What’s the fastest way to buy a home?
Buying a home is a major step that must be properly planned. Since a home will become one of the biggest purchases you have ever made in your life, you need to be prepared to take this hurdle. Unlike car shopping where you can walk into a dealership and drive in the new car of your choice, the home buying process is much more complicated and can take between 4.5 months on average. If you are planning to upgrade or downgrade your home, you should consider contacting a quick home buyer to see how their home buying process works before entering the real estate market.
Buying a home takes time because there are many steps to take and obstacles to overcome. Below are some of the time-consuming steps in the home buying process.
The time-consuming steps involved in the home buying process
Knowing what to expect, especially when taking a big step like buying a home, can help you better understand what the process involves and help you stay on top of things. Below are the time-consuming steps and processes in the home buying process.
– Finding the perfect home of your dreams
Many buyers have a dream home in mind. Many do not want to compromise on the features of their dream home, which can create a problem. The property search process can take anywhere from a month to a year, depending on the availability of homes on the market and the types of homes on the market. Most buyers find their dream home, but in places that are not perfect and face the dilemma of whether to settle down or keep looking. The decision-making process can also take longer.
– Get an accepted offer
In a competitive market, buyers want to pay as little as possible and sellers want to get the most out of the sale. This can create a problem as the seller may decide to consider the offer while blocking new offers that might be juicier. It is not uncommon for sellers to hold offers from buyers for a few days to a few weeks to sell to another higher bidder.
The negotiation process can take a long time. As with any market, the seller wants to get the most out of the sale while the buyer wants to pay as low as the seller is willing to go. This creates a problem and puts the buyer and seller in a bind, with each side expecting the other to crack under the pressure.
– Funding and pre-approval
Funding and pre-approval have truncated the dreams of many potential homeowners. Some applicants find that they do not qualify for a home loan or have been pre-approved for less than the property they had in mind to purchase. On top of that, potential homeowners may also have an issue with the documentation process, which can take them a long time to assemble and present to the loan company.
How quickly can a house be bought?
You have to remember that there is no rule that says you can’t buy a house in a matter of weeks. However, to make sure that it works, you need to make sure that your groundwork is solid and that you have done whatever is necessary to make the process easier.
Below are some of the steps you need to know to help you move the process forward as quickly as possible.
– Start financial preparation early
To make sure there is no delay along the way, you should begin the required financial preparation approximately six months to a year before the date of purchase of the home. As part of the financial preparation that will speed up the process, start saving for a down payment, budget for a home purchase with the current real estate market in mind, and get your credit in order.
– Real estate market research
Studying the real estate market will help you change your expectations and also increase the chances of finding home options that will work for you. About four to five months before the process begins, start looking for homes online, set your priorities, begin your search for a real estate agent, and keep track of real estate prices.
– Get pre-approval first
Make sure your loan application has been pre-approved before you start an active search. In some cases, pre-approval letters can take between 60 and 90 days. Some are much faster to process. Either way, get pre-approved first.