Money Moments: Getting ready to sell your home? What you need to do

December 20, 2021

Confidently navigate your first home sale with this step-by-step guide.

Selling your home can be easy and exciting with a little preparation.

U.S. Bank loan officer Robert Leitzel shares a checklist of insider advice on how to prep, plan and execute the best sale.

 

Think spring to sell your home – but only if it works for you

While early spring may be the selling season with higher volume and often higher sales numbers, it won’t necessarily ensure a better sale. Seasonality is just one factor. Ask yourself:

  • Why are you thinking of selling?
  • Do you need to move for a new job?
  • Is your family changing, maybe it’s getting bigger or you are becoming an empty-nester?
  • How quickly do you need to move?
  • What timing works for you?
     

Review your answers and analyze how timing and seasonality best suits your family, move and lifestyle. Talk through all the factors with your household and with a professional well in advance.

 

Getting your house ready to sell: Assess repairs and/or upgrades

Having a well-maintained home sends a good message to the potential buyer. It may help them see your house as a home they could live in. However, there is a big difference between repairs and upgrades. Repairs correct damage. Upgrades are improvements to the house. You don’t want signs of deterioration when your house is for sale. The buyer may want a lower price or simply choose not to buy if you don’t repair damaged areas.

When considering upgrades, weigh the cost with the potential benefit. If upgrades would cost thousands of dollars, but wouldn’t actually increase sale price, then maybe they’re not worth doing. Your local real estate market is unique and hiring an industry professional will help you make these decisions.

 

Selling your home: Consider additional service fees

Depending on the state the property is in, you might use an array of services. These include a real estate attorney, real estate broker, title insurance company, escrow company, appraiser, staging company, home inspector and mortgage lender. Some of these professionals are paid by the seller and some are paid by the buyer. As a seller, between 5 and 10 percent of your contracted sale price will be considered commission for your agent. Your real estate agent or attorney can give you a clearer picture.

Alternately, you can sell your home through companies without using a real estate agent or attorney. Regardless, do your homework. While they may say their fees are much lower, your net profit may actually be lower. Get an estimate from them, but also check with a licensed real estate agent.

 

Listing your house: Pay your lien in full

You can sell your house before paying off your mortgage. Your mortgage will be paid off as part of your sale process.

If you have a mortgage, your lender will have a lien filed with your county registrar’s office. It must be paid off when you sell your home, but it doesn’t stand in your way. Go ahead and list your house for sale. When the buyer’s transaction goes through, your escrow company or real estate attorney will ensure the lien is fully paid before the transaction completes.

 

Know what paperwork is needed to sell a house

You should definitely have a written contract. And the transference of the deed to your home should be recorded at your county’s registrar. Different states have different requirements and even use different terminology so find out what your state requires.

A good place to start is with a real estate attorney or agent. A professional can guide you through the correct paperwork in what may be the largest financial transaction of your life.

 

Enlist a Mortgage Loan Originator before a realtor

Talking with a Mortgage Loan Originator (MLO) is a good place to start for sellers and buyers who want to find other real estate professionals. “Our primary responsibility is to help the buyer secure the mortgage for their new purchase, but we can also help sellers get ready for their next move,” Leitzel says.

MLOs are trained to know the ins and outs of investment financing. They can help anyone who wants to become a property investor. Professional help navigating the selling stages is key and the earlier MLOs are involved, the better.

“The biggest advice I would give anyone is to sit down with a mortgage professional every two years whether you own a home or not,” Leitzel adds. “It’s a free meeting, of course, and we’ll take the time to assess where you are currently with your financial situation. You may think buying your first home or next home is years away – but we might be able to show you a way you can realize that dream much, much sooner.”

 

Updating your home in the selling process? Here are some tips to help you get started.

Related content

Closing on a house checklist for buyers

How to plan and save for adoption and in vitro fertility treatment costs

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

Don’t underestimate the importance of balancing your checking account

7 steps to keep your personal and business finances separate

Which is better: Combining bank accounts before marriage — or after?

