Most people who are buying or selling their home would prefer to get the experience happily resolved quickly, but sometimes speed is non-negotiable. You may be moving for work, or perhaps you have sold your previous home and have to buy your new one before you no longer have a place to live, making time of the essence. Here are some special tips to streamline the process of buying and selling your Southlake luxury home.
For buyers
Ask questions
Knowing everything you can in advance can shorten the process of buying a house by a surprising amount. Get the most important questions resolved with your agent before making an offer. If you wait, the process can slow down considerably, or you could miss out on the house altogether.
Get preapproved
All buyers should get pre-qualified for a mortgage and preapproved for a loan before they start their house search. While getting preapproved is a little more difficult than being pre-qualified, which only requires a conversation and a glance over your credit score, it is still an easy process. You can submit the application for preapproval over the phone or online. Getting preapproved means making an offer can go quicker, while to the seller, it makes the offer look stronger.
Be picky
When you have time to search carefully, you should keep an open mind, but when you are in a hurry, you should be specific about what homes you visit. Keep a short list of the features you must have and cannot compromise on, and only look at houses matching the criteria. You should also ensure your list is realistic, considering your location and price range.
Look for slow sellers
Sellers are often eager to close their home quickly if it has been on the market for a while. Your realtor will be able to find houses that have been for sale longer than ideal, which can be anywhere between two weeks and over a year, depending on the market.
Make a good offer
When you are trying to get a house quickly, it is not the time for a long negotiation process. If your offer is strong, it tells the seller you are serious and puts you in a good bargaining position. While making a high-money offer is a good idea, other ways to make a strong offer include a fast closing date, a large down payment, or more earnest money. Make your offer stand out.
Be prepared
The more work buyers complete before negotiations begin, the faster negotiations go. Before you start touring houses, you can find a good home inspector who can inspect a house on short notice. You can also conduct a pre-offer inspection which will make an inspection contingency unnecessary.
Perhaps most important, you should have all paperwork put together beforehand. You will need pay stubs, three months of bank statements, and documents explaining any payments. Have two copies of everything. When you need to be fast, the more documentation you have on hand, the better.
For sellers
Think about finances
Selling a house can be surprisingly expensive. You will need your earnings from the sale to cover the selling fees, or you will be paying out of your pocket. Get an estimation of your home’s value, and subtract your home equity, fees, agent commissions, taxes, and any other closing costs. Being prepared in this way can save time later.
Prepare the home
Before putting a house on the market, you should take your time to make sure the house is at its best. It may seem counterproductive to those trying to save time, but 30% of sellers wish they had taken more time to prepare the house before listing it. Taking the time here can help you sell your house faster. Declutter your house, organize the closets, eliminate any smells, and fix any minor issues. These little things can make a big difference with potential buyers.
Generate curb appeal
The first impression is the only impression some houses get, so make it a good one. Spend some money and make the front of your house look its best; sellers usually get a great return on money spent on curb appeal. Mow the lawn, trim the trees and bushes, weed the garden, clean the entrance, and paint the front door. Plant some brightly-colored flowers. Make your house seem beautiful and welcoming from first sight.
Stage the house
Staging a house utilizes furniture, lighting, and decor to show off its best elements. The usefulness of this step cannot be overstated and can contribute in incredible ways to selling your home faster. Not only does it look more attractive to visitors, but it also helps you make the most of your listing photos, which buyers often use to decide if they want to visit the house at all.
Get a pre-listing inspection
Inspecting your house before you list it gives you some control by giving you more time to make any necessary repairs. It also means buyers will not find issues as they explore the house. With the inspection already out of the way, the negotiation process can go faster.
Set a strategic price
Pricing your house correctly is an essential step. Too high and no buyer will bid; too low and you are undervaluing your home. Look at recently sold homes with similar characteristics for examples of pricing and trust your agent’s expertise. Some sellers will list their house for 15-20% less than it is worth to encourage buyers to bid. This often leads to a bidding war, and the house sells for more than it is worth.
Show the house often
No one can know when a buyer might be seriously interested in your property, so you never want to turn down a showing. The more people tour your home, the more likely you will get a good offer quickly. Try to keep your house ready for showing all the time, with the dishes put away, the bathrooms clean, and the house dusted, but even if you do not have time to clean thoroughly, still show the house.
For both
Have an experienced real estate agent
An excellent real estate agent can be the key to a quick process for both buyers and sellers. Find an agent who is familiar with the area and has good reviews and a proven track record. Choose someone you can trust because their expertise is what you will be relying on.
If you are buying a home while selling your current home, work with one agent to streamline the process. Working with one agent will allow them to tailor the timeline, contingencies, and other requirements so that both processes can work together.
Work with a local agent
Eric Hacker is an excellent option if you are looking for a realtor in Dallas, Fort Worth. With global experience and familiarity within DFW, Erik Hacker is a realtor whose competitive nature and advanced skill set help him serve his clients well. His attention to detail and passion for real estate, architecture, and design make him a quality agent who builds lasting relationships. Learn more about Eric Hacker or connect with him today.
