One of the easiest ways to slow down a purchase is to add in a contingency sale. And let’s be honest: In fast-moving markets, buyers often don’t want to deal with a contingency offer. But if you unload your home before you begin your search in earnest, you suddenly set yourself up for success. You’ll have a good amount of equity in the bank and flexibility with your closing date, both of which put you ahead of other buyers. You only have to be willing to put your things in storage for a few months and rent month to month. Bonus: You’re mostly packed before you’ve even moved!
We’ve said it before: It takes a lot of paperwork to buy a home. And almost all of it pertains to the mortgage approval process. You need W-2s, 1099s, bank statements, debt info, gift letters, and so much more. So gather ye olde paperwork while ye may, then work with your mortgage broker to get preapproved before you start shopping for a house. That way, you can walk into an open house with a preapproval letter showing you’re a serious buyer who’s bank-approved and can afford the home price. And remember: Prequalified isn’t the same thing as preapproved.
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