As a first-time buyer, you may be wondering how long it takes to buy a house. The short answer is that it depends on different factors. Explore different situations that may impact the time frame for buying a home.
Were You Pre-approved for a Loan?
The first thing you should do is meet with a lender to negotiate a loan. The lender takes a look at your assets, income, credit history, and more to get an accurate picture of your financial situation, and they will usually get back to you within a few days. Getting pre-approved for a loan or mortgage helps you define your budget, and refining your options based on that budget speeds the process up considerably. However, applying for the mortgage takes time, so you should get started several months in advance to save up for a down payment.
Are You Using a Good Agent?
There are good agents and bad agents out there, and good agents can oftentimes speed up the home buying process by quite a bit. They can more efficiently locate listings that fit your needs, enter negotiations faster, and help to close the deal more quickly, as well. Bad agents tend to get things done more slowly. If it’s been several months and you’re no closer to closing a deal, you may have a bad agent. Good agents are worth finding; they keep you informed and make the home buying process quicker.
Entering Negotiations With the Seller
After you find the perfect house, it’s time to begin negotiating the sale. Your agent will help you create an offer. By law, the seller must respond within two to three days. Good agents know how to submit favorable offers that are tailored to your needs and the seller’s needs. This helps you reach an agreement much quicker. After the inspection, which takes about 10 days, the next step is underwriting. The lender looks at the home you want to buy and ensures they can finance it. This could take a month to 45 days to complete.
How Long Is the Home Buying Process?
With all that in mind, it usually takes several months to buy a home. It’s important to understand that the time frame is different for everyone, and there are many other factors at play that affect how long it takes to buy a house.
Learn More With HND Realty LLC
HND Realty LLC is a Nashville-based real estate developer. We’ve been in the industry for over 30 years, and we’re dedicated to getting you the keys to the home of your dreams. Contact us online or call us at 615-297-7711 to find your perfect home.