Timing of the sale of your home.
Plan ahead. And start before you think you need to.
| Now that you have decided to sell your Michigan home, chances are you´re caught up in a host of emotions. You may be looking forward to moving up to a new dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures. Whatever turbulent feelings you´re experiencing right now, there are plenty of practical matters that need your attention. Keep in mind the following considerations to help the whole process go more smoothly. |
It´s a good idea to place your home on the market as far in advance as possible of purchasing a new one. The average time on the market for homes for sale in Metro Detroit in 2007 ( a buyers market) was over 6 months. Don't think that just because your home is nice that you will be the exception and sell yours quickly.
If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask your local Wayne County real estate agent or banker about a bridge loan to help you make the double payments. Lenders use the same criteria for offering bridge loans as they use for mortgages. Should you choose to accept a bridge loan, beware of the expense; during the term of the loan you must continue to pay both mortgages. Shop around for the best terms.
Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. if you absolutely have to be moved by a certain date, put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply. Specify a certain dollar amount for failure to close, or failure to move out by a certain date. Be sure the money is escrowed by the title company so you do not have to chase somebody for the money.
Also after closing give yourself a day or two before scheduling movers. You would be surprised at how many people are stressed out when a closing is delayed or rescheduled. Things happen, banks, mortgage companies, title companies, inspections sometimes get behind and closings have to be delayed. Safe yourself the aggravation and schedule move in a few days later. You will be less stressed when moving into your Wayne County home, Oakland County home, or whatever Michigan home you buy.