Lang Premier Properties recognizes that we are currently living in a seller's world and finding the perfect home can take months, even years to locate. Perhaps you are a discouraged buyer who has been consistently outbid by other buyers and you feel you are always at a disadvantage. Homes are being sold within hours of going on the market and you are tired of your scheduled showings being canceled.
Don't despair! There is always an upside. Regardless of your bank account balance, there are ways to expedite your home-buying process. If you have secured an experienced realtor who works within a large network, you are at an automatic advantage in that you may be able to submit a presale offer before your competition snatches your dream home out of your hands. If you can present a strong offer on a home listed in a low-inventory area, you might be able to close quickly.
Check out seven helpful tips in working toward an expedited home buying process:
1. Worked with an EXPERIENCED realtor
Shortening the home-buying process comes down to one thing: preparation. The best way to ensure you are adqueately prepared lies in selecting a professional, experienced realtor who knows the ins and outs of a real estate deal.
2. Know your agent
The best agent is one who can mentor and guide you through every step of the real estate transaction. An exceptional realtor will have outstanding connections and networking capabilities and will be plugged into certain neighborhoods and will know ahead of time which properties will hit the market weeks before the public does. The stronger your client/realtor relationship, the greater the likliehood that you will be afforded sneak peeks.
3. Get preapproved for a home loan
The home buying process required a multitude of paperwork and a host of signatures, the majority of which pertains to the loan approval process. In order to become pre-approved for a mortgage, you will be required to submit W-2s, 1099s, bank statements, debt info, gift letters, and more. You will greatly expedite your real estate purchase by getting the required paperwork into the hands of your lender in advance of your house hunting expedition. You will be better equipped to walk into an open house, preapproval letter in hand, as you will be viewed by the seller(s) as being a serious buyer. Be aware that pre-approval is not synonomous with pre-qualification.
4. Start looking in areas with higher inventory
Lower home inventories tend to slow down the home-buying process. Do your research to determine inventories for specific areas and target the high inventory locations. If you shop around in areas with sleepier markets, you will likely find more homes fitting your desired criteria without the worry of being out-bid by fellow competitors.
5. Have a firm list of “must-haves” and “nevers”
Don't compromise and/or bid on a home you aren't in love with. Competitive markets are full of buyers who do this in order not to lose out on a home. Try to zero in on properties you actually like. If you look at properties you don't care for, convincing yourself you can live with a toilet in your mudroom, you will only waste precious time. Real estate searches can be likened to dating. If you're turned off in the beginning, you will only regret the final purchase.
6. Sell your house before you buy
Making an offer on your new home with a contingency of selling your current home is one of the most effective ways to slow down a purchase. Buyers don't really want to deal with contingency offers, especially in a seller's market. It is best to unload your home before beginning your search. Set yourself up for success from the very beginning. You will have plenty of equity in the bank, allowing you some flexibility with your closing date. You will be in a good position to compete with other buyers.
7. Be available
Perhaps you have already made an offer and it has been accepted. Everyone wants to close quickly. In order to do so, you must be readily available day and night to answer questions from your agent or the seller's agent. Make sure that you are available by phone, email, text, and ready to answer questions promptly.