We discussed how long it takes to buy a house, and that's starting right now.
Welcome to Homebuyer's School brought
to you by Brookfield Residential.
Hi everyone I'm Karl Yeh
and welcome to another Homebuyer's School video, a channel where you get the
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little notification bell so you don't miss anything. So today I'm joined by
Cory McDonald, community manager with Brookfield Residential and the question
we're gonna answer is, how long does it take to buy a house?
Really good question,
each circumstance each person's individual time frame for researching a
home may take a little bit longer, some people may have time frame restrictions
they need to buy a little bit quicker or some people may have the resources to be
able to take their time, look at all the options that are out there, but once
you've narrowed down that one of-- that specific home that works best for
covering your needs, the time frames do kind of restrict a little bit and that
would depend on if you're buying a brand new versus buying a resale. Most resale
purchases they'll have a condition removal period so you write your
purchase agreement right in contract, the the offer you're putting in and once
that gets accepted you would have about a 7 day time frame to meet the
conditions of that contract. Now what that means is that if you're putting on
an additional deposit or if your bank requires you to pay off a car loan or to
sell a current home to meet the conditions of that approval, so you would
have about a 7 day window to meet those conditions on that contract before the
sale would be finalized. With a builder sometimes it takes a little bit longer
or we give you a little bit more of a longer time, may be able to 10 to 14 day
time frame to get mortgage approval and to come up with the remainder of either
a 5% or a 20% down payment depending on the style of home and who you're
purchasing. Within that condition removal period it's still a time that if
you don't get the mortgage approval you're looking for or if you're not able
to get into that place or circumstances change and you no longer are able to
take it into that home, you can still cancel and typically any deposit you
would have given at that point would still be reimbursed, it's after that 7 to
14 day conditional period once you've met the conditions of that agreement
you've given any of remaining deposits, that's when you're more legally bound
into the contract so that's a long-winded way of saying that the
typical purchase time frame happens anywhere from about 7 to 14 days but
it's a pretty busy 7 to 14 days.
I think we're talking about how long does it
take to buy a house-- there's a-- I see it as a three phases. The first phase is
research phase, so you've done your research online, talk to people,
also walk through some showhomes right if you're buying a new home or even if
you're buying a resale yourself to walk through the house at the same time -
you're looking at your mortgage approvals to see if you you get approved
in and in some cases you're looking at your down payments right, do you have
enough to pay down. I think to me the second phase is actually the contract
phase where yes you know, I've got all this approved and I want to actually
leave that and that's where you talk about the 7 - 14 days right where you're
actually signing the contract, making sure the conditions are-- you've met all
the conditions, and I think isn't the third phase the actual movement phase so
if it's a new home that's when it's taking however long it takes to
build your home and if it's a resale home, however long it takes you to move
into said home. Would that be kind of the three phases?
I think that's very
accurate, I would also put in there depending on the markets, negotiations
could potentially happen right around that contract phase - so what you're
willing to offer to the the seller or the Builder versus what they're
willing to accept right, so that would kind of be played into that part as well
but you're right there would be a little bit of a difference from you know, if
you're building brand new, there's a little bit of a longer time frame for
getting possession of your home versus you know, moving in to either a future
home or a quick possession home from Builder versus you know a resale home
where the time frames could be a little bit sooner as well.
Perfect, thank you very much Cory, and the question I have for you is, how long
did it take you to buy your last home? What were the steps that it took to
finally actually move in? Let us know in the comments section below.
Thank you very much for joining us and we'll catch you next time.
That's another edition of
Homebuyer School. Tune in next time for
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