The steps and time it takes to buy a home
Not everyone knows how long the home buying steps or process can take. Because there are several parts that go into the preparations and process, there can be select variables that can make it take longer for some buyers than others. Here is a closer look at the timeline of what needs to be done as we break it down.
Home Buying Steps
Search – This part of the process can really have a range and can take longer especially these days given the severe lack of available homes on the market for sale. However, the average buyer takes a few months of searching properties that come available and fall within their criteria.
Submit Offer – Once you have found the home of interest then it is time to move quick! Submit your offer and then start your negotiations. This usually takes a couple of days of back and forth. If your offer is accepted then you will move on to the inspection usually within a week.
Contract to Closing – After you complete the 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 step to closing is usually between a 30 and 60 day time period. During this time you will complete the mortgage process, have a home appraisal done, conduct a title search and lock in home insurance to begin the day of ownership.
How to Speed Up The Process
Preapproval – Be sure to get this done before you have even started looking at homes. Not only will this rule out some properties that are 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 requires 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 and keep adding to your files so that your approval process goes as quickly and smoothly as possible.
Closing Costs – Your lender shall give you a “good faith estimate” of what your closing costs will end up being. It is vital that you have these funds available but also ready to pay when that time comes. It is a good idea to prepare early enough to make sure you have what is needed.