The process of buying a home is not that hard to understand. It’s something that can be done in about six weeks. It can happen much sooner when you are working with investors, or if someone is going to make a short sale where they are simply signing over the property to you in exchange for paying off their mortgage. However, most transactions will go through someone that is selling their home in the classifieds, or more commonly; you will do this through a realtor. Let’s go over the different stages involved in purchasing a home, allowing you to understand the process.
Locating The Property
This part of the process is separate from the total time it will take from start to finish. You might spend several weeks, or even several months, looking for the perfect property. Once you have found a property that you like, you can place an offer. It might take a few days for the seller to get back with you. There is always the possibility that they will make a counter offer. This is also the additional time that will be spent until you can come to something that is equitable and agreeable.
This part of the process will probably take several days. It might even take longer. You need to find a bank or lending institution that will consider you for the loan. They will need to have quite a bit of information from you to make this assessment. They are going to need a credit report, proof of employment, and your Social Security number. You currently live in a house or apartment; they will also need that information. Once this has been sent to them, they will have to present to their approval department. If you are going through an investor, they will submit this to their group of lenders. This process might take as long as a week to find someone that will be willing to provide you with the mortgage.
Organizing The Paperwork
The paperwork that is going to be processed is multifaceted. There will be the forms that must be filled out and signed for the property. There will also be all of the inspections that need to be done, certified by professional inspectors. Other research must also be done such as checking to see if there are any liens on the property. Finally, you need to show proof that you have been preapproved for the mortgage of your mediterra homes for sale. All of this can take several additional weeks, depending upon the schedule of the inspectors. Likewise, the realtor might need a few extra days to prepare all of the paperwork by this time adequately; you are looking at what could be three or four weeks from the moment that your offer is accepted by the people that are selling the home. The final part of this process is scheduling a time to meet in escrow so that the transaction can go through.
Finishing Everything In Escrow
Once you have your escrow appointment, and you have met and signed all of the papers, the transaction will be complete. There will be additional filing that must be done which will include changing the title officially. The check that you will receive can be cashed right away. The lending institution will issue it. This part of the process, minus the time it will take to meet with the escrow officer, will take just a few hours.
Other Possible Delays
If you are not able to find a lender right away, this could add a couple of weeks to this process. If you have a couple of inspectors come back with problems that need to be resolved, this will also take some time. This will be dependent upon the schedule of the professionals that will be able to make the repairs. This could add a few more weeks in the entire process. However, most of these transactions occur in about 6 to 8 weeks maximum, allowing the buyer and seller to complete the transaction.
The process of buying a home is not that difficult when you are working with professionals that do this for a living. If you are working with a realtor that can prepare the paperwork, and inspectors that can complete their inspections promptly, this can flow very quickly. In no time at all, you will have purchased a brand-new home as an investment property or a new place to live. Sometimes it will just take a little bit longer due to issues that may arise, but now you know what to expect.