The home buying process can take between 6 months and 2.5 years. While the average buyer shops for homes for about 4 to 6 months, once (s)he finds the right home, the process generally proceeds fairly quickly if (s)he’s prepared.
Revealing why the home buying process usually takes at least half a year, the following breaks down the 7 steps involved in purchasing a home.
Buying a Home: 7 Steps
1. Get pre-approval for a mortgage – A pre-approval sets the budget for the new home. At this stage in the home buying process, it’s wise to shop around for lenders. It can be the key to getting the best rates and lowest fees on a mortgage loan.
2. Look through listings – This typically involves online searches and research to find options to see in person.
3. Look at properties – Open houses, private appointments, and even self-guided tours on homes with lockboxes all happen at this stage. If nothing’s suitable, homebuyers will go back forth between this and the above stage until they fall in love with a home.
4. Make an offer – Once the right home is found, the homebuyer presents an offer to the seller. This offer should be based on the asking price, the market, and the budget (among other things). From here, the offer may be rejected or accepted, or negotiations may begin.
5. Get the mortgage – After a purchase price is agreed on, the buyer will contact the lender and give the green light to proceed with the mortgage loan. Once the loan is approved, the buyer will have to sign paperwork to finalize it.
6. Complete the home inspection and appraisal – As the lender works on processing the loan, a home inspection and appraisal will take place. These assessments can reveal whether there may be any unknown issues with the home, as well as the fair market value of home.
7. Close on the home – When the loan closes, the closing costs will be paid. The buyer and/or seller may pay these costs, depending on the deal made. Typically, closing costs are about 2 to 5 percent of the purchase price. These costs cover appraisal fees, homeowner’s insurance, property taxes, and attorney’s fees.
Homebuyers Can Get Even More Money Back by Working with New Home Gurus
No matter how long it takes to find and close on a dream home, first-time homebuyers can put cash back in their pockets when they work with the experienced Realtors® at New Home Gurus.
That’s because New Home Gurus offers a unique program to first-time, providing:
· Advice and guidance throughout the home buying process, once buyers know which homes they want to make an offer on
· Expert assistance from the offer and negotiations through closing
· A 50-50 split of the buyer’s commission at closing.
Homebuyers who work with New Home Gurus can, on average, get back anywhere from $4,500 to $12,000 at closing.
Find Out How Much Cash Back You’ll Get at Closing
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To find out more about how our commission-sharing program works, simply contact us! We are ready to answer your questions and help you get into your dream home!
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