After months and months of saving you have finally reached your first goal in the process of buying your new home. With the down payment ready you flip through the listings preparing to be shown homes that capture your interest. Your excitement is at a peak, but are fully aware that homes are not impulse buys. Just as you patiently waited months to save up for this moment, your patience must not crumble when you are ready to purchase. Here is a list of steps and how long they will take to help you manage the waiting game.
Your Real Estate Agent
Your real estate agent should be someone who is in constant communication with you and relay each step of the process with you. The Lockwood Team has over 30 years of experience in the South Bay helping buyers, sellers, and investors. Their sales speak towards their commitment and professionalism to help you get the service you deserve. Give them a call and have a great team of agents working for you by the end of the day.
Getting approved for a mortgage
Lenders examine documents, review your finances, and look for any alternative hiccups. So even if you are the rockstar candidate, you’ll have to wait. Typically you will be given the green light in two-three weeks.
When will an offer be accepted?
Once you have made an offer, the waiting time is in the hands of the seller. The seller will look at the offer and either accept it outright, counter it, or reject it. Usually, the excited seller will give a response within three days. If the home was a foreclosure, banks could sometimes take up to 10 days.
Waiting for the Appraisal
The professional who estimates the value of the home on behalf of your lender will usually spend a few hours examining the property. After they finish, the waiting begins as they explore comparable households in the neighborhood and prepare a comprehensive report for your lender. Expect to wait about two weeks to get results.
Closing on a home
The final step is, unfortunately, the lengthiest one. Closing on a home can vary drastically at times ranging from 30-50 days. Talk to your agent and get all your paperwork prepared (the process will be on the shorter end having the necessary documents prepared).
Once these steps are all completed and you have those keys in your hand the long wait will be more than worth it. Give the Lockwood team a call today 310.994.0774 and let them help you get started.