How Long Does it REALLY Take to Buy a House?

 


How Long Does it Take to Buy a House?

1. Getting pre-qualified

Answer: It varies - days to months (& in worst case scenarios to years) depending on your financial status

A pre-qualified letter will show a seller you're serious when making an offer. If you don’t have one, the seller may move on to the next buyer. The ease of getting pre-approved for a mortgage depends on your financial situation. The lender will look at your income-to-debt ratio and your credit score. A low credit score can make buying a house take longer, because it can take months to years to improve a bad credit score.  A credit report will give you a detailed analysis of your credit history, how much you owe, and how creditworthy you are. If there are any errors or inaccuracies, fix them immediately so there are no surprises when you’re actually applying for a mortgage. Fixing errors on your credit report should take about 30 days. 

2. Finding a real estate agent

Answer: 1 day to a month

A good real estate agent can be your best tool in finding the perfect home. A Realtor will show you houses, investigate the neighborhoods and their amenities, negotiate your offer, help with inspection and other processes and much more. It's so important to find an agent you trust to help you. Ask friends and family for suggestions.

3. Shopping for a home

Average time: a few days to a few months

With the help of a licensed Realtor, the ease of finding a home can can take longer depending on available homes, the time of year, and your desired location. Experts say the average house hunt is 3-6 weeks.

4. Making an offer, negotiation, and inspections

Average time: Offer (& counters) 1-10 days, Inspections (& responses) 5-20 days

Once you have found THE home of your dream, the next step is to make an offer.  Your Realtor will draw up a contract with the amount and specifics you're requesting and will present the offer to the Seller's Agent. The Seller will then either accept your offer, refuse your offer or counter your offer. This negotiating will continue until there is a signed contract. Once there is a signed purchase agreement, the next step is to hire a professional to inspect the home for defects. The contract will state how long the buyer has to have the house inspected. Usually, home inspections (basic house, pest, radon...) must be completed within 10 days. Once completed, the Buyer's Agent will compile a list of items in need of repair. This is known as the Inspection Notice. The Seller will have a few days to produce an Inspection Notice Response indicating what items they will fix or the money they will allot for the Buyer to fix after closing.

5. Time to close

Average time: 30 to 45 days

Once all inspections are done, your lender will need to officially approve you for the loan. They will order an appraisal of the house to determine if the amount they are lending is similar to it's value.  They also may ask you for additional documents proving your financial status. Depending on the program (whether it’s conventional loan or FHA loan) it can take anywhere from 30 to 45 days to close on a home.

If you're looking for a new home to love, give me a call at 573-355-4427


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