• For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5% • For homes with a purchase price greater than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance • For homes with a purchase price of $1 million or more, the minimum down payment is 20%
Forgetting to Cancel/Switch Utilities and Insurance
Many sellers overlook notifying utilities that they are moving or applying for utility service at their new home. Call the utilities and your insurance company as soon as a contract is signed. Find out how many days’ lead time they need to switch or cancel, then get back with them when you have a firm closing date.
Letting Emotions Take Over
Keep calm throughout the selling process, especially during and after a house inspection. Be practical and presume that issues will arise. It’s not uncommon to have to pay for some repairs. Don’t let the buyer’s demand to complete a minor repair kill the deal.
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