Oftentimes, first time buyers will ask, “How long will it take to buy a home?” My brilliant, expertise answer? “Depends.”
Buying a home is like Rubik’s cube, you can potentially solve it in six moves. Or…longer. Allow me to review the process.
Step #1: Prep Time
Prepared buyers will possess the following
#2: Credit repair completed if there has been any issues preventing the buyers from obtaining a mortgage.
#3: A lender’s pre-approval letter. This letter does two things:
- It states much house a buyer can afford.
- It allows sellers to know you are qualified. If two buyers submit the same offer and one is pre-approved and one is not, guess what? The non-qualified walks away disappointed.
Step #2: Search Time
This is the biggest variable. “I want a 2,400 sq. ft, 3 bedroom, 3 bath condo overlooking Lady Bird Lake and I can spend up to $250K. How long will I wait for this unit to come on the market?” How about, “till hell freezes over?”
Every buyer must compromise. “I like this house; I wish it were in another neighborhood.” Well, it isn’t. “I like everything, except the kitchen; it’s too small.” Well, would you like to consider a remodel and get a quote? “I love it! I’ve not seen anything like it, but it is $55,000 above our max price!” Well…have you considered robbing a bank (Just kidding).
Create a priority list. What is most important? Size? Location? School district? Price? It will help you narrow your search.
I’ve had buyers locate their dream home once they became open to suggestions. This is especially important if you have less than 6 months to find a home.
Step #3: Offer Time
Once the buyer finds the right home, an offer can be formed and submitted. Sometimes sellers will set a date by which all offers will be reviewed. If so, I will formulate a strategy with my buyers on how we can position ourselves. This is more than money; it is knowing the ins and outs of negotiating well. This ain’t my first rodeo.
Step #4: Lift Off
When the seller accepts my buyer’s offer, we have lift off. Here we confirm the closing date and set in motion a whirlwind of action points. I provide a detailed check list for my clients detailing such matters as inspection reports, do’s and don’ts regarding finances and process. Depending upon what the inspection report reveals, I then start negotiating – part 2. In this Lift Off period, an appraisal will be ordered, and any sticky details resolved.
Step #5: Touch Down
Closing. I coach my buyers and make sure they are prepared for one of the most exciting days of their lives. I give them handwriting exercises for the 616 times they will sign documents (just kidding). Later, I will hand them their keys – keys to open a brand-new chapter in their lives.
How long did it take? Some buyers took 45 days; others took 60 and some? Why they are still waiting for that condo overlooking Lady Bird Lake.
If I might be of help to you, please contact me: firstname.lastname@example.org. And be sure to read this section of my website, https://ivystantonhomes.com/for-buyers/. I am here for you! Together we can find you the right home at the right time at the right price.