purchase property for refurbishment.

Property Finance - Bank of Scotland Corporate Jump to page content Jump to main navigation Jump to sub navigation for this section Secondary Navigation Home Business Banking Personal Banking Group Sites Site Map Important Information News Releases Careers Sponsorship Business Introducers Interest Rates & Charges Contact Us A to Z of Site Contents A-Z Index Amsterdam Asset Finance Australia BACS Bank Holidays BoSDeal Branch Locator Small Business Banking Buy-outs Card Acceptance Facilities Cards Cash Services Cashflow Finance CHAPS Client Banking Community Banking Complaints Completed Deals Corporate Current Account Corporate Finance Mag Corporate Internet Banking Corporate Sponsorship Corporate Visa Currency Accounts Current Account Deposits Employee Share Plans Equity Euro Foreign Currency Frankfurt Fund Investments Glossary of Terms Hire Purchase Importing & Exporting Infrastructure Finance Insurance Insurance Premium Funding Integrated Finance International Banking International Payments Internet Banking Joint Ventures Leisure Finance Loans Madrid Major Assets & Products Marine Finance MBO Merchant Services Mezzanine Debt Moving Banks Natural Resources Offset Lending Online Banking Overseas Operations Paris Payment & Intl Trade Payment Processing Payroll & HR Solutions Pension Services Power Project Finance Property Lending Relationship Banking Safeguard Insurance Specialist Deposits Stakeholder Pensions Structured Finance Telecoms & Media Telephone Banking The Truth Travellers Cheques Treasury Services Vehicle Finance & Mgt Women in Business Search Site Main Navigation What's Different Products & Services Funding Solutions Corporate Finance International You are here: Home Funding Solutions Property Lending Property Finance Sub-Navigation Loans and Trading Finance Property Lending Commercial Mortgages Property Finance Marine Mortgage (opens new window) Offset Lending Asset Finance Vehicles Property Finance Specialist industry experience Residential property investment Commercial property investment Professional practices Health care Hotels and licensed trade Day nurseries and private schools Offices, industrial and retail Specialist advice A property specialist is on hand to assist you by phone, fax or face to face. Our teams have extensive experience of commercial property finance and offer a range of funding options. Whether you're building a portfolio, buying business premises, releasing equity and raising capital or looking to refinance existing property, our teams can help you save time and money on property deals. Enhancing tax efficiency To help make borrowings as tax efficient as possible, we can also consider vehicles to fund a commercial mortgage including: offshore companies, trusts and pension schemes. We consider virtually any type of commercial property (see below) and finance is also available for offshore companies investing in the UK commercial property market. Minimum lending amounts apply. Residential property investment We can help owner-occupiers or investors with all types of property – from single units to entire portfolios. We offer term loans to purchase, refinance or consolidate existing funding lines. We also offer credit lines to purchase property for refurbishment. Commercial property investment We cater for owner-occupiers or investors wanting to finance modern office premises, modern industrial units or single retail premises and portfolios. Professional practices Suitable for dentists, doctors and vets, this funding can be used for surgery purchase, property purchase, development, extension and refurbishment. We also offer partnership capital, refinancing of existing loans and equity release. In addition we offer a mortgage which offsets the notional interest earned on your current account against the interest charged on your mortgage. For more information go to smart finance for professionals . Health care Facilities are available to assist with the purchase, refinance, development and refurbishment of properties used for residential care and nursing homes, care or retirement villages, learning disability units and special needs units. Hotels and licensed trade Typically, we can assist with the finance of hotels (usually 3 star and above) and public houses with a good split of wet and dry trade. Facilities are available to assist with the purchase, refinance, development and refurbishment. Day nurseries and private schools We offer funding for the purchase, refinance, development and refurbishment of day nurseries and private schools. Offices, industrial and retail We offer funding for the purchase, refinance, development and refurbishment of offices, industrial units or warehouses and retail units. To speak to a specialist in any sector or to arrange a visit, simply call 0845 300 1122 †. Your property may be repossessed if you do not keep up repayments on your mortgage. Contact Us 0845 300 1122 † (Mon-Fri 9am-5pm) or email us

Colorado Real Estate

