fbpx

Avoid These 6 Critical Mistakes When Trading Up To a Bigger Home- Todd Mowry Your Local Orlando Area Realtor

Six Trade-Up Mistakes Every Home Buyer Should Steer Clear Of:

As opposed to buying a home for the first time, when you’re already an owner and you’d

like to move, you must be aware of certain factors that might make things difficult. It is

fundamental to consider the following issues prior to listing your home and preparing to

sell. Don’t just think about finances, but also about selling it at the right time so as to avoid

owning two homes at the same time (which can be a financial burden), and also the

dilemma of having no place to live between closing.

We’ve come up with a report to help make things easier for you. In this report, we’ve

outlined 6 of the most widespread mistakes average homeowners make when relocating to

a different home (which is usually larger than the one they currently own). Being aware of

these mistakes and learning which strategies to adopt to overcome them, can compel you

to reconsider and make more informed decisions before putting your current house on the

market.

1. HAVING ROSE COLORED GLASSES

As homeowners we dream about improving our lifestyles and relocating to a more

spacious home. However, the problem is there is often a discrepancy between what’s in

our bank accounts and what’s in our hearts. We can’t always get what we want. Imagine

yourself driving by a house, instantly falling in love with it, and then finding out it was

already sold, or worse, find out that your dream house is way over your budget. Many

homeowners are confused by this miss-or-hit strategy when house hunting, and very few

know that there’s an easier way of dealing with the process. For starters, you can easily

begin by searching to see if your real estate agent provides a “house hunting” service or

has a buyer profile system as this will stop you from guessing what you can afford to buy.

A “house hunting” service makes use of a specified program that cross matches your criteria

with literally ALL homes available in the marketplace. Then it offers you regular, crystal-

clear information in-print.

2. UNWILLINGNESS TO MAKE SMALL BUT NECESSARY IMPROVEMENTS

In order to get full market value for your home, or as close to it as possible, you might have

to perform some minor repairs or enhancements to make it stand out in the eyes of a

potential buyer. There’s really no need to do expensive remodeling all the time, as

sometimes the smallest repairs can have the biggest impact. With a bit of luck, an amount

spent on minor fixes can come back tenfold when selling your home. However, most of the

time some improvements or minor touch ups must be made before listing your home and

putting in on the market. In the case you can’t afford to fix it up because cash is tight, check

to see if you can possibly qualify for an equity loan (but be sure to reimburse it in full upon

closing).

3. NOT SELLING IN THE FIRST PLACE

It might be a good idea to sell prior to buying a new home. This guarantees that you won’t

be at a disadvantage when negotiating, or feeling any pressure that you must agree to an

undervalued offer just because you must adhere to a specific purchase deadline. If you’ve

already managed to sell your house, you are at liberty to invest in a new one, no strings

attached. However, if you receive an offer that’s tempting and is worth considering, but you

haven’t had an opportunity to find a new home, you will have the chance to find out

everything there is to know about the sales contract and clauses. Your Realtor will help you

understand the purpose of placing a contingency clause in your contract, which will give

you enough time to stay in your home and in turn, giving you a place to stay while

purchasing a new home.  If the market is not moving in the direction you want and you

realize that your house is not selling like you anticipated, you’ll also have a different option

– the option of renting your house and waiting for the market to get back on its feet. This

often happens when attempting to sell a smaller property. In case you’ve decided on the

latter option, you may be compelled to learn more about the tax regulations involved.

4. NOT THINKING ABOUT OBTAINING A PRE-APPROVED MORTGAGE

(Even though you may have gone through this process when you were buying a home before, it may have been many years ago, so a refresher on the subject will be helpful.)

 If you are “trading- up” into a higher price range than your home will fetch, getting pre-

approved for a mortgage is a process that most homeowners fail to benefit from, in spite of

it being extremely easy and usually, cost-free. Pre-approval has a great advantage when

deciding to place an offer on a home you wish to buy; that’s because when you’re pre-

approved, you know precisely what kind of house you can afford to move up to. Through a

pre-approval mortgage letter, your lender gives you the green light to start house hunting

with the confidence that your purchase will most likely go through underwriting faster and

with less hassle than just pre-qualification. Your offer will be assessed with a lot more

interest by a seller, even if the offer is lower than the offer of a buyer without a pre-

approved mortgage. A pre-approval is much stronger than a pre-qualification. Ask your

Realtor or lender to explain the difference for you. Don’t ignore this aspect of house

hunting because it is of the utmost importance.

5. NOT TAKING TIME TO THINK….TO SELL OR NOT TO SELL –THAT IS THE QUESTION!

When buying and/or selling a home, the biggest dilemma most homeowners have is

settling on what to do first: sell and/or buy ? In point number 3 we talked about the perks

of selling first, but there are ways to avoid this dilemma too, especially if you’re not sure

that this is what you want to do. Certain Realtors provide a “Guarantee Sale Trade-Up”,

which is actually a program meant to help fix your problem completely. It guarantees you

that your home will be sold, but not before you move into your new home. In case you’ve

decided on a house and you’d like to buy it (but haven’t yet sold the old one), this program

can make it happen so that you can rest-assured that no matter what happens you have a

stable place to live.

6. INABILITY TO COORDINATE CLOSINGS

When you have more than one transaction to coordinate, staying organized becomes

almost impossible. Many people will be involved in the process.. including: title companies;

possibly lawyers; home inspectors; mortgage experts; loan officers; appraisers; and pest

control inspectors; mold/ wood destroying organism inspectors; among numerous

others. This means that there are high chances for things to get mixed up and details

missed. To avoid miscommunication and issues that might affect your sale/buy, it might be

a good idea to work with a skilled Realtor. The agent can guide you through the process,

save you alot of time and effort, and help coordinate all the aspects of the sale/purchase.

Orlando Homes For Sale Todd Mowry Realtor. Specializing in Real Estate in Orlando, Winter Park, Maitland, Waterford Lakes and surrounding
communities. 
I have over 10 years of experience in advising buyers and sellers on how to make the most well informed decisions for themselves. I act as a guide to help make the transaction as easy as can be and to get them everything and every dollar possible. Call or text me at 407-435-5220 even if you just need to ask a question from an experienced and dependable Realtor.

Published by Todd Your Local Realtor

Local Orlando Realtor for over 9 years. I love seeing the smiles on the faces of my buyers and sellers when the transaction is complete. We as Realtors have a duty to our customers/client to help them along the journey of the transaction. Every owner is different and every transaction is different. Listening to my customers/clients is very important and helps me know and anticipate their needs want and desires in a home or what they need of me.

Leave a Reply

%d bloggers like this: