The Selling Process
Selling a home involves more than finding a buyer and agreeing on a price. From estimating your proceeds to reviewing offers and preparing for closing, understanding the process can help you make informed decisions.
Whether you’re moving to another home or selling a property you no longer need, these resources can help you prepare for the next steps.
Understanding Your Potential Proceeds
Before accepting an offer, estimate how much you may receive from the sale. Your proceeds depend on the sale price, remaining mortgage balance, closing costs, negotiated seller contributions, and other expenses.
A higher offer doesn’t always mean you’ll take home more money. Review the full financial picture before making a decision.
Use our Seller’s Net Sheet & Seller’s Costs guide to estimate your potential proceeds, and review our article on Greatest Fears When Selling Your Home for other issues to consider.
Reviewing Offers and Contract Terms
When comparing offers, consider more than the purchase price. Financing terms, requested seller contributions, contingencies, and the proposed closing date can all affect the transaction.
Your real estate agent can help you evaluate offers and understand your contractual obligations. You may also want to understand the buyer’s financing timeline and what could affect closing.
For additional perspective, read our guide to Home Inspections and Appraisals: A Lender’s Perspective.
Preparing for Inspections and the Appraisal
After you accept an offer, the buyer may arrange a home inspection, and their lender will generally order an appraisal for the mortgage. These are different evaluations: an inspection focuses on the property’s condition, while an appraisal estimates its market value for lending purposes.
Review your responsibilities with your real estate agent, address questions about the property honestly, and make sure the home is accessible for scheduled appointments.
See our guides on Home Inspections and Appraisals and How to Prepare for an Appraisal as a Seller.
Planing for Closing and Your Move
As closing approaches, coordinate your move, confirm the arrangements for handing over the property, and stay in touch with your real estate agent and title company. Ask the title company for an updated estimate of your proceeds and confirm how and when funds will be disbursed.
If you’re purchasing another home, consider your next mortgage early. The timing of your sale, available proceeds, and plans for your next home may affect your financing options.
Start with our Getting Started: Home Loan Process guide to learn about preparing for your next mortgage.
Selling a Home and Buying Another?
If your next step is buying a home, it helps to understand your financing options before committing to a purchase. Explore our Loan Programs or learn about the Mortgage Loan Process.
Mortgage Mark provides mortgage information and lending services. For questions about listing your property, negotiating the sale, or meeting your obligations under a sales contract, work with your real estate agent, title company, or qualified legal and tax professionals as appropriate.