How Long Does It Take to Buy a House?

Buying a house is a significant milestone in anyone’s life. But how long does it actually take? Many myths and misconceptions surround this process, and today, we’re launching an attack on these myths to give you a clear picture.

1. The Attack on the “Instant Purchase” Myth

Some believe that if you have the money, you can buy a house instantly. In reality, even if you’re paying cash, there are still processes to follow. Property inspections, title searches, and legal paperwork can take weeks.

2. Mortgage Pre-approval: Your First Line of Defense

Before you even start house hunting, it’s wise to get mortgage pre-approval. This can take anywhere from a few days to a few weeks, depending on your financial situation and the lender’s backlog.

3. House Hunting: Don’t Let Impatience Attack Your Judgement

The time it takes to find your dream home varies widely. Some find it in days, while others search for months. Remember, it’s essential to be patient and not let impatience attack your better judgement.

4. Making an Offer and Negotiation

Once you’ve found a house, you’ll make an offer. If the seller doesn’t accept your initial bid, there might be some back-and-forth negotiations. This phase can last a few days to a couple of weeks.

5. Home Inspection: A Necessary Attack on Potential Issues

After your offer is accepted, you’ll want a home inspection. This can reveal potential problems that might become significant issues later. Depending on the inspector’s availability and the time it takes to address any issues found, this step can add another week or two.

6. Finalizing the Mortgage: Defend Against Last-minute Attacks

With an accepted offer and a satisfactory home inspection, you’ll finalize your mortgage. This process can take 30-45 days on average.

7. Closing: The Final Frontier

The closing process, where you sign all the paperwork and get the keys to your new home, typically takes a few hours. However, scheduling a time that works for all parties involved might add a few days to the process.

Conclusion: The Total Timeframe

On average, from start to finish, buying a house can take anywhere from a couple of months to several months. It’s essential to be prepared and patient. And remember, while it’s crucial to attack any challenges head-on, it’s equally vital to ensure you’re making a well-informed decision. Click HERE to see if you qualify for a free review of your debt-to-income (DTI) ratio.