Three Things Downsizers Need To Know

It’s been a couple of decades since you bought your last home and now you’re considering shedding the old Victorian for a 2BR, 2BA condo in the heart of town.  LIFE IS GOOD!  Right?

Not so fast… The real estate market has changed since you bought your last home.  For starters, consider these three points.

Mortgage Pre-approved is a Must
Most sellers won’t even look at your offer if you don’t have a letter from a lender stating that you’ve been pre-approved for a loan.  Fortunately for you, mortgage lenders are legion.  Unfortunately, the good ones are as rare as hen’s teeth.  I suggest working with a mortgage broker with access to multiple lenders to find the best rate and terms.  Let me help you find one.

Possession is at Closing
Back in the day it was common for sellers to negotiate staying in their home a week or two after closing to pack and move during which time they would pay the new owners what amounted to a rental fee.  No more.  Sellers typically move out at least a day prior to closing and the new owners move in very shortly thereafter.  Beware:  this requires a high degree of planning and little room for errors.

Buyer’s Agents/Seller’s Agents\
GOOD NEWS!  Now you can get yourself an agent that represents only your best interest in a transaction.

Before 2000, agents for both the buyer and the seller had a fiduciary responsibility to the seller.  It didn’t matter if you were the buyer, your agent still was bound to represent the seller’s interests.  The License Law of 2000 changed that and now buyer’s agents represent the buyer’s best interest, seller’s agents represent the seller’s best interests.  (Strange enough, Illinois agents can still be dual agents but only with written consent but you’ll never get that request from me!)

But wait… there’s more!  Next month…

​If you’re looking to make some changes, let me know.  I can help you navigate today’s real estate market.  Contact me today.