Buying a house, especially for first-time buyers, can be an exciting adventure. But, unfortunately, that excitement often becomes nothing more than disappointment and frustration because the process takes so long. Before buyers can get to the closing table, they have to navigate the protracted and complex home-buying process. While some of it is out of your control, there are still some things you can do to effectively expedite the process. So check out these 3 tips to speed up the process when buying a house in Redlands.
1. Get Documents Ready and Then Get Pre-approved
If you truly want to speed up the process when buying a house in Redlands, you should begin by taking care of first things first. And that means getting all the needed documents in order and ready to hand and then getting pre-approved.
Pre-approval is an important first step in the process of buying a house. But if you want it to go as smoothly and as quickly as possible, you will need to prepare, which means getting a bunch of paperwork in order. Lenders will typically require the following documents . . .
- Proof of income for the past two years (W2s and possible tax returns)
- Tax returns and profit-and-loss statements for the self-employed
- Current bank statements
- Records of investments and other assets
- For the divorced, copy of settlement papers and records of payment/receipt of child support
- Records of investments sold for down-payment purposes
The main thing is to be honest and upfront about your finances. And be sure to ask your lender if you are uncertain or unclear about anything. In addition, a Redlands agent can provide guidance and assistance in getting all your documentation in order. To discover more about this, just call (951) 232-9704.
Once you have all your documents in order, it’s time to actually work on getting pre-approved. Unlike mere pre-qualification, pre-approval will let you know whether you qualify for a mortgage and how much you can actually borrow. It basically takes care of everything you need to qualify for a mortgage except confirmation that a particular house will support the loan.
Pre-approval is important for speeding up the process of buying a house for two main reasons. You will know how much you can borrow and so save time house hunting because you can shop within your price range. Second, pre-approval will allow you to be perceived by sellers as a serious buyer, which can expedite negotiations.
2. Avoid Houses With Problems
Another thing you can do to speed up the process when buying a house is simply to avoid problem houses. A house with problems can drastically slow down the process. Your lender may not approve a mortgage for a problem house, and then you’ll have to start house hunting all over again. And this can extend the process by months.
A few of things to be on the lookout for and avoid are houses . . .
- With an outstanding lien or other title-search problems
- Distinctly different from others in the neighborhood, which can cause appraisal problems
- That has significant improvements causing them to be overbuilt for the neighborhood
- That are built in an unusual style
- In need of significant repairs
Just keep in mind that lenders are far more comfortable extending loans for houses that don’t need repairs and that fit in well with the rest of the neighborhood. If you have any doubts about a particular house, your best bet is to consult a Redlands agent at (951) 232-9704 to make sure you’re on the right track house-wise.
3. Work With an Experienced Redlands Agent When Buying a House
Perhaps the best thing you can do to speed up the process of buying a house in Redlands is to work closely with an experienced Redlands agent. A good local agent can help ensure that the whole process goes as smoothly and as efficiently as possible, helping you avoid the many pitfalls along the way. From finding the right house to making an offer to negotiating the best deal to closing, a good agent almost always makes the process go faster.
In addition, a local Redlands will have extensive knowledge of the local market. Conditions vary from one market to the next, even from one neighborhood to the next. Your local agent will know exactly what it takes to move you from the offer to the closing table as expeditiously as possible, especially with respect to negotiations and concessions.
If you do in fact want to speed up the process of buying your house and get to closing as soon as you can, consider working closely with a Redlands agent. There’s really no reason to prolong the process when you don’t have to. So when you’re considering buying a house in Redlands, don’t hesitate to contact us at (951) 232-9704.