No one who is looking to buy a house wants to wait months or even years to get to their new place. If the market is lean and there are few houses for sale, it can be extremely difficult for a buyer to secure their new home. That being said, it is not impossible.
If you are looking to buy a house, take these four tips into consideration to help make the process easier and much quicker.
A Helping Hand
Many potential buyers are putting off making a purchase because of their down payment – or, in most situations, there lack thereof. Down payments are a large sum of money. It can be difficult to save enough in a timely manner.
Thankfully, there is hope for those that are struggling to get their down payment.
There are many down payment assistance programs available. Thousands of programs help people buy a house every day. These programs may help by providing a loan, a grant, or even tax credits so the buyer can start making offers on homes.
To use one of these programs the buyer must fall under the eligibility requirements. This may include information about income and what job they have.
An Active Approach
A buyer should always be aware of what homes are for sale in their desired neighborhood. It is not enough to wait for the real estate agent to let them know about new listings. Buyers should ask to be put on the email list from multiple listing services so they are immediately notified of a new listing.
The buyer can then review the listing and decide if it is one they would like to see. If it is, time to schedule a walk through. By staying on top of the houses that are being listed in the neighborhood a buyer may be able to make offers on homes that other buyers do not even know about.
Foreclosed on Properties
Many buyers are nervous about foreclosed properties. Which they should be. There are some properties that have gone through foreclosure that will be more work than they are worth.
However, some of the properties will need minimal fixing. In cases like this, the owner can simply update the house as they see fit. The only problem with buying a foreclosed property is the fact the bank will not make any repairs if there major concerns presented in the inspection.
It is beneficial to look at foreclosures if there are few properties available on the market. Few buyers are trying to buy this type of property, so there can be little competition. This means the buyer can get the house at a much lower price and focus on renovating once they move in.
Take It To The Bank
It is always smart to know what buying power is available before looking at houses. Talk to the bank and provide all financial information that is needed to get pre-approved. A pre-approval by the bank does take a credit check and they will review the buyer’s income and debts. At the end of the process, the lender will either deny their mortgage or approve them for a certain amount.
When it comes time to buy a house, having the pre-approval is better than a pre-qualification. The pre-qualification only states that the buyer has discussed potential loans and financial information. Meanwhile, the pre-approval means they are approved to get a loan. Sellers like to see a buyer who has a pre-approval letter in hand.
When it is time to buy a house, a buyer has to be ready to put in work. They need to speak with their bank to make sure they can get a loan. Also considering buying a foreclosed property can make the situation more affordable, and be sure to look at programs that can help them with a down payment.
