Hi, I am a recently new real estate investor and is looking to buy my first property around Jacksonville, FL and I would like some helps clarifying what are the best efficient process to buy a property.

First, I originally believed a directional instruction to buy a property in the order is going this way:

1. Contact several real estate agents, screening them until you find a match who understands you and your goal clearly. They will help you in assist to search property.

2. Search a property which may match your interest. Anything can be singe or multi-family residence, location, neighbor grade area, and places with its great flow in either business or population. This involve either or both of your search by just yourself or assistance with agents.

3. Contact 2 to 3 lenders to get either pre-approval or pre-qualify letter. This is where I experienced the most struggle as many don't offer a standard way to process your application, such each has their own set of questions and applications form differently, and you have to sometimes contact through a call or email to get some changes which some experiences some issue with a human-interaction communication.

4. Once a property is found and have an offer ready (attached with a pre-approval/qualify letter), make an offer to the seller or the seller's agents and wait for their confirmation of yes or no.

As a being first time real estate investor, is this process above the best way to close a deal the most fastest and reliable way? I had been kept missing some of the great deals I found only within 1 to 2 days to be already mark pend or under on contract. Second, is it ideally to begin the process by contact lenders first before start to search property? It was because I noticed talking and making a processing with a lender seems to taking a lot of times more than I was initially expect. I even tried a bit newer modern lender like a RocketMortgage , however even it still required I have to contact them for even more extra documents to make works.

By the way, I was wondering if there is such a better way to skip the lending process step or simplify it so I can retrieve a letter instantly in order to make deals officially mine before I get kick off in my face saying "ahah, you miss it! Good luck finding another one"?

Jacksonville, Florida

0 Votes