Finding your dream home isn’t easy. You’ll spend a lot of time scouring online listings, attending open houses and scoping out neighborhoods – and you may still come up empty-handed.
Do Have Your Finances in Order
As with any home purchase, it’s important to know how much you can afford to spend before you start visiting properties. Know that land purchases are often done in cash, because lenders are less inclined to provide funds for undeveloped land. Take a look at the amount of cash you have or can secure before purchase, and determine your budget that way.
Proof of funds is also important when making a cash offer, as it helps the seller feel confident that you have access to the money you claim to, like a mortgage preapproval does when buying a house. If your cash is tied up in other investments, take it out prior to making an offer to avoid a sudden loss of funds from an unexpected disaster.