When you ready to purchase your next and larger home, you may want to think about some of these things because it will probably be little different this time around. The major issue is obviously going to be timing. In a perfect world you can sell one and move right into another, but it doesn’t always happen that way.
Real estate closings are not perfect. Things happen – buyers and sellers both sometimes forget to mention things to their agent until the last minute. These issues which often could have been little issues long ago can turn in to big ones when you are on a time crunch. Remember nothing happens fast in the real estate world.
You could easily get stuck without a house for a few weeks, or have to get a bridge mortgage in which you hold two mortgages for a month or so. Or even worse, you could even be delayed enough to lose out entirely on the home you where trying to purchase. I am not trying to scare you but prepare you. Most of the time you can prevent these sort of things but every once in a while it just happens, and it is usually the other guy or their agent.
So what do you do? Don’t get all worked up, but consider these things for a moment. What might you do in these sort of scenarios. Here are a few things that might help you do what you can to avoid any disappointment.
If you are serious, get pre-qualified beforehand. Find out what you can afford and make sure there are no surprises on your credit report. The last thing you want to do is go driving around looking at houses you can’t afford. Not only is it a waste of time, but it also sets you up for a let down. The home you find will never be a nice as the one you can’t afford. Trust me, either look at what you can afford or wait until you can afford what your dreaming about.
If you are anticipating getting top dollar, another thing you probably want to consider is necessary upgrades or improvements. You want to get your house ready to sell so to speak. I am not saying it is time to put in granite and new cabinets, but you might want to consider paint, outdated hardware, mulch, and shrubs.
Also once you sell your home and put in an offer on another, you want to make sure your agent is on top of coordinating your closing. Now I am not saying you need to be calling your agent every day, you don’t want to drive them crazy. But a reasonable once a week is acceptable just to give them a little friendly reminder. Sometimes agents get busy and forget things, myself included.