How long is the home buying process?

One of the questions we hear a lot is, how long is the home buying process? The home buying process is sometimes very short, and sometimes takes a long time.

On average, most people write an offer on one of the first six homes they see. Once we have a home under  contract with an accepted offer, that home goes PENDING. This is when things really start moving. A copy of the signed around purchase and sale agreement goes to your lender and to the escrow/title company. The escrow company opens escrow on the home and does a title search. The lender will call you to sign your lending documents.

Now that you have a home under contract, the loan application and process can begin. On your end, we need to schedule the home inspection. We have 10 days to have the home inspection completed and to request any repairs. Once the inspection process is complete, the appraisal process begins. Remember that the home inspection is for your  information, and the appraisal is for the bank’s information.

Once the appraisal is in, the file goes to the underwriters again for their  approval. Once we have their approval, closing documents are ordered. From receipt of the closing documents, you have three days before  you can sign at title once the title company receives the documents from the lender and verifies all the information is correct. Once this is  done, the title officer will call you for a signing appointment. Signing appointments are often same, or next, day.

Signing and closing gets mixed up quite often, but they are totally different steps. Signing is when you meet with the title officer at the escrow office to sign acceptance of the loan, and of the property you are purchasing. Once you and the seller have signed, all the paperwork goes back to the underwriters and then to the lenders to fund. After funding happens all the information goes back to the title company. The title  company then sends the necessary information to the courthouse to record your sale. Recording means closing and this is when the home becomes yours. Depending on your loan type the home buying process can take anywhere from 3 weeks to 6 weeks to get from accepted contract to keys. Average is about 30-35 days.