In today's busy and competitive market, finding a home can be pretty tough and challenging. With investors competing against first-time buyers, how can you speed up the home buying process even if you do not have the ability to pay the amount in cold, hard cash?
As previously reported here on Realty Today, first-time homebuyers are having a hard time scoring a deal in the real estate market because of the tough competition with other buyers, including investors. Reports showed that investors often won against first-time buyers because of their good credit scores and they had the ability to pay higher down payments.
Even without good credit scores and higher down payments, however, Trulia notes that buyers can still find a home for them and speed up the home buying process. Here are three ways to speed up the process and win against the real estate investors:
1. Plan Ahead
It is important to think of this crazy spring home buying season as a battle. If you want to win against other buyers, then you must come up with a definite and thorough plan. The publication notes that buyers are advised to create a team composed of a real estate broker, a mortgage banker and a real estate attorney to speed up the process.
Aside from this, you also need to determine the things that you need and want in a home in order for you to shorten the process of choosing a home.
2. Get a Pre-Approval
Real estate agents have always advocated on getting a pre-approval before looking for a home. This may let you work on a certain time frame, as getting a pre-approval can also affect your credit score, but this would also help show the seller that you are serious and interested in buying the house.
3. Sell Your House Even Before You Find A New Home
The publication noted that some buyers often wait till they find a new home before they sell their former house. However, this can prolong the process and may result in a loss of interest from the seller's side. Therefore, it is advised that buyers should sell their former house, rent a home until they can find a new home to live in.
