Estimating How Long To Find And Buy A New Home

Estimating How Long To Find And Buy A New Home

Estimating How Long To Find And Buy A New Home

Finding a new home in Markham is not always easy. Some people look for a very specific set of features at home combined with a convenient location. It takes years for people like this to find the right home. Alternately, someone who is lucky or who doesn’t care about a rigid list of features can find a new home in just a few days or weeks. Consulting with a Markham real estate agent will significantly reduce the amount of time needed to find a new home. The amount of time needed to buy a new home becomes a little more predictable once the property has been found. Several stages of the home buying process will require time and patience.

Negotiation

The first thing that usually happens when the right house has been found is price negotiations. A Markham real estate agent can make this process easier than dealing directly with property owners. Negotiations usually involve an offer from the buyer and then a counter offer from the seller based on other offers that have been received. This process can take anywhere from one day to one month depending on how many potential buyers are involved in the negotiations.

Financing

Placing financing can be one of the most time-consuming parts of the home buying process. Usually it is best to hire Markham real estate agents who will help buyers become pre-approved for financing. If initial approval is not possible, then it takes from one week to several months for lenders and brokers to approve financing for a home. Costs and deposits usually need to be handled during this time.

Assessment

The lender or the bank usually wants to value the house as part of the financing process. Assessment means that trained inspectors will go out of the house and assess the value of the property. Financial institutions usually want this step to be carried out by an independent party. The assessment does not take long to complete even though scheduling assessors and the time needed to receive official numbers again can add several days to the process.

Inspection

Inspection is a step that must be taken by each buyer before completing the sale. Inspection involves calling in professionals who will walk through the house and examine each area for problems. Most homes have a few minor problems which are usually not a problem. Action will be needed if inspections reveal more serious problems such as water damage or cracked foundations. The buyer can request that the seller make the necessary repairs before completing the sale. Alternately, house prices can be reduced by the amount that will be needed to complete repairs. Inspections can add several days to the process although repairs can add a month or more.

Closing

Closing is the final step in the process of buying a home. Closing involves moving money from escrow to the correct account and completing all documents with the seller, buyer and any other parties involved. Closing is usually completed within 30 days if everything is settled. Minor problems or miscommunication between parties can extend this time.

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