A huge 75 percent of people say owning a home is a priority, but many people don’t know what goes into buying the house they want.
Questions like, “How long does the home buying process take?” keep many people hung up. Since they don’t know what to do next and how it works, they stay stuck, but we’re here to help.
Continue reading this article to learn what goes into buying a house and an estimation of the time it takes.
Table of Contents
Finding a Home
If you already know what home you want to buy, you can cut out a big chunk of time. Keep in mind that if it’s a seller’s market, the house could be off the market if you don’t move quickly.
For those of you that don’t know what home you want to buy, it could take a couple of months to find the perfect house for you and your family. You can look through these things to know before you move to make sure you’re looking for the best home for your needs.
Coming to an Agreement
Once you find the perfect house, it’s time to make an offer. Keep in mind that even if you come in at list price and offer to pay the closing cost, in some markets, that’s still not enough.
Make sure you work with a good real estate agent that knows the market and what type of offer is likely to get a positive response.Chicagoland real estate
If they take your offer, you want to get a home inspection within a week’s period. If all is good, then you can move forward, but if it’s not, there may be repairs you require before moving on the offer.
Going Through Closing
Now that you both came to an agreement, it’s time to close on the house.
Unless you pay cash, you’ll work with a mortgage company. In around a 30 day time period, they will process your mortgage, which includes an appraisal for the house. Keep open communication with the mortgage company since they might need documents from you.
You’ll receive your loan estimate at this point and will see how much money you need to pay at closing.
A title attorney will search to make sure there are no issues that will happen when it comes to transferring the title.
During this time, you’ll also find a home insurance provider that get your insurance set up and let you know what the premium for your insurance will be.
Contract to closing can take as little as 30 days and as long as 60 days, depending on all the moving parts in the process.
How Long Does the Home Buying Process Take: Now You Know
Now you know the answer to, “How long does the home buying process take?” Using the information above, you can start working on buying your dream home.
Do you want to learn more about home buying and other important topics? Keep going through our blog for more helpful information.
