1) Consider if you are able to purchase another piece of property based upon your current credit score. You may possibly not need a mortgage and can pay cash for your next purchase, but I have seen elderly be put in situations where they could not buy another home even when they could afford the payments.

2) Do some research. If you're home isn't worth as much as you thought, then do you still want to sell? Probably, but find out on your own what you feel the piece of real estate is worth. Your best avenue in doing this is to contact a Realtor. They will come out to your northern Michigan property and give you an idea of what a fair asking price would be free of charge. Just remember if you decide to list your home with a professional, give that person the first chance who took the time to educate you.

3) Now that you know how much your property is worth, guess what, that still doesn't mean much if closing costs would exceed the value of the home. We are missing a variable aren't we? O.K., my examples can be extreme, but they are just to show the point you NEED TO KNOW ALL THE FACTS before making a decision. Closing costs range and are almost always less than 10%. I hate to quote any figures, because there are extreme cases where a home selling for $1,000,000 will have high closing costs, but the percentage will be much lower. On the other hand, $5,000 dollar lots in the middle of nowhere will cost less than $1,000, which consequently is 20%, so figures are hard to quote. Bottom line, you need to know if selling your property is in your best interest.

4) If you're going to do it, do it right. Make your home presentable for potential buyers. This is an investment. If your home needs certain repairs, well, that is a good indication on how well you've kept up the property. It is just like a car. Every little thing that is wrong adds up in the buyer's mind. You also need to mentally be prepared that people will be coming into your home. These people need to look in every corner of every room, so be prepared for that type of exposure.

5) You did research early on as to what your property is worth. Now, you need to do some research to find out which real estate agent would best represent your piece of northern Michigan property. Almost always go with a Realtor that has a office in your city. Too many times I have seen people list their property in a "big city" because they feel the small town they live in doesn't offer enough exposure. Well, I have yet to see a buyer go to Detroit to by a piece of property in Newberry Michigan. It just doesn't happen. Buyer's first go online, then they will physically go the area in which they are interested in.