If you are wondering how long it takes to buy a house, you’re asking an impossible question. It take as long as it needs to. There are so many factors that go into buying a house, so the buying time frame will vary greatly. I can give you a very general idea though!
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House Shopping ~ 4-6 months
Generally speaking, it takes about 4-6 months of actively searching for someone to find a house that they want to buy. Their wants and needs change, they get cold feet, there’s nothing good on the market, or they need to see 50 houses before they put an offer in. This is normal. Sometimes though, it can be quick. If you know what you’re looking for and where – and it’s readily available in your price range, yay!! I love when that happens. Usually it does take time though. It’s just such a big commitment, that you want to be confident that you are absolutely sure. Other people can take years. If they don’t really need to move, but would like to, they are prepared to wait until the perfect house pops up.
Attorney Review ~ 1 week
Once the search is over and your offer has been accepted, you will enter into attorney review. This is where your attorney and the seller’s attorney will review the contract and make sure it is in their client’s best interest. This will usually take a few days. Really shouldn’t take longer than a week. I know a lot of people tend to think that attorney review lasts 3 days. Sure, it can. It can also be shorter or longer. It just depends on how long it takes for the attorneys to get back to each other and everyone to agree on any changes to the contract. There is some back and forth – and it comes to a halt on weekends. So, generally I’d say attorney review lasts from 3-7 business days…as long as everyone has good communication.
Financing ~ 30 to 45 days
Once attorney review concludes and you are under contract, you would then contact your lender and let them know that the deal will be moving forward. You will need to send them whatever they ask for in a timely manner to ensure that your mortgage commitment will be ready before closing. You can’t close without it! I have a great mortgage guy that I refer my clients to and he gets things done quickly. I will usually have their mortgage commitment (as long as the client is sending in the needed paperwork) in 30 days. It can take longer though, and there can be bumps in the road, but generally if will take about 30-45 days to secure your financing.
The Whole Transaction ~ 45 to 60 days
From start to finish, the actual transaction should take about 45-60 days. That is from putting your offer in, to getting a seat at the closing table. This is also in a normal transaction. A short sale will take much longer due to correspondence with the bank that is holding the house. A cash sale can close quicker, because you are not waiting for the financing. The financing is really what takes time. During the financing is when everything else happens – all the inspections and the appraisal. Then you wait for the mortgage commitment. Things can get delayed if there are issues or repairs with the house that need to get done before closing, or the buyers and sellers are having trouble coming to an agreement on the inspections. But, generally speaking, it should take about 45-60 days to have your keys in your hand.
6 ~ 9 months.
It can easily take 6-9 months to buy a house. Or longer! If you are in the beginning stages right now – checking houses out on-line, getting your finances ready, and interviewing Realtors, you can be in your new home by this time next year. Obviously it can happen sooner if you find something great, but really for most first time home buyers, it’s a lengthy process. If the beginning phase takes a month or two, then actually looking at houses takes around 4-6 months, and the actual transaction takes about 2, you are looking at about 6-9 months.
There may be some other fun stuff thrown in there too, where you take a break for the holidays, lose a couple multiple offer situations, get too stressed out and decide your dream home isn’t out there, switch Realtors, etc. No one ever said it was easy! But home ownership IS a great reward, and well worth the effort. Check out the 10 steps to buying a house for a step by step explanation of the entire home buying process!