If you are looking to buy a home when the market is hot, it can be very difficult. Homes that used to cost less may have risen to sky-high prices. There may be bidding wars, too.
It’s not a bad idea to work with a realtor and to discuss your plans for buying a home with a real estate attorney before you start to look for a home under these conditions. Why? They can help you prepare to make an offer that a seller will be interested in and make it easier to complete the closing to transfer the home into your name.
A hot market means spending more, so get a preapproval for your mortgage
Since homes in a hot market sell quickly, it’s important to get a preapproval for a mortgage and to be able to show a seller proof that you can be funded to show you’re serious about your offer. This will also make it easier for you to make offers on homes. It will also help you understand what you can afford since the last thing you would want is to go through the full process and find out that the lender won’t give you as much as you need.
In a hot market, you need support from professionals
Whether you’re looking to buy a short sale, want to buy a home for sale right now or are just starting to look, it’s worth understanding your legal rights and make purchasing decisions based on the facts — not guesswork. From getting help with contracts to closing on a property, you can learn more about the process on our website.