You are expecting your third child and things are getting a little cramped! The kitchen needs some fix ups or a complete renovation but the house would still be too small. Maybe its time to look at a bigger home! You love the area and the schools. Maybe its time to find out what you can afford first before you start your search! The first call should be to your bank or your mortgage broker to see what you can afford! They inform you that you can increase your current mortgage from what you presently owe and for a bit more maybe you could purchase a bigger home. The 4th bedroom would be nice and you always wanted a double car garage. The area is fantastic, the schools are great and it is close to work!
You pull out your laptop and start to check out some internet sites. You pull up some homes, check the virtual tours, and note some possibilities! You decide to check out some open houses on the weekend. Every night after the kids have gone to bed you again check out some internet sites but its time to go out and look at some properties in person. You decide that maybe you should call a real estate agent and begin the search in earnest. You were happy with the real estate representative that sold you this home five years ago and they have kept in touch by sending you their monthly updates, marketwatch reports, calendars and an occasional visit, so you decide to give them a call.
You meet with the real estate sales person to discuss what you want, they suggest that they put you on their prospector list so you will automatically be e mailed the latest listings the moment they are put into the system. The real estate agent also suggests distributing cards informing the area that they are currently working with a serious buyer and if anyone is looking to sell to call them first. The salesperson should be on call and if they are unavailable they should return your phone calls and e mails promptly. A real estate agent who promptly returns e mails and phone calls is already a step above everyone else!
Once you have viewed a number of potential homes and you finally find one that is perfect for your family it is now time to draft an offer to purchase. However you quickly come to the realization that the money you need is currently tied up in your existing home. You suggest making an offer conditional upon the sale of your home. Depending on market conditions you find out that most Sellers will not accept a sale conditional upon the selling of your home. You feel more comfortable knowing where you will be living as opposed to selling first without knowing what or where you will be. Hopefully by this point the real estate salesperson has given you a realistic expectation of what your existing home is worth in todays market.
You come to the realization that you must either list your home for sale or purchase a home first before selling your home. You decide to go ahead and try to purchase first rather than listing your home at the present moment. You go through the process of making a offer, back and forth on price and terms and closing date. Finally after some negotiations you come to an agreement.
You are thrilled but a little nervous at the prospect of buying first without selling your existing home. A little panic sets in but your real estate agent is their for you and calms you down and informs you that it is normal to be a little nervous in this situation.
The second phase of the process now that you have bought and you know where you will be living is to sell your existing home. You know that you have to get top dollar as quickly as possible. In our next Blog we will explain the listing process and what we do to get the most amount of money for you!!
Steve Gerlock has been selling residential real estate for the past 30 years. On average he has sold one home per week for the past 30 years! He works with his wife Sheila and his full time associate Leslie Tokayer. Steve can be reached directly at 416.399.2734 He returns his phone calls and e mails promptly!