Buying the house of your dreams can be a mind-numbing and slow process, broken up by endless periods of frantic confusing activity. This process is a challenging one, it goes something like this, and you go out and look at a zillion houses, right before you finally think you got the right one. You hurry up and put in your offer, then wait. You submit millions of letters to the underwriter and then wait again. This process of buying houses fast can turn out to be a hectic one.
In competitive real estate markets, this process could take many months, even years sometimes! Whether buyers consistently outbid you or it turns out that your rivals are a step ahead of you, it could feel as though you stand a disadvantage when you head out to hunt for houses in a market where the houses could eventually go under contract in just a few hours after their listing on realtor websites.
Tricks to Buying a House Fast
Regardless of the reasons why you need to speed up the buying process, here are some tricks to buying houses in a sprint.
Choose Professional Realtors
The number one secret to speeding up the buying process is to find a familiar realtor in your area, one who knows exactly which houses are in the market about to hit it. The best approach is to consider assembling a team of experts, who could shorten the entire process of buying houses. You can pick the right agency, including mortgage banker, real estate attorney, broker, and a preferable team to work together before and let them do what they can do best.
Ask Questions Early
The entire house buying process could turn out to be a confusing one, especially if this is your first time buying houses fast. You should not feel guilty or worried about peppering your real estate agent with any questions you have in mind. However, you need to start with the most important ones, which resolves can expedite the entire process.
Look for Low Sellers
Usually, the sellers most motivated to get their houses off the market are those who are not able to sell off their property for some time now. You can take your time and ask your realtor to search for houses that have been on the real estate market for a long time. Usually, in some markets, houses could be up for about a week or even more. In some others, it can take a year and even more.
Keep Your Paperwork in Proper Order
Even if you have a pre-approval, the process of buying houses requires reams of paperwork. You need to organize everything well beforehand. You have to keep letters, documents, bank statements, unusual expenses, pay stubs, and other items ready at least three months before the time of buying the house.
Look in Areas with High Inventory
When buying houses fast, you should try to consider some aspects. These include easy access to public transportation, walkability, great schools, hospitals, and other nearby facilities. However, there is another reason why you need to search in such areas. Survey reveals that an area with lower inventory of houses slows down the entire buying process. It also makes sense that you should keep your bid on houses in the same neighborhood as all your fellow hunters. However, if you search in your surrounding areas, you will probably find places that also match the criteria you are hoping for in your area.
These tricks can work well to ensure that you buy houses fast. For the best results, it is advisable that you consult real estate agents in your area, evaluate your options, and go for the best deal.