-Home Purchase Guide
a Fast Purchase
-Buy, Don't Rent!
-Spouse Have Bad Credit?
of Credit Card Debit
-Student Home Loans
-Fair Market Value
-Buyer's Market or Seller's?
-Making an Offer
No Money Down
Buying a Vacation Home
Home Equity Loans
HOW TO ENSURE A SPEEDY HOME PURCHASE
Purchasing a home always has been a slow, difficult
progression. In these times of instant approvals and
‘24/7/365’ service, the house buying process is lagging.
The steps for finding a house can certainly be quicker
than they once were.
New home seekers can sit in the
comfort of their homes and search for the type and price
range of the homes they want on their computers and
receive instant results of options. Viewings can easily
be set-up by email outside of office hours or by
telephone arranged by telephone. As a result, real
estate agents to be aggressive and rise to the
competition if they want to secure your purchase, by
making themselves available seven days a week and do
just about anything they can to satisfy your needs.
However, once you have
made an offer on a house, things
seem to slow down. The average time it takes to finalize
a home purchase is a vacillatingly slow 8-12 weeks. Is
it possible for this process to be completed faster?
Yes! It is possible to for home sales to be completed in
four weeks or less. However, you will first need to have
the selling party agree to a quick sale.
What are the areas of blockage? They are typically with
mortgage agreements, conveyancing and surveys.
There is no question that the process associated with
mortgage applications has been more fine tuned in the
recent years. However, the process of getting approved
can still take as long as two weeks, as the lender waits
for property assessment and finalizes their financial
check on you.
Now, as competition grows more fierce, it has become
fairly common for some mortgage lenders to provide
instant mortgage offers online.
Credit scores are
obtainable online and Land Registry data can be
downloaded, allowing for these procedures to be
performed in a few minutes. This allows lenders to make
a home loan offer to potential borrowers very quickly.
However, there are brokers that do not anticipate this
speedy process coming into play extensively. Although we
might get the ‘five minute decision' in principle, there
can be no such thing as a ‘ten minute mortgage’. Lenders
are able to make fast offers, but they will often say
it’s a decision that is subject to this or that.
Additionally, without an assessment being performed, a
mortgage lender would predictably make some limits on
Thus, with an unpredicted estimation, it is very
possible for the mortgage deal to fall apart. A good
broker can put together a deal for lenders and get a
estimation done in 48 hours or less, followed by a
mortgage offer within three to four days. Even that
would be exceptionally fast.
More often, delays arise when solicitors working on
conveyancing, contracts and searches. Solicitors
indicate that the delays come from waiting for the
requested information to be returned. Conveyancing
cannot be finalized until all the pieces are in place.
The key to speedy conveyancing is a fast survey, with no
problems coming up, and searches being returned quickly
by the local authority.
Below are a few things you can to ensure a fast process.
If you have any questions please
- Obtain a mortgage offer in principle while you are
looking for your new home.
- Get a surveyor the instant you locate a property.
- Express your need for quick speed to your solicitor.
- Make sure you submit all paperwork and payments
- Stay in contact with all parties.