For many people, just being able to start on the home-buying process is a significant milestone. It’s therefore understandable that you’ll want to move as quickly as possible. In some cases, you may also be up against time pressure. Here is a quick guide on how to speed up the home buying process and when you shouldn’t.
If you’re selling
When you’re in a hurry, maximising speed is more important than getting the highest possible price. This means that you need to be prepared to sell. You also need to prioritise buyers who are clearly in a position to buy. These are typically cash buyers and/or people who’ve already been preapproved for a mortgage.
You may find it helpful to work with a real-world estate agent rather than an online one. This is because the real challenge of property sales is often managing them through to completion. Real-world estate agents can be much more hands-on here.
If you’re really in a hurry, you might want to consider setting a fixed price for your home. If you are prepared to set it on the lower side, you might attract investment buyers as well as residential ones. Investment buyers tend to be looking for bargains but they also tend to be well-organised and able to move quickly.
If you’re buying
If you’re buying, try to do as much as you can before you actually make an offer on a property. In particular, sell your home and/or get mortgage preapproval. Also, have a conveyancer lined up.
Be prepared for conveyancing
There are three key factors that influence how long conveyancing takes. The first is the property (and its location). The second is the seller (and how well organised they are). The third is your conveyancer (and how well organised they are). You can influence all of these factors.
If you’re in a hurry to move, look for modern property in low-/no-risk locations (e.g. not in a known flood zone or mining area). Make sure that the sellers are committed before you put in an offer. Have at least one conveyancer in mind. Ideally, have two or three options in case your first choice of conveyancer is unable to take on more business.
Look for conveyancers with a track-record of keeping their customers updated. If you’re looking at a new conveyancer, see if they give a service commitment to providing regular updates. This is probably the single most important point for separating the best from the rest. It’s also worth paying for, especially if you’re in a hurry.
Remember, no conveyancer can ever tell you in advance how long conveyancing will take. They can only give you a guideline based on the type of property you’re buying and its location.
They can, however, commit to keeping you updated and informed about any blocks they're experiencing. You can then decide what action, if any, you are able and willing to take. For example, if the issue is the local authority not responding to a search enquiry, you could try contacting your local councillor.
Never leap before you look
If conveyancing is taking longer than you’d like then you have two options. The first is to grit your teeth and deal with it. For example, you could find a property to rent until the conveyancing is completed. The second is just to abandon the exercise and move onto another property. Again, this may mean renting until you find another property.
Never complete a sale on a property without full sign-off from a conveyancer. Firstly, you are risking the money you spend on the property. Secondly, you are assuming all legal liabilities associated with the property. What’s more, you may not find yourself covered by insurance if the conveyancing was not properly completed.
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