Jesus M. Fernandez, REALTOR® 786-553-7530
Morris Williams Realty: 888-326-3949
There is no town like my hometown! I have it all here!
Do you need to sell before buying?
Most home sellers need to sell first before they can buy, so they can use the cash from the sale for their new purchase. If that’s your situation, you’ve come to the right place! Below you’ll find answers to the most commonly asked questions about selling before buying. As you’ll 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 that, unfortunately, are often overlooked by many sellers and brokers alike.
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The first step is deciding a few things that are crucial going forward.
For instance:
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Where do you want to live next?
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Do you know the average selling price in the area?
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How soon do you need or want to sell?
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Will you be financing or paying cash for your new home purchase?
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Do you have a mortgage?
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Have you had any late payments over the last 12 months?​
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Below, learn why it’s 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 the area you want to move to is key going forward. You need to be familiar with the average selling prices of homes in the area, as well as property taxes and insurance costs, to have a better idea of affordability. We suggest that you first search different areas that are desirable to you 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. These comprehensive reports detail list-to-sale price ratios, average days on market, school information, and other critical information you need to know about a specific area. We would also be happy to 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 of 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 are not aware of that could keep you from qualifying for a loan. Don’t avoid this critical step! You need to make sure 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.
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Don't take this critical step for granted!
Jesus M. Fernandez
American Dream Maker, since 1995
Call me for a confidential private consultation.
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If you presently have a mortgage, have all your mortgage payments been on time, over the last 12 month?
If no, meaning you have had late payments in the last 12 months, you may have a much harder time getting financing for your next home. Lenders look closely at recent payment history. Even one or two late payments can lower your credit score, raise the interest rate you are offered, increase the down payment required, or cause a loan to be denied.
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That matters even if you already own a home. If you cannot qualify for a new loan, you may not be able to complete the purchase of your next property after you sell.
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Check your payment history with all of your major creditors, including your current mortgage, credit cards, auto loans, and any other accounts that report to the credit bureaus. Also pull your credit reports so you can see exactly what lenders will see so there are no surprises. You can do that for free once a year at AnnualCreditReport.com.
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If you find late payments, errors, or accounts you do not recognize, address them before you list your home or make an offer. Call us for guidance, or speak with a lender now so you know where you stand and what you may need to fix.
Bravo Inspections SAVES you money & gives you
Peace of Mind, when selling or buying!
Visit our website: LEARN MORE
Call us now! 954-839-5155
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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. You likely have questions beyond those covered here. We welcome the opportunity to answer them and to learn more about your unique selling and purchasing plans.
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Everyone wants One Home to call their own. Helping them find it is the magic.
Call us for a private consultation, about your personal selling situation.
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