Get Pre-Approved Prior to Looking at Homes
It’s important that you understand the difference between a Pre-Qualification and Pre-Approval. Please reference one of our past articles, The Home Buying Pre Approval Process, to better understand the difference between the two.
By having all of your financing taken care of prior to viewing homes, you are ready to make an offer if you find the home of your dreams. If not, a lender must be contacted and all necessary financing qualifications will have to be addressed. This process takes time that you may not have. If you find THAT house, don’t lose out on it because you weren’t prepared.
What to do in a Seller’s Market
When a property comes on market that fits all your criteria, you need to jump on it! Don’t think you are the only buyer out their looking for that particular house. Chances are, there are numerous home buyers out their looking for a property very similar in nature, to what you are looking for. Have your Real Estate agent set up automated property alerts for you. Better yet, have the search notify you immediately of a property matching your criteria being submitted to the MLS. That way, as soon as the property goes active on the MLS, you are notified immediately.
Make Sure your Search Criteria is Correct
When setting up your search criteria on the MLS, your Real Estate professional can make your search criteria as limited or as stringent as you prefer. If you are looking for something very particular, mention that to your Realtor so they can set the search up appropriately.
Look out for Coming Soon Listings
When aggressively searching for your new home purchase, what better than to be the first through the door. Homes listed on the MLS as Coming Soon, are not nable to be shown to other Real Estate professionals. Everyone must wait until that listing goes Active. So if you have a lot of interest in a house that is listed as Coming Soon, have your agent contact the listing agent to better know what timeline they are working with.
Return on Investment
Have your Real Estate professional pull comparables from the surrounding neighborhood and communities. By having equity in the house upon purchase, it gives you more freedom down the road when it comes time for either resale or renovations. Home equity lines of credit or a home equity loan, can only be obtained when a certain amount of equity is obtained. Read more on home equity loans or home equity lines of credit HERE.
