People who are looking for homes right now are usually serious buyers who need to find a property sooner rather than later. Some want to be in a home after the holidays if they are starting a new job at the first of the year. Others have sold their homes and want to get their children into school as quickly as possible. And there are those that don’t want to sign another yearlong lease and figure now is an excellent time to buy. Of course, there are a variety of reasons, but buyers who need to find a home are shopping for them now.
If you are a buyer and looking to purchase a home under a tight deadline, then here are some excellent tips you should start right now so your time is well spent.
Like most buyers today, start your home search by looking online. Forget about visiting Open Houses or driving to look for homes with For Sale signs if you want to buy quickly. Here, you can browse through hundreds of homes, narrow your search by price, number of bathrooms and bedrooms, neighbourhood and other criteria. If you see something that appeals to you, then write it down to get additional information from your real estate agent.
This is critical. Make sure you have secured financing. This way, both you and your real estate agent know exactly how much you can afford and cannot waste any time looking at homes you can’t afford. Also, if you wait to get pre-approved after your find a home, sellers may entertain another offer if you are involved in a bidding war. Keep in mind it’s a good idea to stay in contact with your lender throughout the process to make sure everything is running smoothly and they have all of the necessary required documentation. It’s not uncommon for things to get misplaced or information not to arrive, so stay on top of it to avoid any delays.
Find Motivated Sellers:
There are many homes on the market today begging for buyers. Find sellers who have homes priced for quick sales or that may have been on the market for a long time. Also, vacant homes can mean a motivated seller as well as a faster move-in.
When trying to find a home quickly, you need to be flexible. The longer your list of requirements, the longer it may take to find a home. Make a list of what you absolutely must have and rank them in importance. Be willing to compromise on those items that are near the bottom.
Find a Great Agent:
Hiring an experienced agent is critical if you are looking for a home within a specific timeframe. Not only can they help you find a property, but they often will know if a property is coming up on the market, can represent you during critical negotiations and be well connected to refer you to appraisers, inspectors and insurance agents who can assist in moving the process along quickly.
If you find a home you like that requires repairs, consider asking the seller to give you a credit rather than asking them to make the repairs themselves. For many sellers, this is music to their ears. Of course, make sure that you don’t get in over your head with costly repairs.
Be Prepared for Closing:
Make sure that all your ducks are lined up before you show up for closing. You don’t want to be searching for funds at the last minute, or find out that not all of the paperwork has been completed. Know what to expect, get the amount you will owe and give yourself plenty of time to access to your account if your closing is within a few days.
Have a Back-Up Plan:
Sometimes, despite how much we prepare, things happen and our plans don’t work out. When buying a home, you must always prepare for the unexpected, like a bad home inspection or an appraisal that doesn’t come through. Rather than starting from scratch, have a back-up property in case your first home doesn’t work out. While hopefully this won’t happen, it’s always best to be prepared.
Finally, even if you are so eager to buy a Windsor house for sale that you want to skip the inspection or anything else that is important: Don’t. It’ simply is not worth it as it can end up costing you much more than you can imagine. Stay away from those short cuts and follow all proper procedures so no surprises will show up down the road.