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Here's How To Buy Your First Home Fast
Whether it's for a career change, a life event, or just to be closer to family, sometimes it's necessary to buy a new home fast. Buying a home under normal circumstances can be complicated, but the process might feel overwhelming when you're up against the clock. Not only will you need to be ready to act fast, but you'll also need an experienced professional in your corner to guide you every step of the way.
Our real estate agents often support clients who need to buy fast, and we can tell you that it's totally possible to land a new home on a short timeline. Here are some tips to help you get started.
- Get Pre-Approved First
A pre-approval is a tentative commitment from a lender to finance your home purchase. Not only does a pre-approval help you understand what you can afford, but it also lets sellers know you're a qualified buyer. Obtaining a pre-approval can be done quickly online — you'll need to supply bank statements, W2s, tax returns, and a few other documents. Your lender will then check your credit and issue a pre-approval up to a certain amount. Once you have your pre-approval letter, you'll be ready to go home shopping! - Find The Right Real Estate Agent
If you need to move quickly, then finding the right real estate agent is key. You need an experienced professional who has the availability to support your home search and is willing and able to act quickly. When interviewing agents, be sure to ask about communication frequency and how quickly they're willing to turn around an offer. You don't want to miss out on one of these Nassau County homes for sale because your agent was slow to respond. - Tell Your Lender About Your Timeline
Obtaining a mortgage is usually the longest part of the home-buying process. Most lenders can process a mortgage application and issue the loan in 30 days; however, if you are on a tight schedule, make sure your lender is aware. They may be able to expedite the process on their end. - Create Your New Home Checklist
Buying your first home usually requires making trade-offs. It's important to be clear on what you can and can't live without. Create a list of your top 5 "must-haves". Think about size, number of bedrooms, number of bathrooms, a finished basement, an attached garage — what is most important to you? You should also think about what characteristics are dealbreakers or disqualifiers. Being clear on what you want can help expedite your home search. - Make Time
Buying a home is a time commitment. Touring listings, negotiating terms, juggling contractors, and applying for a mortgage all require an extensive amount of time. If you need to buy fast, all of these steps will need to occur in a condensed timeframe, so you'll need to prioritize your time and be ready and available to act quickly. - Negotiate Your Closing Date
Your closing date is negotiable. When making an offer, buyers will propose a closing date; however, sellers may counter with a timeline that better suits their needs. If moving up the closing date is important, work with your agent to decide on the best way to land your ideal closing date during negotiations.
If you need to buy your first home fast, we are here to help. Contact us today to get started.