Not all of us have the ability to take our time perusing the market before buying a home. While some of us may have planned out a nine month target date, others need to buy quick. Whether it's due to personal time constraints or end of year tax benefits, here are 10 tips to buying a home quickly.
1. Choose your Realtor wisely. Find a realtor that is very familiar with the area where you're looking to buy. He/She will know when homes will be hitting the market and will be able to help you find the right listing in a timely manner.
2. Ask questions early. As we've mentioned, the home buying process can be confusing, especially for first-time homebuyers. Do your homework beforehand so you can ask all your questions upfront in order to expedite the process.
3. Get pre-approved (not just pre-qualified). Pre-qualification requires very little and does not approve you for your desired loan amount. This can cause major problems later on down the line when you go into escrow and suddenly find that you can't qualify. Pre-qualification not only makes your offer stronger to the seller, but it provides you with a realistic and accurate budget so you don't waste your time looking at homes that are out of your reach.
4.Be particular. Since time is of of the essence, you need to be as particular as you can about the houses you'll be looking at. If something doesn't meet your needs or requirements for a home, it isn't going to be the right fit. Narrow down your list of requirements and stick to it.
5. Look for homes with higher CDOM. CDOM is the acronym for Cumulative Days on Market. The longer a house has been on the market, the more likely it is that the seller is eager. This will help you to negotiate a good price and lock in a quick buy. It's possible that they too will want a short escrow.
6. Make a strong offer. If the home has been on the market a while, you can probably get the seller to agree to a lower price. However, you don't want to bid too low as counteroffers will prolong the process. You want to go in with an offer that you believe is not only fair but will be accepted being that you're on a time crunch. An unreasonably low offer, as we discuss in 10 Tips for Buying a Home, can be insulting to the seller and can actually work against you in trying to get the house.
7. Be flexible with your contingencies. Contingencies are clauses in the offer that allow you to walk away from the deal under particular circumstances. These are there for your protection so you want to be careful which contingencies you waive and which you keep. Just remember, the more contingencies you have, the longer escrow can take.
8. Get the paperwork ready beforehand. Gather together everything you will need to close the sale. From bank statements to pay stubs, get everything ready to go beforehand so you aren't holding up the process in any way. Keeping yourself organized through escrow is crucial.
9. Write a letter. In some cases a seller might not be thrilled about a quick escrow. This may deter them from your offer. Prepare a letter explaining your situation and why it is so important. This adds humanity to your offer and a personal touch. When the seller learns that you're trying to find the perfect place to raise your young kids, they will be much more inclined to consider your offer.
10. Don't seem desperate. Desperation will put you at a disadvantage when negotiating an offer. Write your desired closing date into the contract and leave it at that.
Buying a homequickly may seem impossible, but, with the right preparation, the right agent, and a good offer, it can be done. The key is to go into it knowing exactly what you're looking for, what you can afford, and what you have to do to meet your deadline.
Author:Kurt Galitski Phone: 714-957-6677 Dated: December 20th 2016 Views: 16 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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