When you sell your home, do you have to consider what types of financing the HOME will qualify for?
I recently heard a potential home seller state that financing was not his problem when he lists his home for sale. In the current real estate market, it can quickly become your problem when your accept an offer for your home.
When a deal falls apart due to financing, many people assume it is only due to the buyer's qualifications. Here in Maine however, at least half of those failed sales are actually due to various conditions of the home itself not meeting the requirements of the buyer's financing.
Understanding what types of financing your home will qualify for is crucial to the smooth and successful sale of your home.
Successful real estate agents often partner with local mortgage brokers in order to keep up on the ever changing property requirements for home loans and they will have that discussion with their sellers before the home is listed for sale.
After an offer has been accepted and the buyer's appraisal has been completed, there may be items listed by the appraiser (based on the particular requirements of the underwriters for the loan) that need to be attended to and resolved for the sale to move forward. While not everything can be seen upfront, it is always best to have as much information as possible right at the beginning.
- When you sell your home, are you willing or able to add the needed railings to the steps or paint the peeling trim for VA financing?
- Has your doublewide home ever been moved, disqualifying it from certain types of financing?
- Has the home changed hands within the last 12 months disqualifying it from Rural Development/MSHA (Maine State Housing Authority) purchase plus improvements financing?
The answers to these and other important questions can help to ensure that the sale of your home proceeds with the least possible amount of stress. This saves time, money, and energy for all parties.
There are many home loan products out there and they can be great tools for home ownership. Sellers do not need to fear these different loan products, but they do need to be able to rely on their real estate agent to advise them of any potential issues that may arise.
If you are considering selling your Maine home, please feel free to call me for a thorough market analysis including potential buyer finaning options. Knowledge is not only power, it is essential to your peace of mind.