During a time when the economy is stagnant, buyers are often able to access lower property prices. Maintaining real estate transactions is critical to the stability of any economy. Therefore, the government may encourage home buying by reducing taxes, and sellers may liquidate their properties to fulfill other needs. Buying your home during a pandemic is also likely to take less time, as the ultimate aim is to simplify the property transfer process and stimulate economic activity.
If you're looking to close on a property much faster than usual, there are several steps you can take towards this end. For example, preparing your mortgage application in advance will streamline the closing process so you can move in much sooner than standard timelines. Here are additional ways through which you can reduce the timeline when buying a home.
1. Get Pre-Approved for a Mortgage
The first step to buying a home is knowing whether you can afford it. Even before house hunting, make sure you get a mortgage pre-approval. Your lender can inform you in advance whether you qualify for a loan and which options you have available. This will help you filter your search strategy accordingly. Furthermore, you'll be able to provide more details to sellers when making an offer (thus standing out from other buyers).
2. Identify a Realtor When Searching for Properties
Searching for the perfect deal during a pandemic can be challenging. Many sellers are providing limited options for showings to avoid contact with potentially infected persons. A useful resource you can rely on during this step is working with a realtor. Realtors have experience representing buyers, and they can guide you through the legal steps you should take before closing on a property. Some can also provide tips on home search strategies so you can be sure you're getting a good deal.
3. Get Your Documents Ready
There are legal documents you will need to sign before buying a home. These include the sale contract, title to the property, and mortgage financing documents. It's important to find out the identification documents necessary before you process this paperwork. You may need a photo ID, passport, utility bills (for proof of address), and bank account statements to verify your income. Gathering such paperwork in advance will significantly reduce processing timelines, especially during a time when applications may be backlogged. You can also work with a company that offers real estate legal services.
4. Put Money Aside for Closing Costs
Another useful tip is to prepare yourself in advance for closing costs. Buyers tend to procrastinate on the closing process because it comes last. However, closing is a complicated process that could result in delays. Prepare yourself early by putting money aside for closing expenses. Also, consult your realtor to find out which documentation is necessary during closing.Share
21 May 2021
Although I am far from perfect, I have focused on abiding by the local laws for the vast majority of my life. Unfortunately, about five years ago, I realized that I was being accused of a crime that I didn't commit. I thought about letting the trial run its course, but then I realized that fighting would be important to ensure my future. I teamed up with a great lawyer, and things became much easier overnight. My legal counsel told me what to do and what to avoid, and he was able to prove the facts in a court of law. This blog is all about choosing to fight charges.