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Today we’re going to discuss a question I get often, “How far ahead should I start looking for homes if I’m planning on buying?”
Right now, we are finding that a lot of the buyers out in the marketplace are looking to be all moved in their new home by the end of the summer. School starts a little earlier this year, so you need to be prepared to start looking for homes soon.
When you’re getting ready to go out and buy a home, the first thing you want to do is get pre-approved for a loan. This can take anywhere from 1-7 days. With a more in-depth approval, it can take 5-7 days because the lender is going to go through all of your financial documentation. This kind of pre-approval is basically as good as cash.
After that’s been completed, you can start viewing properties and submitting offers. You should be able to find a home pretty quickly in this market, unless you have something specific you’re looking for. If you are looking for something specific, like a single-story home or a certain lot-size, it could take up to 30 days before you find the right home and get an offer accepted.
Once your offer has been submitted, it can take 3-7 days for the offer to be signed and all the follow-up period to be completed. At that point, you’re under contract, then you’ve got the actual close of escrow date. That can take anywhere from 30-45 days depending on the inspection period and appraisals. After that is completed, you’ve finally closed escrow.
All in all, it can take up to 90 days from when you initially start the pre-approval process until the day the home is finally closed. If you’re thinking about buying, make sure you give yourself the adequate time. If you have any questions for us or need some help getting started with the process, give us a call or send us an email. We’d love to hear from you!
