How Long Does It Take To Buy A House?

Buying a home is one of the biggest decisions you will ever make. It is a complex process that requires time. In order for the home buying process to be as smooth as possible, it would be wise to familiarize yourself with the steps.

  • Mortgage prequalification or preapproval can take one day or months to build / repair credit.

  • Choose your real estate agent and shop for homes in your price range. This may only be a week or two, depending on what you find on the market.

  • Make an offer, negotiate, and apply for your loan. Negotiations can range from a few hours to several days, but apply for your loan immediately upon acceptance by the seller.

  • Schedule an inspection, review reports, request repairs. This will likely take one to three weeks, depending on negotiations with the seller for repairs requested.

  • Finalize Financing with lender and shop for home owners’ insurance. This will be an additional week or two after the time for inspections and repair negotiations. The whole loan timeline is typically 30-45 days from the date your offer is accepted.

  • Schedule movers, turn on utilities, and proceed to closing. Once these final steps are taken, congratulations you are ready to move into your new home!

So the total process could be as little as 10-14 days for a quick cash decision, to the average transaction of 6-8 weeks for an easy choice and a normal “pending” cycle, to the lengthy 4-24 month process for a slow decider or credit challenged buyer.

(Copy paraphrased from Home Buying Process)