One of the main questions new homeowners have is how quickly they can move in once they spot the residence of their dreams. The truth is that the manner can take around 3 to 6 months from start to finish.
It’s more than just viewing the houses and falling in love with one and buy for it. Unless you have cash on your pocket to buy it, you’ll should cope with various document and lot of work from negotiating to finishing the deal, and getting the keys so you can move in to your new home.
Getting Pre-Accepted for Your Mortgage
Getting pre-accepted is fundamental so you recognize your finances (more or less) and realtors may be willing to work with you. Get a pre-approval letter out of your lender before you begin to look.
Viewing The Homes
Viewing homes could be the fun but also the frustrating steps as well. It will depend on your wishes and tastes. It will also rely on how soon you need to move. Expect the process from A-Z to take at the least 3 months.
Making an Offer
If you decide you want to make a proposal, accomplish that via your realtor.
Giving an Earnest Money Deposit
Once making a decision to make a proposal, you’ll need to put an earnest cash deposit of one% to 3% of the home’s price. This will show your seriousness, and the seller will then take the house off from the marketplace. Give this money to your realtor first, who will put it in escrow for safekeeping till it could be used as part of the initial down payment for your private home.
The Home Inspection
The house inspection is very important which will determine if the price is right, and if the home is in need for some restoration. You can suit your bid based on what the inspector finds. Once the list of broken part finished, or you’ve agreed to a reduce the price, the sale can move to the next step.
Finalizing Your Mortgage
Once you are clear for the estimation on how much you want to borrow, you can finalize your loan.
Gathering Your Down Payment
Recheck that your down payment is prepared well so that you can hand it over as and when needed.
Decide on a Closing Date
Specify the schedule when you have to complete all paperwork to be done.
Determine a Move-In Date
If the seller is still dwelling in the house, be sure to discuss about move-in date before you close up. If you’re in a hurry, this may give both of you with lot of pressure. However, you don’t need to be paying rent anymore and a mortgage loan at the same time, so the earlier you can move to your new bought home, the better.
You have to typically get the keys within single week of the closing. If you could’t get the keys right away, be clear about the total of days of occupancy they are inquiring for, something like 30 or 60 days after closing.
What If They Can’t Move?
What happens if the seller hasn’t moved? This can happen if they’re looking for their perfect new home too, and are not on time in completing their purchase.
The date when you will live your new home must not be changed once it has been set. This point should be mentioned in legal agreement in buying home. However, you could offer to lease the house to them for the charge of the mortgage price each month till they finally move. This is normally referred to as a leaseback. It can be frustrating, but it will be well worth the wait.
Keep in good communication along with your realtor until such time as you have got the keys and are completely moved in. They can help you with any issues, hoping that your move date will remain as planned.