How Long Does It Take To Buy A Home?
Despite it being a thing that happens all of the time around us not everybody knows just how long the homebuying process can take. As there are many different parts that go into the preparations and process, there can be some variables that can make it take longer for some than others. Here is a better look at the timeline of what needs to be done.
Steps of Home Buying
Search - This step in the process can be most fun but really vary and can take longer these days given the lack of available inventory. However, the average person usually takes a couple of months of looking at properties that come available and fall within their criteria.
Offer - Once you have located the home of interest then it is time to move quickly! Submit your offer and then start negotiations. This usually takes a few days of back and forth. When your offer is accepted by the sellers then you will move to inspection usually within a week.
Contract to Closing - After your home inspection has been completed then you move to entering the contract with all of the terms and conditions along with submitting the down payment. From this stage to the closing is usually between 30 and 60 days. During this time you will complete the mortgage paperwork, have a home appraisal done, do a title search and solidify a home insurance policy to take effect on the day of ownership.
How You Can Speed Up The Process
Preapproval - Get this part completed well before you have even started looking at homes. Not only will this potentially eliminate some properties that fall outside of your budget, but having a pre approval letter in hand will mean you will be a serious buyer, ready to submit an offer on the very first property you see if it is a great fit. Sellers will be on the lookout for this.
Paperwork - Your loan approval requires that you collect all of your important documents including pay stubs, taxes and the like. As these will need to be current, be sure you have everything on hand so that your approval process can go as quickly and smoothly as possible.
Closing Costs - Your mortgage lender will provide you with a “good faith” estimate of what your closing costs will be. It is imperative that you have these funds available but also have them ready in an account to pay when that time comes. It is a wise idea to prepare early enough to make sure you have what is needed.
