Denise Beyer's Blog
When you decide that you want to buy a home, you probably hope it will all happen overnight for you. There’s some bad news though. It can take between 6 weeks and 6 months to buy a home! It could take even longer if you face a few roadblocks or inventory happens to be low in your area. There’s so many variables when it comes to getting a place to live that everyone has a different experience during their home buying process.
A Long Road
Even if you decide to buy a home today, and find a home you love tomorrow, there’s a bit of a “grace” period before you actually get to own the home. There’s many different steps that you’ll need to complete in order to successfully secure a home.
The first step that you need to complete when you want to buy a home is that of getting pre-approved. The lender will look at your debts, income, and credit history in order to get a complete financial snapshot of you. With this information, the lender will be able to tell you just how much house you can afford. This will be given to you in the form of a maximum loan amount. If your loan amount is $300,000, you can’t be shopping for $400,000 homes. The pre-approval process generally only takes a few days, but everyone’s circumstances are different.
Get An Agent
Before you even start on the house search, you’ll need to find a real estate agent who can help you on your home search and knows how to secure the home transaction. Do a little research on agents in your area. You can also ask around amongst your family and fiends to see if they have recommendations. Who you pick for your agent can have an impact on how smooth your home search process and transaction will be.
Start Searching For A Home
Start your home search online. With today’s technology, online home searches save those shopping for a home a lot of time. By simply looking at details and listing descriptions, you can narrow down the number of homes you‘d like to see in person. The online home search is a way to screen homes and eliminate the ones that you have no interest in.
It never hurts if you are driving around and see a “for sale” sign. You can take down the address and look it up later. If you’re interested, you can always set up an in-person showing with your realtor.
How Much Time Should You Expect To Spend?
When it comes to how long you’ll be searching for a home, you’ll need to be realistic. If you’re only doing casual weekend searches, it could take a bit more time than if you have a bit more flexibility in your schedule. Then, you have the final steps to look forward to which include:
- Mortgage underwriting
All of these final steps can take varying amounts of time from a few weeks to a few months to complete. Patience and diligence are indeed requirements when it comes to buying a home.
A closing represents the final stage before a buyer acquires a house. At this point, a buyer and seller will meet and finalize an agreement. And if everything goes according to plan, a buyer will exit a closing as the owner of a new residence.
Ultimately, there are several steps that a buyer should complete to prepare for a home closing, and these are:
1. Review Your Home Financing
Typically, a lender will provide full details about your monthly mortgage payments for the duration of your home loan. This information is important, as it highlights exactly how much that you will be paying for your house.
Assess your home loan information prior to a closing. That way, if you have any home loan concerns or questions, you can address them before your closing day arrives.
If you allocate the necessary time and resources to review your home financing, you may be able to alleviate stress prior to closing day. In fact, once you know that all of your home financing is in order, you can enter a closing with the confidence that you'll be able to cover your mortgage expenses.
2. Perform a Final Walk-Through
A final walk-through provides a last opportunity to evaluate a residence before you complete your purchase. Thus, you will want to take advantage of this opportunity to ensure that a seller has completed any requested repairs and guarantee that a house matches your expectations.
Oftentimes, a final walk-through requires only a few minutes to complete. The inspection generally may be completed a few days before a closing as well.
It is essential to keep in mind, however, that a final walk-through won't always go according to plan. If you give yourself plenty of time for a final walk-through, you should have no trouble getting the best-possible results.
Try to schedule a final walk-through at least a week before a closing. By doing so, you'll ensure that a seller can perform any requested repairs prior to closing day.
3. Get Your Paperwork Ready
During a home closing, you'll likely need to provide proof of home insurance, a government-issued photo ID and other paperwork. If you get required documents ready ahead of time, you won't have to scramble at the last minute to retrieve assorted paperwork for your closing.
If you need help preparing for a home closing, there is no need to worry. Real estate agents are available nationwide, and these housing market professionals can guide you along each stage of the homebuying journey.
A real estate agent will help you find a house, submit an offer on it and conduct a house inspection. Plus, this housing market professional can provide recommendations throughout the homebuying process to help you achieve your desired results. And as closing day approaches, a real estate agent is available to respond to your homebuying concerns and questions too.
Prepare for a home closing – follow the aforementioned steps, and you can seamlessly navigate the home closing process.