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3 Important Real Estate Details You Need Know Before You Buy or Sell

Buying or selling a home can be an exciting, and sometimes stressful, time for home sellers and buyers. Understanding the mortgage application process, what is looked for when buyers research properties and setting realistic sell or buy timelines are just a few criteria that can add up to the success or failure of a real estate transaction. With that in mind, the following are extended details that affect your real estate transaction. Be aware of them and plan for what you can to ensure the smoothest process possible:

Pre-Approved Means Just That, “Pre” Approved

Say you’re a mortgage applicant. You’ve just received your pre-approval letter and you’re elated. You were approved for your intended mortgage, right? Time to shop for your new home! Not so. Your credit score and standing debt-to-income ratio will be examined just before the closing process on your mortgage loan and if your lender sees spikes in credit debt or significant decreases in savings that increase your debt levels, you could lose the loan.

While it’s a great step to be pre-approved for your mortgage loan, hold steady until you have signed the very last document at your mortgage close before you make any large purchases or change your credit landscape. And even then, maybe gives yourself 6 months making your new mortgage payments before you really jump ahead with unnecessary expenditures.

Selling a House Can Take Longer Than You Thinkfeb blog photo smallest

Oftentimes when homeowners decide to sell their home, they approach the real estate sale assuming a shorter timeline that should be estimated. Perhaps they’ve looked at how quickly properties sold in their neighborhood or just assume that their home is desirable enough to sell quickly. This can be a mistake as they begin to look for a new home, or make changes in their job situation. The fact is, it can take several months to sell a home, with the time on the market (a national average of 2 ½ to 3 months for most properties) being on part of the story.

When planning to sell real estate, keep in mind that the property needs to be spruced up for sale, which can take a few weeks to a month or so depending on its current condition. Home offer negotiations and closing also take time.

Be sure to keep the above details in the back of your mind as you plan to sell your home so you have a  realistic expectation of your potential sell date.

One Not-So-Minor Detail

When a potential home buyer walks your home with a realtor, they will be observing all the major, and minor, details of your property. They’ll be looking at bath drains, trim paint, starting closely at each and every aspect of your home to see if it fits their ideal scenario. With that in mind, when you are prepping your home for sale, walk the property as if you’ve never been there. Look with a critical eye at EVERY aspect of your home and correct anything that looks less than perfect.

A few nice touches for when you show your home to prospective buyers:

  • The home is freshly cleaned and free of clutter
  • Its comfortably warm or cool
  • Lights are on to show all the corners and spaces
  • Snacks and drinks are on the table to make the space inviting

So, while’s it’s exciting to buy or sell real estate, make sure the excitement is positive by being aware of the above details throughout the real estate transacation.

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