If you've decided to sell your home, chances are you're caught up in a host of emotions. You may be looking forward to moving up to a new dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures.

Whatever turbulent feelings you're experiencing right now, there are plenty of practical matters that need your attention. Keep in mind the following considerations to help the whole process go more smoothly.

And remember, We are here to help you.

Time Becomes Money

It's a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask Ruth Realtors or your banker about a bridge loan to help you make the double payments. Lenders use the same criteria for offering bridge loans as they use for mortgages. Should you qualify for a bridge loan, beware of the expense; during the term of the loan you must continue to pay both mortgages. Shop around for the best terms.

Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.

Check Your Curb Appeal

A home that's visually appealing and in good condition will attract potential buyers driving down the street.
Use this checklist to view your property through an outsider's eyes:

• Are the lawn and shrubs well maintained?
• Are there cracks in the foundation or walkways?
• Does the driveway need resurfacing?
• Are the gutters, chimney and walls in good condition?
• Do the window casings, shutters, siding or doors need painting?
• Are garbage and debris stored out of sight?
• Are lawn mowers and hoses preperly stored?
• Is the garage door closed?

On the Inside

Strong curb appeal will lure potential buyers inside, where you have to live up to their expectations.
Fortunately, there are plenty of easy improvements you can make to your home's interior without spending a lot of money. Cleaning is No. 1. Your windows, floors and bathroom tiles should sparkle. Make sure you have clean heating and air conditioning filters. Shampoo dirty carpets, clean tubs and showers, repair dripping faucets and oil squeaky doors. Keep your home neat, clean and picked-up at all times. It may not seem fair, but a peek in the oven may be the hallmark by which a buyer judges how well you have kept up your home.

Remove unnecessary clutter from the garage, basement, attic and closets. Also remove any items that might make a statement that would be offensive to others who may not share your same views, beliefs or sense of humor. If your home is crowded with too much furniture, consider putting some things into storage. If a room needs a fresh coat of paint, use a neutral off-white. Think, too, about how your home smells. You may be used to the smell of a pet or cigarettes, but such odors can be a strong turn-off to others. Be certain to remove valuables such as jewelry and other items from view. It might be wise to put these items in a safe deposit box before showing your home. Finally, set a mood for the buyer. Make your house homey with live flowers and fresh guest towels in the bathroom. Place scented potpourri around the house or, on the day you're expecting a potential buyer, pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma.

Remember, cosmetic changes do not have to be expensive. In fact, costly home improvements do not necessarily offer a good return on your investment when you sell. It's attention to the basics -- anything that says "this home has been carefully maintained" -- that will help you get the price you want.

Setting a Fair Price

Naturally, you want to get top dollar for your home. But, at the same time, you don't want to scare off potential buyers with a price tag that's too high. Setting an artificially high price may cause your property to languish on the market for months. Reducing your asking price later on may lead buyers to wonder if there is something wrong with your home. Here are some of the factors to consider in pricing your home.

• Your location
• Economic conditions
• Supply and demand in the local housing market
• Seasonal influences
• Local schools
• Average home prices in the neighborhood
• Your home's extras -- pool, fireplace, central air, etc.
  

To determine the value of your home, you probably will want the advice of an appraiser, or one of the experiened professionals at Ruth Realtors. Ask us to prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. Ruth Realtors can help you adjust for the unique features of your own property.

Qualifying a Buyer

You will want to quickly weed out potential buyers who cannot really afford to purchase your home - We can help.
A number of factors will help determine whether or not you are wasting your time negotiating a sale.

• The buyer's debt and credit history
• The buyer's current income and employment
• The buyer's cash position and availability of a down payment
• The length of time the buyer needs before closing on your home
• How interested the buyer appears to be in your home versus others
  

Seek Legal Representation

When selling your home -- particularly if you are selling on your own -- it's a good idea to be represented by an attorney. Look for an attorney with expertise in real estate transactions. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. Your attorney will be present at the actual closing to protect your interests and can assist you with the following elements of a sales contract:

• The sale price
• What is included in the sale price -- draperies, carpeting, light fixtures, heating oil, etc.
• The amount of the down payment
• The date of settlement and possession date
• Contingencies to the sale--inspections (e.g. structural, lead-based paint, radon), required improvements, legal review of the contract by the buyer's or seller's attorney, etc.
• The amount and length of the mortgage loan, interest rate and time limits to secure the loan
• Determining which closing costs are to be paid by the buyer and which by the seller

Tax Implications

Selling a home can have a major impact on your federal and state tax returns. Check with your tax consultant on the factors that may affect taxes resulting from the sale of your home. For example:

• Whether you purchased the home or acquired it by gift or inheritance
• Whether you used your home partly for business or rental
• Costs associated with selling your home
  Home improvements or additions, which may help to offset capital gains
• The sale of your home. In certain cases you can exclude up to $250,000 in gain ($500,000 for married couples filing a joint return) on the sale of property that was your principle residence for at least two years. Generally, you can use this exclusion every two years.

Congratulations!

You've successfully weathered the logistics of selling your current home, and you're ready to move on to a new and exciting chapter in your life.
While all this may seem a daunting task; The specialists at Ruth Realtors are here to help you and your family every step of the way.

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