Find a Realtor and lender before falling in love with a home
Looking to buy a house? Know that it isn’t always an easy process. In this age of “do everything yourself to save a dime,” more buyers are shopping on their own before building a team of local experts. Here’s why that’s not your best move.
YOU WILL NEED PRE-APPROVAL
A lender needs to pre-approve your financial position within 7 days of an accepted offer. What does this mean for you?
Let’s say you go to an Open House and fall in love. More than likely, you aren’t the only one feeling the feels. In a seller’ market, there are lots of people looking to buy a house. If your offer shows no proof of financial capability, it is not a strong offer. Also consider timelines. Out of respect for your lender, don’t put them in a position where they need to quickly pre-approve you. They are busy and it’s not a quick process.
A REALTOR CAN DRAFT A STRONG OFFER PRONTO
Do you know what an Offer to Purchase looks like? Are you familiar with terms like “binding acceptance,” “loan commitment,” or “right to cure?” Any idea how to create and track deadlines for your contingencies?
No. You’re probably not. Hire a Realtor you trust. Interview a few, if you are unsure! And keep this fun fact in mind: buyers do not pay any commission. All commission is paid out by the seller, as it is subtracted from the profit of sale.