What is the general time-line in buying a home?

We put a bid down today and the homeowner came back with a counter-bid..... Tomorrow we plan on coming back with another amount, etc.

How does the time line generally work? When will I know if the house is ours? How long does it take to go under contract?


I'm just so nervous!! I wish it was like going to the Gap....... make a transaction and it's yours!

Re: What is the general time-line in buying a home?

We saw the house on October 11th...On October 12th we put the bid in but it was Columbus day so technically they didn't get it until the 13th. They accepted it the same day and we were fully in contract by the 27th (both seller and buyer signed). The following Saturday we had our inspector check it out. The appraiser was there on November 5th. On 11/6 we had the termite inspection done. Once all that happened the file went to the underwriters. And, on Friday my attorney was setting up the date for the closing.

Re: What is the general time-line in buying a home?

OH, and if you listen to my husband you don't know the house is yours until you get the keys. he's a pessimist.

I felt like it was ours once the inspections went well and we got the real mortgage commitment.

Re: What is the general time-line in buying a home?

Seems like it went so smoothly for you! I hope we are as fortunate!!!

Re: What is the general time-line in buying a home?

It really depends on the situation.

We saw our house last February and didn't close until July. This is because our sellers wouldn't move until the school year was over.

MY BFF just put an offer in today, tomorrow they have to show their preapproval before the seller will accept. Once that happens, you both sign the contracts. After that the mortgage process and title search generally take 45 days or so. So if you're accepted you'll probably close somewhere around New Years.

GOOD LUCK!

Re: What is the general time-line in buying a home?

We put in an offer on September 28th. They countered right away and then we countered back. We were officially in contract on October 1. We had our inspection and appraisal around October 7th. We were cleared to close October 30th. Due to conflicting schedules, we did not close until November 4th.

We were pre-approved for a conventional mortgage (not sure if that makes a difference).

Re: What is the general time-line in buying a home?

yes, it really does depend on the situation. it took us 4 weeks to be in contract after the seller accepted our offer. a ton of back & forth between attorney's & the language of the contract.

Re: What is the general time-line in buying a home?

This is actually the second house we bid on. The first one was a short sale...urgh...we put an offer in, it was accepted and then we waited and waited and waited and nothing. Maybe it was a nasty divorce...the husband signed and the wife never went in and wouldn't return phone calls. So, we got out of that one.