Buying a house, especially for first-time buyers, can be an exciting adventure. But, unfortunately, that excitement often becomes nothing more than disappointment and frustration because the process takes so long. Before buyers can get to the closing table, they have to navigate the protracted and complex home-buying process. While some of it is out of your control, there are still some things you can do to effectively expedite the process. So check out these 3 tips to speed up the process when buying a house in Santa Cruz.
1. Get Documents Ready and Then Get Pre-approved
If you truly want to speed up the process when buying a house in Santa Cruz, you should begin by taking care of first things first. And that means getting all the needed documents in order and ready to hand and then getting pre-approved.
Pre-approval is an important first step in the process of buying a house. But if you want it to go as smoothly and as quickly as possible, you will need to prepare, which means getting a bunch of paperwork in order. Lenders will typically require the following documents . . .
- 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
The main thing is to be honest and upfront about your finances. And be sure to ask your lender if you are uncertain or unclear about anything. In addition, a Santa Cruz agent can provide guidance and assistance in getting all your documentation in order. To discover more about this, just call 831-588-2334.
Once you have all your documents in order, it’s time to actually work on getting pre-approved. Unlike mere pre-qualification, pre-approval will let you know whether you qualify for a mortgage and how much you can actually borrow. It basically takes care of everything you need to qualify for a mortgage except confirmation that a particular house will support the loan.
Pre-approval is important for speeding up the process of buying a house for two main reasons. You will know how much you can borrow and so save time house hunting because you can shop within your price range. Second, pre-approval will allow you to be perceived by sellers as a serious buyer, which can expedite negotiations.
Be Prepared and Organized: Staying organized throughout the home-buying process can save you a significant amount of time. Here are a few ways to be prepared and organized:
- Create a checklist: Make a checklist of all the tasks and paperwork you need to complete during the buying process. This will help you stay on track and ensure you don’t miss any important steps.
- Research neighborhoods and properties: Before you start house hunting, do your research on different neighborhoods and properties that meet your criteria. This will help you narrow down your options and save time on visiting unsuitable properties.
In a competitive Santa Cruz housing market, being proactive and making quick decisions can give you an edge. Here are some tips to help you act decisively:
- Be responsive: Stay in constant communication with your real estate agent and promptly respond to inquiries or requests for information.
- Schedule inspections and appraisals promptly: Once you’ve found a property you’re interested in, schedule inspections and appraisals as soon as possible. Delays in these processes can slow down the overall transaction.
- Be prepared to make an offer: If you find a house you love, be prepared to make an offer quickly. Having your finances in order and being pre-approved for a mortgage will enable you to make a strong offer promptly.
2. Avoid Houses With Problems
Another thing you can do to speed up the process when buying a house is simply to avoid problem houses. A house with problems can drastically slow down the process. Your lender may not approve a mortgage for a problem house, and then you’ll have to start house hunting all over again. And this can extend the process by months.
A few of things to be on the lookout for and avoid are houses . . .
- With an outstanding lien or other title-search problems
- Distinctly different from others in the neighborhood, which can cause appraisal problems
- That has significant improvements causing them to be overbuilt for the 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 houses that don’t need 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 Santa Cruz agent at 831-588-2334 to make sure you’re on the right track house-wise.
3. Work With an Experienced Santa Cruz Agent When Buying a House
Perhaps the best thing you can do to speed up the process of buying a house in Santa Cruz is to work closely with an experienced Santa Cruz agent. A good local agent can help ensure that the whole process goes as smoothly and as efficiently as possible, helping you avoid the many pitfalls along the way. From finding the right house to making an offer to negotiating the best deal to closing, a good agent almost always makes the process go faster.
In addition, a local Santa Cruz will have extensive knowledge of the local market. Conditions vary from one market to the next, even from one neighborhood to the next. Your local agent will know exactly what it takes to move you from the offer to the closing table as expeditiously as possible, especially with respect to negotiations and concessions.
Remember, while speeding up the Santa Cruz home-buying process is desirable, it’s also essential to take the time to conduct thorough due diligence and ensure you’re making a sound investment.
If you do in fact want to speed up the process of buying your Santa Cruz house and get to closing as soon as you can, consider working closely with a Santa Cruz agent. There’s really no reason to prolong the process when you don’t have to. So when you’re considering buying a house in Santa Cruz, don’t hesitate to contact us at 831-588-2334.
I’m Shemeika Fox, your Santa Cruz real estate expert and your personalized real estate concierge! Reach out to me for a complimentary and confidential consultation TODAY!
