Home Selling in 55379>Question Details

Vanessa Rich…, Home Buyer in Shakopee, MN

We have outgrown our house and want to sell and buy larger. Who do I talk to first about selling, mortgage company or a realtor?

Asked by Vanessa Richards, Shakopee, MN Sun Oct 13, 2013

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11
A realtor is the answer for sure. Realtors can tell you what your home is worth by doing a Comparative Market Analysis (CMA). By doing this, you can determine how much you can walk away with from your home for a downpayment on the next home. Mortgage company will qualify you for a mortgage. Some homeowners can purchase a new home without selling their current home. But, most need to sell their current home first.

Mike Westphalen, Realtor
RE/MAX Advantage Plus
612-978-9786 cell
952-226-7701 fax
http://www.advplus.com/michael.westphalen
Helping sellers and buyers in the Twin Cities and surrounding areas since 2002
0 votes Thank Flag Link Fri Nov 1, 2013
I would recommend speaking with a Realtor first

--
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Wed Oct 16, 2013
A Realtor is the answer. A realtor should be the point of beginning for a few reasons. There is price range for you current home, finding out what your equity position is, future financing and all of that sort of thing. More importantly you want to find a realtor that is interested in getting to know you and what factors are most important to you as you go through this process. An agent that you feel comfortable with. Of course some experience, a good sales record, a plan of action and the ability to actually answer the phone when you call help. Not a bad idea to interview three agents. I'd love to be one of them.
Best Regards, Kevin
651-500-4720
0 votes Thank Flag Link Mon Oct 14, 2013
Hey Vanessa!

For most people we need the "Net proceeds", or basically what we are going to profit from the sale of the home, to use as a down payment for the next one you plan on buying. It sounds like you will be a classic move-up buyer as well.

A Realtor will need to provide a market analysis of the home and give a estimated NET to the loan officer for this reason. The majority of home buyers choose a Realtor first, because the financing realm can be complicated. Most people don't know the differences between banks, brokers, or correspondent lenders. Since Realtors work with these types of lenders all the time with our own buyers we tend to have the best referrals!

You can think of a Realtor as the go-to person for everything you will need to do for selling the home and buying another one. We take care of everything, and will be there with you every step of the way. It may be too late, but if you do choose to interview Realtors I would certainly love the opportunity. If you are interested check out my profile and testimonials from past clients!

Good Luck!
Christopher Block
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Mon Oct 14, 2013
I would choose a Realtor first because you will work with them the closest. Then have your Realtor introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available. This is the path I prefer, but it will work either direction, the key is having an LO and Realtor that are accustomed to working with each other. It is hard enough to get a deal closed today even when everyone is on the same page. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Oct 14, 2013
Hi Vanessa,
I would talk with an agent 1st to see if you can realistically get the price that your wanting to sell your home for. I assume if you don't sell your current home, you're not going to want to buy another one? Also, consider the time of year now. The market is still great for selling but it does slow during the winter. Also think about moving during the winter. Give me a call now and we can put a plan together to sell the property this spring.

Chase Lenz
SP real estate
612-819-4474
0 votes Thank Flag Link Mon Oct 14, 2013
There's no right answer here as you'll need both of these working for you shortly. I'd suggest you decide 1st whether you need to sell 1st or potentially, if you can buy 1st and then sell your existing home. Your mortgage broker can help answer that question. Whether you buy or sell 1st, it's important that all this be well coordinated. Of course the mortgage broker may also help determine how much you can spend on the new home, but that may also depend on the what you can get for your existing home, which your real estate agent will help determine.

Congratulations and best wishes on your way.
0 votes Thank Flag Link Mon Oct 14, 2013
Vanessa


I would do both, however when it comes to talking to a mortgage company most Americans spend more time shopping for a TV then shopping for their mortgage, which is a big mistake. Below are some links to a few mortgage calculators that will help you make a more informed decision. They have features like doing a cost benefit analysis on whether it is better to do single premium mortgage insurance or spread it out monthly. You can also do a side by side comparison of up to 8 loans including VA, FHA 10-30 year loans, conventional 10-30 year loans and 5 to 7 year arm loans. Knowing your different options and choosing the right loan can make a big difference in your payment, term or interest rate. Most lenders will not go over the different options these calculators show.

If you would like my recommendation for a great local lender check out Charles Dailey with iloan. I have worked with hundreds lenders or loan officers and he is the most knowledgeable. He has done my loans and about 90% of my clients aswell, this guy is the sh** He will go over all your options unlike most lenders that only care about a commission check. You may want to talk to him about a recast option which may work well for you when it comes to selling. Here is a link to his site http://www.CharlesDailey.com if you would like to find out more about him and iloan, or use this link to apply online https://charlesdailey.secure-loancenter.com/WebApp/FullAppLo… and see how these options apply to you. I guarantee you will not regret taking a few minutes and talking with him.

Click on the links below to use each different calculator.

http://mycalx.com/calculator31.php?CID=312

http://mycalx.com/calculator23.php?CID=312

http://mycalx.com/calculator10.php?CID=312

I hope these help,


Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
Cell 651-303-0019
http://www.MinneapolisStPaulHomesForSale.com
Your Referrals Are Greatly Appreciated
Tune in to our Twin Cities Real Estate Radio Show Sundays at Noon on KTNF
0 votes Thank Flag Link Sun Oct 13, 2013
Hi Vanessa,
I would recommend speaking to a real estate agent and a loan officer simultaneously. A real estate agent can prepare a comparative market analysis on your home to find the current market value. They can also provide an estimated net sheet of the costs involved with selling so you will get an idea of your proceeds from the sale. It would be a good idea to speak with a loan officer as well so they can help you determine what you can qualify for on your next home. I have a few loan officers I can recommend for you if you are interested. I am happy to help you out! Please let me know if you have further questions.
Kristin
612-618-5311
0 votes Thank Flag Link Sun Oct 13, 2013
I would recommend speaking with a Realtor first to get an idea what your home is worth, once you figure that out it may paint a clearer picture on what you can do in terms of buying. If you like what you hear about selling your home then it woudnt hurt to chat with a Loan Officer about the potential upcoming purchase.

This is a great time to make the switch, rates are still relatively low and the market is good.
0 votes Thank Flag Link Sun Oct 13, 2013
Hi, I am a realtor in the Shakopee Edina Realty office, we also have an in house mortgage company that can help on that end as well. It is best to see what the value is on your current home and then talk to a mortgage company. I would be happy to help.
0 votes Thank Flag Link Sun Oct 13, 2013
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