The real estate market has become extra competitive. You can wait for years before a potential buyer comes your way. However, there are some skilled steps you can follow that will hasten the home buying process.
1. Have a team of real estate experts
Having a team of reliable experts who are well aware of the real estate environment you are house hunting should be the first thing to do. Your team should have experience and be very updated with the current real estate trends in the region.
Your team should consist of: a mortgage banker, real estate attorney, and a real estate broker. It will be best if your team had previously worked together on similar projects. The board of the team is you, the others are just your executives.
Your agent should have enough connections that will be useful to your house hunting process. He will be aware of all the properties that will soon be available for sale in the market before the properties are made public. If you build a very good relationship with your agent, he/she will always keep you updated on the best properties in your area of interest.
2. Make sure you have a home loan ready that is pre approved
We all know that buying a home will involve a lot of paperwork with the longest part being the mortgage approval. Some of the legal documents you will need are: 1099s, debt information statements, gift letters, W-2s, and bank statements. To save time and a last minute headache, start gathering all these papers early enough and have them checked and confirmed for pre approval. Make sure your loan officer gives you a pre approval letter way before you begin hunting for a new house. With your pre approval letter, you can show the seller that you are indeed a serious buyer and able to financially afford buying the house.
3. Make high inventory areas your first house hunting zones
Everyone has a wish list when it comes to moving to a new hometown. Some common factors include easy transportation and access to social amenities like shopping centers and move theaters. The other factor to consider is high-inventory regions.
Research shows that homes located in low-inventory areas tend to slow the whole home buying process. Look at the surrounding region in your preferred area that match the same criteria you are looking for. With an area that is less economically prosperous, you will get a stronger offer with a possible discount. Avoid looking at properties that don’t meet your criteria.
4. Sell your current before you purchase a new house
A contingency sale is one of the most common ways of slowing down a possible purchase. Most buyers who are in fast-moving real estate markets aren’t ready to handle any form of contingency sale.
If you want to have a faster successful house hunting process, it’s good to first unload your current home. Make sure the amount of your equity in the bank is ample enough and the closing date of your house is flexible. This means you will have to look for storage facilities where you can store up your stuff for a few weeks or months. Early packing will prove to be very useful at this point.
Do you need your loan pre approval? Click here to contact the Ryan Grant Team today!
Photo Credit: Shutterstock/Eric Urquhart
Courtesy of Cuselleration