Do you need to sell before buying?

Most home sellers need to sell first, before purchasing, in order to use the cash from the sale, for their new purchase. If this is your case, you've come to the right place!  Below, you will find answers to the most commonly asked questions, when you need to sell before buying.  As you will learn, it can be a balancing act and a matter of timing.

Before starting the selling and purchasing process, there are a few fundamental questions you must ask, which unfortunately, are often overlooked by many sellers and brokers, alike.

 

The first step involves deciding a few things, which are crucial going forward. For instance: Where do you want to go live next? Do you know the average selling price in the area? How soon do you need to or want to sell? Will you be financing or paying cash for your new home purchase? Do you have a mortgage? Any late payments over the last 12 months? Below, learn why its in your best interest to answer these questions first!

Do you know, where you want to go live next?

It may seem like a silly question, but knowing about the area you desire to move to is key going forward.  You need to be acquainted with the average selling prices of homes in the area, property taxes and insurance costs, to have a better idea of their affordability. We would suggest that you search different areas, desirable to you first, to learn about selling prices and other costs.  If you prefer, we can provide you with sales reports for any area in Miami Lakes, or South Florida. The comprehensive reports, detail listing price to selling ratios, average days on market, school information, and other critical information you need to know about any specific area.  We would be happy to also customize a search portal for any area, to keep you up to date on the local market and the properties currently for sale. 

After determining where you would like to live, don't overlook the next critical question!

"Give me six hours to chop down a tree and I'll spend the first four sharpening the axe."

  -Abraham Lincoln

If purchasing a new home, will you be financing any part of your new purchase?

If yes, you will need to speak with a lender or two, and get pre-approved for the amount you wish to finance.  Why? Regardless, whether you have a mortgage or not, you will need to confirm the loan amount you qualify for, or the amount you wish to borrow. There may be credit, income or debt issues, you may not be aware of, which may keep you from qualifying for a loan. Don't avoid this critical step!  You need to make sure that you can qualify for a loan, otherwise, you may not be able to sell your property and purchase a new one!  

Confirming your borrowing ability with a lender,

is one of the first steps, when selling and partially financing your next purchase. 

Don't take this critical step for granted!

If you presently have a mortgage, have all your mortgage payments been on time, over the last 12 month?

If No, you may not be able to obtain financing on your new purchase. Additionally, if you have been late on any credit purchase, you may have a difficult time obtaining a loan, with most lenders.  Check your payment history, with all you major creditors. To check your credit for free, click the following link. AnnualCreditReport.com  Call us for more guidance or speak with your lender.

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If financing any part of your new purchase, you must be sure that you qualify for a loan,

before selling your home!

How soon do you need to sell?  

Timing is of critical importance in selling or purchasing real estate.  The level of urgency you have, will determine your options.  If you need to sell immediately (90 days or less), and depending on the level of demand in your market, you may need to price your property competitively and offer buyer incentives.  If you have six months to a year to sell, you are in a much better position, to get top dollar for your property.  If you are thinking of selling in a year or two, but would sell now if the price was right, you are in the best position of all! Typically, you are a savvy seller.  You've sold a property or two and understand the dynamics of selling real estate successfully.  To learn more about the advantages of listing off-market, see PRIVATE SALE

Regardless of your selling time-frame and personal selling situation, you can depend on neighborly expert advice, that puts a premium on your selling and purchasing success!

How do you establish the selling price of your property?

Although there are many property evaluation models online, seldom do they actually reflect the true market value of properties in the marketplace.  They do not take into account factors that may ad or subtract value from a property. We can provide you initially, with a free / no-obligation value report, sight-unseen. Later, when you are ready, we can visit your property and give a real-world opinion of value, which will take into account your property's condition, features, location, recent sales and the competition.

To get your free report, click HOME VALUE REPORT.

Once I have established my selling and purchase price range and time-frame, what is the nextstep?

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"An investment in knowledge pays the best interest."

 -Benjamin Franklin

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"Our success is rooted in the success of our neighbors !"

The next step, is to start interviewing real estate brokers, for the very important job of selling your home.  Naturally, we aspire to earn your trust and confidence, to win your business not only for today, but for years to come.  We will gladly and privately share with you our proven marketing plan, which is not published on the website, to avoid giving away our "secret sauce" to our competitors.  Call us for a no-obligation sales presentation and to learn about everything we do to sell homes like yours.  You will be amazed!

Sports teams spend millions hiring the best talent.  Why?  Because talent and competence win games! 

Although, selling real estate is not a game, it is a very serious business, which requires a multitude of skills, knowledge and experience to sell property and win.

When selling property, make sure you hire the best! 

How do you choose and hire a broker?

Naturally, we at Morris Williams Realty, aspire to earn your business today, so we can win it again tomorrow! If you give us the opportunity, you will be impressed with our comprehensive sales marketing plan and our work ethic. 

Before hiring a broker to sell what may be one of your most valuable assets, you need to ask a few questions to determine the broker's ability to execute a sales plan, and also make a few observations about their personality, to determine if they are a good fit. Observe if the agent asks more questions than you do, and if they are actively listening and taking notes. A professional agent will first seek to understand your situation and what is important to you, and won’t try to sell you, like a good talker. As brokers we understand that trust and mutual respect are the cornerstones to any successful relationship and outcome. Make sure that the agent you hire, explains in detail their marketing plan and you are also completely vested in the plan.  We provide weekly sales reports to our selling clients, until the property is sold!  Ask if they do!  We feel strongly that our selling clients are entitled to know exactly what we have done, and are actively doing to sell their property. After all, it's only fair, since they are paying us a commission.  Right?

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What happens if I find a property I love and wish to purchase, but my property has not sold yet?

This is a very common occurrence.  Typically, there are "Subject to" clauses you can use when selling and purchasing.  For instance, if this is the case, you can make your offer to purchase, "subject to" the sale of your home.  If the seller is willing to wait until your home is sold, then you can concentrate on the sale of your property.  If the seller is unwilling to wait, and you really want the property, you may need to sweeten the deal a bit, as an incentive to sell to you, or you may need to consider other options.  Every selling and purchasing situation is different and may involve multiple parties, so its difficult to cover all the possibilities here. You can rest assured that we will advice you on all your options, depending on your particular situation.

What happens if I receive a purchase offer on my property, but I have not found a property to purchase?

Again, the "Subject to" clause can often be used in this instance, giving you the additional time you need to find and purchase your new home.  However, if the buyer is financing the purchase, they may be locked into a loan commitment date with their lender, which locked their interest rate, and may force the buyer to pay an additional fee to extend the loan commitment date.  Since there are multiple factors at play in any given transaction, we will advice you accordingly, so you can have the additional time you need to find the right home.

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Will my property taxes be higher or lower, when I purchase my new home?

The short answer is, it depends.  The amount of property taxes on you new purchase, will depend on the purchase price of your new home, and if its higher or lower than the home your are selling.  It also depends on the millage rate of where the properties are located and whether or not, you qualify for the State Florida's Save Our Homes tax portability program. To learn more click here. MY NEW PROPERTY TAX 

Every selling and purchasing situation is different!   We're sure that you have more questions than these. We welcome the opportunity to answer any of your questions and to learn more about

your unique selling and purchasing plans.

 

To call us today, Click on the image below!

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One Home is all we want!  And when you help someone find theirs, it's magic!

Call us for a private consultation, about your personal selling situation.

786-553-7530

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