To no surprise, in a competitive real estate market, it may take months and

sometimes even years to buy a residential property you dreamt of. Whether

other buyers consistently outbid you or it appears your rivals are constantly one

step ahead, it can seem as if you’re at a clear disadvantage when you’re hunting

to buy homes fast in a market where properties go under contract within hours

after being listed.

Even if you don't have a big bank balance, you can adopt some ways to speed up

the buying process. Here are few tips that you might find to be somewhat helpful.

Be financially disciplined in order to build down-payment

Financial discipline is the foundation for making this dream into a reality and

really affordable. You require paying the down-payment on the house from your

own pocket, which usually remains somewhere around 10-25% of the properties

market value. Before you buy a house in Washington, make necessary

arrangements by cost-cutting, avoiding wasteful spending, and clearing your

debts.

Adhere to your set budget

Start analyzing where most of your monthly income does go. It can be on rent,

groceries, dining out, shopping, and much more. Categorize your expenditure and

determine when and where you're spending your money, and then make a

budget accordingly.

Prepare for other expenses

Besides down-payment, there are some other out-of-pocket costs also involved

while buying properties. Stamp duty, registration cost, charges for memorandum

of title deed, interior decoration, power connection, water supply, brokerage

fees, legal fees, home insurance, etc., are some of the additional costs you require

to bear.

Get preapproved for a home loan

It takes a lot of paperwork when buying homes, and maximum paperwork

pertains to the mortgage approval process. You would require W-2s, 1099s, bank

statements, debt info, and gift letters, so be ready with all these beforehand.

Also, work with your mortgage broker to get preapproved for a home loan so that

you can buy homes fast. A preapproval letter is essential as it shows that you're a

serious buyer who is bank-approved and can afford to pay the home price.

Conclusion

Buying and selling a house isn't an easy task, but delaying it may not be profitable

either. So, it's a wise decision to get yourself prepared if you wish to own a home,

and the pointers mentioned above will unquestionably help you.

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