Just updated to iPhone5 everything went fine and I reset my iPhone4 which is now not showing anything. I want to sell the iPhone4 but was told I would have to unlock it to sell it, is that true and if so how do I go about it?
This is not true. The Verizon iPhone 4 is a CDMA phone only with no slot for a SIM card and therefore cannot be unlocked in that sense.
Make sure you remove all of your personal data prior to selling. You should also mention the phone is only compatible with the Verizon network.