“Oh, but I do on all Buyer’s offers. See, this letter says they’re pre qualified to buy our home”. Too funny! How many times have I heard Buyers say they’re pre qualified to buy a home. I’ll respond to them by saying, “… oh, okay, so you provided your Mortgage Lender with your bank/asset statements, pay stubs, tax returns and your credit report?…”. “Well no,” they’ll reply. “We just had a phone conversation and I told them how much money I made and that I have good credit and they advised me that based upon that, I’d be qualified to buy a home with a sales price of $350,000”. I shiver in thought. Here we go again. Unfortunately, such a conversation is worthless, utterly without value. Meaningless. All of the financials mentioned above need to be reviewed by the Mortgage Lender in order to get a meaningful Pre-Approval letter.
The Pre-Approval letter will provide home Sellers with the best knowledge of knowing the Buyer’s ability to secure a mortgage. Without it, you could go through all the steps of selling a home only to find out a week before closing that the Buyer’s Lender cannot approve them for a loan. Could you imagine finding that out, after all you’ve gone through in getting to that point in the Real Estate transaction? That would be really hard to take, hard to swallow, wouldn’t it? So will you require a strong Pre-Approval letter now? I thought you’d say yes.
There may be a gap between the time you sell your home and buy your home
Perfect timing of selling your home and then buying your home can certainly happen, yet not always 100% of the time. In the event, there’s a snag and you can’t move into the new home, it’s best to anticipate such an event and don’t be thrown into a tailspin when it happens. You may have to put your sold home belongings briefly into storage while you shelter up in a short term rental or bunk with family and friends until you can move into your new home. Knowing it can happen is best so you don’t worry yourself crazy over it, just anticipate.
Selling and buying a home at the same time
Your home never sells and your home listing expires
Ouch. You went through all the mental and physical preparation to get ready to sell your home, endured the showings, the waiting and nothing. No Buyer was interested in buying your home.
When your home expires from being listed for sale, it’s a great disappointment and shouldn’t happen. There are a number of factors to consider as to why your home hadn’t sold, and the greatest number of times it will lead back to your home’s pricing strategy. Be sure to click through and read the article highlighted above “why your home hadn’t sold” so you don’t have to experience an expired listing.
The Short and Sweet of it
As you read, many of these scenarios that can play out during the selling of a home, can be avoided, while others can’t and it’s all about knowing the facts about home selling. However, planning for their possibility will certainly make it a lot easier to swallow. Whether it’s not hiring your friend or perhaps one of the most difficult in letting go of the emotional attachment to your home, often times knowing what to do can make selling a home so less stressful. Now go sell your home!