Have you ever heard the expression, “Hurry up and wait?”
Seems a bit contradictory but the meaning behind is quite simple ― be ready to leap into action. However, at the same time, exercise patience by waiting and sitting around for the moment to arrive.
Many people will tell you that buying a house in a hurry is not the right decision. However, when you know it’s the “one,” making haste is necessary. Let’s look at a scenario to understand the importance behind it:
Right now, you are visiting open houses and deciding what kind of property you want. There have been a few good ones, but none of them touched your heart. One day, as you were driving by a neighborhood, you saw a “For Sale” sign placed in front of a house. It was, in one word, “PERFECT.” You immediately call your Orlando realtor to ask if he had any idea about the listing in this area. He happened to know the selling agent handling the house and can help you buy it. After an initial meeting, you learn that the house went on the market just two days ago, which is why you were so lucky in spotting it. You tour the house and fall in love with it. The asking price is within your range, and the owner is open to negotiations.
The problem arises when the seller asks about the pre-approval letter. You don’t have one. You tell the seller that you will get it within a week, but he says he won’t hold the house for you. It takes more than a week to get the pre-approval letter because there was a glitch in your credit report. Finally, when you approach the seller again, he has multiple offers. You can’t compete with the high price, and since the seller has upped the bid, you are no longer even in the running.
Getting a pre-approval letter from a bank or a lender is crucial to the house-buying process. Sellers won’t take you seriously until and unless you have that piece of paper in your hand. Not only does it tell the seller you are ready to buy a house, but you can also afford it.
So, when you come across prime Orlando real estate that you feel is ideal for you, don’t let it go because you haven’t done your homework. In a buyer’s market, people are always on the lookout to grab a lucrative deal. This situation leads to a bidding war, which happened in the above scenario. As a result, the seller increased the asking price to make a nice profit.
These small steps in the house-buying process are not known to most first-time buyers. They believe that buying a house is as simple as looking at them and making a choice. However, it takes about a month or two to finalize the initials steps in the process, such as placing an offer, home inspection, escrow, and more.
You might need to hire a professional such as an Orlando realtor who knows the area and market trends. This way, you can make an informed decision. To get in touch with one, visit Megan Dowdy Realty. For more information and inquiries, talk to a Lake Marry realtor by calling 407-509-9279.