Steps to Buy a House
There’s a lot that goes into finding and purchasing a new house. Here’s some ideas to help, with great advice from Realtor.com.
How long does it take to get approved for a mortgage?
Answer: At least two weeks
Getting approved (or pre-approved) for a mortgage is no simple process. Lenders need to examine your documentation, review your financial information, and reconcile any problems. So even if all your documents are in order expect to wait 2 weeks or more.
How long does a showing take?
Answer: 30 minutes to an hour
This is highly dependent on you. A showing could be as quick as five minutes if you immediately decide you don't like the property. But if you are interested, you might use the allotted 30-60 minute showing appointment time.
Still, it's essential to buy a home with your head as well as your heart, so go ahead and take your time to thoroughly vet every corner.
How long does it take for an offer to be accepted?
Answer: Less than three days
Sellers have some leeway when responding to an offer. They have three options, each of which needs to be mulled over: Whether to accept your offer outright, counter it, or reject it.
Buyers can typically expect to hear back in about 3 days, but it could take longer, or better yet, sooner!
How long does a home inspection take?
Answer: Two to three hours for the inspection, then 48 hours for the results
Buyers should attend the inspection, and plan on it taking a while. Inspections typically take about two to three hours—enough time for your inspector to examine the foundation, structure, fireplace, and other common problem spots. Don't be afraid to ask questions, even if it means taking 30 more minutes. This is the time to investigate your new purchase, so make sure to consult the professional that is there.
Once the inspection is completed, expect to see a report in two days. When you have it in hand, you can work with your Realtor and the sellers to determine if any changes need to be made to your original offer or the home before closing.
How long does an appraisal take?
Answer: Up to two weeks
Like a home inspection, the appraiser—the professional who estimates the home's value on behalf of your lender—might spend a few hours examining the property (and this time, your presence isn't necessary). After viewing the house, the appraiser will examine comparable homes in the neighborhood ("comps") and look through the neighborhood.
Because their prepared report can be quite comprehensive, sometimes reaching a hundred pages or more, its composition can take some time. Expect your lender to receive the report within two weeks.
How long does it take to close on a home?
Answer: 50 days
Home closing times are lengthening, currently averaging 50 days. Yes, it's a pain. No one wants to wait more than a month to take possession of their new home, but don't rush due diligence. Your lender will have a number of requirements, including providing paperwork like tax returns, before underwriting is complete. You can expedite this process (slightly) by having necessary documents prepared in advance.
Ready to buy? Let us help.