Are you preparing to purchase a new home? Or, maybe you’re just beginning your home search? If you are ready to buy a new home, you should follow a few rules throughout the process to make sure that everything runs smoothly. Buying a home can be complicated and intimidating, but you can make the process smooth and successful by being prepared.
Home Buying is a Marathon, Not a Sprint
In today’s modern home market, it can take three to six months to buy a home. Depending on your state, it may even take longer. Typically, there may be multiple offers on a home that you wish to purchase. Know this ahead of time, and be prepared to be patient while searching for your perfect new home and arranging the financing required.
Finance, Then Buy
If you require a mortgage before buying a home, and you want to be taken seriously by lenders, get pre-approved for a home loan before you begin your search. In this competitive market, you will need to be prepared to move on your offer as quickly as possible. If you have to pause to get approved for a mortgage, you lose valuable time.
Consider Multiple Factors Before Presenting an Offer
Before presenting your offer, ask your real estate agent for advice, as markets vary by neighborhood. How long a property has been on the market is also a factor, as some houses that have been on the market for a while may be overpriced. In that case, you can likely negotiate a price. Before buying your home, you want to make sure you have considered all factors before presenting the best offer for that home.
You may draw negative attention to your offer if you attach too many contingencies. Because it’s a seller’s market, they may be turned off and go with another offer instead. Some contingencies should not be withdrawn, such as an appraisal contingency required by a lender. However, home inspections that you can do yourself can be dropped.
Move Fast When Buying a Home
Because the housing market is so competitive, you may only have a few days to view the property, discuss it with your agent, and submit an offer. Many sellers will list their house and receive offers shortly after. Be prepared to act fast for the home that you want. Buying a home may not be easy, but it can be gratifying when done well.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.