Purchasing a home is already a time-consuming process, don't make it harder on yourself. Every single day I find myself helping people who have all made the same errors and have lost out on so many opportunities and so much time. Here are 4 easy steps to save you time and effort so you can avoid common mistakes and focus on what matters most.
1. Get a pre-approval done first
I have all my clients sit down for a buyer consult before we start the search and you would be amazed how many people think they get to decide how much a bank will give them. If you are planning on taking a mortgage out for your home, you need to get a pre-approval. If you don't know how to get one or want referrals for different types of loan officers then speak with a realtor first. All the REALTORS I know either have recommendations for a loan officer or can show you how to locate one that will fit your needs. If you have a bank or broker that you know already and want to use, you can also go to them.Â
Regardless of whether you need guidance in finding a mortgage or not, if you are planning on using a mortgage to purchase your property, you are going to need a preapproval. If you don't have a pre-approval for your REALTOR then they can show you all the houses you want, but none of it will do you any good if you can't afford that house to begin with, and then you're wasting yours and your REALTORS, and the people selling the house, and the listing agents, and everyone's time. Do yourself a favor and just get the pre-approval. It doesn't cost you anything or commit you to anything, it doesn't affect your credit or have any negative impact on you, but it will give you a very good idea of what you can afford, what your monthly payments could be, and how much money banks are willing to loan you.
2. Work with a REALTOR
Every single day I get a text, call email or lead from someone who found a house on some site and when I check the listing, it is no longer available. These sites can be great when you are browsing for ideas of what features you may want or not want, or even to get an idea of prices in certain areas, but when you want real time information about homes currently on the market the moment they become available then you absolutely need to work with a realtor. Listing agents share their listings with their immediate sphere of agents (with the sellers' permission) the moment they know about it. This can sometimes be weeks before the home ever ends up on any website. So by the time the listing goes live on the site you are monitoring like a hawk, someone has already put an offer in on it. Stop wasting your time looking at last weeks listings and work with a REALTOR.
3. Don't be a Flip Flop
I know it may seem like a big commitment to sign a contract with 1 person whether it's a REALTOR, or your loan officer, or whoever, but when you don't you are actually wasting a lot of time doing the same thing over and over again. As a REALTOR we spend day and night watching the market, the new listings the houses prices. And when we have a client you become our number one priority. It is our job to find you the home you want and we will work until we find it. However if you get nervous and don't commit and are constantly signing one time showing contracts you lose that. Not only do you have to do all the work yourself but you have to sign all the contracts every time you want to see something, and answer all the same questions from another agent and another and another, not to mention the phone calls you'll get from agents following up on the unrepresented client that toured their open house. I know it's daunting to commit to 1 person or one team or one company, but do yourself a favor and just do it. Your search will become easier and you'll gain time back from screening calls, searching and answering all the same questions, I promise you.
4. Trust the Process
So many people just look at one house or just submit one offer and when it turns out not to be the perfect home they give up and I don't hear back from them for months if ever. Just like with everything in life the first attempt will probably flop. It's with consistency that things start to improve. If your goal is to own a home it is possiblenegotiations. First house you look at is not perfect, or your first offer is rejected, or turns into a negotiation. When you feel discouraged turn to your agent. They will be able to help give you ideas of how to modify your search to see more homes or talk to you about why the last offer failed. Many times it has nothing to do with you personally but the ever changing real estate market. Like with anything else though, if you stick with it and don't lose sight of your goal, you will achieve it.
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