If you’re interested in purchasing property, you might be wondering, “how long does it take to buy a house?” Home buying is a lengthy process even when everything goes smoothly, and can easily become longer and more complicated with every potential hiccup.
To help you better prepare for the process and save time, here are some key tips for your home purchase:
Obtaining full preapproval from a mortgage lender is essential to a smooth home buying process. Not only does preapproval show you’re highly motivated and qualified to buy a house, it helps you confirm how much you can afford to spend.
To get mortgage preapproval you’ll need to provide info about your assets, bank statements, income and credit history. The mortgage lender can provide a loan estimate within a few days.
A mortgage preapproval letter essentially locks in your financing, given that your financial situation doesn’t change drastically before you actually close on a house. Unless you are buying with a cash offer instead of a mortgage, it’s a good idea to avoid taking out additional loans or other activities that could affect your credit report until the purchase is final.
A real estate agent can make your home search much easier and quicker. Using their unique resources, they can help you find the perfect house in your price range while allowing you to spend time on other important parts of the process.
Real estate agents have access to the local multiple listing service, which often includes listings that aren’t readily viewed by the public. They may also know of upcoming listings not yet on the market.
Hiring a real estate agent to help you buy a house has many advantages, but one of the most significant is saving you time on your house hunting. Once you find a listing you’re interested in, an agent can coordinate with the seller for open houses and next steps for moving forward.
These are only a few of the critical things to keep in mind when planning to buy a new home. The process can be long and complicated, but the more you know about the major steps, the better prepared you will be to handle any potential delays in your home buying timeline.
Terese Ferrara is a long-time resident of the Bay Area and has been a partner with The Goss Real Estate Group for many years. She and her husband raised their two daughters in San Jose, where she successfully continues to build her real estate career.
After earning a bachelor’s degree from San Jose State University, she went on to teach in the San Jose Unified School District for 9 years. Transitioning to real estate was a logical choice, utilizing her patient demeanor to educate all levels of buyers and sellers. Knowledge and experience demonstrate her vested interest in delivering the highest level of care and professionalism to every client. She consistently strives to exceed her client’s expectations throughout the entire real estate transaction and remains a trusted advisor long after each close.
As a board member on KW Bay Area Estates’ Associate Leadership Council (ALC), she aids in support of culture and professional development strategies for over 180 associates. Terese is also a Director for the Santa Clara County Association of Realtors Foundation, which supports community service initiatives in Silicon Valley.
Terese is the consummate real estate professional dedicated to providing unparalleled service to her clients through ongoing training and education, keeping her on top of the dynamic market and latest real estate trends. Her high-touch approach coupled with honesty and integrity support her commitment to her client’s real estate needs.
