A First Time HomeBuyers Timeline

HomeBuyers Timeline

It’s common for homebuyers (and especially first time homebuyers) to ask us how long it usually takes to purchase a home. Normally, once a client is pre-approved with a lender and selects a home, it takes about 30-60 days. Of course, this answer varies—but here’s an easy guide to help you map out a preliminary timeline.
1. Meeting a Lender. The very first step in a homebuyers journey should be talking to a lender and getting pre-approved for a price range. It’s simple, painless, and typically completed over the phone—he or she will just ask you for your income, any debts you may have, and your Social Security Number. Within a day or two of completing a quick credit check & running a few numbers, you’ll be given a price range that works for you. It’s best to get pre-approved BEFORE visiting any homes (we don’t want any broken hearts!). Planning to pay all cash? We’re jealous! Skip to #2.
2. The Home Search & Signing the Offer. According to a survey by the National Association of Realtors, the typical buyer searched for 12 weeks and visited 10 homes before choosing “The One”, but this number varies widely! Once you find “The One”, you’ll sit down with your agent and submit an offer. This involves some paperwork and it begins the negotiation process. You’ll typically get a response from the seller within a day or two. Got the house? Congrats! Time to consider the mortgage process & inspections. Read on.
3. Getting the Mortgage. As a super-rough estimate, getting a mortgage takes approximately one month from the date that the offer is signed. But this number can change: Condos take a bit longer, as well as distressed properties (that is, foreclosures & short sales—ask your agent for more info). After the offer is submitted, plan on being in touch with your lender for a while! This is when all of your financial paperwork is needed. Not getting a mortgage? A quick 2 week settlement is possible.homebuyers
4. Inspections. We ALWAYS recommend getting a home inspection, and this will typically happen within a week or two of signing the offer. If anything major comes up (failed septic, failed heating system, poor plumbing, etc) it could delay settlement until the necessary repairs are made. Here at EveryHome, we typically see settlement dates of 30-60 days from date of signing. Ask your agent for a more personalized timeline for you!