If only buying a home was quick and easy like buying groceries, in with your money and out with the stuff. The truth is that buying a home is quite a long process and industry statistics reveal that it may take 30 to 60 days for a buyer to close on a home after entering into a real estate contract. Evidently, you need utmost patience and professional realtors in your corner in order to land your dream home.
When purchasing a home, you may pay for the home in cash or through a mortgage. A cash sale is quite simple since you inform your realtor the budget you have in order for you to be presented with potential homes that fit within that figure be it Seattle lofts, condos, or penthouses. Once you find your most preferred property, you make an offer and present proof that the necessary funds are available and ready for transfer upon closing of the deal. A cash sale takes about two weeks between the making of an offer and closing.
Financing through a mortgage is a longer process since it involves more parties and elements. For starters, the buyer needs to be pre-approved for a mortgage by the lender. The lender will assess the buyer’s finances in terms of incomes, expenses, and credit score in order to come up with a loan amount that the buyer may get.
Looking for a home
With the loan amount in hand and savings for a down payment, the buyer may then get a credible real estate agent who will look for homes within the buyer’s budget. Seeing as our real estate agency has an array of homes for sale and MLS listings Seattle, it will be easy for us to find an ideal home for you within a short time. The process of finding an ideal home may take a few weeks or a couple of months depending on the buyer’s specific wants and needs.
Once the buyer settles on a home, the next step is to make an offer. The realtor draws up the document that expresses the buyer’s interest in purchasing the home, their financing plan, the offer amount, and their expected closing date if the deal goes through. The seller may accept, counter, or reject the offer. Rejection of the offer and a counter offer may lead to further negotiations, which only lengthen the process.
Closing the deal
When the buyer and seller settle on a purchase amount, the deal may now be closed. However, the house needs to undergo home inspection before the buyer pays the money. A good contract will indicate that the offer by the buyer may be revoked or changed if the house has certain extreme problems. The average time between an accepted offer and closing the deal is 50 days give or take depending on the type of loan you took.
Other factors in the process such as a poor state of the real estate market or the buyer’s financial status contribute to the length of the home buying process. The best advice is to be organized and patient.