how long is the home buying process? I want to buy my house by the end of this year?

Asked by angalvarado80, Montebello, CA Tue Jun 12, 2012

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9
Bill Mota, Agent, Monrovia, CA
Fri Jun 15, 2012
Ang,

All the answers below are good. However, they do not seem to mention that the challenge for first time buyers is not "finding" a home that works for you, but to "win" the bidding war that results when a well priced home hits the market. Keep in mind that you are not competing with just other first time buyers, cash investors are just as anxious to grab the good deals - and with lenders being so strict with their lending - cash is king. Most sellers would prefer to accept an all cash offer from an investor, rather than risk opening escrow with a first time buyer.

Knowing the area is another important factor. I grew up in Montebello,lived in Whittier and specialize in the San Gabriel Valley. Call me, and there is a very good chance I can help you be in your new home this year.

Bill Mota
Broker Associate
FirstTeam SnS
626 233-0190
1 vote
John Arendsen, Agent, Leucadia, CA
Fri Jun 15, 2012
Can't argue with Bill Mota's logic. He makes some very interesting points.
0 votes
John Arendsen, Agent, Leucadia, CA
Wed Jun 13, 2012
Great answers, however, I might add that the RE professional and lender you choose may have a lot more to do with it than you.
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Jun 13, 2012
Honestly, the length of the process depends largely on you and how fervently you complete your necessary tasks.

Your first step is to get a loan pre-approval. That usually means getting your financial paperwork in order and submitting it to a lender. One a lender receives it and vertifies it, they can usually give you a pre-approval letter in a day or two.

Then, you need to get out and see homes! Begin writing offers, etc. From the time you get an a contract with a seller...you are 30-40 days from close.

Getting a home by the end of the year should certainly be a do-able goal.
0 votes
Lance King, Agent, San Francisco, CA
Wed Jun 13, 2012
The length of the process varies greatly depending on buyer motivation, inventory, and willingness to compete intelligently according to market metrics. With regards to the actual time to close a deal once you get into contract it's typically 30 days, but that can be shorter or longer depending on the specifics of the deal.
0 votes
Don Maclary, Agent, Virginia Beach, VA
Wed Jun 13, 2012
Start now so you don't miss out on good rates
0 votes
David Alex W…, Agent, Newport Beach, CA
Wed Jun 13, 2012
Great question. You have some work to do getting loan approval and being pre qualified. You could do it with a standard sale in 30 to 45 days. You will find more short sales and they are going to take longer. The question I have is why wait when interest is this low and pricing is already starting to move up?
0 votes
Lucy Edelste…, , Rolling Hills Estates, CA
Tue Jun 12, 2012
From start to finish in an equity sale it should take no more then 45 days provided you have a great lender. If its a Short Sale, no telling how long it will take. If you have all cash, then you can push it thru faster. Either way, you want to make sure everything is lined up so that your offer gets accepted. Its hard but its not that hard. Let me know if you need any info :)
0 votes
Terry Bell, Agent, Santa Rosa, CA
Tue Jun 12, 2012
Well, the process all depends on several things, whether you have been doing some homework on your credit scores, have a lender lined up, or have cash. It depends on whether you are buying in your area or out of your location. It depends on whether your expections are realistic for the market as it changes, and it depends on whether you have put together a good team, with an agent that you feel comfortable working with, and your lender and perhaps some contractors or friends that you can call on for advice about remodeling. I suggest the best place to start is to interview a few agents, or meet some at open houses on the weekends. Besides having experience with the type of real estate you're interested in, it's important to have an agent that you respect their opinion and have confidence in. Good luck! Best, Terry Bell, Santa Rosa, CA
0 votes
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