Did you know that there are ways to speed up the house-hunting and home-buying process when you need to buy a home fast? And the best part is that you don’t need to have a massive bank account.
In a very competitive seller’s market, it’s not uncommon that being outbid by other buyers can lengthen the time it takes to enter the closing process. Rival buyers can always seem to be one step ahead or always on the advantage. And unfortunately, in a hot real estate market like Nashville’s, this is often the case! Here are my tips for helping speed up the process when you’re really in a time crunch, even if you’re buying in a seller’s market.
1. Get the right agent!
Just as in any other industry, in real estate there are some agents who really hustle for their buyers… and some who don’t. Ideally, if you explain your situation to an agent, they should be able to provide a solid action plan for giving you the competitive edge. Ideally, this should include things like setting you on an instant-alert email blast for homes entering the MLS which fit your needs, calling you every morning with their ‘top picks’ for you to see, and being on-hand to arrange tours and showings every afternoon. While that might sound like a lot, remember that homes for sale in the most desirable Nashville neighborhoods are often only on the market for a few days!
2. Get pre-approved for a loan
The approval process for a loan can take some precious time; and getting pre-approved not only reduces that time, but makes you look much more serious to sellers. In a hot real estate market, many sellers won’t even consider offers from buyers who haven’t been pre-approved.
3. Look in areas with more homes for sale
If your ‘dream neighborhood’ only has a few homes for sale at a time, and buying before a certain date is more important, consider looking at other nearby areas which might have more homes for sale– a higher inventory of possible homes to buy. For example, if you’re wanting to buy a home near Belmont University, consider also looking at Edgehill and 12 South, both of which have much more homes for sale than the few blocks right around the University.
4. Have a strong list of “must-have-items” and “don’t-want-items”
Your agent is there to help you in your home search, and it’s their job to do a good deal of the work for you. Since they have access to more details about a home than you can see online, they might be able to more quickly mark items off the “possibility” list and waste less of your time if you have a good idea what you want!
5. Be available to move fast
If you aren’t able to do some hustling too, and view homes quickly, chances are other people are going to get their offers in before you are. While it might take some finagling at work, make certain that you’re primed and ready to head off to showings ASAP when needed! This can help cut the time down several weeks, as many individuals can only view homes on Friday or the weekends.
