Chicago Real Estate
things to consider before buying or selling
In a fast-moving market, sellers can be caught off-guard when their Chicago listing turns into an unexpectedly quick sale. That might sound overly optimistic, but most people who are preparing to list their homes are so focused on preparing the property that they put off worrying about what happens once Job One is accomplished. Yet the downside to being caught unprepared can lead to awkward (and expensive) consequences.
Getting the place ready for the listing photos—and after that, preparing for the first showing or open house—tends to command a lot of attention. It’s no surprise that many an average Chicago home seller doesn’t see the need to focus on what will happen after the sale. But a “that’s the kind of problem I hope to have!” attitude is a misstep—particularly when it comes to the financial details.
This is particularly true for sellers who plan on an immediate move to their next house—either one you already have your eye on, or one you plan to seek out once you find a buyer for your current Chicago home. It’s easy to be lulled into complacency since common sense would seem to indicate that financing your future residence will be a snap. After all, any existing loans will be paid off at closing, a substantial amount of extra cash will become available at the same time, and your credit score should reflect those admirable financial accomplishments including a happy ending for the last home loan lender. How could there possibly be a hitch when it comes to financing a new place?
Well, there shouldn’t be (but those can become some of those ‘famous last words’). Fortunately, to prevent any irritating unexpected (and undeserved) financial SNAFUs, it’s only necessary to take a couple of preventive moves:
I am a Chicago Real Estate Broker that loves to show people around the Chicago neighborhoods.