how long would you say the entire process of buying a house takes from start to finish?

Asked by Kenzie Carlson, Lincoln, NE Sun Nov 10, 2013

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rbeck, Both Buyer And Seller, Carmel, CA
Sat Nov 16, 2013
I agree with Bill and Kami's comments exactly!
0 votes
Becky Stewart, Agent, Lincoln, NE
Mon Nov 11, 2013
Everyone has pretty much answered the timeline question. I would like to add, that I work as a buyers agent, which means, i work in YOUR best interest to help you find a lender if necessary and to find a home that is right for you. Also, make sure you feel comfortable with the agent, everyone has their own "style" and you need to make sure you are getting the kind of help and service you want and need. Communication is key!
Becky Stewart
Lincoln First Realty
0 votes
Johanna Rhoa…, Agent, Lincoln, NE
Mon Nov 11, 2013
Hi Kenzie- I just wanted to put it simply. Picking the house could take you personally a week to a year, that is up to you and what you are looking for and what feels right. I have clients who fall in love with house number 1 and buy it or some clients that look for upwards of a year.

It sounds like you are not needing to sell a home so I won't go into that factor.

Once we have an accepted offer on a house, it usually takes 4-6 weeks to close your loan if all is well and there are no weird circumstances or factors such as a short sale, foreclosure, etc. I know FHA and NIFA like 6 weeks since they have extra hoops per say to go through with the loan.

If you have not gotten a preapproval letter from a bank, I would do that first so that you know confidently that you can make an offer when the right house comes along. I work mainly with first timers so I love love the process and let me know if you need any help!
0 votes
Jon Herms, , Lincoln, NE
Sun Nov 10, 2013
Financing really is the wildcard. USDA loans offer extremely low interest rates, but they can extend the closing date for some time due to their more strict home requirements and staff shortage.

NIFA/FHA also seems to occasionally take longer, followed by NIFA/CONVENTIONAL, Conventional, then cash.

A lot of it comes down to your lender, and how the lender, Realtor, and title company all communicate. Your Realtor should be the one advocating for you and your timeline whether you need to close on your home in 2 weeks or your lender won't return your phone calls. No matter what the case, if you let your Realtor know what your needs are and when those needs are to be met, any good agent should make every effort to accommodate you as their client.
0 votes
Bill Catlett…, Agent, Lincoln, NE
Sun Nov 10, 2013
Depends on a few factors. For buyers who don't also have a home to sell and have financing worked out, We can spend anywhere between a week and a few months finding the right home. The search time largely depends on buyer motivation, but the recent market has been a little sparse on inventory in the Lincoln, Ne area. After an offer is written, it usually takes about 30-45 to close for a financed transaction (mortgage) and as little as 10 days for a cash deal.

So overall, Its likely We can work with a client for about 2-3 months on average before We hand them the keys to their new home. We hope this helps.
0 votes
Financing really is the wildcard. USDA loans offer extremely low interest rates, but they can extend the closing date for some time due to their more strict home requirements and staff shortage.

NIFA/FHA also seems to occasionally take longer, followed by NIFA/CONVENTIONAL, Conventional, then cash.

A lot of it comes down to your lender, and how the lender, Realtor, and title company all communicate. Your Realtor should be the one advocating for you and your timeline whether you need to close on your home in 2 weeks or your lender won't return your phone calls. No matter what the case, if you let your Realtor know what your needs are and when those needs are to be met, any good agent should do make every effort to accommodate you as their client.
Flag Sun Nov 10, 2013
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