What is a typical timeline that a buyer experiences when purchasing a villa? So much depends on the amount of time a buyer would spend scouting shopping for one. Whenever you have a contract, it usually takes 50 days or less to close on a house.
There are numerous steps involved in purchasing a house, and any of them could stretch out this timeline, especially in case you are not yet prepared. Her is a typical home-purchasing timeline, that you can be used as a guide.
- Doing the homework
It is one thing of dreaming of owning a house, and the other of making it a reality. A lot of time and effort can be saved when proper research on listings available on the market to help you figure out what your preferences are and what is it that you looking for in a villa — together with how much you can afford.
It can be common to simply fall in love with a house to find out you can’t afford it. You can mad do without this heartbreak by quickly chatting with your bank–called pre-qualifying. An indication of how much you can afford. A typical house-hunt usually takes a good 14-21 days on an average.
2.Finding the right Agent
Finding a suitable agent is essential for the purchase process. You must have a trustworthy consultant in your corner. Preferably a realtor that is well aware of the desired community having intimate knowledge of it. A realtor that is well versed with the community can bring about better deals to the table. Consider roughly about 7-9 days to zero-in on one.
- Getting Pre-Approved Loan
You are a serious buyer when you have a pre-approved loan readied by the bank. Most agents recommend that you have a pre-approval in hand before making an offer and that they can offer lenders recommendations. However, pre-approval goes a lot further than pre-qualification. There is plenty of paperwork that goes into it. Have all your documents organized and processed by the bank ahead of time. A typical timeline for this process usually would take 15-15 days.
This is where an average timeline can stretch from as low as a few days to a few months. Numerous variables can contribute to it. It might take longer than you expect or you just might discover “The One” on the very first day of house viewing. It all depends on what is available on the market. However, a typical buyer looks at an average of ten homes for about 10 to 12 weeks.
- Making an Offer, Negotiating and Signing a Contract
Work on the price, contingencies, and other terms of the deal with your real estate agent. A few things to help make it proceed smoothly: Include your lender’s pre-approval letter and put down earnest cash amount which is usually 3% to 4% of the sale price. If you receive a counteroffer, get to address it as soon as possible. Do give the buyer a chance to entertain other offers.
- Get Approval for the Final Mortgage
Getting your mortgage pre-approved doesn’t mean that you qualify to get a loan on your contractual home automatically. When the house is chosen, the lender has a few other requirements, such as a survey and assessment. And they would like to see a more up-to-date record of your financial documents. At this point, these steps in the home buying timeline often overlap and you may have to revisit a few things that you had previously addressed in the timeline. Consider an average time of where between a few days to 4 weeks.
- Get the Home Inspection done
Contact an inspector to get on to their books when your contract is accepted. It takes two or three hours for the inspection to complete, however, you will have to work with the home inspectors schedule to schedule the survey.
You can, however, quickly receive the report. Many inspectors take photos and complete the report as they go, and send it within hours of completion to your inbox. If they are backed up though, it may take up to several days.
If there are problems with the inspection report, some delays may result. It can range from one or two days to renegotiation or longer, if, for instance, you have an FHA loan requiring specific security standards.
- Get the Home Appraised
The evaluation is essential to obtain a home loan. You may have to put down a larger initial payment or renegotiate the contract if the home fails to appraise to the mortgage amount. Therefore, once you have a house under contract, you want to line-up an evaluator quickly. And unlike the home inspection, this report goes directly to the lender and takes longer because the evaluator must further research into what other houses are being sold in the area. This report takes around 8-10 days.
- Get Title Insurance
Your mortgage company would conduct the title inspection, which means they will examine deeds and title related documents in order to make sure that the property has a clear title and liens and former claims.
- Get Homeowners Insurance
Your insurance company will send someone to evaluate the potential risks of the property that could take several days. Other coverages, such as flood insurance, could be needed by your mortgagers. A process that typically will take 2 weeks
- Closing Funds Arrangements
Your agent will inform you if you would need to present a cashier cheque, a certified cheque or to initiate a digital fund transfer. This process takes place when signatures have been put to the paperwork and you are ready to take ownership. The timeline line for this typically lasts for around 4-5 days.
- Conduct the Final Walk-Through
This is the best opportunity to ensure that the seller has carried out all the agreed repairs and has vacated the property as well and has left the property in good condition.
It takes the average home buyer approximately six weeks, involving a loan, inspection, evaluation, title, insurance, etc. to close on a house.