How to buy a home in THREE months!
Let me paint a picture.
You’ve been married three years. After the wedding you moved into Mom and Dad’s spacious basement to save money for a down payment on a house. You now have one adorable 12-month-old who is mobile and comes with more stuff than both of you combined. Your dear mom asks, “are you decent?” before she comes down every Wednesday to do laundry. You want to get that report done that is due to your boss in the morning but you’re held up after dinner listening to your dad tell stories you’ve heard a million times or rehash the movie he watched that afternoon scene by scene. You step on squeaky toys on your way to the bathroom which is adjacent to your make-shift closet in the utility room. Enough is enough and you just can’t take it anymore. You need to get out and fast.
Sound familiar? As real estate professionals we help families in this very scenario all the time. They come to us on edge and in a hurry to buy. Can it be done? Have we done it? Absolutely!
Follow these steps for a smooth road to settlement in three months or less:
Choose a Realtor Call, text, walk in to their office, send a smoke signal to your trusted Realtor! He/she is your best bet in helping you line up everything you need in a timely and efficient manner. Your Realtor can point you to a lender, home inspectors and other professionals you’ll need to complete the transaction. He/she will represent your best interest and negotiate on your behalf to get you the home of your dreams at the best price with the best contract terms for you.
Get Pre-qualified Once you have selected the best lender for you, get a true pre-qualification letter. If your lender does not run your credit, collect important documents like pay stubs, and verify assets the letter they give you really isn’t a true pre-qualification. This could put you in a position of looking at homes that you really can’t afford or putting in an offer on a home and then not getting approved for financing. Avoid surprises and work with a local lender recommended by your Realtor, family member or friend who has worked with them in the past. Don’t be afraid to shop around to see which lender can offer you the best rates and loan products.
Preview Homes with Your Realtor Previewing homes often begins online or by visiting open houses. When you’re ready to go, your Realtor should be sending you new listings in real time through the real estate database. Many of the online sites take a day or two to catch up with the real estate database that your licensed Realtor has access to. We don't want you to fall in love with a home online that appears to be available only to find its already under contract.
When viewing homes you’ll likely be looking at all the pretty things. Your Realtor should be pointing out potential red flags like water damage, leaks, etc. Don't look at homes through rose-colored glasses!
Say YES to the ADDRESS! There is no such thing as a perfect house, however, there is a perfect house for you! When you find it you’ll know and you’ll say, “this is it!” Your Realtor will “pull comps” which means he/she will look at comparable homes in the area that have recently come on the market, gone under contract or sold to determine if the home is priced well. This analysis will help you arrive at the price to offer. Your Realtor will prepare and submit your offer or contract and negotiate terms on your behalf. Yay! You’re Under Contract!
Get a Home Inspection This is an upfront cost in your transaction that you do not get back even if you do not purchase the home. Depending on the size of the home and the type of inspections you need, it can cost anywhere from $450 to $550 for a general inspection and radon. Additional inspections for things like chimney, well, swimming pool, etc. can add to the total. Think of it this way, we would prefer you lose $500 to $1000 than purchase a home that is several hundred thousand dollars riddled with problems that will cost you way more than $1000 to fix. I will say it again… Get a Home Inspection!
Let Your Team Work for You This is when the magic takes place. You have to apply for your mortgage and provide a lot of the same documentation you provided your lender in the beginning of the process. After that, your team consisting of your Realtor, lender, home inspector and title company does a lot behind the scenes to negotiate inspection repair requests, clear title and make sure you get the money. The right team will ensure that all goes smoothly and you’ll never see all the bumps, if any, in the road. Now all that’s left to do is…
Pack Your Bags & Get Your Keys!!!
The experienced Realtors at DeLaney Lowe Home Team of Keller Williams Realty Centre would be honored to service all of your real estate needs. We have an A Team of professionals to facilitate every step of the process. We’re here and happy to help! Message us or call us today!