5 Most important things to do before buying a house in Denver if you need a loan.
1. Be Pre Approved for a Loan.
Agents will tell you that you need to be preapproved by a lender before looking at a house. There has never been a more important time that the past 2 years of being pre-approved. A seller is not going to wait to see if you are approved. They have other offers. You are one of many offers. Put yourself in their shoes, would you want people walking through your house if they were not qualified, or didn’t know if they are qualified? Would you wait for one more people to get pre-approved when you have several others who already are? What is that saying “A bird in the hand is worth two in the bush?” The seller doesn’t need to wait for you.
2. Be Pre Qualified.
This is one step more than approved. It means you are qualified, you have given everything the lender wants they have fully qualified you for a purchase. The house then needs to qualify for the purchase. The house qualifying means, it needs to pass inspections and appraisal.
3. Know your time frame.
It takes between 4-6 weeks to purchase if you are purchasing with a loan. It takes a time to find the house depending on what price range and area you are looking in. You might need a few weeks, or more. You might find the perfect house on the first day out looking.
4. Be flexible and have a backup plan.
Know what you want, know your ideal outcome. Be flexible that everything might not be perfect and know what the backup plan is in case of emergency, just like anything else in life.
5. Work with a Real Estate Agent.
We will be able to help you navigate our rocky road. Listen to what we are telling you to do. We work with people every day and have heard every story in the book of why you are different. You are, but the buying process is essentially the same just with different people and we want you to be the best buyer. The seller has to make a decision on which the best buyer for their property is and even though timing is important, being fully qualified and ready is most important.
Buying a house in Denver and in a sellers market can be nerve racking, position yourself for success.