What to Expect: The Home Buying Timeline
If you've looked into buying a home, you've probably heard a wide variety of stories of how long it can take and all that goes into the process.
Time, and timing, is a crucial factor to consider when contemplating a home purchase. You need to know what you're getting into! Maybe you're expecting a baby and want to be moved in and ready before the little one comes. Maybe you are relocating for work and have a firm start date. Maybe you just can't stand your mother-in-law anymore and need to move!
Whatever your situation, knowing how much time you have and what needs to get done in that time is why you work with a professional Realtor®!
We'll share with you what to expect so you can keep life progressing smoothly during the entire process.
Before You Start Looking
Before you start this process, you should be aware of certain situations that could make the process of buying your home longer than usual.
Buyer beware of these circumstances:
You might see misinformation about a listing an aggregate site that isn't as up-to-date on the MLS
You might request a showing, and then it gets canceled at the last minute with no explanation
You might see homes that look great online but are not the same as the photos in person.
While these nightmare situations could happen, know that it is part of the process, and ultimately, you will find the right place for you!
Get the Right Representation
Choosing the right Realtor® to work with during this process is priority number one. They work to understand your goals and timeframe so they can represent you professionally and strategically every step of the way.
They will also be critical to help you when those nightmare situations do happen — spotting warning signs and mitigating problems all while keeping your best interest and goals in mind.
Getting Pre-Approved
Factor in the amount of time it will take to get pre-approved by a qualified and reputable lender. This process usually takes about a week or so. During the entire home buying time, you should not quit your job, change your job, or buy expensive items that require a new loan or any time of financing. Put simply, avoid anything that could alter your credit and debt-to-income ratio until at least six months to a year after you've closed on your new home.
If you have any disputes or errors on your credit report, you'll want to get those handled before starting the pre-approval process to ensure you get qualified for the right amount.
Looking for a House
Depending on market conditions, it can take anywhere from one week to six months of house hunting. This is where your Realtor® comes in! They will update you on current market conditions and find the right situations that make sense for you and your timeframe.
Be prepared, having done your research on what you want in a home, so you only see homes you would actually place an offer on. Also, you may need to make compromises to your home "Wish List." Thinking through your Wants vs. your Must-Haves ahead of time will help tremendously when writing an offer.
Another thing to keep in mind is that every home will require at least some sort of renovations whether big or small.
Due Diligence Period
You've written your offer, had it accepted, now it's the Due Diligence period! Depending on what you wrote in the REPC (Real Estate Purchase Contract), you will be closing within 30 days, pending any renegotiations. The Due Diligence period includes inspections, radon tests, financing and appraisal deadlines, and finally, signing the settlement papers.
Buying a home is never a one size fits all situation!
There is no easy "plug and play" scenario. Work with your Realtor® closely, and they will guide you to the very best outcome possible!
