Do you need to buy a home quickly? Where do you begin? In this episode, we discuss how to buy a house fast, with whom to connect with and how to start looking. We also explore issues you may run into and potential cost implications.
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Hi, everyone. I'm Karl Yeh, and welcome to another Homebuyer's School video, a channel where you get the latest strategies, tactics, and tips from the home buying experts.
Remember, if this is your first time on this channel, and you want to get the latest strategies from the experts, make sure to hit the subscription button below, hit the little notification [00:00:30] bell so you don't miss anything.
Now, today, I'm joined by Cory McDonald, Community Manager with Brookfield Residential. The question we're going to answer is:
How do I buy a house fast?
Cory, I'm sure you've experienced this. Somebody comes in and wants to buy a house pretty quick. Right?
Maybe the situation is, they've sold their house.
Now, they're needing to move out, and they need to buy a house. [crosstalk 00:00:55]-
We see situations like this all the time, whether it's they're moving to a new location with work, [00:01:00] or a lease is expiring and they need to find a new place, and they don't want to rent.
A lot of life changes happen to, or to require a quick home purchase, so there's a lot of great avenues that somebody can look in order to see what homes are available within the time frame they're looking.
One that we've talked about in the past would be the MLS, or the Multiple Listing System you can access on Realtor.ca and have an idea of what homes are available in each community, [00:01:30] in each city.
They can also help narrow down a search, as far as the price point you're looking for, the rooms and the bathrooms.
Sometimes, having a realtor will also help break down that search a little bit further.
They might have a, especially if you're looking in a brand new city, they'll maybe have a better pulse on where desirable communities are and get the best value for your dollar if you're looking to a resale down the road.
Being from a builder myself, I know that a lot of builders will also advertise on their website [00:02:00] some of their quick-possession homes or their feature homes so you can buy your own brand new home and have your own personalized touches, potentially, depending on the time frame you're looking to buy.
If you visit builder websites, they'll usually have a feature page where you can see which homes they have for quick possessions.
Challenges to buying a house quickly
Now, obviously, there are some cons to trying to buy a house really quickly. Right?
Because especially, let's say you're buying a new house, there's buildup time that maybe you could customize your home a little bit more [00:02:30] with more lead time, versus, like you were saying, a quick-possession home where what you see is what you get.
There's only so much time that you can pick colors or customize selections before the builder has to continue on with building a home.
Your colors may be chosen for you, which sometimes doesn't hurt, either, because then we're taking away some of the stresses of, "Does this countertop go with this cabinet, or does this look good full scale?" You can actually see the full-scale home as you're buying [00:03:00] it as well.
Well, let's talk about, a little bit about getting approved and going to the lender. Is it ... Obviously, I'd probably have to ask this to a mortgage advisor, but obviously, when you're trying to buy a house quickly, you probably need to get approved pretty quickly, either, wouldn't you?
Very true. Yeah.
The turnaround from getting approval to possibly moving in, again, really depends on from case to case how quickly you're looking to take possession of the home. [00:03:30]
But I would say that you still want to take your time and do your research, get at least two, maybe even three, different quotes from different lenders to see who's going to be able to offer you the best rates or possibly some different incentives for buying a brand new home.
Even though it is a quick timeline, you still want to make sure you're doing your due diligence and putting in the research.
Does how quickly you want to buy a house also affect your down payments or closing costs?
It really shouldn't, no. There shouldn't be any difference from a new build to a resale home on any [00:04:00] of those.
I'd say maybe it does if you're buying a brand new home and you have time to start from a brand new build, you have maybe a couple of months during the construction process.
It might allow you to save up a little bit more money during that construction process, so it might allow you to put down a larger down payment closer to the actual possession date, where with a quicker possession or a feature home sale, it kind of narrows down that timeline for your ability to save up a little bit more, but as far as the requirements for down payment, that wouldn't change.
Do you [00:04:30] have anything else to add for somebody who wants to purchase a house really quickly?
Again, do some research. Even if it is a quick possession, use MLS or realtor.ca.
Talk to your builders in the communities you're looking for, and take your time to see which home's going to best accommodate the needs that you're looking for and a brand new home and a lifestyle.
Well, thank you very much, Cory. The question I have for you is, have you ever had to buy a house really fast, and how was your experience?
Let us know in the comments section below. Thank you very much for joining [00:05:00] us, and we'll catch you next time.
Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below.
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About Cory McDonald:
Cory has been working for Brookfield Residential for over 5 years and has had the opportunity to