Average Home Buyers Take 73 Days to Close on a Property After Their Visit

If you are seeking a piece of Venice, FL, real estate, touring an open house for a home you love is an exciting step in the process of buying property. Something clicks: all the elements of the house seem right, the location is perfect, and it looks like the sale is going to be ideal for you and the seller. 

But what do you do in the time between that moment and finally closing on the house? Most buyers take a while to dot all the Is and cross all the Ts. Below, we’ve outlined everything you need to know in that interim period between visiting a winning home and reaching the closing table. 

Once you step inside that perfect home at the open house, there may be an impulse to put in an offer immediately, start the negotiation process, and close as soon as possible. While that may be the right choice for some buyers with exceptional financial standing, it’s usually best to seek professional guidance. 

First off, you should do some research and find the best local agents in your area of interest. From there, you’ll have a reliable support system working in your corner. Since most real estate agents work on commission, it’s valuable to have an experienced agent on your side because they profit from sales when you do. About 97 percent of buyers first encounter their next home online, so it’s always a good idea to meet an agent in person first to review your goals and the type of home you’re looking to buy.

After finding a skilled local real estate agent to team up with, it’s time to zero in on the exact features and amenities you want to see in your dream home. Consider requesting a second showing of the property. Do a deep dive into the past history of the house. Were there any recent renovations? Have property values risen or lowered in the neighborhood? Asking questions like this can help you make a more informed decision further on down the line.

Other details you can request from the seller include the following:

When you approach lenders, it’s always a good idea to consult with your real estate agent first. They can provide you with a solid list of choices that will offer you a range of interest rates. Taking your time on this step is especially important when dealing with luxury real estate. 

Collect all your financial documents beforehand and try to improve your credit score by using a reliable online calculator. You can do your part by continuing to pay bills on time and keeping your available credit line as low as possible. Getting pre-approved is an essential step in the home search, as it gives you a budget to focus on and makes your offer more serious in the eyes of sellers. Ask your agent to connect you to several lenders in the area and do some research to compare the rates. 

Once you’ve found the perfect Venice house for sale, the next step is to meet with your agent to put together an attractive buying strategy. Your offer will be the number one way to bring attention to yourself. Sellers are in a strong position over buyers in many parts of the country, so an amenable offer will go a long way toward demonstrating how serious you are.

As mentioned, you’ll want to secure a pre-approval on the financing for your mortgage loan. This will show sellers that you’ve done all you can to prove that you’re in good financial standing and can back up your offer. 

Before you make the decision to ultimately buy the property, don’t neglect to get an official home inspection completed. In most cases, the buyer will have to shoulder this bill. 

While some buyers may feel tempted to waive the inspection to craft a stronger offer and skip the inspection cost, this can lead to serious costs down the line if the property has unattended repair concerns. While you may save money in the short term, the long-term effects of skipping an inspection can be disastrous. If the roof ends up needing major repairs or you later find proof that there is mold damage or water staining in the home, you’ll have to pay. While many luxury home buyers are accustomed to making repairs to older estate homes, make sure to do a thorough inspection to ensure everything is in working order.

A big part of the offer process is making negotiations over the final sale price, especially if  something goes awry with the inspection. Early on, you should meet with your agent to drill down to the heart of the matter. Think about how high you’re willing to go. If you’re in a position to be flexible, you’ll improve your appeal to sellers.  

Lastly, request a final walkthrough of the property from your home seller. Take your time with this step to ensure that any repairs were completed as agreed upon. Of course, your real estate agent will be by your side every step of the way.

If you are hoping to call one of the beautiful Venice houses for sale your very own, don’t hesitate to reach out! Contact the professionals at The Dinan Group today for more information and to get started on your real estate journey.