What You Need to Know About Buying a Home in Spring 2018

2018

WHAT YOU NEED TO KNOW ABOUT BUYING A HOME IN SPRING

SOURCES:

TRULIA'S BLOG \ REAL ESTATE ARTESIAN TITLE

Arrange your financing.

If you wait until after you’ve found a home to start the mortgage preapproval process, you might lose the home in this market to someone who already has their financing ducks in a row. “You must get your loan squared away and be ready to close in 15 to 21 days, max,” says mortgage adviser Jason Fox. Act fast.

To be successful and not make a rash decision, be as prepared as possible before you start looking by knowing the type of home and neighborhood you desire.

Put down a decent amount of earnest money.

The more earnest money you contribute, the more serious you look to the seller. “So on a $400,000 purchase, be ready to put up $7,500 to $10,000,” says Fox. Be prepared for bidding wars.

In hot markets, buyers should be prepared for bidding wars.

Fortunately, bidding wars aren’t always just about money. A shorter closing, willingness to rent the house back to the seller, a super-quick inspection period, and offer letters can help make a lower offer the best offer.