Selling a home isn't something to leave up to chance. Without a REALTOR®, this major transaction could quickly become one of your largest regrets. Realtors are experts at the following:
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Many people are able to time their sale and purchase so they happen on the same "closing date."
Be ready to work with the large amount of money involved in your real estate transaction.
Still have a large mortgage? Consider the following:
A “portable” mortgage means you transfer your current mortgage arrangement to your new home without penalty.
This is advantageous if the interest on your mortgage is lower than existing rates. However, if your new home is more expensive and requires a larger mortgage, you will have to borrow the extra money at current market rates.
Perhaps your mortgage permits the buyer of your home to “assume” your mortgage. This is an attractive selling feature if the interest rate is lower than existing rates.
You could also become a mortgage lender. If the buyer is having trouble arranging their financing, you may consider lending directly to them. This plan is called a “vendor take back” mortgage. It’s often used to move a property in a slow market and it is incredibly complicated to set up. Be sure to consult your lawyer before choosing this option.
If you find the perfect new home before you sell your current home, you can talk to your mortgage lender about “bridge financing.” This is when your loan company agrees to lend you the down payment for your new property while you are still paying for the mortgage on your current home.
Capital gain refers to how a property increases in value over time due to the housing market.
If the home was your primary residence, you will not have to pay taxes on any capital gain.
However, if you had tenants living in part of your home such as a basement apartment, a capital gains tax will apply to a portion of this income.
The capital gains tax would also apply to a secondary property such as a vacation or investment property.
Seek professional assistance for help in this area. Be aware that GST/HST taxes will apply to hiring a consultant for their services.
We’ve been outlining the many ways a realtor is essential when negotiating a property sale.
How to choose the best one? Shop around, talk to a few, get quotes for their services, and analyze how comfortable you are in trusting him/her with your real estate negotiation.