Moving up to a larger home

If you are ready to move up to a larger home, here are some things you might want to think about.

The ideal scenario is you sell your current home and move right into your new one. I have helped countless sellers do just this, but it does not always happen that way. Real estate closings are not perfect.

They involve people, and sometimes things happen. I have seen both buyers and sellers wait until the last minute to mention an important detail to their agent or lender. When you are on a time crunch, a small issue can become a larger one. Remember in the real estate world, things are often a process.

Although it is rare, be prepared just in case you have to find a temporary for a few days. If you need to close before your new home before you are able to close a bridge loan maybe an option. This allows you hold two mortgages for a short period of time. I generally am not a fan because of the additional cost, but if you are in jeopardy of losing dream home it might be worth it.

Most of the time instances such as these can be prevented, but every once in a while things happen that are out of our control. I tell clients to hope for the best but prepared for the worst. I am not trying to scare you but prepare you just in case. The idea is that you will be less stressed because you have already considered what to do in a worst case scenario.

There are also a few things preventative measure you can as well. You should get prequalified perhaps even before you put your home for sale. You want to know what you can afford, and you want to make sure there are no surprises on your credit report. If you check your credit early, you may have time to take care of any issues that are present.

This is something you want to know and not assume. Even if you have done nothing to adversely impact your scores, you still need to check them. Errors, identity theft, and memory lapses are things that happen to real people. One uncorrected item on your credit report could potentially cost you thousands over the life of a mortgage.

Once you put in an offer, you should stay in touch with your lender. If they ask you for something, provide them with exactly what they ask for and/or contact them for clarification. Please do not put it off because you do not understand why they need it. You can be upset or complain, but lenders typically require all the documentation they ask for.

If you are purchasing a more expensive home, you also want to maximize the proceeds from your current home. This includes any necessary improvements or upgrades. You should consider paint, outdated hardware, mulch, and shrubs. You also should organize your home as clutter is a deterrent to most buyers, especially those who might pay top dollar.