Foreclosures Book

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 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 acquaintance who wanted to buy his home right away. 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 couldn’t even qualify for a loan. Real estate agents spend considerable effort weeding out showings to shoppers who haven’t been — or can’t be — qualified. further restrict your buying or rental options. WASTING TIME ON UNQUALIFIED BUYERS