Everyone has different needs when it comes to the timing for purchasing a home; whether you are interested in a home in Locust Grove, Culpeper, Rhoadesville or beyond, some people need to move immediately while others want to wait for just the right home.  Did you know that average home buyers spend about four months shopping online before they look at a home in person?  But how long does it take to buy a house once you make an offer? Once you start the ball rolling, here is an average timeline of how long the process takes for home buyers.

Home buyers homework

Before home buyers start looking at properties, there is a little work that needs to be done. The amount of time this takes varies by home buyer. All of these tasks can be completed in a week, but some home buyers need more time.

  • Determine must haves in a property- home buyers have to decide what exactly they are searching for in a home. Think about what is most important to you; is it the number of bedroom in a home, the location, or do you need to have a separate office space. Creating a list of must haves will help home buyers narrow the search.
  • Get pre-qualified for a mortgage- The final approval for a mortgage happens when you have a ratified contract on a property. A pre-qualification gives you a home buying budget. Home buyers have to know how much they have to spend before you start shopping.

Home buyer timeline

  • Go on showings with your Realtor® to find your next home. This usually takes 1-4 weeks. This time varies due to the amount of homes for sale and how specific the home buyers needs are.
  • Write an offer.  The Realtor® will write a offer with the home buyers. The sellers will receive the offer, send a response, and the home buyers can counter the response if needed, and then sign a contract.  This usually takes 1-5 days.  Most offers suggest closing in 30-45 days of the ratified contract.
  • Schedule inspections.  Your Realtor® will schedule a home and pest inspection.  If necessary a water quality and septic inspection  will be scheduled.  This typically takes 1-2 weeks for the inspections and reports. During this time home buyers can create a list of repairs they would like the seller to address. The seller and buyers will negotiate the completion of these repairs.
  • Get an appraisal:  The home buyers mortgage lender will request an appraisal from a third party company to be completed.  The appraisal determines the current market value of the home and makes sure the mortgage company isn’t lending more money to the home buyers than the home is worth. The appraisal can take 2-3 weeks.
  • Receive final loan approval:  Your lender will contact you when your loan has been fully approved. The lender has been working on your mortgage since you signed the ratified contract. Keep in mind that the lender may request additional documents during this time and it is important the the home buyers get the documents to the lender promptly so that closing does not have to be delayed.
  • Close on home:  Everyone’s favorite day! This is the day that home buyers become home owners. It usually happens with 30-45 days of the date on your ratified contract.