Step 1. Picking Your Team

You might have thought that picking your team was the second step and deciding to sell the first but you need, at least, to choose and use your mortgage advisor. Your advisor can pre-qualify you for a loan to purchase your next property and tell you how much you have outstanding on your present home. This is important information which you need to help you decide to sell or not. So your team is your first step.

Your team consists of you (and your family) a mortgage lender or broker and a solicitor or real estate attorney. Small but effective.

You are the most important member of the team and have a lot to do. You choose the other team members, you have to carry out the work in preparing your house for sale, you have to do the marketing and you have to close the sale.

He or she is the person to give you legal advice, please don't rely on your family and friends. Your solicitor or real estate attorney will draft and check your sale contract to ensure you are properly protected and that your prospect cannot easily slip out of the deal if he starts getting cold feet.

Normally this is the organisation that lent you the money to buy your present home. If you wish to use another bank, mortgage lender or loan officer ask around. You are looking for someone who has the reputation of doing a good job, is punctual with his work and a real professional.

Your mortgage lender does some really important work.

• They can pre-qualify any prospective buyers to ensure they have the funds or have the credit status necessary to purchase your home. Pre-qualifying is VITAL. Do not waste any time with people who simply cannot afford your home. Put your effort and time into those that can. Do not skip this step.
• Another role is that of providing financial breakdowns i.e. tables that provide repayment rates for various loan amounts and periods specifically tailored to your property. This is also vitally important because many buyers walk out the door saying they have to get this exact same financial advice only they never return . Most sellers fail to get the financial breakdowns sorted out beforehand and lose sales because of it.
• You can also immediately refer your prospect to your mortgage lender to sort out any particular requirements that your buyer may have. This helps bind the buyer in and often speeds up the sale process. Only a mortgage lenders can supply this information.
• Use your mortgage lender to pre-qualify or pre-approve you for a new loan to purchase your next house.