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A general timeline when buying a home

On Behalf of | Jun 24, 2019 | Residential Real Estate

The process of buying a home in Delaware or any other state may depend on a variety of factors. Those factors may include a buyer’s ability to get a loan and find a home in a timely manner. It can then take about 30-45 days to close on a deal after the seller accepts a buyer’s offer. However, buyers should start thinking about what they need to buy a home several months before they start the process.

For instance, it can be a good idea to start saving for a down payment as soon as possible. It can also be a good idea for an individual to take a broad look at his or her credit and financial situation. Doing so can make it easier to take the steps necessary to maximize the odds of getting approval from a lender.

Once a buyer has found a house and put in an offer, the seller generally has up to 72 hours to respond. If an offer is approved, a home inspection can be scheduled prior to closing. The lender may also need to do an inspection or have the home appraised before the deal is clear to close. In some cases, this may mean providing additional documentation to assure the lender that the deal is worth making.

Individuals may benefit from working with an attorney prior to closing on a home purchase. This may help them better understand the residential real estate contract terms that they are agreeing to before a deal becomes binding. It may also make it easier to obtain disclosures or other information from a seller in a timely manner. Those who have questions about their mortgage or how to get one may also be able to discuss that with their lawyer or with a loan officer.