The home-buying procedure is just that–a process. Although no two purchases will be the same, many homebuyers go through a similar deadline with multiple steps. According to Zillow, the average sale takes approximately 50 days.
Here’s what to expect from start to finish.
1ST STEP: RESEARCH
The initial phase of the home-buying procedure is important: performing research. This can take anywhere between a day and 2 weeks and should help elevate your understanding of your needs and needs.
In this time period, make sure to narrow down your house preferences, non-negotiable variables of your future home (location, dimensions, etc.), your budget, the costs of homeownership, and begin looking into resources available in your areas, such as lenders and loan forms and real estate agents. Visit Silt CO real estate for more information.
2ND STEP: WORK WITH A LENDER
One of the most important measures is figuring out funding and getting pre-approved for a loan–it shows that you’re a serious buyer and can make the offer-making process go as smoothly as you can. This will also help you narrow down exactly what homes are perfect for you and choose what you can afford.
This process can take some time, as the pre-approval process deals with a great deal of paperwork and requires a deep dip into your financing, from credit to bank statements to tax returns.
3RD STEP: WORK WITH A REAL ESTATE AGENT
Here’s where the fun starts! Slimming an agent jump-starts this process. We can help you lock down your home with our expertise and experience. We’re a resource to you, and are free! (The vendor covers our cost.) Click here to find out more.
4TH STEP: START LOOKING AT HOMES
The next step, looking in and shopping around for houses, can often be a wildcard for the timeline. It may take as little as a couple of days as long as a few months.
You will work with your broker to find available homes. The length of time comes down to the market, available inventory, rivalry, and what you’re searching for. The normal buyer knowingly searches between 10 and 12 weeks and seems at a mean of 10 homes before they find the one.
5TH STEP: MAKE AN OFFER
After finding the house, the upcoming steps would be to create an offer (which the seller has to accept), negotiate, and sign a contract. This typically takes between one day and per week.
Your agent will help you through the entire process; from cost to preparing all the essential paperwork; they will handle all communications with the vendor’s agent.
Again, based on the current market, this may take a while. When inventory is low, sellers often receive several offers, typically at or above the asking price.
6TH STEP: LEADING UP TO CLOSING
After going under contract, there’s a set timeline leading up to the final day. There are several things you are going to need to do to prepare.
- Pay earnest money. You’re typically given a short window to do this, possibly about five days.
- Order a home inspection. Done by a specialist, these take approximately three to seven days to program and two to three hours to scrutinize. This is one of the very first steps after going under contract.
- Get a home appraisal. The vendor requests and it may take up to five times to schedule; a couple of hours to do 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, up to three weeks. Information, like the evaluation and inspection, is required for final acceptance. You’re going to want title insurance (one to 3 business days for your title check, about fourteen days for a policy) and homeowner’s insurance, which may take up to two weeks.
- Get ready for the final. Namely, you’ll need to order your final expenses, whether through a cashier’s check, certified check, or digital transport (your broker will let you know what you want). This may take either a few days to order or a few minutes, depending 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.
All of the aforementioned steps tend to take about 50 days on average, from going under contract before closing day. The actual closing, which is signing a ton of finalizing paperwork, should last between one and two hours.
Afterward, the home is yours!