Selling Before Getting Qualified Yourself Entering a contract to sell your home before you get qualified to buy another home can become 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. Before you decide to sell, get pre-approved and study the housing market in the area in which you want to live. How much will it cost you to purchase your new home? Are you prepared to move right away? Make a plan! Wasting Time On Unqualified Buyers It is wasted effort to show your home to someone who cannot afford to buy it. An example is a 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. All was well until the seller found out the prospect could not qualify for a loan. “Hovering” Lurking sellers make buyers nervous. 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. As a owner selling your home, try to stay out of the way and answer questions only if asked. Waiting It Out If you decide to wait, you are joining the thousands of other homeowners who have also decided to wait. When a few decide it’s time to take the plunge, you’re already too late. If you need/ want to sell now, then sell now. There will never be a better time.
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