Help! I Still Want to Buy a House This Summer!
Photo by Ted Dawson
First, it’s going to be ok.
Second, it might not turn out exactly 100% the way you dreamed it up in your ideal timeline. But, it’s going to be ok.
It does take 6-8 weeks to close on a home after the purchase and sale agreement has been signed. So, you have to add those weeks into your timeframe.
Most of that time is for loan underwriting and inspection resolution. If you’re not using a lender, then that timeframe can speed up. But if the person you’re buying from is using a loan for their purchase, you may still be in that 6-8 week realm.
Finding the right home can be tricky, which I’m sure you’re experienced. That, perhaps, is why you’re reading this post in the first place. Here are some strategies for getting into a house as quickly as you can.
- In a seller’s market, when homes seem to be selling fast, and there are multiple bids on properties, you first need to acknowledge it. Acknowledge that sellers might have more power in the transaction than buyers do.
- You may have to be flexible on some features that you want. You don’t have to give up on everything, but keep an open mind. If you can get a house that is 80% of what you want, that might be the way to go. Keep an open mind. You can fix or change almost anything in a house.
- Speed wins. Be ready to make an offer after seeing the house for the first time. Your night to sleep on it was someone else’s last night that they slept on it. If you like it, move fast.
- Make an offer that the seller might actually accept. In a competitive market, buyers aren’t able to make low offers and engage in drawn out negotiations. The house is still being shown and marketed during negotiations, so even though it feels like you’ve moved fast and locked it up, you haven’t. Also, a drawn out difficult negotiation may nudge a seller to actively seek other offers, using your offer as bait.
- Use a competent and qualified Realtor. Sellers and listing agents want to make sure that the sale will actually happen. The better written the offer is, and the more connected your buyer agent is to the local real estate market, the better. Bringing in your sister from Colchester to help buy a house in Montpelier or Barre might not help your cause as much as you want it to. Better to bring in a local, skilled, experienced Realtor. Green Light Real Estate focuses on Central Vermont, and we know the area and the players really well. Listing agents have told us that they really like working with us on the buyer side because we’re collegial, professional, and we work as a team.
- Start looking for a Plan B. Maybe you can extend your lease for a month or two? If you’re looking at a hard move out deadline, then you really should think about looking for a different rental. You don’t want to negotiate with your back against the wall. And you don’t want to be homeless.
- If you haven’t yet, you really should schedule a free buyer consultation with Green Light Real Estate. When you have a deep understanding of the inventory and the process, and your Realtor really knows what you’re looking for, then the creative juices start flowing. Working together with your buyer agent will really help you refine your search, and give you an advantage over other buyers.
It’s going to be ok. Houses come on the market all of the time, in all months of the year. Sure, it might have been ideal to move the week of July 4 so you could have some extra days to pack, clean, and move. But that doesn’t always work. Be patient, be flexible, be open minded, be prepared, and then be ready to move fast.
Are you in the market to buy or sell? Get in touch! Call us at (802) 225-6425