How To Buy A Home Quickly 7 Steps

Dated: May 5 2016

Views: 516

Sold in Seminole Florida

How to buy a home quickly: 7 steps

Buying a home can be such a disruption to your life. The whole process from actually making the decision mentally that you are going to start the process, to finding the right neighborhood, to the right price point, and then finally figuring out how to finance it. Even if you have the cash, it is still a long and stressful process. When you finally do find the right house, in this fast market, you have to act fast or you could lose the property. If you are fast, you have the potential to get outbid or get into a bidding war.

There is however some steps that you can take that will provide you with the right mix of tools and actions that can help you to get from search to close sooner than you ever thought possible. 

Here is the best way to find a home and get it fast:

1. Find a rock star real estate team

One of the best ways to get from search to close quickly is to work with a quality real estate team. The team model has the advantage of specialization that accomplishes what single agents can’t. Each person on the team has a dedicated function on the team, and can devote their time and resources on one part of the transaction that makes them an expert. For example, a team would have a buyers agent that only focuses on finding you a house, because that is their job. They do not have listings that they have to tend to, they only find houses. There is also a transaction coordinator that focuses on the contracts and other aspects of the closing process. Since this is the only thing they do, they have to be experts on it. The experience and expertise you find in this specialization will not be able to be matched by single agents.

2. Keep in constant contact with your agent

Your buyer’s agent is there to serve you with first class service, and expert advice. They will be trying to keep in constant contact with you to guide you through the buying process, and help you find a home. It is essential that you make an effort to communicate with the agent the entire time so that they have a keen understanding of your wants and expectations. They will be communicating with you essential information about the transaction, so it is important to try and be responsive to them. Remember, they are there to serve you.

3. Get pre-approved for a loan

The majority of the paper work involved in a typical home buying process is involved in getting a mortgage. You need W-2s, 1099s, bank statement, debt info, gift letters, and so much more. Not having this process finished before looking for a home can prevent you from getting the home because an offer that has cash or pre-approval could be accepted, even if you are willing to offer more. Remember that prequalified isn't the same as being pre-approved.

4. Try to look in areas with high inventory

In this market, especially here in Seminole, Florida, the inventory is becoming increasingly low. If you heart is not set on a particular area, perhaps you can find comparable houses in communities nearby that have a higher inventory. If there is a higher inventory, there will be more room for negotiation, and could save you quite a bit of money. It may not be where you began your search, but it could be more value for your buck. 

5. Figure out exactly what you want

It is a good idea to sit down and make a list of what you “must-have”, and what you don’t necessarily need. Also consider and decide what will be on the “never” list. Having a clear picture and realistic list of what you want will help your agent and you zero in on the properties that could potentially be a good fit for you. The more houses you look at and waste time with, you could potbelly lose out on a house that could be a perfect fit. Remember that it is a waste of everyone's time, and most importantly yours, to look at houses that you know are not for you.

6. Be sure to sell your current house before you buy a new one

Selling your house before you buy makes sense on many different levels. One of the most important reasons to sell is so that you don't have the prospect of having to pay two mortgages at a time. It could keep you from getting top dollar for your house if you are pressured to sell quickly because you can not afford two payments. Not having a current payment, as well as some money in the bank as a result of the sale would dramatically increase your chances of getting a loan and getting a good rate. Another bonus is that you are ready to move in quicker!

7. Be ready

In a hot market such as in Seminole, Florida it is imperative to respond quickly if it is the house you want. Waiting until the weekend to view the house, or taking time to respond to your agent could cost you the deal if someone else is quick to decide and makes an offer on the house. Once you decide on the house, make an offer quickly, and be available by phone or email to your agent just in case there is any emergency in the closing process. This is not a great time to go on a vacation or otherwise not be available.

Buying a house doesn't have to be a long process if you don't want it to be. Some people may like taking their time in finding a house, and that is fine, but others need to find a new house quickly and may not have the luxury of time. Remember these steps, and happy house hunting!

Click here to search for the best deals on a new house!

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