The home-buying process is just that–a process. Although no two purchases are the same, most homebuyers undergo a similar deadline with numerous measures. According to Zillow, the typical sale takes approximately 50 days.
Here is what to expect from start to finish
FIRST STEP: RESEARCH
The initial phase of the home-buying process is important: doing research. This can occur between a day and 2 weeks and should help elevate your understanding of your own needs and needs. Click here to learn more.
During this time period, be sure to narrow down your house tastes, non-negotiable factors of your upcoming house (location, size, etc.), your finances, the costs of homeownership, and start looking into resources available in your town, like lenders and loan forms and Aspen real estate agents.
SECOND STEP: WORK WITH A LENDER
One of the most important steps is figuring out funding and receiving pre-approved for a loan–it indicates that you’re a serious buyer and will make the offer-making process go as smoothly as you can. This will also help you narrow down exactly what houses are perfect for you and choose what you can afford.
This procedure can take a while, as the pre-approval process deals with lots of paperwork and requires a deep dive into your finances, from the credit to bank statements to taxation returns. On average it takes about five to eight business days.
THIRD STEP: WORK WITH A REAL ESTATE AGENT
Here’s where the fun starts! Slimming down an agent jump-starts this procedure. We can help you lock down your home with our experience and experience. We are a resource for you, and are free! (The seller covers our price.)
FOURTH STEP: START LOOKING AT HOMES
The following step, looking at and shopping around for homes, can often be a wildcard for your timeline. It can take as little as a few days as long as a couple of months.
You’ll work with your agent to locate available homes. The length of time comes to the current market, available stock, competition, and what you’re searching for. The normal buyer actively hunts between 10 and 12 months and looks at an average of 10 houses before they find just one.
FIFTH STEP: MAKE AN OFFER
After finding the home, the next steps would be to make an offer (that the seller must accept), negotiate, and sign a contract. This typically happens between a day and per week.
Your agent can help you throughout the entire process; from price to preparing all the essential paperwork; they will deal with all communications with the seller’s agent.
Again, depending on the market, this may take a little while. When stock is reduced, sellers often receive several offers, usually at or above the asking price.
SIXTH STEP: LEADING UP TO CLOSING
After moving under contract, there is a set timeline leading up to the final day. There are several things you’ll need to do to prepare.
- Pay earnest money. You are typically given a short window to do this, maybe about five days.
- Order a home inspection. Done by a professional, these take approximately three to seven days to schedule and two to three hours to inspect. This is one of the very first steps after moving under contract.
- Get a home appraisal. The vendor orders, and it may take up to five days to program; a few hours to perform the appraisal; up to five business days to get the report to the lender.
- Final approval for the loan. This may take between a few days, as much as 3 weeks. Information, such as the evaluation and inspection, is needed for final approval. You’ll need title insurance (one to 3 business days for the name check, about fourteen days for coverage) and homeowner’s insurance, which can take up to two weeks.
- Prepare for closing. Significantly, you’ll need to order your final expenses, whether via a cashier’s check, certified check, or digital transfer (your agent will let you know exactly what you need). This may take either a couple of days to purchase or a few minutes, based on the method.
- Can a closing walk-through. This generally lasts an hour or less, the day before closing. You will get to have a look at the property and make sure the seller made any pre-programmed repairs and left things in good condition.
SEVENTH STEP: CLOSING
All of the aforementioned measures often take about 50 times on average, from going under contract until closing day. The actual closing, which is signing up a ton of Restoring paperwork, should last between one and two weeks.
Then, the home is yours!
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