While there isn’t an exact timeline for buying a house, there is a general process that every home sale follows. When you’re buying a home, you can expect the process to range from one to six months, depending on various criteria. The quality of your offer, as well as the status of the market, are two of the most influential factors. If you’re considering buying a house and want to better understand the timeline and factors of purchasing a home, read on to learn more.
Interview real estate agents (one to two weeks)
Investing time to find the real estate agent who is the right fit for you is worth the search. Working with an agent you trust and who is a good personality fit is key to a positive homebuying experience. Interviewing three agents will help you best assess who you want to work with. In addition, ask about the proposed marketing plans, their knowledge of the area and connect with references.
Mortgage pre-approval (one to two weeks)
While a pre-approval can be completed in several days, it’s helpful to allow several weeks to ensure you receive the best lender and mortgage type for your needs.
Schedule showings, appointments and open houses (one day to several months)
Viewing properties that fit your criteria can be accomplished anywhere from one day to several months, depending on the type of inventory available and your individual real estate needs. Depending on your local market, the amount of housing inventory available and how quickly you submit an offer will impact this timeline.
Make an offer (several days)
Once you find the property that fits your needs, your real estate agent will submit your offer. From there, you will wait for the seller’s counter-offer or acceptance.
Negotiations (several weeks)
Depending on how competitive your offer is, the seller may come back with a counter offer and you’ll negotiate back and forth until both parties are satisfied with the agreement. During the negotiations, both parties’ attorneys will be involved to help facilitate a fair transaction for both sides.
Loan approval (one to two months)
With your pre-approval complete and the offer verbally accepted, you will need to finalize your mortgage loan. You will need to gather and submit the required documents to send to the lender, to underwrite and approve the loan. The average closing time for a house is two months.
Wait for the appraisal (several weeks)
To ensure the house is selling for what it’s worth, the mortgage lender will send a home appraiser to come and assess the home. This requires the appraiser to visit the house then submit the valuation report.
Schedule a home inspection (several weeks)
As the buyer, you are responsible for scheduling a home inspection. A home inspector will inspect the home to identify any potential issues. Some issues may be minor and you may be willing to accept, while others may be more significant and require more negotiations with the seller.
Set the closing date (one day)
The final step is scheduling the closing date. Along with your attorney and real estate agent, you’ll sign the required documents, submit your down payment and closing costs and the home is officially yours.
