Imagine driving through a desirable neighbourhood and, just as you turn a
corner, you see the absolutely perfect home. Guess what? It’s for sale! But,
there’s a problem. Your current property isn’t on the market. In fact, until this
moment, you hadn’t seriously considered moving.
So what do you do?
Your first step is to find out more about the listing. Get a description of the
property. Find out the listing price. Check out the size, layout, number of
bedrooms and other features. If it all looks good, schedule a viewing.
Chances are, you can do all that in less than a day.
If you go to see the property and still love it, your next step is to determine if it
fits within your budget. To do that, you’ll need to quickly find out the Current
Market Value of your home — what it will likely sell for — so you can
determine how much money you’ll have available after your outstanding
mortgage and any other costs are deducted. It’s a smart idea to speak to your
lender about getting a pre-approved mortgage at this point too.
Next, you’ll need to make an offer on the new home. Depending on the
competitiveness of the neighbourhood, and the likelihood of multiple offers,
you might need to list your home first. That, along with a pre-approved
mortgage, will make your offer more credible.
You might end up buying the new home before your current property sells.
Although that might cause some jitters, this scenario happens all the time in
real estate. If you do the right things, and prepare your home properly, there’s
a good probability it will sell in time and that everything else regarding the two
transactions will go smoothly.
But, you do need to move quickly and make some fast decisions if you want
to get that perfect home.
We can help. Call us.