Selling and Buying a New Home

Editing: Keep checking back

Selling and Buying A New Home Checklist

1. Check Your Credit.

There is nothing more disappointing than wanting to buy a new home only to find you have credit issues to clear up before you can buy that new home. In a way that statement is wrong. Selling your home, finding a new home and then being declined because of credit issues is far worse. In this situation, you could end up renting or at the least have a lot of sleepless nights...

Get a free copy of all three credit reports and check for issues. Issues such as collections, judgments and low scores are factors that could keep you from buying a home, pay a higher rate and/or requiring a higher down payment. You do not need a credit repair company, you can dispute and clear them up. Dispute them and follow up! These are issues you want out of the way up front. Follow them and don't be disappointed.

2.Determine the value of your home

Go to http://www.zillow.com/ and input your address to see what homes are selling for in your area. If you are not familiar with the homes on Zillow, ride by them and make notes of similarities and differences. Make notes of differences that increase or decrease the value of your home. While you are out, record addresses, similarities/differences and real estate agent name and phone number of any homes you see that are listed. Look for FSBO's. Call the realtor or FSBO and inquire into sales price and details of the home. Make note of number of bedrooms, baths, garage size, lot size and anything else that might come to mind.

At this point you need to compare all those properties to your home. Will you have enough equity to pay agent fees, possibly closing cost for buyer and make an adequate down payment on your new home?

If you talk to agents in this process get a feel for how you interact with them. Is this someone you want to list your home with or use to buy a home???????

3.Find a Good lender/broker

At this point you have a general idea of your credit standing, what your home will sell for and how much you will have for a down payment. Now it is time to find someone you are comfortable with to handle the loan for your potential new home.

Talk to your friends, relatives, co-workers and associates to see if they can suggest a mortgage lender or broker. At the same time do some research on your own by checking with your bank, your credit union, local paper and the yellow pages for a potential lender. Talk to them. Make sure you comfortable with them and always check the local Better Business Bureau.

The next step is to get pre-qualified. You need to know how much you qualify for, how much you need to pay down and if this what you want to do.

4. Family Meeting

Have a family meeting. Discuss your options. Do you have a good chance of getting where you want to go? If you have children, will they lose friends, can they make new friends and how about new schools?

5. Spruce Up Your Home

Location, location and location! You hear that a lot in the real estate business. Hello! Your home
is where it is so your job is to make it appealing enough to get a potential buyer inside. Curb appeal is what you need. Make your home attractive from the street. Clean up the yard, put some flowers out, wash the windows, mow the lawn and be ready to show it at anytime.

Since you are in the initial stages of selling your home. Put a for sale by owner sign in the yard. Post it on http://www.fsbobasics.com/ and other FSBO sites. You could sell without the use or cost of an agent... Money saved is money earned!

6. Search for an area First

Absolutely do not look for a house to fall in love with, LOOK FOR AN AREA TO LIVE IN and then find a house to fall in love with! There are a number of things to consider in finding an area.

First and foremost you must check into crime in the area. Your number one priority is safety for you and your family. Check crime stats at sites such as http://www.crimereports.com/  and http://spotcrime.com/.

Secondly, is there high industrial pollution. Your family's health is a high priority.

Thirdly, is there high amount of traffic in the area? Safety again.

Fourth, are the schools more than satisfactory. This applies even if you do not have children in school. You or your heirs may want to sell some day. Think about resale value.

Fifth, is it convenient to shopping areas?

7. Search for Home in that area on your own.

Go back to http://www.zillow.com/ and search for homes in the area you want to move to. Make notes of addresses and ride by some of the properties. Look for for sale by owners and homes that are listed. Call the agents and the FSBO properties. Ask about number of bedrooms, baths, garages. seller concessions and asking price.

Do this to see what’s available and price range only. Get a feel for the area.

8. Look for an agent

9.List your home

10. Find a home

11. Negotiate contract.

Seller concessions…Subject to home inspection, loan
approval, rate