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 92 Days to Home Ownership
This timeline is an EXAMPLE of the average home-buying experience. Yours could be faster or slower depending on your choices. We'll talk about each of these stages as we delve deeper into the process.
DAY 1: You want to buy a house.
DAYS 2-15: Investigate financing options. Get pre-approved. The process varies based on how many lenders you meet with and how much information you readily provide.
DAYS 16-36: Meet with a real estate agent and go shopping for your new home. Depending on variables (housing supply, number of buyers, your motivation, how picky you are, etc.) this process can be different for everyone.
DAY 37: Write a purchase agreement and make an offer.
- a. Actual Seller - no Short Sale (1-2 days)
- b. Actual Seller - Short Sale (2 weeks to 4 months)
- c. Bank Owned - (3 days to 3 weeks)
When a bank is involved in the process, it will take longer. Remember, banks have little incentive to accept short sales with any speed.
DAY 39: Seller signs off on your offer.
DAYS 39-44: If the offer is contingent on inspection, hire a private inspector and complete that process. Write and submit any additional requests to the seller. When negotiated, remove contingency.
DAYS 45-90: 30 to 45 days to close gives everyone enough time to do their thing.
- a. Loan Officer - Orders appraisal and title work. and Collects prepares paperwork for underwriter. Your main information conduit.
- b. Real Estate Agent - Helps you with occasional access to your new home. Monitors process on your behalf and the seller's agent.
- c. You - Provide all documents for loan officer. Purchase hazard insurance. Pack and make plans to move.
- d. Appraiser - Visits home and collects date to determine value for the lender.
- e. Title Company - Researches property ownership to determine no other debts or issues with property for the transfer to you.
DAY 91: One day prior to closing. Perform final walk through of the property with real estate agent. Receive HUD-1 Settlement Statement from the lender or closer.
 DAY 92:
Closing day. After about an hour of signatures and copies, you leave the closing office with keys, title, and a mortgage for your new home.
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