Buying a house from start to finish

On Avg, how long does this take??

Best case?? worse case??

We were just in the process of trying to buy a short sale co-op, and walked away b/c its been half a year and is going nowhere...Im happy though b/c now we are going to look at houses and Id rather have a house than a co-op BUT...Im pregnant and due in 5 weeks, and don't want to live in our current apt for very long with the baby!

Re: Buying a house from start to finish

It depends on a lot of factors -- what do you mean by "start"? How long it takes you to find a home you want to buy really depends on your price range, your criteria, how many homes available in your desired area that meet your criteria and price range, and how particular you are.

Once you make an offer and it's accepted by the sellers, it usually takes a week or two to go "under contract." During that period, buyers typically have a home inspection, the attorneys prepare (and negotiate the contract) and the parties sign the contract (buyers sign first, then sellers).l

After the contract is signed, you apply for a mortgage, and then the timeframe depends on the lender. The lender will have an appraisal done on the house, and the loan is processed and reviewed by underwriters before you get a mortgage commitment. If issues crop up on the title report -- for example, missing COs for renovations/extensions -- then it can take longer to close.

I work with lenders who can close a deal within 30 days (assuming that works for the sellers), but on average, I'd say it takes 60-90 days from the time an offer is accepted to close a sale. So if you found a house tomorrow and put in an offer that was accepted, I'd figure late June/early July as a closing date.

Everything I just said is relevant to a "straight" sale between a seller and a buyer. Short sales are a different animal and bank approvals can take a very long time (and there's no certainty you will actually get an approval), as you unfortunately learned!

To speed the process, you should have all your ducks lined up in a row before you go looking: (i) select an agent you like and trust to help you, (ii) identify the attorney you will use to handle the transaction, (iiii) have some names of reputable home inspectors ready so you can schedule your inspectiion asap after you have an accepted offer, and (iv) talk to a mortgage professional to figure out what you can afford and get a preapproval letter.

Good luck! Let me know if I can do anything to help you. I bought my house when I was pregnant, and I appreciate how stressful it can be!

Re: Buying a house from start to finish

we started looking in the beginning of February. We signed our contract on 3/31 and we HOPE to close around 6/15 - 7/1

so, 5ish months for us

Re: Buying a house from start to finish

The first time we looked at our house was in Sept. We put in the offer on Oct 3rd. Closed on Nov 19th. Moved in Nov. 27th. I would consider this very fast.

Re: Buying a house from start to finish

co-op purcase in 2004:
signed mid march
closed july 12 (was supposed to close in June)
moved in a week later

house:
signed 9/15
closed 11/20
moved in 12/17
I thought the house process went very quickly for us!

Re: Buying a house from start to finish

Co-op purchases can take a long time due to the board of directors.

For us we made the offer in February, contract signed in March and we closed at the end of June.

Re: Buying a house from start to finish

Thanks everyone!