early closure fees helps you estimate your net and avoid surprises. If your equity is tight, you may want to reduce […]
How do I handle negative equity when selling?
With negative equity, you owe more than the home is worth, so you’ll either need to bring cash to closing, negotiate a short sale, or delay selling until values or your balance improve. Talk with your lender and an experienced agent about options like loan modification, deed in lieu of foreclosure, or renting the home […]
What happens if I sell for less than I owe?
If you sell for less than your loan payoff and don’t cover the difference in cash, you’re typically looking at a short sale, which requires lender approval. The lender may forgive some or all of the remaining balance or pursue a deficiency, depending on laws and your agreement. This can affect your credit and possibly […]
Can I sell my home during bankruptcy?
In many cases you can sell during bankruptcy, but the court and trustee may need to approve the sale terms and how proceeds are used. The process differs between Chapter 7 and Chapter 13, and timing, exemptions, and equity levels all matter. You’ll need to coordinate closely with your bankruptcy attorney and a knowledgeable real […]
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure is when a homeowner who cannot keep up with payments voluntarily transfers ownership of the property to the lender to avoid formal foreclosure. In exchange, the lender typically releases the borrower from the mortgage debt, though terms and credit impact vary by agreement.
What is a listing agreement and what does it cover?
A listing agreement is a contract between you and a real estate brokerage that authorizes the agent to market and sell your property. It typically covers the listing price, commission, length of the agreement, what services are included, and what happens if the home sells or the contract is terminated. Reading it carefully ensures you […]
What is an exclusive right-to-sell agreement?
An exclusive right-to-sell agreement gives one brokerage the exclusive right to represent you and earn a commission if the property sells during the contract period—no matter who finds the buyer. This is the most common listing type and usually motivates the agent to invest heavily in marketing, since they’re protected if the home sells. It […]