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Practices vary from state-to-state. Here are some rough guidelines for purchases in the Carolinas where the home buying process is relatively easy and buyer-friendly:
If you are planning to buy an existing home*, start backwards from the day you want to move in:
Immediately - Go on line and get a free copy of your credit report to verify there are no errors. If you have any blemishes in your credit history, talk to a lender about the best ways to fix those and improve your credit score. This is the official government site where you can get a free credit report: FREE Credit Reports
Immediately - Have a conversation with a lender to find out how much of a mortgage you pre-qualify for. Then decide where your comfort zone is.
Up to 18 months out - Start talking to us about what you are looking for. We can assist you with general research on market prices, schools, commute times, etc. Review and discuss the homes we send to your Gateway web site to get a feel for prices and to communicate your preferences with us.
3 to 12 months out - If you have a home you need to sell before buying, get it listed. This timeframe varies greatly based on the market you are in, but it almost always takes longer to sell than to buy. Whether you are local or out of the area, we can recommend an experienced listing professional to help you.
2 to 9 months out - Do a driving tour with us through communities and neighborhoods that interest you. We will show you all the points of interest, provide you with maps, neighborhood data, and tour some homes. In your Gateway, we will then focus on the neighborhoods you've chosen.
2 to 6 months out - Give one lender everything they need to pre-qualify you for the maximum mortgage amount you want. This means they have checked your credit and based on the numbers you have given them, determined the maximum purchase price you should be considering. Consider locking in an interest rate for at least 60 days.
2 to 3 months out - We can tour every single home that you have interest in seeing and that fits the budget you have been qualified for. We will provide you with a ton of information and you will make note of your favorites using spreadhseets & tools we provide.
1.5 to 2.5 months out - Narrow down your choices, revisit as needed, and choose a favorite. We will provide you with a complete market analysis of that property so that you can decide how much it is worth to you. Choose which lender you will be using and ask them to
pre-approve you for a mortgage. This means that have everything they need from you except the address of the home you are buying.
45 to 75 days out - Write and negotiate an offer. In most instances, we recommend planning on a closing date 5 to 6 weeks from the date of your offer. The farthest out that the typical seller in our market is likely to consider closing is 60 to 75 days with only rare exceptions. Foreclosures will often require closing within 30 days. Each transaction is unique.
Recent Changes: If you haven't purchased a home in the last 3 years, be prepared for the process to be longer & more complicated than you previously might have experienced. Tougher Federal & lender regulations, appraisal scrutiny, and the new "due diligence" process have added layers of difficulty and expanded the time it takes to complete a home purchase. Now, more than ever, it is critical that you work with an experienced Buyers' Agent (like us) to avoid costly mistakes or delays.
After your offer is accepted - We coordinate & monitor everything with a careful eye to your "due diligence period" including inspections, appraisal, repairs, the closing attorney, title work financing, and any possible surprises.
You can start packing!
Contact us and put us to work for you today.
We're ready when you are.
*We also work with both custom and production builders. If you are considering building a home, contact us for advice on timing for that.