You may long to own your first or next home, no matter how small or cramped you are. You may feel that the search for a home is a daunting task. The truth is that buying a home doesn’t need to take as long as you think. Let’s look at the time it will take.
What is the average time it takes to buy a house?
You could be moving into a new home within 5-6 months, depending on where you live and your finances. If you buy a home with cash, it will take less time. If you are buying while selling your existing home, it might take longer.
You can also take steps to reduce the time you spend waiting. The best news is that you can do most work from your couch.
Let’s look at how to buy a house. First, let’s take a look at what you need to do before you start looking for a house. This will ensure that the process is smooth and efficient.
Before you start looking for your next home, you can prepare yourself to house hunt to reduce the time and effort required to buy your next home.
Organize your finances
Before you go to an open house and ask for a mortgage, make sure you take a hard look at your financial situation. This step can be completed in as little as a day depending on how your finances are managed.
Find out where you want to live
As you work to sort out your financial history, consider where you would like to live. Do your research and think about your lifestyle. Ask your family and friends what they love and dislike about their current location.
Timeline for Buying a House
You can expect to spend approximately 6 months searching for a home, getting mortgage approval, and closing on the property. However, this time frame can change depending on your personal circumstances.
Step 1: Apply for a Mortgage Pre-approval
Before you begin looking for a home, you will need to get pre-approval. This usually takes 1-2 weeks. When you apply for pre-approval, your lender will verify your income and check your credit history to determine the amount of home you can afford. The lender will then send you a letter with a formal estimate of the amount of loan they are willing to give you.
Pre-approval letters are a sign that you are serious about purchasing a home. Sellers and agents know that you will not have difficulty getting a loan once you find the right property. When you find the perfect home, your pre-approval letter will help you strengthen your offer.
Pre-Approval is usually quick and easy. You can apply online for a loan from many lenders in as little time as one afternoon. You should answer all questions of your lender, provide all documentation, and respond promptly to emails and phone calls. This will ensure that you get pre-approved as quickly as possible.
Step 2: Buy a Home
The hunt for the perfect home is often the longest part of the purchasing process. It will take you around three months to find the perfect property. You can save time and avoid looking at properties that don’t suit your needs. You don’t have to rush. It is not a good idea to rush into debt to buy a house you don’t like.
For a faster process, work with an agent
A Myrtle Beach real estate agent is the best way to speed up your home buying process. Local professionals are familiar with the market and can help you make the right decisions when buying a home. A real estate agent will help you narrow down your search and find homes within your budget. A real estate agent can help you make a strong offer, speed up negotiations, and even assist with your closing.
Step 3: Submit An Offer And Negotiate
It can take up to two months to submit an offer and follow through. When you have found the perfect home, your agent can help you submit an offer. A letter of offer outlines the terms of the sale. It includes information such as the price, closing costs and repairs that you require before closing. The job of writing an offer will be handled by your real estate agent.
These negotiations can take a while, as you might imagine. To speed up negotiations, ask your agent to contact the sellers’ or buyers’ agent. You might get valuable information from your agent that will allow you to customize your offer and obtain a quicker acceptance.
Step 4: Prepare for Closing
When you have reached an agreement with your sellers, your mortgage loan will be closed. Most lenders require that you finalize your loan details within 30 to 45 days. This is to ensure your home meets the minimum requirements of your loan. During this time, your lender will schedule an appraisal. Before closing, you should order a home inspection.
Step 5: Close on your Loan (About 1 Week).
Once your appraisal is cleared and your lender has finished underwriting your loan, it’s time for you to close. First, your lender will issue you a Closing Disclosure. This document will outline the final terms of your loan including your APR, and what you have to pay in closing costs.
You should carefully read the Closing Disclosure. Your lender must give you at most 3 days to review your Closing Disclosure prior to the closing meeting.
Your lender will arrange a closing meeting after the 3-day deadline has expired. After the 3-day window has expired, your lender will schedule a closing meeting. You’ll sign your loan papers and pay your down payment. Once you have taken control of your property, your lender will notify you. Any last-minute questions regarding your loan agreement can be asked.
After you close the closing meeting, you are officially a homeowner.
You could be in a new home sooner than you think
A majority of buyers expect to spend approximately 6 months buying a home. After you submit your application, it will take approximately a week for you to receive your mortgage pre approval. You’ll also spend about 3 months looking at properties. You may need to negotiate a deal with the seller for anywhere from 1-2 months depending on where you live. It will take approximately a month for the lender to approve your loan, and another week to schedule a closing appointment.
It is important to remember that buying a house is an individual process. While some people spend less time buying a house, others spend more time going through the steps. If you aren’t sure you have the time or patience to commit to a 6-month timeline, don’t rush.
When you’re ready to purchase a home, Call Full Potential Real Estate, LLC for a great home buying experience!
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577