Whenever you buying a house to live in, or buying a house for investment. There are a lot of stages of buying a house, which is tied to each other. So when some steps drag you out of the timeline, the whole buying process slows down. Let’s look into the property buying timeline step-by-step to understand how long does house buying taken. This will also help you be in control to close the deal right on time.
Research stage Up to: 14 days
The first and most crucial stage when buying a house is the research stage. It includes setting up a budget, coming up with the location, quantity of rooms, etc. You identify your needs before getting into the actual search of your future house. Without accurately identifying what you need to choose from, you will get lost in a great variety of options that the market has.
Find an agent: 1-7 days
The key to the home buying process is to find a good and trustworthy agent who will understand your needs. An experienced agent will show you the deals which suit your interests best, know the details of the community, and inform you about possible drawbacks.
Finding the right agent is very important and requires fundamental research, which may take up to 7 days. But if you succeed in this stage, he/she will help you get the best deal!
Getting pre-approval for a loan: 5 to 8 BUSINESS days
After finding an agent, they will most likely advise you to get pre-approval for a loan, which will signal your serious buying intentions. The pre-approval process requires a ton of documentation from you, and you may better get started long beforehand. After the collection of all the necessary documents, it may take 5 to 8 business days to get the pre-qualification.
Make an offer, negotiate, and have a contract signed: 1 to 7 days
After all the steps, you may need to work with your agent on price, contingencies, and other terms. When buying your first rental property, it may not be easy to handle this process in a day, but here are some excellent tips. Firstly, you may want to include a pre-approval letter from your lender in the offer, and instead of 1 to 3% commitment of sale price, put 3 to 4% to fasten the process. Buying a house for investment is a complicated process that has a lot of competition, but with the right steps, your offer may outweigh competitors’.
Get a home appraisal for up to 10 days
If you are buying a house for investment, this is one of the most crucial steps. Whether you buy a property for Airbnb or just purchasing an investment property for your living, the appraisal is key to getting a mortgage. If the home fails to appraise the mortgage amount, you will need to make more down payment and renegotiate contract terms Appraisal is the most extended process in the whole process of buying a house for investment and may take up to 12 days.
Wrapping Up
Their are 5 stages into buying a house, and the whole process can take up to 14 to 46 days. Whether you are looking to buy a house for investment yourself or with the help of an agent, specific steps can help you facilitate the process. The whole procedure requires tons of documents, so planning and putting those aside beforehand may prevent from rushing in at the last moment.
If you want to blog post like this Subscribe below