Before You List Your House - Be Sure to Qualify For the Next Home

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

 

 

 

Lender approvalThis is the time of year Sellers are thinking of preparing their home to put on the market, doing repairs, cleaning, decluttering and there is one more item that should be done prior to signing that listing agreement.

 

If the plan is to sell the primary property and purchase another home, you should contact a lender for a pre-qualification to insure you are able to qualify for the next home.

 

Many potential buyers have taken great care of their stellar credit, but can find out that there has been erroneous items applied to your credit or lender requirements have changed.     These small items can delay your approval, and best to know up-front that you can purchase and move smoothly into your next home.  After you begin the listing process and search for your next dream home, it will become very busy, so best to get this important process completed prior to listing.

 

It is best to know this up front, rather than find out after you have an approved offer on your home!

 

  

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Dee Toohey 06/26/2017 08:37 AM
Topic:
Home Selling
Tags:
sellers get approved prior to listing

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Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Melissa Jackson I hear this too from Sellers - there is no problem.  BUT, what if there is?   They have to move once they sign that contract!  

Jun 28, 2017 06:26 AM #69
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mary, that is how I feel! 

Jun 28, 2017 06:26 AM #70
Rainmaker
282,133
DALIA KIBBY
Sellstate Partners Realty - Cooper City, FL
Selling Broward County Homes with Passion!

Can be tricky, both selling and buying. And yet, it happens everyday. The key is to be preapproved, ready for the next house. In my market, selling the house is the easy part, finding the replacement home is the challenge! Good post!

Jun 28, 2017 06:38 AM #71
Rainer
292,071
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Getting approved is important  if the buyer does this before calling an agent. This will avoid  all the pressure to get it done quickly. The lenders ability to completely understand the borrower and to uncover all questions with documention etc. is huge, but we know that don't we?

Jun 28, 2017 07:31 AM #72
Rainmaker
560,198
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

I wish more sellers would take this important first step. Some act like it's a real bother 'oh, we will have no problem qualifying'. That may be true, but there is more to financing that next purchase than just knowing you can make the payments!

Jun 28, 2017 08:32 AM #73
Rainer
126,550
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

Kind of a no brain-er but I'm sure many people skip it. Case in point: A seller/buyer went to ask her financial adviser if she should pay cash for a new home or take out a loan. The financial adviser pulled her credit score only to find out according to the credit bureau, she was dead. Now that's a problem. You just don't know until you check. 

Jun 28, 2017 05:05 PM #74
Rainer
148,973
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

I was out of town for 3 weeks. During that time I spoke with my brother's neighbor. They had their home on market for 6 months. Got a good offer but failed to check if they could purchase their next home. They terminated the contract due to their credit not being where they thought it would be. They believed they could take the profit from the sale but forgot in the past 2 years threat of foreclosure 3 times. They also believed while on market they didn't have to keep up 100% of their mortgage payments. They thought I din't know what I was talking about being from a different state. These people (I thought) were old enough to know better. Late 50s.

Jun 28, 2017 05:53 PM #75
Rainmaker
401,573
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Great point that a seller should know if they qualify to be a buyer.

In my listing presentation we start off with why they want to sell and what are their plans after the sale.

I hate helping people become homeless.

Jun 28, 2017 06:24 PM #76
Rainmaker
3,250,381
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Joan

Your post is HOT . . . . HOT . . . . HOT . . . .Congratulations on the feature for an outstanding post.

Good luck and success.

Lou Ludwig

Jun 28, 2017 08:01 PM #77
Rainer
518,294
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Joan,

Nowadays, more than half of my clients have something on their credit report, that is wrong altogether or not even their item. Takes a little minute to straighten things out, so the earlier you get to it, the better.

Jun 28, 2017 09:28 PM #78
Ambassador
4,304,722
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Joan Cox - in this market, the first task for the sellers should be to identify the place where they want to be - and if that does not happen, plan B!

(Of course, get pre-approved for the new home, too.)

Jun 28, 2017 09:56 PM #79
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

DALIA KIBBY that is exactly our market too, and why it is so important if a Seller is purchasing also, to be sure they CAN! 

Jun 30, 2017 11:13 AM #80
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ron, you are so right! 

Jun 30, 2017 11:14 AM #81
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mary Hutchison, SRES, ABR I too have heard this, and it will be a bother if something went awry with their credit after they signed an offer on their home.

Jun 30, 2017 11:15 AM #82
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sam, absolutely, you just never know for sure until you get this important step completed! 

Jun 30, 2017 11:15 AM #83
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Theresa, interesting story, and amazing what Sellers are thinking sometimes! 

Jun 30, 2017 11:16 AM #84
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John Wiley good way to put if you haven't put the seed in their brains about getting approved for the next property.   Homeless is not the word we like to use in our industry! 

Jun 30, 2017 11:17 AM #85
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thank you Lou, just trying to help out the public! 

Jun 30, 2017 11:18 AM #86
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

That is interesting Dorte, have not heard about this issue with my buyers.  

Jun 30, 2017 11:19 AM #87
Rainmaker
4,263,157
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Praful, totally agree! 

Jun 30, 2017 11:19 AM #88
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Rainmaker
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Joan Cox

Denver Real Estate - Selling One Home at a Time
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