5 reasons why couples may have separate bank accounts

30-day adulting challenge: Financial wellness tasks to complete in a month

Estate planning checklist: 8 steps to secure your legacy

Investment strategies by age

8 steps to choosing a health insurance plan

Key milestone ages as you near and start retirement

How to build a financial plan that covers your savings and expenses

How I did it: Bought a home without a 20 percent down payment

How I did it: Switched career paths by taking an unexpected pivot

5 ways to maximize your garage sale profits 

How to manage your money: 7 tips to improve your finances

What is a home equity line of credit (HELOC) and what can it be used for?

Preparing for retirement: 8 steps to take

Estate planning documents: Living trusts vs. will vs. living will

Why estate planning is important

How a Health Savings Account (HSA) can benefit your retirement plan

Year-end financial checklist

Housing market trends and relocation impact

Finance or operating lease? Deciphering the legalese of equipment finance

Buying or leasing? Questions to ask before signing a contract

Insource or outsource? 10 considerations

The secret to successful service provider integration

Avoiding the pitfalls of warehouse lending

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Unexpected cost savings may be hiding in your payment strategy

Changes in credit reporting and what it means for homebuyers

What’s the difference between Fannie Mae and Freddie Mac?

Why other lenders may be reaching out to your employees

A checklist for starting a mobility program review

High-cost housing and down payment options in relocation

Crypto + Relo: Mobility industry impacts

For today's relocating home buyers, time and money are everything

How to sell your business without emotions getting in the way

5 steps to take before transitioning your business

10 tips on how to run a successful family business

Talent acquisition 101: Building a small business dream team

Make your business legit

How I did it: Turned my side hustle into a full-time job

Costs to consider when starting a business

How to test new business ideas

How to get started creating your business plan

How to establish your business credit score

The costs of hiring a new employee

How to expand your business: Does a new location make sense?

How to build a content team

Multigenerational household financial planning strategies

LGBTQ+ financial planning tips

Do I need a financial advisor?

5 financial goals for the new year

How to track expenses

How to manage your finances when you're self-employed

Good debt vs. bad debt: Know the difference

Good money habits: 6 common money mistakes to avoid

Reviewing your beneficiaries: A 5-step guide

How to talk about money with your family

Financial steps to take after the death of a spouse

6 tips for trust fund distribution to beneficiaries

How to build wealth at any age

Retirement plan options for the self-employed

Retirement advice: How to retire happy

Retirement income planning: 4 steps to take

Retirement savings by age

Preparing for retirement: 8 steps to take

What is Medicare? Understanding your coverage options

7 things to know about long-term care insurance

Achieving their dreams through a pre-apprenticeship construction program

Working after retirement: Factors to consider

4 steps to finding a charity to support

Year end tax planning tips

Should I itemize my taxes?

Tips for navigating a medical hardship when you’re unable to work

11 essential things to do before baby comes

Webinar: Uncover the cost: Starting a family

Preparing for adoption and IVF

Checklist: 10 questions to ask your home inspector

Resources for managing financial matters after an unexpected death

What you need to know as the executor of an estate

What documents do you need after a loved one dies?

Checklist: financial recovery after a natural disaster

How does money influence your planning?

The A to Z’s of college loan terms

Co-signing 101: Applying for a loan with co-borrower

Practical money skills and financial tips for college students

How to build credit as a student

5 things to know before accepting a first job offer

How I did it: Paid off student loans

Bank Notes: College cost comparison

Annual insurance review checklist

From LLC to S-corp: Choosing a small business entity

Recognize. React. Report. Caregivers can help protect against financial exploitation

Is online banking safe?

What to do with your tax refund or bonus

Pros and cons of a personal line credit

3 tips for saving money when moving to a new home

Is raising backyard chickens a good idea financially?

5 tips for creating (and sticking to) a holiday budget

Planning self-care moments that matter (and how to finance them)

5 things to consider when deciding to take an unplanned trip

Stay committed to your goals by creating positive habits

Growing your savings by going on a ‘money hunt’

Working with an accountability partner can help you reach your goals

Your 5-step guide to financial planning

Does your savings plan match your lifestyle?

Uncover the cost: Wedding

Uncover the cost: International trip

Are savings bonds still a thing?

Tips to overcome three common savings hurdles

Adulting 101: How to make a budget plan

Personal loans first-timer's guide: 7 questions to ask

3 awkward situations Zelle can help avoid

Allowance basics for parents and kids

Mindset Matters: How to practice mindful spending

How can I help my student manage money?

