The house hunting process can be a long one, especially if you are ‘shopping’ in an active market such as we are experiencing right now in the Kitchener/Waterloo area. And while some are in no particular hurry to buy, others are on something of a time crunch, whether they are trying to get into a home before school or work start, have already sold their home and want to stop renting and get back into homeownership ASAP. And some people just want to get the home buying process over as quickly as possible and start living in their perfect new home already.
Even millionaires can’t usually get a home deal closed in a week but there are ways that you can speed up the house hunting/ house buying process no matter what your budget is. Here are some of the best of them.
Assemble an A Team
One of the best ways to speed the home buying process is to assemble your real estate ‘A Team’ in advance. That time should consist of (at the very least) a reliable and dedicated Realtor, a great mortgage broker and a reliable real estate lawyer. With this team in place it means that everything will move a lot faster once you do find that perfect property.
Make the Most of Your Agent
If you have chosen wisely, you will be working with a Realtor who has their finger on the pulse of the market you are shopping in, which will save you a lot of house hunting time. That means that they know about a great property as soon as it goes on the market – and sometimes even before – they know who the best mortgage brokers, lawyers, home inspectors and even home stagers and contractors are and can make some great recommendations to help you get your current home up to speed and sold quickly while also helping you snag that fabulous home deal before anyone else does.
Get That Mortgage Pre-Approval Letter
I’ve said it here a number of times before; there is an awful lot of paperwork involved in a home sale and that can really slow a closing down. A lot of that paperwork is related to obtaining financing – ie your mortgage. If you get much of that out of the way right away via a mortgage preapproval not only will things move a lot quicker but home sellers will be far more inclined to take your offer seriously when you make one as you will have the written proof that you can really afford to pay if they accept.
In a competitive market not only do you have to come up with a reasonable offer in relatively short time frame once you do find the home you are looking for you also have to be around to negotiate with the seller and then, if they are in agreement, get the closing process underway.
That means answering your Realtor’s calls in a timely manner and being prepared to be a little flexible on important dates. Going on a celebratory holiday because your offer on your dream house was accepted isn’t a bad idea, but it’s definitely one that should be postponed until all of the final details are worked out for sure.