Many buyers wonder, how long does it take to buy a home? It is important to understand timelines in order to plan the purchase of a home to coincide with a rental lease or sale of a previous home. It can be tough to plan an exact timeline, but understanding the different parts of the transaction can help.
The first step is to get preapproved for a mortgage. A preapproval is a guarantee for a loan from the financial institution for a certain amount of time. Having a preapproval in hand when you start looking for a home can give you a competitive edge when making an offer on a house. It can take a little while to get a preapproval lined up though. You will need to provide your lender with pay stubs, tax forms, and other financial documents. Also, if you have a low credit score or other financial issues, it may take time to fix those up so that you qualify. Once you have your preapproval in hand, you are ready to start the search.
The next step is finding the home that is right for you. You’ll spend a lot of time looking at listings online, ones that you find and ones that your agent may send you. Then you will take time to go to showing appointments with your agent or stopping by open houses. This is the fun part of home buying! You get to walk through different homes and envision if this is the next step for you. The number of homes you see can vary, some people find their ideal home right away, and for others it takes seeing numerous homes before finding the right one. Regardless of whether you see more homes or less, you need to feel comfortable and content with your decision.
The final part of buying a home is going under contract and closing on it. Once you make an offer it can take a few days of negotiation to finalize and ratify the contract. From the time you go under contract it can take anywhere from 30 to 60+ days depending on the type of loan you are securing. If you are purchasing a home with cash you can typically close within a couple of weeks if the seller is able to close that quickly. During this time the lender will do a home appraisal and the title company will do a title search to. You will most likely also have a home inspection during this time as well, unless you waived that contingency. All these different parts of the deal happen simultaneously during that time period. Once all is said and done you will get the clear to close and own your new home!
As tedious and drawn out as this process can be, moving into your ideal new home with a peace of mind makes it worth it! Ready to get started? Contact me today at firstname.lastname@example.org.