You can take these 18 budgeting tips straight to the bank

Save time and money with automatic bill pay

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Transitioning out of college life? What’s next?

U.S. Bank asks: Do you know your finances?

Personal finance for teens can empower your child

It's possible: 7 tips for breaking the spending cycle

How to save for a wedding

Here’s how to create a budget for yourself

9 simple ways to save

Dear Money Mentor: How do I set and track financial goals?

Lost job finance tips: What to do when you lose your job

Money Moments: 3 smart financial strategies when caring for aging parents

Money management guide to financial independence

Money Moments: 8 dos and don’ts for saving money in your 30s

7 financial questions to consider when changing jobs

Travel for less: Smart (not cheap) ways to spend less on your next trip

What’s in your emergency fund?

Certificates of deposit: How they work to grow your money

What you need to know about renting

How to stop living paycheck to paycheck post-pay increase

Understanding guardianship and power of attorney in banking

Bank from home with these digital features

What financial advice would you give your younger self?

How grandparents can contribute to college funds instead of buying gifts

How to open and invest in a 529 plan

Using 529 plans for K-12 tuition

Parent checklist: Preparing for college

What to consider before taking out a student loan

How to talk to your lender about debt

How to use debt to build wealth

What’s a subordination agreement, and why does it matter?

Understanding the true cost of borrowing: What is amortization, and why does it matter?

Know your debt-to-income ratio

Your quick guide to loans and obtaining credit

Home improvements with the best ROI

Overcoming high interest rates: Getting your homeownership goals back on track

How we did it: Converted to solar power

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

Should you buy a house that’s still under construction?

How I did it: Bought my dream home using equity

Buying a home Q&A: What made three homeowners fall in love with their new home

House Hacks: How buying an investment property worked as my first home

Managing the impacts of appraisal gaps in a hot housing market

How I did it: Built living spaces to support my family

Spring cleaning checklist for your home: 5 budget-boosting tasks

Saving for a down payment: Where should I keep my money?

Your guide to breaking the rental cycle

DIY home projects 101: tips from a first-timer

Checklist: 6 to-dos for after a move

What are conforming loan limits and why are they increasing

Military homeownership: Your guide to resources, financing and more

Uncover the cost: Building a home

The lowdown on 6 myths about buying a home

Home buying myths: Realities of owning a home

4 ways to free up your budget (and your life) with a smaller home

Get more home for your money with these tips

Money Moments: Tips for selling your home

Money Moments: How to finance a home addition

How I did it: My house remodel

Are professional movers worth the cost?

First-time homebuyer’s guide to getting a mortgage

Dear Money Mentor: When should I refinance a mortgage?

Beyond the mortgage: Other costs for homeowners

Building a dream home that fits your life

10 ways to increase your home’s curb appeal

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

How you can take advantage of low mortgage rates

What is an escrow account? Do I have one?

Is it the right time to refinance your mortgage?

What to know when buying a home with your significant other

What is refinancing a mortgage?

These small home improvement projects offer big returns on investment

Should you get a home equity loan or a home equity line of credit?

Mortgage basics: What’s the difference between interest rate and annual percentage rate?

Mortgage basics: What is refinancing, and is it right for you?

Mortgage basics: Prequalification or pre-approval – What do I need?

Mortgage basics: How much house can you afford?

Mortgage basics: Finding the right home loan for you

Mortgage basics: Buying or renting – What’s right for you?

Mortgage basics: 3 key steps in the homebuying process

Is a home equity line of credit (HELOC) right for you?

How to use your home equity to finance home improvements

How do I prequalify for a mortgage?

Home equity: Small ways to improve the value of your home

Can you take advantage of the dead equity in your home?

8 steps to take before you buy a home

6 questions to ask before buying a new home

4 questions to ask before you buy an investment property

10 uses for a home equity loan

Uncover the cost: Home renovation

6 essential credit report terms to know

Test your loan savvy

Credit: Do you understand it?

What types of credit scores qualify for a mortgage?

Car shopping: Buying versus leasing your next vehicle

Take the stress out of buying your teen a car

Questions to ask before buying a car

What you should know about buying a car

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.