About how long does the home buying process take?

Making offers, closing, etc. until the day you move in -
about how long does it take?
Is it any different on a condo?

Re: About how long does the home buying process take?

from my experience, offers can be made and accepted quickly, within 24 hours....then you can usually go to ocntract (where seller signs) within a few days, then buyer signs and sends back deposit, usually a few days (so now you are prob talking 10 days-14 days from offer).

Contract typically provides 45 days to get mortgage and then sets closing on or about 15 days after that for a total time of 60 days "in contract". Note that "on or about" means 30 days before or 30 days after so if closing is set for on or about 12/1 you can close anytime between 11/1 and 1/1

HTh!

Re: About how long does the home buying process take?

It really varies on a case by case scenario. A standard easy deal will usually take about three months.

An offer can be accepted and negotiated completely in one day. I have had deals where the negotiations have taken weeks so it really depends.

Once an offer is accepted you want to bring an engineer in asap (within two days) after that is done the contracts will be sent to the lawyers - and you go from there.

Typically though - the process is about 3 months. It can be much shorter - or much longer depending on the parties involved and their circumstances.

Re: About how long does the home buying process take?

The process for us took about 6 weeks I think, it happened VERY fast. But in our situation the seller wanted to sell ASAP and nothing was holding us back from moving either, so the only thing that took some time was the commitment letter from the bank.

Like the other posters said it all varies though. I would think depends mostly on when the seller is ready to move.
DH's cousin found their house before we did and the seller's attny (also happend to be the seller's son) took forever to get the paperwork together so they only closed 4 months after their offer was accepted.

Re: About how long does the home buying process take?

It definately differs from situation to situation. Ours was a long process. We seriously searched for a home from August 2004-Feb 2005. We put an offer in March 2005 & did not get accepted until sometime in April 2005 (bck & forth with counter offers) We put a deposit down & went to contract in May 2005 & did not close & have the keys til August 18th!!! Our house was vacant, so it was not even about getting people to move out!

Message edited 9/26/2006 7:21:25 AM.

Re: About how long does the home buying process take?

I had experience with a condo.

We began looking seriously from March till the end of June last year. We saw our condo the last week in June. We placed an offer and it was accepted immediately.

We did not close until Sept. 21st.

So, I know the next time I want to buy a house I will set aside approx. 6 months till the time I want to be in the house and start looking then.

For example, I think I want to be in a house by next September. Therefore, I am anticipating starting to look after my 1 year anniversary.

HTH!

Re: About how long does the home buying process take?

looked at houses jan 15-feb 13 2005

offered feb 14
offer acepted feb 15th

closed march 31

moved in (after removations) may 15th

Re: About how long does the home buying process take?

We bid on the house, we got accepted the next day, had the inspection done 4 days later, went to contract in 10 days and closed 8 weeks later. So, 2.5 months total.

Re: About how long does the home buying process take?

We placed our bid Aug 1st, went to contract aug 7th, and closed Sept 20th.

Re: About how long does the home buying process take?

I work in title insurance and it usually takes 30-90 days. In our case it took just about 30 days. HTH

Re: About how long does the home buying process take?

Thanks everyone - our lease is up Jan. 31 and I was wondering if we should really get serious now - and from your responses it seems we should!!!

Re: About how long does the home buying process take?

It does also take time to find what you are looking for and to narrow down where you want to live - so starting to look now sounds like a good idea!

Re: About how long does the home buying process take?

definately depends on you & the house...etc.

Our timeline.

Bid & Offer accepted April '05
Closing June '05
Keys July '05
Renovations....renovations....

so worth it though
Moved in April '06

Re: About how long does the home buying process take?

here's the home buying process in a nut shell...

-Offer and acceptance (negotiations)
-Home inspection
-Sellers attorney draws up contracts and sends them to buyers attorney. The buyers need to sign and send their down payment to the sellers attorney for the sellers to sign. The downpayment is held in escrow. Here's where some delays may occur. Especially if you have lazy lawyers or a home inspection that needs more negotiating...
-Now the buyer has 45 days from the date the contracts were fully executed to get a mortgage commitment during which an appraisal occurs to determine the value of the home.
-By now, the buyers attorney should have ordered the title report...here's where more delays could occur should there be missing CO's or old information.
-Now you are ready to close! It's just a matter of getting the buyers attorney, sellers attorney, and bank attorney to agree on a date, time, and location!!!

if you have a good realtor who stays on top of attorneys you should be okay. anything more than 90 days is ridiculous!

Message edited 9/25/2006 10:07:07 PM.

Re: About how long does the home buying process take?

Looked March 2004-Aug 2004.

Made offer End of Aug 2004.

Took awhile for contracts (sellers RE agent playing games), finally in contract End of Sept 2004.

CLosed end of October 2004, took Possesion Nov 1, 2004.

So from offer to closing 2.5 months.