State of Colorado-Department of Regulatory Agencies - Division of Real Estate Home Page Debbie Campagnola Director To promote a balanced and sensible approach to regulation that protects the public interest and supports economic growth. Information about Appraisers Information about Brokers Activities || Funding Sources || Trends Activities The Division of Real Estate regulates real estate appraisers, salespersons and brokers through licensure and discipline. Licensees must comply with established educational and experience requirements, and pass a test prior to licensure. Earnest money deposits and escrow and trust funds are regulated by the Division. The Division's objectives are to: Provide public protection to the citizens of the State of Colorado from incompetent and dishonest persons in the real estate and appraiser professions, and from unscrupulous or financially unsound subdivision developers. Mitigate financial loss to the public resulting from real estate fraud and theft. The objectives are met through the following activities: I. Licensing real estate brokers and appraisers and registering time share and raw land subdivision developers under the jurisdiction of the Real Estate Commission. II. Enforcing laws by investigating complaints, conducting investigative and routine financial audits, and administering disciplinary action. III. Administering a mandatory Errors and Omissions Insurance Program. IV. Communicating, to include anticipating and responding to the public need for effective information and assistance. The Division regulates time share projects sold in Colorado, and regulates developers of subdivisions consisting of 20 or more residential sites, tracts or lots that are not required to be approved by another state planning authority. A five-member Commission meets monthly to conduct rule making hearings, make policy decisions, consider licensing matters, review complaints and take disciplinary action against licensees. Commission members serve three-year terms, and members are appointed as follows: three real estate brokers, one person with expertise in subdivision development, and one public member. License verification can be found on line through the License Database. For information regarding disciplinary actions consult the online Disciplinary Documents . Persons wishing to file a complaint against a licensee should send a written complaint to the Division. See Complaint Process. The Division also regulates real estate appraisers pursuant to the requirements of the Federal Real Estate Appraisal Reform Amendments of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The Board of Real Estate appraisers consists of seven members appointed by the Governor: three licensed or certified appraisers, one of whom must have expertise in eminent domain, a county assessor, an officer or employee of a commercial bank experienced in real estate lending, and two public members. Board members serve three-year terms. Funding Sources The Division of Real Estate is cash funded from fees pursuant to Colorado statute. Fees are paid for licensure or registration in the real estate and appraiser professions. Fee amounts are established annually for the purpose of covering direct and indirect costs incurred by the Division for licensing and enforcement. Fiscal Year Revenue Expenditures FY 03 (Actual) $3,825,954 $3,953,316 FY 04 (Actual) $3,258,895 $3,798,301 FY 05 (Actual) $4,733,079 $4,116,100 FY 06 (Estimate) $3,162,421 $3,812,724 The following pie chart shows the estimated source of revenue for Fiscal Year 06. . The following pie chart shows the estimated expenditures for Fiscal Year 06. Trends The real estate market in Colorado will remain strong in the coming year, although activity will slow somewhat as a reflection of higher interest rates. Licensing by the Division of Real Estate should continue to increase in the current year, reflecting the continuing strong real estate market. The sale of raw land subdivisions and condominium/loft conversions remain strong and the Division is continuing increased enforcement activity in these areas. No major state or federal legislative initiatives affecting real estate are expected in the coming year. While one-stop shopping and affiliated business arrangements remain topics of great interest in Colorado and nationally, Congress's decision to again postpone a major review of the Real Estate Settlement Procedures Act leaves the states and industry without clear guidance in these areas. As real estate companies continue to consolidate and expand nationwide and the Internet provides consumers with instant access to properties on a vast scale, increased regulatory scrutiny is being focused on interstate operations. In Colorado, a reciprocal licensing program has facilitated the growth of interstate commerce. Another result of increasing real estate activity on the Internet is the heightened level of sophistication on the part of the general public regarding real estate transactions and real estate procedures in general. The public is coming to expect a higher level of performance on the part of real estate brokers, which the Division must address by increasing the competency level of licensees and maintaining a close watch on the pulse of the public. As with all government agencies, the public and real estate industry will expect higher levels of customer service from the Division. This will be particularly true in the areas of e-commerce and electronic communications. Last update 9/28/05 Privacy Statement | Disclaimer Technical Assistance: E-Mail Information Technology Section Revised November 7, 2005 Federal Home Page || State Home Page || Department Home Page Top of Page E-Mail the Division of Real Estate 1900 Grant Street, Suite 600 Denver, CO 80203 (303) 894-2166 or (303) 894-2185 - Phone (303) 894-2683 - Fax Relay Colorado (TTY (English & Spanish), Voice, VCO, ASCII, STS Assistance Numbers)

