How to Buy a Home Fast
If there’s one thing real estate pros suggest, it would be to not rush the home buying process. When you rush to buy a home, you often overlook major flaws, and you end up paying more for a home that isn’t quite worth the value you’re giving it. You may also find down the line that your home isn’t quite what you need or it has more repairs that you were originally prepared to take on.
But of course, sometimes you need to buy a home and you need to do it fast, especially if you’re moving to a new state for a job.
If you need to buy a home in a hurry, review the tips below.
Put in a Loan Approval Now
The one thing that often hinders a home purchase is a delayed loan approval. If you don’t have much time to find a home, then you need to put in a loan approval application immediately. Gather all of the documents from W2s to 1099s and other bank statement and get all the paperwork ready.
Once you’re pre-approved, you’ll have an easier time setting a short closing period.
Get a Group of Pros on Your Side
The more professionals you have working for you, the more eyes you will have on your deal. This is better for rushed homebuyers because more eyes will be more likely to catch major mistakes.
You should also consider hiring a real estate attorney and a mortgage lender to help you out. Make sure they all know each other and can easily communicate if needed. You will still get to make all the major decisions, but your team will catch major problems and offer advice when needed.
Make a List of Wants, Needs and Nevers
From the number of bedrooms to the size of the kitchen, you will have a list of needs that you cannot do without when you buy a home. There are also some things you cannot stand and some that it would be nice to have.
Make a list of your needs, wants and nevers, and stick with them as you view listings and attend open houses. In your hurried state, it’s easy to get distracted by great views, big backyards and granite countertops. Focus on what you truly need to avoid buying want you don’t need or want.
Sell Your Home First
Having a contingency sale can really slow down the whole buying process. If you don’t sell your current home first, then you’re going to have a hard time buying.
Therefore, to expedite the homebuying process, you should sell your current home before going after a new home. It’ll ensure that when it’s time to close, you’ll be ready and waiting.
The quicker and more attentive you are, the fast you’ll be able to buy a home and move in. Keep in touch with the members of your team throughout the home buying process, and you’ll be settling into your new home in no time.