Elevate your home sale with these simple tips

Today’s market is attractive to buyers and sellers alike.

The real estate squeeze is leaving some buyers on the sidelines as home prices reach record highs.

If you’re getting ready to list your home, here are some things you can do to maximize the sale even more.

Repair and tweak

Because the home-buying process could require inspections, homeowners can get ahead of the process by making any necessary repairs.

Take this a step further and address minor concerns too. Your close attention to detail will make your home shine brighter than the rest, ensuring a very quick sale.

Create separate space and storage

With so many people working from home, additional optimized space and storage areas will be very appealing.

Each area in the home should have a distinct purpose without any distractions. Clearly defined boundaries will separate the spaces inside your home for the better.

A large open room, for instance, can be sectioned off with a divider to provide distinct space for difference purposes.

Adding a pantry, closet organization and other storage space will also be a welcome sight.

Transform free space into office

If there’s room, add an office space or gym. These two irresistible rooms are exactly what a lot of home buyers are looking for these days.

As more people work from home and as more companies look toward a future with more remote work, an office space or gym are quickly making their way onto the wish lists of many buyers.

Enhance outdoor space

A minor landscape project or an exterior paint refresh can enhance and transform any outdoor space.

Adding a firepit, applying fresh mulch, planting flowers or adding a pop of color will instantly increase the home’s appeal.

As more people spend more time a home, they’ll welcome an opportunity to escape outdoors.

Upgrade kitchen and laundry area

It’s a simple fact that people are using their kitchens and doing chores a little more these days.

These spaces, especially the laundry room, can be neglected when it’s time to showcase your home.

So take some time to modernize the laundry room and make it look as clean as possible for optimal appeal.

Kitchens are a little more expensive to upgrade. But simple things like painting cabinets, installing a backsplash or putting in new fixtures will give the kitchen a really nice refresh.

How to provide proof of funds, preapproval for home purchase

If real estate is about location, location, location, then the loan application process is about verification, verification, verification.

When a borrower applies for a loan, the lender will ask for several documents that verify the borrowers’ claims, such as the amount of assets they hold.

Learn more about proof of funds letter and other related documents that show the borrower’s ability to move forward in the process of buying a home.

Document proving available funds

A proof of funds document will demonstrate to the lender and seller that you have the money to buy a home. There’s no need to continue the home-buying process without this information. So, it’s something you’ll be asked early on.

There are some differences between a letter request from the lender and seller.

Sellers will likely want to see a preapproval letter, which is a statement from a lender that it already vetted and approved the applicant.

Lenders will want to look at bank statements as proof. They’ll check to see if your balances are high enough to cover the associated costs of buying a home. Borrowers must have legal clearance to any funding they submit for review.

Acceptable forms of proof of funds

Certainly, a bank statement is an acceptable way to verify the applicant’s funds.

The lender will also look for easy accessibility. While assets in a bank account will allow for a seamless transaction, other assets require additional steps. For instance, liquid assets like stocks or bonds can be readily turned to cash upon request.

Some requirements

When an applicant puts together a package to provide proof of funds, here are some of the needed documents:

  • Bank information and address
  • Account name
  • Balance
  • Copy of bank statement
  • Bank authorization or signature

Timing considerations

The proof of funds letter is best when produced shortly before an offer is made.

Early in the application process, borrowers can reach out to their banks to ask how long it would take to gather the necessary information and verification. It’ll be good to know as the borrower works through the process of buying a home.

Timing will be different for a preapproval letter. Get it as soon as possible. A preapproval letter sets you apart from the crowd because it’s a confirmation from a lender that you are a qualified buyer. In today’s market, that’s indispensable.