Buying a home is a journey, but sometimes you can’t afford to patiently see it through. What do buyers do when they’re relocating or need to be out before their lease is up? We’ll teach you great shortcuts like getting preapproved by a Chicago mortgage broker like A and N Mortgage, We’ll give you a few tips and tricks to get through the process in a hurry!
Take Care to Make Informed Decisions
With speed comes much room for error. When you have to move forward quickly due to outside forces like a lease expiring or relocation, you may make decisions on the fly without weighing all of the facts. While speed might be necessary, don’t forget to ask questions. Do your research before jumping in with both feet. Take a moment to fully think through the potential consequences before moving forward.
Get Pre-Approved
If you’re in a hurry, then you’ll want to start your home search by getting a pre-approval. Keep in mind that this is not the same thing as being prequalified. Preapproval means you will need to provide information such as W2s, bank statements, and debt information. Getting through this part of the process prior to searching for a home will allow you to move forward much more rapidly once you find the home that’s right for you.
Not only will pre-approval help you buy a home in a hurry, it will also increase the chances of the homeowners accepting your bid. Pre-approval means that you’re a serious buyer and will reduce the number of issues that could delay the buying process. The best part is you can often apply for a home loan online to get the pre-approval process started quickly.
Know What You Want
Indecision can halt the home buying process in its tracks. Create a list of features that are must-haves in a home. Then figure out the wish list items you could sacrifice if it hindered your search. Knowing what you want up front will help both you and your realtor search for and, ultimately, select a home.
Real Estate Agents—Sometimes You Need More Than One
When you’re in a time crunch, you’ll want to have multiple people on your side. This is doubly true of real estate agents. Generally, people only utilize one, but putting together a team can help you cover a larger search area more quickly. Plus, they can pool their expertise to find houses that are on par with your requirements.
Line Up Your Experts
Another way to save time is to line up your experts before you need them. Talk with your real estate agent and friends and search internet reviews. Choose qualified home inspectors, lawyers, and other experts you may need. Call them to see if their schedules will be open to accommodating your needs. If they’re all ready to go, you’ll save time finding an expert you can trust who has time to help you.
Be Flexible
If you need to buy a house in a hurry, know that you may have to give some things up. Often, real estate contracts are built on contingencies such as buying the home after repairs have been completed. This takes time, and a seller may want to negotiate on these terms. The negotiation process can take time as you and the seller both decide on what you find acceptable.
When you’re looking at houses, keep an eye on what may need to be repaired and think about how important it is to you. It may be better to bid lower and have your bid rejected then get stuck in a contract process that moves slowly due to repairs.
At the end of the day, know that hurrying through buying a home can be dangerous. You may make rash or uninformed decisions. You may settle for a house rather than finding the one that’s right for you. So, take as much time as you can instead of just throwing caution to the wind. Remember, no matter what you do, processes can stall and take more time than you’d like.
To learn more about how to prequalify for a home loan with A and N Mortgage, call us at 773-305-5626!