home equity lines of

Home Equity Lending Gaps in Texas The Texas Economy March 2003 "Texans need and deserve the right to take out home equity lines of credit.This simple change will pump $741 million back to Texas homeowners." -- Carole Keeton Strayhorn, Texas Comptroller Home Equity Lending Gaps in Texas The number of Texans with home equity loans has more than doubled since 1997 when changes in the Texas constitution made it easier for Texans to borrow against the equity they have in their homes. [1] Yet, Texans are still not taking as many home equity loans as residents in other states. In the traditional home equity lending market—the segment that involves a lump-sum payout of equity to be repaid over a set term—Texans seem to have caught up with the rest of the nation. Indeed, the estimated 6.4 percent of Texas home-owners with traditional home equity loans in 2001 is not only up considerably from 2.5 in 1997 but may well be higher than the average for the other 49 states of 5.7 percent (Figure 1). [2] This most likely reflects the fact that one portion of the home equity loan market—the home equity line of credit market—remains unavailable to Texans. An estimated $12.7 billion in higher-cost, non-tax-deductible loans that currently exist could be supplanted if home equity lines of credit were available and Texans used these financial options at the same rate as other consumers in the country. By taking advantage of a substantially untapped resource, Texas consumers could save $741 million annually using home equity lines of credit instead of other loans. These savings could be pumped into the Texas economy through lower interest rates and additional federal income tax deductions. The gains would be realized in the Texas economy if existing loans were merely paid off by homeowners through home equity lines of credit. This need not expand homeowners’ overall debt burden. Home Equity Lending in Texas For more than 160 years, access to the home equity that owners had built up in their residences was largely untapped. As a direct result of the Panic of 1837, Texas prohibited the forced sale of homesteads for all but a very limited number of reasons. When Texas became a state, these protections became part of the state constitution and effectively barred foreclosing on a person’s residence for reasons other than non-payment of taxes, the original mortgage or a home improvement loan. These same provisions also effectively barred tapping into home equity for purposes other than home improvement. But on November 4, 1997, Texas voters approved a constitutional amendment allowing more leeway in home equity lending and for reverse mortgages. [3] These loans became available to Texans in 1998, but some technical issues limited the availability of home equity loans for homesteads larger than one acre and from reverse mortgages. Subsequent amendments addressed these legal concerns. [4] Changes in the Texas Constitution expanded the conditions under which homeowners could obtain a traditional home equity loan. These closed-end loans extend for a specified length of time and generally require repayment of interest and principal in equal monthly installments. Interest rates on these loans are ordinarily fixed for the life of the loan. Growth in Home Equity Lending in Texas Since changing the Texas constitution to allow wider use of home equity loans, Texans have steadily increased their reliance on these loans. According to American Housing Survey (AHS) data on nine Texas metropolitan areas that cover 68 percent of Texas’ owner-occupied homes, only 2.5 percent of Texas homeowners had any form of home equity loan in 1997, substantially less than the 14.5 percent for all U.S. homeowners outside of Texas that same year. By 1999, the proportion of Texas homeowners with a home equity loan had risen to 4.5 percent. While this represents nearly a doubling of home equity loan usage in just two years, this was still slightly less than the estimated 5 percent rate for home equity loan usage in the nation and substantially less than the 12.9 percent estimated by the AHS that year for both home equity loans and lines of credit. By 2001, the proportion of Texas households with home equity loans had reached 6.4 percent. At this level, the usage in Texas actually exceeded the usage rate of fixed-term closed-end loans in the U.S., indicating that Texans may have reached the saturation point with traditional home equity loans. These loans typically are written for a set amount to be repaid in equal installments over a specified time, just like a traditional mortgage. Based on a survey conducted for the Comptroller of Public Accounts of home equity lenders in Texas, from 1998 to 2000, the amount of the average home equity loan was about $36,750. In 2001 and 2002, the average home equity loan jumped to more than $47,000. [5] Closing the Gap Although Texans’ reliance on home equity loans has grown substantially