By Tammy Engel
Mortgage Advisor
Pre-qualify before you list
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“Don’t touch anything! We shouldn’t be looking at a $300,000 house!” That’s what Mrs. Buyer said to Mr. Buyer when they went looking at new homes. They just wanted to get a feel for new neighborhoods and had not spoken with a mortgage professional yet. They also didn’t know if they could buy the next house before they sell their current home.
After spending a few weeks agonizing about whether or not they could move closer to their jobs, we connected by phone. We talked about what they wanted to accomplish and set a time to meet.
Cut to the end of the story: This family can actually afford, both in monthly payment and in closing funds, to buy a new home costing up to $350,000. And they can do it before closing escrow on the sale of the home they’ve lived in for over a decade.
Their happy outcome means they have a broad price range of homes to choose from in their new town. And now, they also have the time to refresh their current home before they sell it. These smart sellers did things in the correct order – they know how they qualify as buyers, before they officially become sellers.
A word about that part: It seems to make good sense to ask your Listing Agent what refresh and repairs you should do to your home before you list. The things that have been driving you crazy for years may not be the same things that your future buyer will notice. Current market experience lets your Realtor guide you to only do as much, and in the appropriate ways, to make your home more appealing to its next owner.
Real estate professionals are here to help you when you’re making big life changes. Be bold enough to ask for help from market experts, instead of relying on hearsay, before you jump in to buying or selling your home.
Tammy Engel has been working for your best interest since 1990, and is celebrating her 15th year of practice in Tehachapi. Contact her at 661/822-7325 for purchase, refinance, and reverse mortgage.
