Whether you’re considering distressed housing, new construction, or existing home or condo, there are three things you need to check off your list before starting the search for your next home. Before you even start browsing the Multiple Services Listing (MLS), make sure you take care of the tasks below – you’ll be glad you did.
- Prepare your finances and get prequalified for a mortgage
There’s nothing worse than finding the house of your dreams and going to secure your loan only to find out it’s way more house than you can actually afford. There are several types of mortgages out there – take some time to find the right one for you. Getting preapproved for a mortgage not only helps keep your budget in check, it also shows sellers that you’re serious about buying.
- Find the right agent
Finding an agent who truly understands your needs and budget is key. Particularly if you’re considering distressed housing such as a bank-owned home or a HUD home, you’ll want someone who’s well-versed in that type of process. You’ll be thankful to have a pro on your side to help you navigate the road to becoming a homeowner.
- No inspection? No way- In traditional home sales, an inspection is a given before finalizing any transaction. With distressed properties, however, that is sometimes not an option. While distressed properties can be sold “as-is”, if you aren’t given the opportunity to inspect the property before going through with the purchase it’s probably best to walk away. It’s one thing if the lender won’t cover necessary repairs, but you have to at least of the opportunity to discover what those repairs are.
If you’re interested in checking out the housing scene in Denver – either distressed housing or traditional options – contact Metrowest today. Our team specializes in distressed property sales and we’d love to help you start the process!