Having the right mindset and determination is important in achieving most things in life; this includes getting your dream home, too.
Usually, purchasing a home takes years to happen. Aside from saving enough money, the real estate market is very competitive, too. Factors like these contribute to the slow process of buying a home. However, there are ways to speed up the buying process even without a fat bank account.
Arranging a preapproved loan
It is said that the fastest means of purchasing a home is to have cash for down payment or full payment. However, not a lot of people have enough dollars readily available to buy a home outright. Therefore, most people approach lending companies that offer the best mortgage loan rates for a house; getting a preapproved loan can make the process faster.
To get a preapproved loan, the bank may require proof of income, credit history, and bank statements. Information from these documents is important in determining the amount the bank can lend for the house purchase. Once the bank has decided on the preapproved amount, it will send a letter to the borrower.
This letter can be used to back up the offer you have for the seller of a house. Additionally, since the bank already has all your information, the loan approval process becomes faster later on. Moreover, some banks agree to indicate a smaller amount in the preapproval letter so that sellers won’t charge a higher amount for the house.
Getting preapproval greatly speeds up the process of buying a home because home purchases take a lot of time and effort involving paperwork. Therefore, when you get preapproval, you get almost a huge chunk of the work done.
Connect with real estate professionals
Forbes mentions that having a real estate agent is important in buying a home. A real estate agent has the capability of finding a house quickly because they have the right connections. An agent can assist you in finding the home with the qualities you are looking for, and he or she can also assist in negotiations with the seller of the home.
Because they have the right knowledge in the field, agents can expedite the whole purchasing process. Agents can give expert advice on the right offer to give for a house, an offer the seller will find hard to refuse. Moreover, an agent can assist in appraising a home and scheduling home inspections.
An agent is ready to guide clients when issues arise before the closing date. As much as possible, agents won’t allow any delays on the transaction and will immediately handle issues and provide solutions to them. Additionally, you don’t have to pay the real estate agent because they get paid through commission from the sold house; essentially, the seller pays the agent.
In addition to connecting with a real estate agent, it is important to contact a lawyer, broker, and mortgage banker who are experts in real estate, too. It’s better if these professionals have a history of working together already so the process turns out as smoothly as possible.
Know what you want
Indecisiveness can be a huge hindrance in the process of a home. When a home buyer is indecisive in purchasing a home, chances are a more decisive buyer will purchase the home first. Remember, the real estate market is highly competitive; once you see the home that you like, you must be firm in making a strong offer for that home.
Therefore, being certain about the kind of home that you want, what it needs to have, and what it does not need to have, is important before scouting for a home. When you are certain about what you want, you do not have to waste time looking at homes that you do not really love. Additionally, you can go all-in on the home that you really love and succeed in the bidding.
Look for homes in areas without much competition
If you are looking for homes in areas with highly-competitive markets, it is almost certain that it will take longer to find and buy a new home. Of course, everybody wishes to score a house in a great location with excellent accessibility to schools, shops, and transportation. However, it is harder to find an available home in these areas; homes in prime locations are more expensive, too.
Thus, if you’re looking for speed in buying a home, try looking for homes in locations with sleepier markets. More likely, you will have more options in the home you really want. Additionally, prices will be less, you can give a strong offer, and you may also have the chance to get a short escrow.
Lastly, be present. Presence, in terms of buying a home, means literally and figuratively. Being physically present means being available the moment you make an offer in a home you want to buy. If they do not accept the initial offer, be ready to make the counteroffer. If they accept the offer, you must be ready to continue the process until the final documents have been signed and the key has been turned over.
More importantly, your mind must be present as well, too. Buying a home is a big deal and so you must be ready internally, too.