We, at LendPlus, are essentially a prominent and fully-integrated mortgage lending organization. We have helped numerous customers achieve their real estate dreams by providing a non-bank mortgage lending option with superior service. We strive to help customers and answer any questions they may have during every step of the real estate process. Recently, we had the honor of being featured on the entrepreneurial website, WealthyGorilla.com. In our post, we shared our Five Lessons for Real Estate Success. Below is a recap of what we shared with Wealthy Gorilla.
5 Lessons for Real Estate Success
1. Buy While the Market is Advantageous to Buyers
Supply and demand dictate that limited demand and large supplies drive down the price of a product. This situation is known as a buyer’s market in real estate as it enables buyers to get better deals.
2. Choose an Agent Who Has a Strong Track Record
The logistics involved in real estate acquisition can be complicated; therefore it is wise to rely on an agent to handle most of the process. This means working with an experienced agent who fully understands your needs and what is required of him or her.
Go for someone whose reference can be verified in the area in which you are looking. A real estate agent who is familiar with that particular area is likely to better understand the local market than an out-of-town agent. Being able to easily communicate with your agent is also important because if your personalities clash, even the most qualified agent would be a wrong match for you.
3. Get Pre-Approved Prior to House Hunting
The majority of sellers may not be willing to stop showing their property while the requisite paperwork is being collected by a prospective buyer. As such, buyers who have pre-approved mortgages typically have a competitive edge. Additionally, a pre-approved mortgage provides a sense of what a buyer can realistically afford. This saves time by eliminating homes outside of your budget.
4. Limit the Contingencies on the Offer You Make
When you have found the right property, it might be tempting to request that everything is brought up to code. However, demands like asking for every eyesore to be fixed can be annoying to sellers and could cause them to accept a lower bid just to remove the uncertainty.
Cosmetic touches like switching out a light fixture or repainting a room in a particular color can be easily done once the house is yours. However, certain contingencies are too significant to leave out, especially if the house has structural or other serious issues.
5. Expedite the Transaction Process
Home buyers should be prepared to close on a property at the earliest convenience of the seller. The seller, most likely, wants to move on quickly, so an expedited process is favorable to both parties.
If you are attempting to purchase a house while selling your existing home, it is usually better to have an offer before purchasing a new house; this eliminates delays. Additionally, the lender dictates the length of the closing process; therefore, you should go for an expert like LendPlus. We help to expedite the home-buying process in various ways.