Published September 20, 2023
Selling & Building - How Does it Work?
Do you want your next home to be new construction? Do you currently have a home you plan to (or need to) sell in order to build?
Great, today is for you.
It's similar to buying an existing home but the timelines are longer.
Here are the brief steps:
1. Meet with a realtor to discuss your current homes market value and the cost of selling to know where you stand.
2. Meet with your mortgage specialist to get pre-approved for your new mortgage.
3. Have your mortgage specialist determine if you need to sell your current home in order to buy/build your next one, or if you can carry both mortgages simultaneously.
4. If you have to sell your home (ie: your offer on your new build is subject to the sale and closing of your current home) then prep your home for sale and it will be one of the two following scenarios:
- Some builders accept "conditional" offers; meaning they are ok starting the build on your new house with the understanding you will list and have your home sold by closing.
- Other builders don't accept conditional offers; meaning they will not start your build unless you have your home sold and can provide a clean finance letter. In this case, this means selling first, then renting or moving in with family while your home is being constructed.
5. Your realtor will help you pick and vet builders for the location you want, give you advice on plans and negotiate the sale on your behalf.
Sound exciting? Need more info?
Awesome! We've helped dozens of clients build and we hope you're the next!
Nicole Darbaz, REALTOR®
Your trusted, St. John’s metro, real estate expert
Keller Williams Platinum Realty
709-691-1373
NicoleDarbaz@kw.com
Are you buying or selling a home?
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Are you pre-approved for a mortgage?
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When are you planning on selling your home?
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