Homeownership is an exciting time in one’s life. However, with that excitement can follow disappointment as this process can feel long and complicated when doing it without the proper tools and advice. Before you receive the keys to your new home, you’ll have to surrender to the complex process of buying a home. While there are aspects that are out of your control, there are still some things you can do to effectively expedite the process. Here are 3 tips to speed up the buying process and move into your dream home as soon as possible! Ready, set, go!
1. Get Documents Ready and Then Get Pre-approved
If you truly want to speed up the process when buying a house in Boise, you should begin by getting a few things in order. There are some documents that will help get the ball rolling!
Pre-approval is a key first step in the process of purchasing a home. Save time (and the headache) by having these documents ready for your lender:
- 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
It is necessary that you are candid and upfront about your finances. Be sure to ask your lender if you are uncertain or unclear about anything. Don’t be afraid to ask questions! In addition, a Boise real estate agent can assist in getting all your documentation in order. To learn more, just call Southey Real Estate at (208)340-3585.
Once you have all your documents in order, it’s time to actually work on getting pre-approved. In contrast to pre-qualification, pre-approval shows whether you qualify for a mortgage and how much you can borrow. It takes care of everything need to qualify for a mortgage with the exception of confirmation that a particular house will support the loan.
There are two main reasons why pre-approval will expedite the home buying process. First, you will understand how much you can borrow which allows you to look at homes within your budget. Additionally, pre-approval will set you up as a serious buyer to sellers, which often expedites negotiations.
2. Avoid “Problem” Houses
Another way to save time is simply to avoid “problem” houses. Your lender may not approve a mortgage for a problem house, leading you to begin house hunting all over again which will extend the process by months.
Keep an eye out for houses that may slow down the process. These houses include:
- Homes with an outstanding lien or other title-search problems
- Are distinctly different from others in the neighborhood, which can cause appraisal problems
- Have significant improvements causing them to be overbuilt for the surrounding 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 homes that don’t need significant 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 Southey Real Estate agent at (208)340-3585 to make sure you’re on the right path.
3. Work With an Experienced Agent When Buying a House
Perhaps the most crucial thing you can do to speed up the process is to work closely with an experienced agent. An experienced local agent can help ensure that the whole process goes as smoothly and as efficiently as possible. Southey Real Estate can help you avoid the many twists and turns along the way. From finding the right house to making to closing the deal, a local and knowledgable agent always makes the process go smoother. Furthermore, a local Boise agent will have extensive knowledge of the Boise market. Your local agent will know exactly what it takes to navigate the process, especially with respect to negotiations and concessions.
There’s no reason to prolong the process when you don’t have to! Southey Real Estate can get you in the home of your dreams without the wait so don’t hesitate to contact us at (208)340-3585.