Home buyers frequently struggle to find a lender who has their needs in mind;
Causing them to miss out on purchasing their dream home. LendPlus is a leading non-bank lender dedicated to ensuring that every client secures the funding they need to purchase a home whenever it becomes available.
The company does this in a variety of ways, from leveraging the executive team’s 30+ years of financial experience to offering one of the most efficient application processes in the industry.
Most clients can get a mortgage loan approved and funded within 21 days of beginning the application process! They also offer a variety of mortgage loans, ensuring that they have a competitively-priced option to suit nearly any customer.
5 Lessons for Real Estate Success from LendPlus
LendPlus also prides themselves on their excellent customer service and wants to leave every customer with a lasting positive impression.
This experience has given LendPlus a unique perspective on how buyers should approach their real estate investment. Below are the top five tips the company offers to prospective home buyers.
1. Buy During A Buyer’s Market
The basics of supply and demand dictate that large supplies and limited demand drive the cost of a product down. In real estate, this situation is referred to as a buyer’s market; because it allows home purchasers to get a better deal than they could otherwise.
This is the ideal time for home buyers to pounce, as the cyclical nature of the economy ensures that a seller’s market (where demand is high and supply is low) is coming. Buyer’s tend to spike in the spring and early summer with those with families looking to relocate after school finishes for the year.
Your money will purchase less house during a seller’s market. So never hesitate to pull the trigger if you find the house for you at an affordable price.
2. Choose A Real Estate Agent With A Strong Track Record
Real estate can be complicated, so it is normal to rely on your real estate agent to handle a lot of the process’s logistics. Of course, this means that you need to work with an experienced agent who really understands both their job and your needs.
Try to pick someone with verifiable references in the area(s) you are looking at. As a real estate agent familiar with the area is likely to enjoy a greater understanding of the local market than somebody from out of town.
You also need to communicate with your chosen agent, as the most qualified agent in the world is wrong for you if your personalities clash. Using these tips, you should have no problem finding the agent you need.
It’s important that the real estate agent knows your needs and prioritizes your needs accordingly. If your mother-in-law will be moving in with you and a mother-in-law suite is a necessity; your real estate agent needs to know this and only show you properties that already have a mother-in-law suite or the potential to build a mother-in-law suite.
3. Get Pre-Approved Before House Hunting
Most sellers do not want to stop showing their home while a prospective buyer collects the requisite paperwork, so buyers with pre-approved mortgages frequently get a competitive advantage over those who do not.
A pre-approved mortgage also gives you a realistic sense of what you can afford.
Thus, saving you time by eliminating any properties outside of your price range from your search. Nothing is worse than falling in love with a property and picturing yourself living there, only to realize it is well outside your price range.
4. Limit The Number Of Contingencies On Your Offer
When you find the perfect property, it can be tempting to ask the seller to bring everything up to code, fix any eyesores, and otherwise improve the home before you move in. Such demands frequently annoy sellers, however, causing them to accept a lower bid to eliminate the uncertainty.
Ideally, every house would be turnkey and “move in ready”; however, many times this is not the case. Simple cosmetic touches like repainting a room to fit your color scheme, or switching out a light fixture; can be done once you sign the mortgage and the house is yours.
These things should be left out of your offer, which will greatly improve your chances of getting your approved.
However, some contingencies are too important to avoid, so there is nothing wrong with attaching a few to your bid. Especially if there are issues with the house that jeopardize the integrity of the structure or livability of the home.
Just make sure to avoid abusing any contingencies you may have.
5. Make The Transaction As Speedy As Possible
Finally, buyers should be ready to close on a property at the seller’s earliest convenience. As a buyer, you do not want to be stuck in limbo after purchasing your new home. The seller probably wants to move on with their lives as well, so an efficient process favors both parties.
If you are trying to buy a house, while selling an existing house, many times it’s better to already have an offer on your house prior to buying a new house. This eliminates any delays which could impact the closing date on your new house and ultimately could void the offer on your new house.
Also, the lender you choose dictates how long the closing process will take, so choose an expert such as LendPlus. The company expedites the home-buying process in a variety of ways, ensuring that you can close as quickly as possible.
Don’t let delays by a third party, like a slow mortgage lender, impact your potential at getting your dream home.
Following these five tips will help ensure your real estate success.
If you’re interested in learning more about LendPlus or ready to get started buying your dream home, visit LendPlus.com for additional information. You can also follow the company on Facebook and Twitter to stay informed of all of the latest mortgage updates.
Here’s a recap of the five lessons for real estate success:
- Buy during a buyer’s market
- Choose a real estate agent with a strong track record
- Get pre-approved before house hunting
- Limit the number of contingencies on your offer
- Make the transaction as speedy as possible