If you ask how long it will take you to buy a house, you won't get an exact answer. This is because there are a number of factors that determine the duration of a property purchase process. Here are some of those factors and how they may influence your house purchase process:
This is one of the premier factors that will determine how fast you can buy a house. The main thing here is whether you are buying the house on a mortgage or paying cash. As a rule, cash purchases progress faster than mortgage purchases chiefly because you don't have to go through the mortgage acquisition process.
Even when you take the mortgage route, there are a number of factors that will influence the length of the process. These include whether you are preapproved for the mortgage, how much you are borrowing, and the state of the property in which you are interested.
State of the Market
The prevailing state of the real estate market, both national and regional, will also influence your purchase process. For example, in a buyer's market (when properties have flooded the market), you may be able to hasten the process if you have the money (pre-approved mortgage or cash) because finding the right property may be easy. In a seller's market, however, finding the right property at the right price will be difficult, and that may cause a delay.
The nature of your contingencies and those of the seller will also influence the length of the process. The more contingencies you have the longer the process will likely take. For example, if you can only buy a house if you can find insurance coverage for it, then you must factor in the process of applying for the insurance coverage. The seller may also make the sale contingent on them finding another house (something that you can't control), which will also influence the process.
The Time You Have Budgeted For
Looking for and buying a house needs time. You need time to gather your financial documents, apply for a mortgage, view prospective properties, and meet with the agent, among other things. The less time you have the more the purchase process will take.
Therefore, if you want to buy a house fast, these are some of the factors you need to control. Dealing with an experienced real estate agent will also go a long way in hastening the process. Contact a local realtor that can help you navigate real estate listings in your area.Share
22 August 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.