Entering a contract to sell your home before you get qualified to buy another can be problematic. Your financial situation may have shifted since your last purchase and you may not meet the requirements for a loan or you may not be able to sell at a price that enables you to buy the kind of replacement home you desire. You might have to rent or buy another house that is far from ideal. Before you decide to sell your house, get preapproved by a lender you have confidence in and study the housing market in the area that you want to live to get a good idea how much it will realistically cost you to buy a replacement home. Make plans in case you have to move right away.
Wasting Time on Unqualified Buyers
It is wasted effort to show your home to someone who cannot buy it. An example is the seller who spent two weeks preparing his home for an acquaintance who wanted to buy his home. The seller spent $1,000 removing an old shed and met with the prospect several times to discuss price and terms. It was well into the process when the seller found out the prospect could not qualify for a loan. Real estate agents spend considerable effort weeding out nonqualified and unqualified home shoppers.
“Hovering”
Whenever possible, don’t be home when there is a showing. Most real estate agents will prefer you leave when the house is shown. Lurking sellers make buyers nervous. Buyers may feel they are intruding and then rush through. They may be hesitant to talk about changes to the home or features they don’t like. Buyers will feel uncomfortable closely inspecting the house in the presence of the owners. It’s easier for buyers to visualize the home being theirs when they have a chance to critique and discuss the home among themselves. If you must be home, try to stay out of the way and answer questions only if asked.
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