How long does it take to buy a house in Georgia? That is what we're talking about today
so let's dive in
How long does it take to buy a house? If you haven't bought a house before or
if it's been a while, you are probably wondering how long does
it take before you get the keys? What is the home
buying process timeline? Well that is what we're talking about today.
Hi I'm Daphne Bousquet with Fayette and Peachtree City Homes and Lifestyles
for Berkshire Hathaway HomeServices Georgia Properties
and welcome back to my YouTube channel. This is where we talk Fayette county
Georgia, from Peachtree City, Tyrone, Brooks,
Fayetteville and everything in between. The golf cart paths, the fun things to do,
the homes, the lifestyles and of course tips for buyers and sellers, so let's get
on with this buyer tip on how long it
actually takes to buy a house. Buying a house is such
an exciting time and I understand that when you make that decision to buy
a house, you want to move in as fast as possible.
But how long does that take? So let's start
with the beginning and that is to get pre-approved for a house. It is so
important to get pre-approved for a couple of reasons.
The first one is that you do not want to fall in love
with a house that you cannot afford. You need to know
your budget and exactly what a lender will give you.
And the second one is in a competitive situation,
where we're in right now, is that you risk
losing out on the house of your dreams if you're not pre-approved. When there
are multiple offers and you are not pre-approved you are not
getting that house. So pre-approval is where you start
and that doesn't take long. Just make sure that you have your bank
statements, your w2s, get your credit card statements all
together and apply for that loan.
Most of that goes online, then you'll talk to a lender
and it takes a couple days at most. So that is not a long process
at all. So you are pre-approved. It is time to go
shopping for a house! Now that can take a day, if you already know what you want,
a week, a month and sometimes it takes a year, if you have very specific
requirements and houses like that don't come on the market very often.
It happens, but usually it takes a few weeks,
a month, maybe a couple of months. It really depends what your requirements
are. Congratulations, you are under
contract! You found the home of your dreams!
So how long does it take for you to get the keys? All right so we'll start
at the beginning, because the day of the binding contract is
pretty much day zero. You have 48 hours
to get your earnest money in. That is part of the contract, that is your
"skin in the game" so to speak, and you want to get that in as soon as
possible. But usually it's within 48 hours what the contract states.
As soon as you have that binding contract, you send that over to your
lender, so they can start their process of
getting you approved and underwritten
immediately. You also have to order an inspection and this is all
during the due diligence period or also called the
inspection period. Because this is when you make sure that there's
nothing really wrong with the house.
During the due diligence period you really can pull out for
any reason, but it is really to find out if there's anything
major wrong with the house.
The inspector will find issues but it's really
for the major safety issues. I mean, is that HVAC system working,
are there any problems with the foundation? If there's only minor
issues, no big deal. And this is when you ask
for anything major to be repaired by the sellers.
Meanwhile the closing attorney is pulling title. Making sure that
everything's fine with that and that the property has clear title.
The mortgage company, your lender, will
order an appraisal to make sure that the
property is actually worth what they're lending you the money
for. If all goes according to plan and
yes even when there are some minor hiccups sometimes,
that entire process of underwriting the mortgage should be done
in about 28 days or less. That is
when the lender will issue you your TRID
or closing disclosures so that you can get clear to close.
By law you have to have TRID three days before you can close.
If any material changes have to be made
that clock starts sticking all over again.
All in all, from the time the clock starts ticking
and you sign that contract, to the time you get the keys when you close, it
takes about 30 to 31 days. Congratulations,
you are now a homeowner! If you like this video, you'll love this
one right here that will give you tips on
how to get your offer accepted. Be sure to subscribe to this
channel, so that you don't miss any of my videos.
They come out every week, so see you next Monday