A Home Buyer's Timeline

One of the most confusing things about the home buying process is what you are supposed to do and when you are supposed to do it.  It can be difficult to pinpoint an exact time frame, since it can vary depending on your specific situation.  In general, expect the process to take anywhere from 6 weeks to a few months from the time you begin looking to closing. The steps identified below will give you a guideline to use during your home buying search.

Let's get started!!!

Come up with a checklist of tasks to be completed during the home buying process.  This checklist should include everything 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.

Get pre-approved, not pre-qualified, for a mortgage.  This will give you a price range that fits within your budget and comfort level in terms of payment.  If you don't already have a lender that you wish to work with, ask for a referral from someone you trust.  Your real estate agent should be able to provide you with a few names of lenders that they work with.

As you begin the search for your home, prepare 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.

Next....

Evaluate the houses that you are walking through.  Work with your real estate agent to come up with a scorecard to analyze the houses that you are strongly thinking about purchasing. In today’s market, inventories are high and you will most likely have many homes to choose from.

Once you decide which home you would like to purchase, prepare a well thought out offer.  After your offer is accepted, your focus will now be on the inspection and closing process.  During this period, your lender will arrange for the appraisal of the home and will coordinate closing details with the title company and your agent.

Getting closer….

You'll want to purchase homeowners insurance and provide proof of the policy to your lender.  This must be done prior to closing and will need to be effective as of the closing date.

You will also want to start making your moving arrangements. You may choose to do it yourself or hire a moving company. Either way, start planning early enough to make any necessary reservations and to acquire any packing materials you may need.  If necessary, begin the process for school transfers or registration.

Almost there...

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 or through USPS.com.

Make arrangements for utilities at your new home.  Both the buyer and seller are required to call the utility company to request the change of service.

Are you ready???

If you are having your items professionally moved, verify the arrangements with your mover. Confirm both the date and the time.

Now is the time to check with your lender to finalize the details of your mortgage and make sure everything is set and ready to go!

It’s closing time!!!

The closing day has arrived!  Bring your driver’s license for identification purposes.  Also, your down payment and closing costs are due at this time.  Beforehand, your lender, escrow agent or real estate agent will let you know how much you are required to bring in the form of a cashiers check or wire transfer.

Keep in mind that this is a general home buying timeline.  Things may vary depending on your specific situation.

-Emily Schuyler, e-PRO

Smart Click Realty