Buying In A Hurry: Tips For Helping Race To Closing
If you are moving to a new area and need to move into a new home quickly, it can be stressful to find and make an offer on the right house for your family. However, you can do some things to help an offer get accepted quickly and to help the progress toward closing go smoothly. Here's what you need to know about buying a house on a strict timeline.
1. Work with a skilled real estate agent
While you can always buy without an agent, when you need a quick sale, you definitely need their services. They will be able to help you find suitable homes more effectively than you will on your own, even knowing about some homes on the market before you know about them yourself. Your agent will also help to expedite the offer process by helping yours to stand out.
2. Offer more earnest money
If there are other offers on the home you want, put forward more cash up front to give your offer more teeth. If you're in a competitive market, offer a little higher than you might normally to show the buyers you are serious about closing on the home.
3. Get pre-approved for your mortgage
Don't wait until after your offer to decide which financing option you want. Loans like FHA or USDA financing take much longer to close, and you often have no control over the speed. Conventional mortgages are simpler to underwrite, especially if you have a nice down payment and excellent credit. A pre-approval will take you one step closer to closing and make your offer look even more legitimate.
4. Stat on top of paperwork
After you have offered, the road to financing begins. You need to provide many different documents to your lender to prove your income. Have these ready if possible. For example, if you are self-employed, have client letters and a profit and loss statement already prepared so that your loan progress isn't stalled.
5. Don't add to the workload
Finally, underwriting your mortgage is what takes the most time. You want to make sure it's done right, especially when it comes to making sure the title is free to be passed along without any liens or hidden legal problems. However, you can reduce the time by making sure you don't add to the workload. For example, don't make any huge purchases or open new credit cards when you're in the process of buying. These show up and change your credit, which can mean more work for preparing all the paperwork you need.
For more information on finding the right home for sale in your area, contact your local realty group today.