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Charleston's Best Realty Team

Going the "EXTRA" Mile!
Buying & Selling a Home at the same Time!

Meet with your agent far in advance of listing or house hunting. You need them to brief you on items like how long you should expect your home to take to sell on today's market, what (if anything) you can do to move it faster, and whether listing after doing some improvements to your home, at a different time of year or at a different price point than you had planned can realistically be expected to make an impact on your time frame.

You also need their professional opinion as to what price you can expect to get for your home. This will impact whether you need to consider a short sale (if your home's value is less than you owe on it, for example) which, in turn may affect your ability to qualify for a home loan in the short-term. (Short sales often make it difficult to qualify for a new home loan for a couple of years.) If you need to buy in the near-term, but your home is unlikely to sell except as a short sale, you'll need to discuss the legalities and logistics with your mortgage professional, attorney and/or a CPA, as well.

Actually, the information about how long your home will take to sell, how much you can expect to sell it for and whether you're expecting to have to sell  it at a short sale is all information you'll need to provide to your mortgage professional, so definitely collect it as early as possible in the process. A year before you need to move is not too soon to have your first meet up with your agent.

Posted: Friday, August 26, 2011 12:46 PM by Sarah Coleman-Lee

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