How Long Does the Homebuying Process Take?
If you are looking to buy a home, you may be curious to know: how long does the home buying process take?
What’s important to remember here is that a lot of it is going to depend on, first and foremost, how long it takes you to find the home that works best for you. However, once you have secured that home with a contract to be able to purchase, we see settlement dates that are dictated by the contingencies within the contract.
Let’s have some examples of quick and not-so-quick settlements.
If it is a cash transaction and not contingent upon financing or maybe there's no home inspections, the settlement could happen within as little as 14 days or two weeks.
For the ones that are contingent upon financing where you have your traditional home inspection periods, those are typically taking 30 to 45 days now.
If it's a government loan, some government loans are taking a little bit longer, and those settlements could go anywhere from 45 to 60 days now.
You have to keep in mind that this is all up for negotiation, just like all of the terms within the contract.
Sometimes, a seller might need a little bit more time to either build a home or go find a replacement home. At that point, they might request a longer settlement period.
In summary, the average range would still be anywhere between 30 and 45 days from the day you get the property under contract until you ultimately settle.
If you have other questions related to buying a home, particularly in the Maryland and Delaware area, let us know and we will answer them the best we can.
Post a Comment