Greetings From Jeremiah Phillips,

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Moving into a larger home is an exciting time for a family. However, there are common mistakes homebuyers make when selling their existing home.

We’ve summarized six of the most common mistakes homeowners make when moving to a larger home.

1. Not Getting Pre-Approved For A Mortgage
Pre-approval is a very simple process that many homeowners fail to take advantage of when going through this mortgage process. While it doesn’t cost or obligate you to anything with the mortgage company, pre-approval gives you a significant advantage when you put an offer on a home because you know exactly how much house you can afford. With a pre-approved mortgage, your offer will be viewed far more favorably by a seller.

2. Not Seeing Things For What They Really Are

Typically the bigger the house the more expensive the house will be to buy and the more it will cost to maintain. It is important that you look at the cost of the home and the monthly cost of upkeep. Find an agent that profiles a buyer to a house-hunting service. This will take you’re your guesswork away and put you in the right home that you can afford. This type of program will match your house criteria with all available homes.

3. Not Thinking About Curb Appeal When Selling Your Home
If you want to get the best price for your home, there will some real basic things to do to enhance its curb appeal. These basic fix-ups don’t necessarily have to be expensive. It’s very important that these improvements be made before you put your home on the market. If cash is tight, investigate an equity loan to pay back at closing. Ideas range from washing your home, cutting your lawn to a fresh coat of paint.

4. Not Selling Your Home First

In the majority of cases, it’s best to sell your house before you buy another one. By taking this tactic, you will not find yourself at a disadvantage with a potential buyer and feeling pressured to accept any low-ball offer because of a purchase deadline. If you do get a tempting offer on your home but haven’t made significant headway on finding your next home, you might want to put in a contingency clause in the sales contract which gives you a reasonable time to find a new home. If the market is slow, another option might be to rent your home and put it on the market at a later date.

5. Avoid The Real Estate Catch-22 Game

One of your biggest dilemmas will be deciding which to do first: buy or sell. There are some real estate firms who will offer a guaranteed sale/trade-up program to solve this problem by guaranteeing the sale of your present home and before you take possession of your next one. If you find a home you want to buy and have not sold your current home, the firm will buy your home so you can make your move on your time frame and with fewer hassles.

6. Failing To Coordinate The Sale And Purchase

With two major transactions going on, it’s important for you to get everyone on the same page. From your real estate agents, appraisers, lawyers, loan officers, title company representatives, home inspectors or pest inspectors. With this many people, the percentage of a mix-up and or miscommunication goes up dramatically. To avoid a financial nightmare of this process, lean on your agent for their advice. If a realtor is good at what they do, they should be able to navigate these waters with little or no speed bumps.

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