since the passage of the constitutional amendment, further gains may be unlikely. Other states’ average usage of 14 percent in 2001 included both traditional home equity loans and home equity lines of credit, financial instruments not now available to Texas homeowners. The possibility that the usage rate of traditional home equity loans in Texas exceeded the usage rate of similar loans in the nation probably indicates that without the home equity line of credit option, more homeowners are opting for the fixed term loans—their only other choice. During much of the 1990s, about 8 percent of U.S. homeowners had a home equity line of credit whereas about 5 percent of homeowners had a traditional loan. [6] In 2001, AHS data indicated an estimated 8.4 percent of homeowners had a home equity line of credit (HELOC) and 5.7 percent had traditional home equity loans. This newer form of home equity lending has become the preferred choice by homeowners in other states. A HELOC is a revolving account that permits borrowing from time to time, at the account holder’s discretion, up to a set credit limit. HELOCs also typically have more flexible repayment schedules than traditional home equity loans and have a variable interest rate. Most consumers think home equity lines of credit are more convenient than traditional home equity loans. While about 40 percent of consumers cited the tax advantages of both types of home equity credit as an important consideration, 43 percent of HELOC users cited convenience of use as an advantage, compared with only 1 percent of those using the traditional home equity loans. [7] Many of the major lenders in Texas make HELOC loans to homeowners in other states. Their experiences underscore how attractive this option is to consumers. Figure 2 presents the percentage of the amount of home equity loans and lines of credit written in Georgia, Florida and California by three major Texas lenders. [8] About 88 percent of the consumers in these states choose HELOCs compared with about 12 percent choosing traditional home equity loans. Potential Economic Impact of HELOCs in Texas One approach to examining what expanded home equity lending might mean in Texas is to estimate what consumers would save if they had access to HELOCs. Three issues are crucial when estimating this impact: what savings could be expected from lower interest costs; how much would HELOCs lower federal income tax bills; and how large total borrowing might become. Underlying this assessment is the assumption that if Texans had access to HELOCs the total home equity usage in Texas would approach the U.S. average. This implies that consumer use of both home equity lines of credit and traditional loans would reach about 14 percent, 7.6 percentage points up from the 2001 level, which was 6.4 and consisted of only traditional home equity loans. The true economic value of HELOCs to consumers lies in low interest rates and as a deduction from federal income taxes. For example, recent data from February 2003 show that the average interest rate on credit card debt is 13.8 percent, the rate for new auto loans is 5.8 percent and on home equity lines of credit, 4.4 percent. [9] This implies that on a $1,000 loan, annual credit card interest charges would be $138 whereas these charges would amount to only $44 for the home equity line of credit. On $1,000 in outstanding credit card debt, conversion of this debt to a HELOC would save $94 in interest payments annually. But even this neglects the fact that HELOC interest costs are deductible from federal income taxes, whereas credit card interest charges are not deductible. Although each individual’s exact marginal tax rate paid depends on adjusted gross income, the National Bureau of Economic Research estimates that, on average, in 1999 interest deductions reduced income taxes 24.5 cents per dollar of interest paid. [10] This implies that, on average, the $44 in HELOC interest payments would generate an estimated $10.78 in federal income tax savings so that the total consumer savings per $1,000 in credit card debt replaced by HELOC would be $104.78 annually. Savings from other loans would be less dramatic. Based on current rates, car loans would cost $58 in interest charges per $1,000 borrowed, or only $14 more than HELOC. But tacking on the deductibility of HELOC raises this savings to $24.78 annually per $1,000 borrowed. The loans likely to be displaced by HELOC would be a mixture of credit card loans and other consumer loans such as car loans. According to Federal Reserve loan data, consumer debt nationwide at the end of 2002 was divided into $738.9 billion in revolving loans, of which credit card debt is a large part, and $1,017.9 billion in non-revolving loans. [11] Assuming Texas consumers have a similar debt profile, about 42 percent of Texas consumer debt would be in revolving credit and 58 percent in non-revolving. Based on these shares, the average consumer would save an estimated $58.38 in interest and tax payments per $1,000 owed by switching from other consumer credit sources to HELOC. [12] How much Texans could save depends on the volume of consumer loans displaced. Using 2001 commercial bank data to update national figures indicates that the traditional home equity loan market in the