This is my Sweet Spot! My Special Sauce, so to speak. Along with being in real estate, i.e., Construction, Wholesaling, Property Management (I managed my portfolio and others), and renovations, I was also a Mortgage Lender for 28 years. I think this is a huge asset for us in getting a jump on the Loan Approval Process. But I digress ... Ha. Entering a contract to sell your home before you get qualified to buy another home is 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, get pre-approved by a lender you have confidence in, and study the housing market in the area in which you want to live to get a good idea of how much it will realistically cost you to buy. Make plans in case you have to move right away.
Wasting Time on Unqualified Buyers
It is a 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. I will do my best to weed out showing to non-qualified and unqualified home shoppers. I know the right questions to ask, having been in the Lending Business.
“Hovering”
No offense intended, but it is wise not to be at home during a showing.
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