How to Buy Your Next Denver Home Quickly
The process of buying a Denver home in a competitive market often takes months – possibly even years. Whether it is because other buyers are constantly outbidding you or you feel that other buyers are always one step ahead of you, a lengthy a Denver home buying process is frustrating at best. However, even if you don’t have a massive amount of money sitting in your bank account, there are ways that you can expedite the process of buying a property. Check out the tips below to find out how you can buy your next Denver home quickly.
Find a Team of Real Estate Professionals
Perhaps the best way to shorten the home buying process is to assemble a team of experienced and trustworthy real estate professionals. Buying a home comes down to being prepared. Pick the right team, including a real estate attorney, mortgage banker, and real estate broker, preferably a team that has worked together before, and let them do what they do best.
Have a Good Relationship With Your Agent
One of the most important members of your team is your real estate agent. Make sure you have an excellent mentor/navigator to guide you along the way. Find an experienced real estate agent who is completely familiar with the Denver market. A great agent will have tons of connections and if they are really plugged into a neighborhood, they will have advance knowledge of properties that have not yet hit the market. The better your relationship with your agent, the more likely you are to get a sneak peek of these properties.
Be Pre-approved for a Loan
Being pre-approved for a loan is one of the greatest things you can do if you want to buy a home quickly. This shows sellers that you are a serious buyer who is already bank-approved, and that you are able to afford the home’s price. Gather all of the necessary paperwork and work with your mortgage broker to get pre-approved for a mortgage before you even start looking for homes.
Look in Areas With a High Inventory
Research indicates that areas with a lower home inventory significantly slows down the buying process. This makes complete sense because in areas with low inventory, you will be bidding on the same homes as your competition because that is all that is available. If you start looking in areas with sleepier markets, you are more likely to find homes that match your desired criteria, and in areas that are less prosperous economically, if you go in with a strong offer and a 20 percent down payment, you may be able to find everything you want in a home, including a short escrow.
Know What You Want and What You Don’t
In competitive real estate markets, many buyers spend a good deal of time talking themselves into homes that require a ton of compromises with respect to their wish list and in the process, end up bidding on homes that they don’t love – or even like. Don’t waste your time looking at what you know is not for you. The less time you spend on Denver properties that clearly don’t have what you want, the quicker you will be able to locate those that do.
Sell Your House Before Buying
Adding in a contingency sale is one of the easiest ways to slow down a Denver home purchase and in competitive markets, buyers often do not want to deal with a contingency offer. Selling your Denver home before you buy is a great way to set yourself up for success because you will have a good amount of equity in the bank and flexibility with your closing date.
Make Yourself Available
Once a Denver home is under agreement, you must be available at any time of day or night to answer questions from both your agent and the seller’s agent. Make sure that you are available via phone, e-mail and text and answer each inquiry as quickly as possible.
While buying a home can be a long process, there are ways that you can shorten it. Be sure that you have done your homework and assembled a stellar team of professionals to help give you every advantage possible. Know what you want and don’t spend time trying to talk yourself into properties that don’t have what you’re looking for. When you are properly prepared, you will be able to buy your next home quickly.