Unless you plan on paying with cash, your first step will be to get pre-approved for a loan. Once you get pre-approved, you will know with more accuracy the price of the home you can afford.
In pre-qualification, you are given an estimate of what you may be able to borrow. This is a quick way to know what price range you should be looking in. Pre-approval means a financial institution has agreed to work with you and has taken a thorough look through your finances.
You should see as many as you need to ensure you find the perfect home. On average, home buyers will look at hundreds of homes online but will see 10 homes in person before writing an offer. If you’re looking for a way to narrow down your search, sign up for a personal shopper report.
You can always back out of a deal, but you may have to forfeit the earnest money you put down with the offer. Earnest money is typically around 1%-2% of the home’s price. Learn more about writing an offer here.
The answer may surprise you, it’s no longer 20%. All loan options are different, but the average down payment is now 3% to 5%. If you or the property you’re purchasing qualifies for a VA or USDA loan, you aren’t required to put any money down. Learn more about buying a home here.
Start with the basics. Fix all minor mechanical issues (such as loose doorknobs and leaky plumbing), clean everything well, keep the yard maintained, and put fresh pine straw or mulch in the flower beds. Power wash decks and other surfaces if needed.
Check with a lender first to learn if this is an option. Ask yourself if you are willing and able to carry two mortgages and deal with the stress that comes from physically and financially maintaining two homes. An experienced agent should be able to guide you to a good decision.
An experienced agent can lead you through the listing and selling process with ease. Aside from improving your quality of life during your family’s transition, a real estate agent may help you net more money for your home. Real estate agents know the market, proper pricing and how to achieve a faster sale.
You should only consider vacating your home before placing it on the market if your furnishings are poorly maintained or the environment is overly cluttered. A vacant home usually communicates a need to sell and weakens your negotiating position.
Call the utility companies to have them perform a final reading on the day the buyer takes possession. The buyer will need call to have the service transferred to their name.
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