May 27, 2018

Get Your Buyers to Act Quickly

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Get Your Buyers to Act Quickly

Homes are selling quickly, and buyers may need to be decisive and responsive to secure their home purchase.

Just how quick? “I’ve seen all cash offers close in three days, and I’ve seen loans get approved and close within 21 to 25 days,” says Leslie Piper,®’s consumer housing specialist. In May, 45 percent of all homes sold were on the market for less than a month, according to data from the National Association of REALTORS®. 

Here are some tips to help your buyers act quickly: 

Get preapproved, not just prequalified: This helps show the seller that the buyer is serious about this home purchase and has a greater likelihood of being approved for a loan and making it to closing. 

Be responsive to lender requests for extra information: “If you are diligent about providing the lender everything they request, you should be able to close in 25 days or less, provided the real estate agent title company and everyone is diligent about meeting contractual time frames,” says Scott Sheldon, a loan officer with Sonoma County Mortgages. 

Be decisive, but not careless: Real estate professionals usually advise that no matter how much of a hurry a buyer is in they should still make their offer contingent upon a satisfactory home inspection. Buyers don’t want to get stuck with a problematic home, says NAR Spokesman Walt Molony. 

Source: “How Fast Can You Buy a Home?” (June 24, 2013)

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