NOT FOLLOWING THE TIMELINE PERFECTLY
Sales that are timed for financing or tax purposes that miss the timeline (even by a single day) can cost you extra in taxes or other costs. Therefore, missing a day can mean losing dollars. You need to schedule the deal after consulting your accountant well in advance to find out whether any tax breaks can apply for long- term capital gains.
SELLING BEFORE GETTING QUALIFIED YOURSELF
When selling your home, don’t wait until the last minute before making necessary arrangements for your next dwelling. Depending on when your house sells, you may want or need to relocate quickly. If you’re planning to rent your next place, the landlord will need time to process your application, and you’ll want to make sure you have sufficient funds for your deposit, moving expenses, utilities, and other costs. If you’re planning to buy your next home, make sure you get preapproved for a new loan. Recognize that your current finances may affect your ability to qualify for a mortgage. Unless you can coordinate the closing dates for the home you are selling and the one you are buying, you risk having to find a short-term rental, such as a hotel or motel, and you may need to arrange transportation and storage for some or all of your belongings. Additionally, you might be unable to sell your old home for the full amount you need or expect to, which could further restrict your buying or rental options.
WATING TIME ON UNQUALIFIED BUYERS
It’s wasted effort to show your home to someone who can’t buy it. An example is the seller who found out he was at risk for foreclosure, and then spent two weeks preparing his home for an
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