How Long Does It Take To Purchase a Home?
Not everyone knows how long the homebuying process can take. As there are several parts that go into the preparations and process, there can be variables that can make it take longer for some than others. Here is a closer look at the timeline of what needs to be done.
Home Buying Steps
Search – This part of the process can really vary and can take longer these days given the extreme void of inventory. However, the average person takes a couple of months of searching properties that come available and fall within their criteria.
Offer – Once you have located the home of interest then it is time to act quickly! Submit your offer and then begin negotiations. This usually takes a couple of days. If your offer is accepted then you will move to inspection usually within a week.
Contract to Closing – After your satisfactory home inspection then you move to entering the contract with all of the terms and conditions along with putting down the down payment. From this point to closing is usually between 30 and 60 days. During this time you will process the mortgage, have a home appraisal done, do a title search and lock in home insurance to begin the day of ownership.
How to Speed Up The Process
Preapproval – Get this done before you have even begun looking at homes. Not only will this eliminate some properties outside of your budget, but having a pre approval letter in hand will mean you can submit an offer on the very first property you see if it is a great fit.
Paperwork – Your loan approval involves gathering up all of your important documents such as pay stubs, taxes and the like. As these will need to be current, make sure you have everything on hand so that your approval process goes as quickly and smoothly as possible.
Closing Costs – Your lender shall provide you with a good faith estimate of what your closing costs will be. It is important that you have these funds available but also ready to pay when that time comes. It is wise to prepare early enough to make sure you have what is needed.