GUARD YOUR EQUITY!
Planning to sell your home soon? Do you know how much equity you have in your home? Who will help you protect that precious financial stake?
When planning the sale of your home, determine the amount of equity available to you from the sale - before marketing your home. Equity is calculated by deducting the amount you currently owe from the present value of the property.
The first step, then, is to make a determination of present value. This can be done in two ways. First, ask your real estate agent to perform a "Competitive Market Analysis". This report will show the sale prices of other, similar homes, which have sold recently. The purpose is to help you arrive at a probable selling price for your property.
Another way to establish the current value of your home is to have an appraisal made by a certified appraiser. This unbiased evaluation will give you the "fair market value" of your home, another indicator of the probable final sale price a buyer is likely to pay. To determine your equity, then, subtract your current loan balance from the present value you've established. What remains is called equity. It's the part you get to keep upon the sale of your home, and it should be carefully guarded from the low offers of bargain-hunters.
Your best protection against loss of equity is the agent you choose to represent you in the sale of your home. It is the agent's responsibility to attract qualified buyers, and negotiate the highest possible sale price. As your representative, the agent has a fiduciary obligation to represent your best interests.
The agent is experienced at negotiating important aspects of a sale, such as price, terms, possession date, and other details. Buyers can be qualified for both their motivation and financial ability to complete the purchase. The benefit to you is the enjoyment of the highest possible amount of equity.
Allen V. Hovsepian CRS, GRI
Associate Broker
E-mail: allen@housetip.com w Phone 206 718-6500 w FAX 206 718-6500 w Toll Free 888 718-6500
2737 77th Ave. S.E. w Mercer Island, WA 98040 w Windermere Real Estate/S.G., Inc
Copyright © 1999-Present, by Allen Hovsepian All Rights Reserved