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The Sixth Commandment of Selling Your Home: Know Where You Are Going

Tuesday, September 15, 2015   /   by Vanessa Saunders

The Sixth Commandment of Selling Your Home: Know Where You Are Going

A young couple came to me wanting to sell their home because they could no longer afford the mortgage payments. It was a lovely place and we sold it quickly. After the sales contracts were signed, the couple started looking for a place to rent. Unfortunately, she had poor credit, and her husband was an undocumented alien and couldn't prove income as he had never been "on the books" at his construction job. Without a verifiable income and poor credit, the couple would be basicaly homeless when the buyers took possession.

It seems like an obvious thing to know where you are going before you sell your home, but some sellers don't actually think about such a circumstance. If you are selling, it generally means you are also moving, and probably moving on or before the closing date. Most buyers want to take possession of the property they just spent so much money on right away.

Sellers have many options, the easiest of which is to have already purchased another place to live. If this isn't possible, there are several other options to be explored, but this needs to be done prior to the beginning of the selling process, not after putting the property on the market, and certainly not after contracts are signed. An experienced Realtor can help a home seller evaluate the options, and can also act as a sellers agent in purchasing or renting a new property.

Unfortunately for our couple, their closing date is looming and they have not yet found a place to rent. They may have to rely on friends and family for a while if they can't resolve their housing dilemma.

 
Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.