How Long Does It Take To Purchase a Home?
We are “gotta have it now” society. When we see something we want we can often times have the delivery scheduled to come to our house within 24 hours with just a few clicks of a mouse. So why does it take so long to purchase a home? The reality is that the average time of purchasing a home can take anywhere from 45-60 days. There are a few key factors to consider that affect your ability to close and move into your new home.
The truth is that not all sellers are ready to close on their home yet. Yes, they have the home listed on the market to sell, but they may not have expected an offer to come so quickly. Even some of the investors that I have worked with in the past are shocked how quickly they can receive an offer. In a traditional sales transaction you will need to give the current owners 45-60 days to find somewhere else to move to. For new or rehabbed homes, investors normally need the same amount of time to wrap up loose ends on the repair list when you give them the home inspection report.
The lender that you are working with has the most influence on your transaction will close. Make sure they are clear with you on the path they are going to take. Make sure to always provide them with the proper paperwork. Also, make sure you understand when they should be contacting you with updates. Contact them often to ensure that your file is making progress. An established lender will provide to you details throughout the entire transaction that will let you know where you are in the process at all times. If you are ever unclear make sure to ask your lender what is going on.
Once you are under contract it is your responsibility to hit your contract’s deadlines. Get your earnest money deposited with the seller as soon as possible. You want to make sure that you have everything covered so that you don’t miss anything on the timeline. If your lender asks you to update your paperwork make sure to do it quickly.
If you want to boost your home buying journey and arm yourself with powerful knowledge, text “INSIDERSHOW” to 44222 and receive a free copy of our guide “5 Free Insider Tips To Help You Become A Homeowner”.