How Can You Buy a Home Quickly? - People who want to purchase a new home are racing against the clock. If you're among them, you've probably heard that it's still a buyer's market, but that you need to act soon because home prices across the country are starting to rise. In other words, now is the time to buy, but as anyone who has ever bought a home can tell you, it's not a quick process. Between searching for and locating the right home, lender issues, and delays with mortgages and closing dates, the home buying process can really drag on!
So what can you do if you really want to just get it over with and move into your new place?
First, you need to find the perfect home. You could go the traditional route and spend your weekends house hunting, visiting open houses and schedules tours of homes that catch your eye. The only problem with this method is that you waste a lot of time visiting homes to see if they’re the right fit!
Instead, begin your search online, and narrow homes down by size, price, neighborhood, etc. Look specifically for homeowners who may be in a hurry to sell their home, and take advantage of that situation. Oftentimes, a seller who is relocating because of work, downsizing because they've lost their job, or who underwater on their mortgage is looking to get rid of their home fast, so they are much more likely to negotiate the price than a seller who can afford take their time.
As you search online for homes, make a list of items that you can't live without, and a list of amenities that you're flexible on. For example, if you need a walk-in closet, only look at homes that include those. If you want a garage, but find the perfect home without one, ask yourself if you're willing to park in the driveway, add one to the home, or if not having one is a deal breaker. Knowing what you're looking for – instead of just aimlessly looking at listings – will save you a ton of time!
If you're having trouble narrowing down the homes online, ask your realtor for help. After all, her job is to find properties that meet your needs, and to help you with paperwork during the actual purchasing process.
Once you have a small list of potentials (5 or less), ask to schedule a viewing of those homes. That way, you only have to take a tour of homes that you are actually serious about purchasing.
While your realtor is scheduling those showings, get pre-approved for a loan. Although pre-approvals aren't guaranteed, they at least show sellers that you can afford their homes. In fact, many sellers won't even look at an offer unless it's accompanied by a pre-approval letter! And, since pre-approvals also list your maximum purchase price, you won't waste time looking at homes that are out of your price range.
While viewing the handful of homes you're interested in, you need to stay in contact with your lender. Go ahead and start compiling all the paperwork they're going to need to approve your loan (proof of income, W2s, bank account information, etc.) so that there won't be any delays in the closing process once you've chosen a home.
By having a game plan, you'll be able to locate the perfect home for you and your family much faster. By staying one step ahead of the game the entire time, you can move in much sooner than originally anticipated!
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