Timing of the sale of your Metro Detroit home.
1. Plan ahead. And start before you think you need to.
|Now that you have decided to sell your Metro Detroit home, chances are you´re a little overwhelmed and getting confused on what to do first. You may be looking forward to moving up to a new Metro Detroit dream house or facing the uncertainty of a major move across country. You may not want to leave your home or your memories behind. You may may be a little reluctant to start over in a different home. Whatever emotions feelings you´re experiencing right now, there are plenty of practical items 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. The 2008 Metro Detroit real estate market is not any better. Some homes have been on the market over a year and a half. 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. I do not recommend to do this at all right now. Too many people are ending up with two homes and two mortgages. Put your Metro Detroit home up for sale first and sell it before you buy another home. If this does happen, ask your local Wayne County mortgage loan officer 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. Though many times closings are delayed for one reason or another. 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.
For more Metro Detroit Home sellers tips or Michigan home buyers tips check out the categories on the side of this page.
My Quote of the day:
The greatest thing you’ll ever learn
Is to love and be loved in return.
~ From “Unforgettable with Love” by Natalie Cole
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