Page 114 - Selling secrets 5 18 2023

dollars. You need to schedule the deal after consulting your
accountant well in advance to find out whether any tax
breaks can apply for long-term capital gains.

SELLING BEFORE GETTING QUALIFIED YOURSELF

Entering a contract to sell your home before you get
qualified to buy another is problematic. Your financial
circumstances may have changed since you last purchased
a home, and you might not be able to qualify for a loan. Or,
your current home might not sell for an amount that allows
you to buy the replacement house you’ve set your heart on.
You could end up renting or buying something else that’s far
from ideal.

Before deciding to sell the house, get pre-approved by a
trusted lender. Do some research on your prospective
housing market to get a good idea how much you’re likely to
spend. Make plans in case you need to move immediately.

WASTING TIME ON UNQUALIFIED BUYERS

Its wasted effort to show your home to someone who cant
buy it. An example is the seller who spent two weeks
preparing his home for an acquaintance who wanted to buy
it. The seller spent $1,000 removing an old shed and met
with the prospect several times to discuss price and terms.
It was well into the process when the seller found out the
prospect couldn’t qualify for a loan. Real estate agents spend
considerable effort weeding unqualified buyers in order to
avoid pointless showings.

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