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November
13
13
How Long Does It Take To Buy A Home?
Buying a home is a complex transaction with many moving pieces. Sometimes, the process can last several weeks or even months, but it's not always as long as you think. There are times when clients need to close quickly, and there are many ways to speed up the process. To help you gain a better sense of the timeline, our real estate agents are here to break down the various steps to buying a home and estimated timelines for each:
- Finding The Right Home - 6 Months To 1 Year
Finding a home to buy is often the longest part of the process, and it can take several months. A home purchase is a big decision, and you'll need to make a series of trade-offs along the way. You should allow yourself as much time as possible; however, if you need to find a home quickly, let your agent know. They can work to schedule tours of all your favorite Suffolk County homes for sale throughout the week. - Obtaining A Mortgage Pre-Approval - 1 Hour To 1 Year
A pre-approval is a tentative commitment from a lender to issue a mortgage. It's always wise to get pre-approved before home shopping, as it's often a requirement for submitting an offer. Shop around for the best mortgage rates and choose a lender. Many lenders have a quick online pre-approval process that can be done in less than an hour, while traditional banks might take longer. You'll need to supply tax returns, W2 forms, and paystubs, and your lender will check your credit. - Making An Offer - 1 To 3 Days
Once you find the right home, it's time to make an offer. You'll need to work with your agent to determine an offer price, closing date, inspection contingencies, and other details. Your agent will draft up an offer letter, ask you to sign it, and submit it to the seller's agent. - Conducting Inspections - 7 To 14 Days
If your offer included inspection contingencies, you'll need to schedule these after your offer is accepted. Common inspections include a general home inspection, a pest inspection, a sewer camera, and a radon test. Having inspectors lined up prior to making an offer can help save you some time. - Negotiating Repairs - 1 To 3 Weeks
If your inspections uncover major issues, then you'll have the opportunity to go back to the seller and ask them to resolve the issue prior to closing, lower the sale price, or offer money at closing to resolve the problems. You may have a few rounds of negotiations, which can take a couple of weeks. - Processing Your Mortgage Application - 4 To 6 Weeks
Your lender will likely need to re-review your financial documents and submit an official application, which will be reviewed by an underwriter. Your lender will thoroughly review your financial situation and credit profile and make a final decision on whether to issue the loan. Most mortgage lenders can wrap up the process in 30 days, but more time might be needed if issues pop up. - Preparing For Closing - 1 To 3 Days
Before the closing date, you'll need to obtain a homeowners insurance policy, review your mortgage terms and disclosure, and conduct your final walkthrough. The final walkthrough allows you to inspect any repairs the seller made after the inspections. Allow a few days for these last-minute items. Once you get to the closing table, signing all the final documents only takes about an hour.
Communicating your ideal timeline and choosing the right agent are the best ways to speed up a home sale. Contact us today for more tips on buying your first home.