. . . you need to sell your existing home at the right time in order to avoid either the financial burden of owning two homes or, no where to live in between the sale and purchase

When you're moving-up, and already own a home, there are factors that can complicate the process. It's important to consider these issues before you place your home for sale.

Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings.Make informed choices before you put your home on the market.

1. Get a pre-approved mortgage

Pre-approval is a very simple process that many homeowners fail to take advantage of. While it doesn't cost or obligate you to anything, a pre-approval gives you a significant advantage when making an offer on the home you want to purchase. You will know exactly how much house you can afford. With your financing pre-arranged, you are in the driver's seat. Your offer to purchase will be viewed more favourably than other offers to which the purchaser has not been pre-approved. It may even allow you to negotiate a better price. This is an important step; contact us and get pre-approved today!!!

2. Prepare your Home For sale

To get the best price for your home, certain things can be done to enhance its appeal to prospective buyers. These improvements don't need to be expensive. If you do make a minor investment, it will improve your selling price you are able to get when you sell, often greater than the cost of the improvement. It's very important that these improvements be made before you put your home on the market, telling a potential buyer the work will be done prior to closing encourages the buyer to offer a lower price. If cash is tight, look into a home improvement loan that can be repaid on the closing day.

3. Always Sell First

Always sell before you buy. Don't find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below-market value because you need to meet a purchase deadline. Selling your home first, allows you to buy your next one without the dreaded house to sell conditions. The least amount of conditions improves your negotiating power. If you do get a tempting offer on your home but haven't found your next home, you might want to put in a contingency clause in the agreement of purchase and sale which gives you a reasonable time to find a home to buy. If the market is slow and you find your home is not selling as quickly as you anticipated, another option could be renting your home and putting it up on the market later - particularly if you are selling a smaller, starter home. Check with the Lee Jenkins Mortgage Team to see if this is an option for you.

4. Plan ahead – coordinate your closings

With two major transactions to coordinate together with all the people involved such as real estate agents, appraisers, lawyers, lenders, & home inspectors the chances of mix-ups and miscommunication go up dramatically.