You’re finally ready to purchase your dream home. This is such a major financial decision, and you’ll want to take a thorough approach. That includes knowing the timeline of buying the property.
Your Home Hero, led by Ashley M. Miller, has shared the steps of purchasing a house and how long each will take. In general, you’ll spend about four and a half months looking for a home, and an additional 30 to 40 days after the purchase agreement. However, the duration will vary from case to case, and some steps will overlap. Use this as a guide to help you gauge how long the process of buying a house will be.
The Stages and How Long Each Takes
1. Research and Preparation (4 to 6 Months)
Begin by finding an agent, understanding your current market, and learning your financing options — this will take around four months. But if you have plenty of time to spare, then you can do your research and preparation for up to half a year (or longer). That way, you’ll be better prepared for the next steps.
2. Getting Pre-Approval (2 to 4 Weeks)
You’ll need to start the loan pre-approval process to let sellers know that you’re serious about your purchase. Find a lender or mortgage broker to help you find the best rates. To get pre-approved, you’ll need to submit documents such as proof of income and proof of assets.
3. House Hunting (1 to 5 Months)
There are a lot of factors that will affect how long the house hunting stage will take, like the urgency of buying a home or your financing needs. Finding the property that fits your needs or criteria will also prolong the process. But with the help of experienced and well-connected real estate agents like us, the process can be much quicker.
4. Making an Offer (5 Days)
Once you’ve found a property that you love, you’ll need to put in your offer. There are a few processes and documents you’ll need to accomplish this, and your agent will help you out. If you play your cards right during negotiation, you’ll be accepted and enter into a sales contract.
5. The Escrow Period (30 to 40 Days)
When a seller accepts your offer, the next step is the escrow period. You’ll sign the purchase contract, begin the mortgage process to secure funding, and schedule home inspections to find any issues within the property. This stage will also involve the title search to determine if the property is free of liens.
6. Closing (2 Days)
On the day before the closing, you’ll do the final walkthrough to assess if the issues seen during the inspection are repaired. The next day is the official day of closing, where you’ll sign the necessary paperwork, transfer funds, and receive the keys in the presence of all relevant parties. Welcome to your new home!
The Bottom Line
Now that you have a rough estimate of how long it will take, hire a realtor in Greencastle, PA to help begin the process of buying a house. Your Home Hero has the experts you’re looking for, so contact us today!
