Unless you have a bank account, chances are that it will take time before you decide to buy a home. You will look at what feels like a gazillion houses before you pick the right one. You will meet with so many realtors and sellers that you won’t even remember their names. Even in a not-so-competitive market, homebuying is a long and arduous process unless, of course, you’re in a hurry to buy a new home. In that case, there are some things you can do to speed up the process.
In fact, you might be able to buy your new home in just under a week. Deciding on a pair of shoes will take longer compared to buying a home under this scenario. At the height of the coronavirus pandemic last year, homebuyers were in a rush to buy suburban properties as they raced to get away from the city where the outbreak was terrible. So, what should you do to find and buy your dream home?
Hire a Team of Real Estate Pros
Before you dive into the home-buying process, you must have a team of experts on your side. Pick a real estate lawyer, real estate broker, and mortgage agent. If they have worked together before and have closed a variety of properties for sale fast, all the better. It only means that you’re in good hands. Try not to micromanage them, and trust them enough to do what they do best for you. After all, you are paying them, aren’t you?
Have a Good Relationship with Your Agent
You can do this as you prepare the various paperwork the bank needs to give you a loan. Maintain a healthy relationship with your agent because they are the key to finding your dream home. They usually have the lowdown on properties in an area you’re eyeing. They can tell you which properties are problematic, as well as which of them are worth your money.
Get Preapproved for a Loan
Remember that prequalification is different from preapproval. Work with your mortgage worker to prepare all the documents you have to submit to the bank. Among the documents are your bank statement, income tax returns, debt information, and others that will prove your capacity to pay back the loan. A preapproval letter from the bank will help you close the deal as fast as possible because you’re basically walking into a home with a check in your hand.
Start in Areas with High Inventory
If you are to compete in a small market with a small inventory, then prices will be high, and there will be a few options, too. Sometimes, all it takes for you to find the perfect home is to move two streets away from your target area. Sometimes, the gem that you are looking for is right before your eyes, only that you don’t want to see it. So, if you want to make an offer for a house fast, choose an area with a high inventory of available properties.
List Down Your ‘Must-haves ‘ and ‘Nevers’
The problem with most homebuyers is they don’t know what they want. They waste so much time bargaining with the seller, but they don’t even end up buying the home because they are not sure they like it. Before you even begin the whole process, make a list of all you want in a home and those you don’t want. Be very clear about this with your agent. They should know what properties to offer you because you don’t want to waste your precious time in the negotiation process.
Find the Money for a Down Payment
It will be easier to find and buy your dream home if you already have the money for the down payment. If you are moving from your old home, sell that home first and use the money to pay a hefty down payment. This will make your offer more competitive. Not to mention, it will be easier for you to get approved for a bank loan if you have the money for the down payment.
Now that you know what steps you have to take to buy a home fast, you must get going. Remember that even though times are hard right now, that doesn’t mean there’s no competition in the market. If anything, it’s tougher because people want to settle down in the suburbs and move as far away from the city as possible.