U.S. reached $352.7 billion, up from $267 billion in 1997. Considering Texas’ share of home equity loans and the average per loan value, Texans account for an estimated 8.4 percent of the U.S. market for traditional home equity loans. Based on this percentage and assuming that Texans would use both traditional and HELOC loans at the national rate, Texas consumers would exchange $12.7 billion in existing loans for HELOC. In doing so, Texas homeowners would save $741 million in interest charges and federal income taxes annually. This would be a modest level of savings. The Federal Reserve Board estimates that households spend about 8 percent of their disposable personal income servicing the debt on revolving loans. [13] The $741 million annual savings from increased use of HELOCs would be about 1.7 percent of the annual amount Texans spend on debt service for revolving loans. [14] Home Equity Delinquencies If Texas consumers relied more on home equity lines of credit and followed national trends, loan delinquencies would likely fall. Based on American Bankers Association data (Table 1), Texas averages fewer loan delinquencies for closed-end home equity loans than consumers at the national level. Loan delinquencies did rise in Texas from 1999 to 2001, but dropped off in 2002. Table 1: Texas Home Equity Delinquency Rates Compared to All Other States Home Equity Delinquency Rates and All States First Mortgage Delinquency Rates* Closed-End** Home Equity Loans(1) Home Equity Lines of Credit(1) All States - First Mortgages(2) Texas All States All States Conventional FHA VA 2002 0.99% 1.30% 0.59% 3.06% 11.55% 7.87% 2001 1.17 1.28 0.73 2.96 10.78 7.67 2000 0.88 1.20 0.75 2.50 9.10 6.80 1999 0.77 1.26 0.62 2.60 8.60 6.80 * Delinquency Rates are based on the number of Loans Past Due 30 Days or More as a Percentage of Loans Outstanding. ** "Closed End" includes home equity and second mortgages (but not home improvement). SOURCES (1)Home equity delinquency rates obtained from "Consumer Credit Delinquency Bulletin" published quarterly by American Bankers Association. (2)First mortgage delinquency rates obtained from "U.S. Census Bureau, Statistical Abstract of the United States, 2001" and Mortgage Bankers Association of America "Quarterly Delinquency Surveys." But nationwide, loan delinquencies for lines of credit are slightly more than half the rates seen for closed end home equity loans. Based on this pattern, a shift towards using home equity lines of credit from traditional home equity loans should lower overall home equity delinquency rates. Compared with first mortgages, the delinquency rates for both home equity loans and lines of credit are substantially lower. Summary The use of home equity loans in Texas has risen dramatically following constitutional changes in Texas in 1997. Use of closed-end traditional home equity loans in Texas exceeds nationwide use. The fact that home equity lines of credit are not available in Texas contributes to a higher reliance on traditional home equity loans. But the strong consumer preference expressed for HELOCs in other states and consumer preference for their ease of use may indicate that continued expansion of lower interest, tax deductible home equity financing by consumers in Texas may slow without access to these loans. If Texans were to use home equity financing only up to the national average through HELOCs, lower interest payments and lower federal taxes would save Texas consumers $741 million. Making HELOCs available to Texas consumers would require passing another constitutional amendment and legislation proposing such amendments will likely be introduced during the current legislative session. If the nature of consumer safeguards and other requirements on lending institutions in Texas making HELOC loans were significantly more restrictive than national practices, interest rates on these loans in Texas could be higher than national rates, and the economic impacts less. Data Collection While banking and finance are two of the most heavily regulated industries, this level of scrutiny does not always result in the availability of detailed information. Since 1987, banks and finance companies have reported home equity lines of credit under receivables on quarterly Call Reports and since 1991 have also separately reported their holdings of traditional closed-end home equity loans. Mutual savings banks also report these data on Federal Reserve Board Call Reports. Other segments of the financial industry report this information to varying degrees. Savings and loan associations and federal saving banks report credit line receivables on Call Reports, but they do not separate home equity loans from first mortgages. Since June 1996, finance companies have reported commercial and residential mortgages separately but do not distinguish between loans under lines of credit and traditional loans. Credit union data is available on both types of home equity debt from the Credit Union National Association. At the national level, some data track the degree to which consumers utilize the various home equity loan alternatives. Every two years the Federal Reserve Board surveys consumers’ use of credit. This data, while instructive on overall trends and the use of home equity loans and lines of