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how long does it take to buy a home?

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February 14 - Wichita
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The best thing to do is to pre-qualify with a lender, that way when you find the perfect home, you are able to make an offer and close quickly.  Depending on how you are purchasing the home - cash, financing, and if the home is a short sale, foreclosure or traditional sale, will determine the time it will take to close.  In a short sale you are waiting for the bank to agree to take less than what is owed on the loan, in a foreclosure, it can take time to get a response from the bank-they keep bankers hours ;o), and in a traditional sale, it is your best bet to close the quickest.  One of the questions I like to ask lenders is how long is their process from contract to close, and where are their underwriters located - if it is a large bank, often the underwriter is located in another state and they may need to approve a lot of loans at one time, this means you could be on the bottom of a very large pile.  I hope this is helpful ;o)
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February 15
Profile picture for wetdawgs
Perhaps if you could add more details your question.   Are you asking from the day of offer to closing?  Are you asking from the day you decide until you actually close?    Are you qualified and pre-approved, or do you have no savings and low credit scores?


Generic questions without details get generic answers without  details (or no answers at all), even if is annoying.
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February 15
It may depend on your state but in Virginia once you find a home and get an offer accepted, you can close as quickly as 21 days or less. Of course, this entirely depends on the sellers timeframe and the Lender you are using. Smaller banks with "in-house processing and underwriting" tend to have quicker turnarounds. Some of the "big banks" may need as long as 45-60 days or longer. Rates are important, but you also want to consider turnaround times and efficiency when choosing your lender. Your Realtor should be able to offer you a good recommendation. My husband is with a local bank and he is licensed in VA, MD, DC, PA, FL, and a few other states. He can close in 21 days or less and his rates are just as good or better than the big banks out there.
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February 15
... Ive helped buy a house in an hour, and another took 2.5 years....Im working with other buyers who will never buy..... whats your story ? A typical escrow takes 30-60 days if thats what you mean, sometimes shorter, sometimes longer....average escrow period these days is 45 days, at least in California...
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February 14
Profile picture for SarahStidham
well thanks not what im looking for
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February 14
A few days to a lifetime.........
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February 14
 
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