Do You Consider Financing When You Sell Your Home?

By
Real Estate Agent with The Maine Real Estate Network

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.

sell your homeWhen 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.

getting it soldThere 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.

Posted by

The Maine Real Estate Network - Kristen Wheatley - Lewiston-Auburn Maine Real Estate

Maine Realtor Kristen Wheatley  

Kristen Wheatley is a Maine Realtor working and living in Central Maine.  She specializes in the sale of residential and investment property in the Lewiston-Auburn area and surrounding towns.  Kristen uses the latest tools and mobile technology to provide a superior experience and results for her clients and enjoys sharing these technology skills and teaching other real estate professionals and local small business owners.

The Maine Real Estate NetworkKristen Wheatley, Associate Broker
The Maine Real Estate Network
34 Center Street - Auburn ME 04210
mainehomeseller@gmail.com
207-240-2250     www.lamainerealestate.com

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Nina Rogoff 01/02/2012 03:42 PM
  2. Praful Thakkar 01/15/2012 11:58 PM
Topic:
Home Selling
Location:
Maine Androscoggin County
Groups:
Maine ActiveRain
Maine Real Estate
Tags:
sell your home
maine real estate
selling your maine home

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Rainmaker
337,783
Jennifer Prestwich
Henderson, Thornton, Broomfield and Westminster - Henderson, CO
Your Castle RE Colorado

Great post, Kristen!  Before I was an agent, I went through this very experience.  I had an investment home that we fixed and flipped and it was touch and go for a bit on whether or not the contract we had on it would close because of what kind of foundation it was on.  Everything came out ok in the end, but it could've been a mess!

Dec 22, 2011 10:19 AM #1
Rainmaker
373,499
Bob Willis
Berkshire Hathaway Home Services California Properties - Whittier, CA
Whittier RealtorĀ® Sells Homes in Southern Cal

You got it.  Here in my area, FHA loans are used in about 40% of all home sales.  So, if a seller's home is not up to FHA standards, the seller will be eliminating 40% of all potential buyers.  Sellers need to make sure the home is up to FHA lender qualifying standards. 

Dec 22, 2011 12:47 PM #2
Rainmaker
264,385
Kristen Wheatley
The Maine Real Estate Network - Auburn, ME
Lewiston/Auburn Maine Real Estate Agent

Thanks Jennifer.  I'm glad it all worked out in the end.  We have had some tough ones here and some people were taken by surprise.  I feel so lucky to have a great mortgage partner so I don't get those surprises.

So true Bob.  We were just talking about this in my office.  We are seeing about 98% of all home loans either insured or guaranteed by the government, all with fun little restrictions.  For those sellers who can't or won't make these fixes, they need to know before they accept an offer with that financing.

Dec 22, 2011 02:55 PM #3
Rainmaker
265,506
Nina Rogoff
RE/MAX Executive Realty - - Sharon, MA
Your Hometown Realtor in Sharon MA

Kristen, I "suggested" this post and will re-blog it. It contains excellent information that is often overlooked! Realtor do need to be educated about what types of mortgage products have different requirements so they can prepare their sellers and include that information in their marketing efforts! Have a very happy new year!

Jan 02, 2012 03:29 PM #4
Rainmaker
264,385
Kristen Wheatley
The Maine Real Estate Network - Auburn, ME
Lewiston/Auburn Maine Real Estate Agent

Thanks Nina.  This has come to the forefront in our area with a few listing agents not understanding the property requirements of some types of loans.  I can imagine it put them in a very uncomfortable position with their sellers.

Jan 02, 2012 05:29 PM #5
Rainmaker
1,011,829
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

There was a time when I did not give it much thought but now it is always a consideration.

Jan 16, 2012 07:36 AM #6
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Rainmaker
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Kristen Wheatley

Lewiston/Auburn Maine Real Estate Agent
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