credit, does not contain information about practices in particular states. Moreover, much of the state-specific data collected from financial institutions is available primarily for the location of the financial institution involved, and not where the loan was made. Where this data are available, coverage by type of financing (home equity loan versus line of credit) is limited. The Texas-specific data in this analysis is derived largely from two sources. First, the U.S. Bureau of the Census surveys about 60,000 Americans every two years about housing conditions. This survey includes questions about the usage of home equity loans, but only the most recent survey, from 2001, elicits responses on traditional home equity loans separately from home equity lines of credit. Because this survey is national, there is only partial coverage of Texas. Specifically, publicly available data from the survey identifies only responses coming from nine metropolitan areas in Texas. Although the sample does contain responses from non-metropolitan areas, these are not identified by state. The Census survey covers about 68.2 percent of the Texas population. The second source of data is internal surveys of lending activity conducted by lending institutions doing business in Texas. These institutions cover more than 10 percent of the Texas market for commercial financial institutions and financial companies. These data are used to identify the potential to expand home equity lending in Texas if lines of credit became available. Endnotes [1] In 1997 and before, availability of home equity loans in Texas was limited to home improvement loans, loans to pay outstanding taxes and loans allowing one spouse to “buy out” another in the case of divorce. Such loans were typically known as a second lien against the property. Homeowners could not secure a loan backed by the equity in their home and use the proceeds of the loan for purposes other than those specified in law. Outside of Texas, using home equity loan proceeds for whatever purpose and even the more flexible home equity line of credit (a revolving line of credit secured by home equity) have been widely available for years. [2] The tentative nature of this statement stems from what seems to be respondent confusion to the American Housing Survey (AHS). In the 2001 AHS, 14 Texas households identified themselves as having a home equity line of credit in 2001. Since these lines of credit currently cannot be offered in Texas, the most likely explanation for this is that these respondents misunderstood the “line of credit” option in the survey as describing the “draw down” feature of a home improvement loan during construction when, in fact, these instances were almost certainly traditional “closed end” loans. Placing these responses in that category indicates that 6.4 percent of the homeowners in the survey in Texas had a closed-end home equity loan as compared to only 5.7 percent in states outside of Texas. [3] House Joint Resolution 31 (HJR 31) passed by the 1997 Legislature that, upon passage, became effective January 1, 1998. [4] On November 2, 1999, Texas voters approved constitutional amendments proposed by the 1999 Legislature to address these problems, Senate Joint Resolutions 12 and 22 (SJR 12 and 22). [5] Data submitted by lenders in early 2003. For number and amount of loans in Texas, the survey included five large Texas lenders. [6] Glenn B. Canner, Thomas A. Durkin and Charles A. Luckett, “Recent Developments in Home Equity Lending,” Federal Reserve Bulletin, April 1998, p. 243. [7] Canner, Durkin and Luckett, pp. 241- 251. [8] From data submitted by lenders. Together these three lenders serve more than 10 percent of the commercial banking market in Texas. [9] These rates and those of HELOCs are from http://www.bankrate.com/ on February 18, 2003. The credit card rate is for a standard card (not gold or platinum) at a fixed annual rate. The auto loan figure refers to a 48-month loan for a new car. The HELOC rate is for a $10,000 or minimum amount. [10] http://www.nber.org/~taxsim/mrates/mrates2.html , February 20, 2003. [11] Federal Reserve Board Statistical Release, G.19, Consumer Credit, February 7, 2003. http://www.federalreserve.gov/releases/g19/current/ . [12] This is a fairly conservative assessment on two points. First it assumes that consumers would replace current borrowing in proportion to the amount borrowed of each type without consideration of the interest rates charged for each type of borrowing. A more rational approach would be to replace all of the most costly borrowing first. Secondly, new car financing rates are among the lowest cost loans available and this probably underestimates the interest costs of non-revolving loans. [13] http://www.federalreserve.gov/releases/housedebt/default.htm , February 19,2003. [14] Disposable personal income in Texas is estimated to be $535.2 billion in 2001. Carole Keeton Strayhorn Texas Comptroller of Public Accounts Window on State Government Contact Us Privacy and Security Policy

Florida Real Estate

