When you buy a house a lot of responsibility and commitment come with it, so these are not impulse purchases. It can take awhile to go through numerous listings that fit your needs and figure out which ones you want to see in person. Then once you find “the one” you have to hope that your offer gets accepted. When you go through this process you have to willing to play the waiting game. So here are a few frequently asked questions and answers.
How long does it take to get approved for a mortgage?
The standard is at least 2 weeks. Getting approved or pre-approved for a mortgage is never a quick and easy process. Your lender needs time to review all your documentation, financial history, and make sure there are not any problems. However, during this time you can really look at the house you decided on and make sure it is perfect for you.
How long does it take for an offer to be accepted?
Usually, offers take less than three days to get approved, rejects, or to counter. Unlike the shows on HGTV where it seems like offers are accepted within a few hours, in real life sellers can take longer to give their answer. The key is to be patient.
How long does a home inspection take?
Home inspections are probably the quickest process because they normally take 2-3 hours to do and then two days after inspection you will get your results. During the home inspection, your inspector will examine the foundation, structure, and other common problem areas of the home. It is best if you are there for the home inspection so you can ask questions. Once the inspection is completed, you can expect a report in two days. Then you can go through it and address any concerns and you might even be able to get you home for a cheaper price.
How long does an appraisal take?
Unlike the inspection, a home appraisal can take upwards of 2 weeks. This is the professional who estimates what the home is actually worth in the current market and communicates that information to your lender. They do this to make sure the agreed purchase price is a fair market price for you and the lender. After the appraiser is done looking at the house, which only takes a few hours, the will look through previous sales in the neighborhood that are similar to your home. The final report is then sent to your lender and can reach about 100 pages or more so some serious time goes into this report.
How long does it take to close on a home?
When you are finally ready to close on your new home, you can expect to wait about 50 days on average. During this time all the stars are aligning and everyone is working together to get you into your new dream home. The title company and your lender are working through everything to make sure it’s perfect so that the day that you sign the home is officially yours without any further problems cropping up. You can speed up the process by having all necessary documents prepared in advance, and your real estate agent, title company, and the lender will help you with this.
As you can probably tell buying a home is lengthy but you won’t go through it alone. So don’t stress! Everyone wants you to get into your new home as soon as possible, but they want to make sure you have a clean, fresh start.