How To Buy a House Fast? smart tips to buy your dream home

Right now, many homebuyers are feeling some pressure to buy a house fast, fearing that mortgage rates (which have doubled from 3% to 6% in the past year alone) could rise even higher, upping the cost of financing a house. Yet buying a home can be a mind-numbingly slow process, broken up by periods of confusingly frantic activity. It goes something like this: Look at a zillion homes before you think you’ve found one. Hurry up and get in your offer … and then wait. Submit a million letters to the underwriter … and then wait. And don’t even get us started on closing. The average time for closing on a loan is 50 days, according to Ellie Mae, and the process can often take even longer. But sometimes you don’t have the luxury of waiting, and rising interest rates along with high home prices are just a few of the reasons a homebuyer might be in a rush. Maybe you’re moving from another state and need a place to live now. Or maybe your current home sold significantly faster than expected—and if you don’t find a new place, the deal will die.

Assemble a team of real estate pros: One of the best ways to speed up operations is to assemble a team of experts. “Shortening the home-buying process comes down to one thing: Preparation,” says Wesley Stanton of Douglas Elliman in New York, NY. “Pick the right team, including a real estate attorney, mortgage banker, and real estate broker, preferably a team that has worked together before, and let them do what they do best. You are the board, and the rest of the team are your executive officers. Please visit this link we buy houses Winnipeg and get a house buyer.

Start looking in areas with high inventory: No doubt you have a wish list for your next hometown: walkability, great schools, easy access to public transportation. But here’s another one you should add to your list: a glut of homes on the market. Research shows that a lower home inventory slows down the home-buying process. It makes sense — you keep bidding on the same homes in the same neighborhoods as your fellow house hunters. But if you start looking in surrounding areas with sleepier markets, you’ll likely find more places that match your criteria. And if the area is less economically prosperous, and you’re coming in with a strong offer (including a 20% down payment), you might be able to secure a short escrow.

Be available: Let’s say you’ve made an offer, and your offer’s been accepted. (Hooray!) Want to close quickly? Don’t go on a celebratory vacation. Once a home is under the agreement, it is imperative that you be available any time of day or night to answer any questions/crises from your agent or the seller’s agent. Be available by email, by text, and by phone, and answer every inquiry as promptly as you can. And while you’re at it, check in on the vacation schedules of the agents, lawyers, and brokers involved — the last thing you want is to push back the closing because your attorney is in the Bahamas that week.

Have a firm list of “must-haves” and “Nevers: In competitive real estate markets, prospective homebuyers waste a lot of time trying to talk themselves into compromise-laden properties, bidding on homes they don’t love … and maybe don’t even like that much. (And then end up being outbid anyway.) But if you stop looking at properties that don’t fit your criteria and instead zero in on the ones that do, you’re less likely to waste time viewing properties that don’t meet your needs. “I believe buying real estate and finding a life partner via dating are quite similar in nature, so I often liken the two,” says Krinick. “Don’t waste your time looking at what you know is not for you.”

Get pre-approved for a home loan: We’ve said it before: It takes a lot of paperwork to buy a home. And almost all of it pertains to the mortgage approval process. You need W-2s, 1099s, bank statements, debt info, gift letters, and so much more. So gather ye olde paperwork while ye may, then work with your mortgage broker to get preapproved before you start shopping for a house. That way, you can walk into an open house with a preapproval letter showing you’re a serious buyer who’s bank-approved and can afford the home price. And remember: Prequalified isn’t the same thing as preapproved.

Sell your house before you buy: One of the easiest ways to slow down a purchase is to add in a contingency sale. And let’s be honest: In fast-moving markets, buyers often don’t want to deal with a contingency offer. But if you unload your home before you begin your search in earnest, you suddenly set yourself up for success. You’ll have a good amount of equity in the bank and flexibility with your closing date, both of which put you ahead of other buyers. You only have to be willing to put your things in storage for a few months and rent month to month. Bonus: You’re mostly packed before you’ve even moved!

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