How Long Does it Take to Buy a House?
What Are the Steps of Buying a House?
There are several steps in the house buying process. First, you need to determine exactly what you want - and can afford - in a home. Then, you’ll find a real estate agent and go house hunting together, making offers until you get one accepted. The final step in buying a house is the escrow period. Below, we’ll explore how long each of these steps takes so you can be prepared.
How Long Does it Take to Do Research on Homes?
The first step in the home buying process is to research the type of home you want, and figure out what you can afford. Before you go house hunting, you will need to talk to a lender to determine what you are preapproved for and get your pre approval letter so you’re ready to make an offer whenever the time comes. You should also take this time to find a local real estate agent that can help you with your home search. Finding a lender, getting your loan pre approved, and finding a real estate agent will probably take you two to three weeks since you’ll have to gather financial documents and wait for your lender to run numbers.
How Long Does Searching for a Home Take?
The next step is to search for homes that are within your budget with your real estate agent and start making offers. This step can really vary from person to person. Some people make an offer that gets accepted on their first house. Other people look at dozens of houses before making an offer, and others make several offers before they get one accepted. If you feel like this step is taking a long time, don’t fret: you will find the perfect home for you.
How Long is Escrow?
The escrow process usually takes anywhere from 30 to 60 days, which is negotiated in your contract. Some people can even close faster than this, but somewhere in the neighborhood of one to two months is standard for escrow. Escrow can also get extended if the seller is doing a lease back, since you will have to have an additional inspection before getting the keys.
The first step in the home buying process is to research the type of home you want, and figure out what you can afford. Before you go house hunting, you will need to talk to a lender to determine what you are preapproved for and get your pre approval letter so you’re ready to make an offer whenever the time comes. You should also take this time to find a local real estate agent that can help you with your home search. Finding a lender, getting your loan pre approved, and finding a real estate agent will probably take you two to three weeks since you’ll have to gather financial documents and wait for your lender to run numbers.
How Long Does Searching for a Home Take?
The next step is to search for homes that are within your budget with your real estate agent and start making offers. This step can really vary from person to person. Some people make an offer that gets accepted on their first house. Other people look at dozens of houses before making an offer, and others make several offers before they get one accepted. If you feel like this step is taking a long time, don’t fret: you will find the perfect home for you.
How Long is Escrow?
The escrow process usually takes anywhere from 30 to 60 days, which is negotiated in your contract. Some people can even close faster than this, but somewhere in the neighborhood of one to two months is standard for escrow. Escrow can also get extended if the seller is doing a lease back, since you will have to have an additional inspection before getting the keys.
Conclusion
The home buying process takes at least a couple of months to get pre approved, find an agent, find a home, and go through the escrow process. For some people, it can take several months depending on how competitive the market is.
The home buying process takes at least a couple of months to get pre approved, find an agent, find a home, and go through the escrow process. For some people, it can take several months depending on how competitive the market is.
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