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10 Steps to Take Before You Sell Your House - Home Selling  You are here: About > Home & Garden > Home Buying / Selling > How To Sell a House > 10 Steps to Take Before You Sell Your House - Home Selling Home & Garden Home Buying / Selling Essentials 10 Things Home Buyers Shouldn't Do Best Tips for First Time Home Buyers "Must-Do" Tasks Before You Sell How to Buy a Home, Step by Step For Sale by Owner Advice Articles & Resources How To Buy a Home How To Sell a House Celebrity & Historic Credit Reports & Scores Design & Remodel Home Maintenance Inspections & Appraisals Investing & Foreclosures Modular & Manufactured Mold, Radon, Lead, etc. Mortgage Advice Moving & Relocation Real Estate Careers Real Estate For Sale Vacation Homes Buyer's Guide Before You Buy Top Picks Home Buying Books Foreclosure Books Mortgage Books Product Reviews Forums Help FREE Newsletter Sign Up Now for the Home Buying / Selling newsletter! See Online Courses   Search Home Buying / Selling Stay up to date! 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FREE Newsletter. Sign Up Now! Essential Home Selling Preparations The home selling process differs from state to state, but there are some important steps that most home sellers should take before listing a house with an agent or selling it for sale by owner. Every bit of prep work you do helps you get the most return from your investment. 1. Get Pre-Approved for a Home Loan I've known sellers who signed a contract to sell their house before they knew if they were qualified to buy another. Either their financial circumstances had changed since their last purchase, and they could no longer qualify for a loan, or they weren't able to sell at a price that allowed them to buy the type of replacement house they wanted. They ended up renting or buying something that was far from ideal. Before you decide to sell the house, get pre-approved by a lender you trust and research the housing market in the area where you wish to live so that you have a good idea how much it will take to buy a replacement. Start looking for two types of real estate: houses that seem to match the one you'd like to buy and houses that are similar to your current home. How do the two categories compare in price? Can you handle the difference if you're planning a step up? Mortgage Helpers: Are You Pre-Approved for a Mortgage? And to compare for-sale homes to your own, learn how to Measure Residential Square Footage . 2. Check Your Mortgage Payoff Call your lender to check the payoff for your current home mortgage. You'll need the figure to complete Step 6. 3. Determine How Much Your House Is Worth Determine your home's fair market value. Real estate agents will usually help you determine value as a courtesy, but you might take it a step further and order an appraisal . 4. Estimate Your Costs to Sell Real estate commission if you use an agency to sell. Advertising costs, signs, other fees if you plan to sell by owner. Attorney, closing agent and other professional fees. Excise tax for the sale. Prorated costs for your share of annual expenses, such as property taxes, home owner association fees, and fuel tank rentals. Any other fees typically paid by the seller in your area (surveys, inspections, etc.). Real estate agents deal with transactions every day and can give you a very close estimate of seller closing costs. 5. Estimate Costs to Buy a New Home Calculate moving expenses, loan costs, downpayment, home inspections, title work and title policy, paying for a new hazard insurance policy--all expenses related to buying a home. Your lender should give you a disclosure of estimated costs when you apply for loan pre-approval. 6. Calculate Your Estimated Proceeds Deduct your mortgage payoff from your home's fair market value. Deduct your costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing. Will your closing proceeds cover your costs to buy a new home? If not, do you have cash or other funding to make up the difference? 7. Make Necessary Repairs Make all needed repairs unless you want the house to be regarded as a fixer-upper. I'm not referring to cosmetic updates--just items in need of repair. Anything that's obviously broken gives potential buyers a reason to offer you a lower price, especially if it's one of several repair hot spots that worry buyers the most. 8. Get the House Ready to Show Most houses need at least a little spiffing up before they are shown to potential buyers. Great curb appeal , fresh paint indoors (and sometimes out), organized closets and cabinets, sparkling clean windows and appliances and a clutter-free look are essential if you want the house to appeal to buyers. Be sure to avoid the things buyers hate most about houses. 9. Get Psyched Up to Let People In If you're listing with a real estate agent, she'll ask you to leave when the house is shown. Why? Because lurking sellers make buyers nervous--they don't feel comfortable inspecting the house when they feel they are intruding in your personal space. Unless there's a valid reason for it, don't ask your agent to be present for all showings, because that requirement can be the kiss of death for showing activity. Other agents want privacy with their buyers and they don't usually have time to work around your agent's schedule. Make the house accessible. That means it should always be ready to show. Many agents won't bother showing a house that takes 24 hours to get into. 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