8 steps to take before listing your waterfront home

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Here are 8 steps to take when selling your waterfront home –  It doesn’t matter if it is a Lake Orion or a Lake Sherwood home.  Planning  and preparing will make your next move so much smoother.  All the work you do before listing your waterfront home does help you get the most return from your investment.

Lake Orion in Oakland County MI

Lake Orion in Oakland County MI

1. Get Pre-Approved For your Next Home Loan before you list
Mortgage lending has changed so much in the last 5 years.  Whether you think you have great credit, or if you have lots of money, get pre-approved.  I have known potential home buyers that were sure they could buy a new home only to find out they were denied.  One of other reasons why they could not….. they had their identities stolen and did not know about it, or a credit blemish was on their credit report.  All of these items were unknown to these buyers.  THEY COULDN’T BUY! And yet they had their Lake Orion home sold already!  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 your lake house, take the time to  get pre-approved by a lender you trust.   Call me so I can research the housing market for the type of house you wish to live, so that you have a good idea how much it will take to buy a replacement home.  It does not matter if it is a lake home on Otter Lake in Waterford Michigan or Oxbow Lake in White Lake MI

2. Order a mortgage payoff statement from your Lender

Find out what you owe on your current mortgage or (payoffs if you have a second mortgage).  Again many potential sellers are surprised at this number .

3. What is your waterfront home really worth?
Determine your home’s fair market value by asking me to do a comparative market analysis (CMA) for you.  A CMA shows you all the houses on the lake that have sold in the last 6 months and the current houses for sale. You may take it a step further and order an appraisal for a second opinion.

4. What will be the costs to sell my waterfront home?
There are four possibe major costs in selling waterfront real estate in Michigan:
1.)  Real estate commission
2.)  State of Michigan transfer tax on the sale (the governor wants his share)
3.)  Sellers’ owner title policy                                                                                                                                 4.)  Any possible repair costs that may come up on the inspection.

I deal  with real estate transactions every day and can give you a very close estimate of seller closing costs.

Lake Sherwood in Commerce MI

Lake Sherwood in Commerce MI

5. What will your costs be to buy a new lakefront home?
Maybe you are moving to a condo or moving out of state.  Take out your calculator to figure out moving expenses, loan costs, down payment, home inspection cost, title work and title policy, and paying for a new home owners insurance policy–all expenses related to buying a new home in whatever state you are moving too.   Can the lender and get a Good Faith Estimate of all the loan costs.  That will be one less item you have to figure out.

6. What will end up with after selling your waterfront home?
Deduct your mortgage payoff from your waterfront home’s fair market value.  Then deduct your costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing.  That is what you will walk away from the closing table with.  How much equity do you really have in your current home?  Will your equity cover your down payment and  costs to buy a new home? If not, do you have cash or other funding to make up the difference?

Time to fix the dock
Time to fix the dock

Time to fix the dock

7. Get your waterfront home ready to sell

Spend the money to make the necessary repairs. Michigan lakefront home buyers love updated and move in ready houses.  A move in ready house will sell in half the time that other “just ok” houses take to sell.  It does make a major difference in what you walk away with at closing.  It is best to 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.  If they do the inspection and many things are wrong with your house, the buyer may walk away.  Today’s buyers want to do as little as possible.

8. Get your waterfront home showing ready
Most of us lakefront owners prefer to spend the time on the water versus cleaning and fixing.  Very few of our lake homes show like fastidiously clean model homes every day of the week.  Your waterfront home may need a little touch up and dusting off up before it is shown to potential buyers. Great curb appeal, freshly painted, de-cluttered, de-personalized, organized closets and cabinets, sparkling clean windows help to sell your waterfront for more money.  You need to do these things if you want the house to appeal to buyers.

These 8 steps to take before listing your waterfront home will help make your move easier.  Plus you have all winter to get ready for the spring market.  So whether you are selling your Lake Orion home, your Cass Lake home, or your Lake Sherwood home we can help.  We know the lake market.  Here is another lake home selling tip for you.   Costs of  selling your Orchard Lake waterfront home.   You have come to our Oakland County lakefront real estate site just like thousands of lake buyers do too.    This is one of two top Michigan lake websites with so much information for lake home buyers and lake home sellers.  Here is a Lake front home buying tips  for Oakland county  Give me a call on my cell (248) 310-6239 We will get your lake home sold for the best possible price.  That’s our goal!

Here are two other lakes in Livingston County if you want to expand your lake home search Crooked Lake in Dexter Township Michigan and Lakefront Homes for Sale Dunham Lake Highland and Hartland Township Michigan

Join my VIP email home search and get the latest homes emailed to you so you don’t miss out on the best home deals.  Sometimes the great Oakland County lakefront homes that are updated and move in ready sell in under a week.  So if you want a home like that join the VIP club and get listings emailed to you as soon as they hit the market.

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Phone: (313) 310-9855 | Email: yesmyrealtor@gmail.com