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A 10 STEP GUIDE TO SELLING YOUR HOME - STEP #8
A 10 STEP GUIDE TO SELLING YOUR HOME
STEP # 8 - PREPARE YOUR FINANCES
   10-Step Guide to Selling Your Home   Step 1: Decide When to Sell Step 2: Find a REALTOR ® Who is Right for You Step 3: Sign a Listing Agreement Step 4: Determine Your Home’s Asking Price Step 5: Add a Lawyer to Your Team Step 6: Prepare Your Home for Sale Step 7: Let Your REALTOR® Market Your Home Step 8: Prepare Your Finances Step 9: Receive an Offer Step 10: Close the Deal Step 8: Prepare Your Finances. Before the offers start rolling in, you should prepare for the massive amounts of money that will pass through your hands.
A lot of the money will probably be going to your mortgage.
If you own your home free-and-clear, congratulations! For the rest of us, there are a lot of mortgage considerations.
“Discharging” your mortgage.
Many people use the proceeds from the sale of their home to “discharge” or pay off their mortgage. If you have what is known as an “open” mortgage, you can pay it all off without any penalties. If you have a “closed” mortgage, be prepared to pay a few month’s payments in penalties.
If ... more

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