One of the most confusing things about a home buying is what you are supposed to do and when.  It can be difficult to pinpoint an exact timeframe for home buying since it can vary depending on the market and your present situation.  Generally, you can expect it to take about 3 to 4 months to find a home.  This timeline is based on that time frame. However home purchase can be done in as little as 30 days.

Three Months

1. Come up with a checklist of things tasks to be completed in the home buying process.  This checklist should include all the steps you need to take from educating yourself about the real estate transaction to shopping for the home to the closing.  The checklist will serve as your guide throughout the home buying process.
2. Get pre-approved for a mortgage.  This will give you a price range to work with throughout the home buying process.  Make sure that you are getting pre-approved.
3. Start getting your loan application documentation together to provide to your lender.  These will include, past tax returns, bank statements, w2s and pay stubs.  The lender may require other information, but these are the basics.
4. Start shopping for a real estate agent to assist your home buying.  Use references from family and friends to find a reputable real estate agent that will have your best home buying interests at heart.
5. Begin the search for your home.  Come up with a list of things you need and want from a home.  Your real estate agent will be able to help you find homes that fall within your criteria.

Two Months

1. Start your search process.  Your agent will provide an email with many homes.  It will be up to you to narrow the list before hitting the streets.
2. Evaluate the houses that you are considering.  Work with your real estate agent to come up with a method to scorecard or analyze the houses that you are strongly thinking about purchasing.
3. Decide which home you would like to purchase.  Work with your agent to make an offer to the seller on the home.  Once you make an offer it is wise to stop shopping around for homes.
4. Once the seller has accepted your offer and you have signed the sales contract, have the home inspection completed. Your earnest money is needed at this time.
5. Make arrangements for the closing.

Six Weeks

1. Purchase homeowners insurance and provide proof of the policy to your lender.  This must be done prior to closing.
2. Make your moving arrangements.
3. If necessary, begin the process for school transfers or registration.

Four Weeks

1. Alert necessary parties of your change in address.  You can also have your mail forwarded through the postal service by putting in a request at your local post office.
2. Make arrangements for utilities at your new home.  If you will be working with the same providers you can simply put in a request to have your services transferred at a certain date.

Two Weeks

1. If you are having your items professionally moved, verify the arrangements with your mover.
2. Check with your lender to finalize the mortgage for the home buying process.
3. Pack your belongings unless you have arranged a full pack and move with the mover.

Closing Date

1. Bring your driver’s license for identification purposes.  Your down payment is due at this time.  Also bring any home buying closing costs that you are responsible for paying.
2. Keep in mind that this is a general home buying timeline.  You can adjust the time depending on how long it takes you to find a home you like.

Everyone’s timeline may be different.  This is a general timetable, work with your agent in a timeframe that suits you best.

If you have any questions about this timeline or the homebuying process, fell free to contact me here.