4 Ways to Buy a Houston House Faster
When you are ready to buy a Houston house, you want it to happen quickly. The process can take several months when it goes smoothly. However, during a hot market, inventory tends to be low and it can make it harder to find a home to buy. During times like this, it can take more than six months to find and close on a house.
If you want to speed up the process, you can try one of these four strategies to buy a Houston house faster.
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Get down payment assistance
One of the things that holds up the majority of people from purchasing a house is not being able to save for a down payment. It can take years for people to save up, and many people believe they need the down payment in order to buy, especially after the crash of the real estate market several years ago. But that is not true.
There are more than 2,000 programs around the country that offer down payment assistance to home buyers. Each program has a different requirement, but if you are eligible, you can save yourself time and money upfront.
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Watch for new listings
Check for new Houston houses to come on the market all throughout the day. When you notice any new houses that interest you, try to schedule a showing immediately.
If you are the first person to look at a house, you might have a chance to put an offer in and have it accepted before other buyers are able to look at the house. Stay on top of it.
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Don’t be afraid of foreclosures
Most buyers are looking for Houston houses that are move in ready. If you want to purchase a house faster, and possibly save money, purchasing a foreclosure could be the right option for you. Since many Houston buyers shy away from purchasing foreclosures, you will have less competition, which can help you find a better deal faster.
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Get pre-approved
When you have a lot of competition in the market and are trying to purchase a house, you need to make your offer look better than any others that the seller might be receiving. One of the ways to do this is to show the seller that you have your finances in order.
Meet with a lender and get pre-approved. The lender will look into your credit history, source of income, and other assets to see if you are a safe risk to loan money to and how much you can be approved for. Once you receive a pre-approval letter, it is typically good for 90 or 120 days.
When you make an offer and the seller knows that you are pre-approved, it is a good way to reassure the seller that you are making a good offer and will not have a problem getting approved for a mortgage. Sellers don’t want to worry about the deal falling through, and will look for an offer that they can rely on.
Many parts of the country are experiencing hot real estate markets. Inventory is low, which is leading to bidding wars that are driving up the prices of houses. If you want to buy a Houston house quickly, and avoid paying a much higher price, you will want to use these tips when trying to buy a house.