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Trade Up Mistakes to Avoid in Collegeville PA

By
Real Estate Agent with eXp Realty 201856

Unlike to experience of buying your first home, when you're looking to move up, and already own a home, there are certain factors that can complicate the situation. It is very important for you to consider these issues before you LIST  your home for sale.

Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, even worse, the dilemma of having no place to live during the gap between closings.

These common mistakes have simple strategies to overcome them. Being informed will help you make better choices before you put your existing home on the market.

Rose-Colored Glass -

Many of us dream of improving our lifestyle and moving to a larger home. The problem is that most times theres a discrepancy between our hearts and our bank accounts. How many times have you drove past a home you instantly fell in love with, only to find out that it's already sold, or that it's more than you can afford. Most homeowners get caught in this hit or miss strategy of house-hunting when theres a much easier way of going about the process.

For Example: * Find out if your agent offers a buyer profile system or "house-hunting service" which takes the guess work away, and helps to put you in the home of your dreams.

* This type of program will help cross match your criteria with ALL available homes on the market, and supply you with printed information on an on going basis. A program like this helps homeowners take off their rose-colored glasses, and affordably move into the home of their dreams!

Failing to Make Necessary Improvements -

If you want to get the best price for the home your selling, and who wouldnt? There will certainly be things you can do to enhance it in the prospective buyers eyes. These fix-ups don't necessarily have to be expensive, but if you do have to make a minor investment, it will often come back to you ten-fold in the price you are able to get when you sell.

**It is very important to make these changes before you put your home on the market. **If cash is tight, look into an equity loan that you can deffinatley re-pay on closing.

Not Selling First -

You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below market value because you have to meet a purchase deadline.

* If you've already sold your home, you can buy your next home with no strings attached. If you do get a tempting offer on your home but haven't made significant headway on finding your next home, you may want to put in a "contingency clause" in the sale contract.

* A contingency clause will give you plenty of reasonable time to find a home to buy.

* If the market is slow, and your home is not selling as quick as you would like it to, another option could be renting your home, and putting it back on the market later - particularly if you are selling a smaller "starter" home.

* You can eliminate both of these options by working with an agent who offers a GUARANTEE that your home will sell. The Glen Russell Team offers The 70 DAY GUARANTEE.

Failing to Get Preapproved For a Mortgage -

Preapproval is a very simple process that many home owners fail to take advantage of. It is free, and doesn't obligate you to anything. Preapproval gives you a significant advantage when you put an offer on the home you want to purchase, because you know exactly how much house you can afford, and you already have the green light from your financial institution.

With a preapproved mortgage, your offer will be viewed much more favorably by a seller - sometimes even if it is a little lower than another offer that's contingent on financing.  **Don't fail to take this important step!

Getting Caught in Real Estate "Catch 22" -  

Your biggest dilemma when buying and selling is deciding which to do first. One of the points above, advises you to sell first. HOWEVER!! Some agents, including the Glen Russell Team offer a "Guaranteed Sale "Trade Up" Program that acually takes that problem away from you entirely.

*** It guarantees the sale of your present home before you take possession of your next one. If you find a home you wish to purchase and have not sold your current home yet, we will buy your home from you ourselves so you can make your move free of stress and worry!

Last BUT NOT LEAST! - Failing to Coordinate Closings -

With 2 major transactions to coordinate together with all of the people involved, such as a mortgage loan officer, appraisers, lawyers, title company representatives, home inspectors or pest inspectors, the chances of mix-ups and miscommunication go up dramatically.

** To avoid a logistical nightmare ensure you work closely with your agent.

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Make it an Awesome Day!!

Glen Russell 610.792.3000

http://www.glenrussell.com/

 

 

Posted by

Glen Russell

The Glen Russell Team

eXp Realty 

610-792-3000

888-397-7352 Ext 710

info@glenrussell.com

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