So, you want to sell your home, and buy something else?
What are the next steps?
You might find these steps out of order since you need to sell your house before you buy the new one, but I assure you, each step is in the proper order.
- Meet with your REALTOR® to discuss your options for selling, and also for buying. Learn what will be required of you to list your home; repairs, consolidating, cleaning, etc., and learn what the comparable sales are in your neighborhood as well as the estimated amount your home can sell for, so you know what you’ll have to use as a down payment on your new home.
- Contact a lender and get pre-approved. We are in a seller’s market right now and many homes are receiving multiple offers. As an example: if you received several offers on your current home knowing everyone was offering list price and the offers were identical, yet one client was pre-approved (lender has verified information provided by buyer) and one was only pre-qualified (lender has not verified information provided by buyer), which would you choose? The other reason to get pre-approved is to make sure there are no ugly surprises lurking on your credit and no issues with your income sources.
- Once you have been pre-approved, figure out the areas you would like to live in, and drive through them during different times of the day, night, and week. You might find Sunday through Thursday are relatively quiet, yet weekend nights may hold an entirely different perspective with parking issues, or worse – loud parties, police, and violence. It’s also important in your favorite neighborhoods to knock on doors of neighbors and let them know you’re considering a move to the neighborhood. Ask them if there’s anything they wish they’d have known prior to moving there, or if they love it. You’d be very surprised what possible neighbors might share. They may even know a neighbor down the street is putting their home on the market next month. That could give you a head start in the process. Maybe they wouldn’t even have to “list it,” if they knew they might have a buyer beforehand. The other consideration is price. You might find that prices in the neighborhoods you love are outside your budget, or that you have more where you are, for the same value. You just may find that staying put is a better option right now, and that’s very good to know before spending a lot of time getting your house ready to sell.
- Once you’ve received your pre-approval, and you’ve also toured the neighborhoods you are interested in living in, it’s time to get back in touch with your REALTOR® to discuss getting your current home on the market. Then, once your current home is under contract, you will begin looking for your new home.
- Upon finding the home you want to move into, you’ll be packing, updating your lender with items they need for final loan approval, setting up and working through the inspection items on both homes, scheduling movers, and choosing your homeowners insurance agent providing them with info needed to obtain insurance on new house.
- During the time between sale and closing on both properties, topics will arise that need attention, and you, your lender, your REALTOR®, and the other parties involved will work to resolve them so that it is mutually beneficial for all parties involved.
- In the background, your lender and REALTOR® will be scheduling appraisal, ordering title work, ordering insurance, reviewing loan conditions, scheduling closing, ordering loan documents, balancing figures with title company, etc.
- Then, you’ll close on your sale, and then your purchase, move out of one, and into the other, and live happily ever after☺.