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How Long Will The Home Buying Process Take?

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Letting go of a home during a sale can come upon you sooner than you may have anticipated or can drag on for longer than you would prefer. Whether you are the buyer or the seller with a home for sale, realtors will tell you that the process of buying a home cannot be rushed. After all, owning a home only becomes a reality after years of calculation that have worn out the numbers on several calculators. So why would you want to rush into it now?

Lack of information causes people investing in real estate to believe that the sale will come together quickly or be prolonged for too long. It is important to note that different components work out differently to either expedite the process or to delay it. These components include:

  • Finding a real estate agent

  • Getting the approval or pre-approval of a mortgage

  • Scheduling a showing

  • Making an offer and having it accepted

  • Inspection and appraisal of the home

  • Closing the sale

Finding a Realtor

The first step in getting the house is to find a real estate agent that understands your needs, has an established reputation for delivering and the network to enable him/her find your dream home faster.

Finding such a realtor will make the entire process easier and smoother as they are experienced in the process and understand the relevant steps that could potentially delay your purchase. Their knowledge enables them to navigate the tedious processes and produce results quicker.

Getting Approval or Pre-approval from Your Mortgage Company

Approvals and pre-approvals allow you to move on a house faster as most sellers are swayed by the option of immediate cash as opposed to a prolonged payment plan. The process can take 14 working days after your full documentation including financial, personal, and employment information is in order and is submitted on time.   

Scheduling a Showing

This is dependent on your likes and dislikes. Most buyers will not spend time looking at a house that does not appeal to them. However, once you find the house of your dreams you will probably take your time checking every inch of it out and asking questions about it. There is no time limit put on this step of the process.

Making the Offer

This part is probably the longest one in the process. Making the offer is easy enough, however, it has to be discussed and carefully considered before it is accepted, rejected or countered. If it is not accepted, you are back to the drawing board, tweaking the offer to see f you can do better the second time around.

Inspection and Appraisal

Once the offer is accepted, expect an inspection that will focus on the foundation and other structural components of the house to ensure that it is safe to be inhabited. It is important for the buyer to be present during the home inspection so that all their questions are answered and they are aware of all the points of concern.

Appraisals quickly follow on the heels of an inspection as a report on the viability of the home as an investment is compiled for the mortgage lender. The appraisal takes into account the house, amenities around it and even the type of neighborhood where it is situated and how all these impacts it's market value.

Closing the Sale

Closing on a house is not just about signing papers, it requires a lot of due diligence on the part of the mortgage lender. Documents like tax returns and exemptions are needed for this process to be complete. Under the guidance of your real estate agent, you can have these documents ready beforehand to expedite the process.

Each of the above stages requires a time frame that can go for longer if the relevant documentation, permits, and approvals are not done on time. Since buying a home is something you plan for years before it becomes a reality, it is recommended to do the necessary research, secure funding and a compile the paperwork needed before you embark on the process.