In this video I explain how long the home buying process takes from the time your offer is excepted to the time you close and walk away with the keys. Naturally cash is king and takes the shortest time. The cash transaction is buyer/seller dependent no bank to worry about. I also discuss the mortgage process, conventional, FHA, and the Va loan. Things to consider during the home inspection and the appraisal and much more.
If you would like to learn more about the home buying or selling process claim your free buyer/seller guide by clicking the link below.
Transcript of video
how long does it take to close on a house from the time your offer is
accepted to the time you walk out with your keys well that's the topic of my
next video
how long does it take to close on a house and the time your offer is
accepted to the time you leave the closing table with your keys in hand
that's the topic of this video hello everybody my name is Mark Schreier and
I'm a licensed sales associate with century 21 American Homes Real Estate
right here on Long Island New York so let's jump right into it the timeline
and yes it can vary I'm gonna give you an educated estimate of the process and
the timeline understand that things can vary also I'm going to include or make
an offer available to all of you for a free home buyers guide so make sure you
stay tuned a lot of part of the video and I will show you how to take
advantage of that free home buyers guide offer right down to it number one are
you paying cash for the property or are you using financing if you're using
financing and 85% at least of the people here along Island do what type of
financing are you using if you're using a conventional mortgage if you using a
government-backed either an FHA or a VA mortgage they all have to take they all
have different steps that you need to take into consideration and a
conventional could be a little shorter than a VA or an FHA loan let's touch on
the cash right now if you have cash and you're paying all cash for your property
you can close in as little as two weeks if not sooner
it's more seller buyer dependent what do I mean by that I mean that the seller
and the buyer make the circumstances of when you they want to leave and when
they our buyer wants to move in and it's totally up to them it's a wonderful
thing but if you do get an all-cash offer as a seller make sure you have
thoughtful funds that you know that you're holding up your sale and the
person actually has the money so make sure your realtor checks proof of funds
and you're satisfied with how they did it I'm going to be concentrating a
little more now on those people that choose finance
see if you have a conventional mortgage you are subject to appraisals home
inspections and things of that nature the home inspection is usually for you
most attorneys will not let you buy a house unless you get it inspected except
if you are a contractor yourself and then it's not much of an issue because
you are your own home inspector now when you buy the house you want to make sure
that you line your ducks up in a row what do I mean by that well I'm going to
include a video a link to a video down in the bottom there will be a link of
the home buyer checklist and that will get in much more detail about what you
need to know before you get ready to go out and shop because you don't want to
lose that great deal once you find it that perfect house I'm gonna touch on it
now basically you need to have all your documents whether it be tax returns
whether it be w-2s ready to show your mortgage person before you find the
house of your dreams so contact the mortgage person and get pre-approved
pre-qualified pre-approved there is a difference make sure your mortgage
person you say I want to show you the documents so you know everything that I
need I have don't just fill out some information online and they say you've
been pre-approved for X amount of dollars because when it comes down to it
you might have accidentally hit the wrong key and now you might be $50,000
off and you can't buy the house that you thought you could so make sure you get
those documents also by going through that exercise you have everything ready
for your pre-approval and it gets the process going I would suggest starting
about 18 months out so you're shopping for the house and everything so you have
plenty of time to work yourself through the process pre-plan you will definitely
go a long way how do you pick a lender pick somebody that has been recommended
by friends relatives by your realtor somebody that does this and they're easy
to communicate with the last thing you want to deal with is somebody that you
call and they don't get back to you for four days
because you're missing documents and that gets me to the next thing that's
very important you are you the type of person that's organized they you the
type of person that when they say I need your w-2 forms or I need your income tax
forms from the last amount of X years three years let's say just throwing that
out there I am NOT a mortgage person but the the last three years do you know
where they are are you gonna have to get them from somebody else so you need to
plan ahead to make sure all these documents are ready so you can furnish
them to your mortgage person and things can run as smoothly as possible I can
ask a mortgage guy or you know how long does the process take while their answer
usually is if I have all the documents it can run very quickly and very
smoothly but that's a big if I have so make sure you take do what you need to
do to get all your ducks lined up in a row and on that note I have another
video that I'm going to include a link in the bottom another video on the home
buying checklist it will give much more detail on what it is that you need to
know about the home buying process so make sure you check out that video after
you watch this video naturally one thing I can't stress enough particularly here
on Long Island when you get your offer accepted the house is not yours there's
actually no money in it on Long Island that's been transferred from anybody
it's just an agreement that I agree to sell the house under these terms and
conditions to the mr. bio mr. mrs. buyer but it's usually contingent on a home
inspection and going through the appraisal process getting funding for
the loan so let's talk about the actual home inspection you need to make sure on
Long Island particularly in a strong seller's market we're in that your house
is inspected I would say within 3 days 3 days from the time you have an accepted
offer and yes that includes weekends home inspectors do work weekends if your
home inspector tells you they are two to three weeks out find another home
inspector there are plenty of mouth there I get referrals from neighbors
friends Realtors that have used one recently and makes sure that they are
time friendly that they can work with you within that
three to five day window because you don't want to lose the deal because your
home inspection is taking forever so that's an important note again being
pre-act proactive finding your home inspector beforehand will help you and
help speed this timeline and could save you the actual house next thing to
consider is the appraisal process your appraisal process will happen after your
house is already under contract at least here on Long Island New York
you've got the home inspection everything worked out there you've now
given the contracts to your attorneys when both sides have signed the contract
it will go now for the appraisal the bank or the mortgage banker the
underwriters will start checking all the documents this and that making sure the
house appraised is now each bank or each lender government back loans as well
have a loan-to-value ratio they want to make sure that if you default on this
loan they're getting their money back so they're gonna go out within a certain
time frame and they're going to do an appraisal now yeah you have more videos
on that too there will be a length of the appraisal process you can check it
down below the appraisal process where I interviewed an actual mortgage appraiser
and he tells you what's involved in the mortgage process I will tell you that an
FHA or a government bank loan a VA as well are more strict in the process so
make sure that you ask them ahead of time so if anything is missing in your
house you can take care of that beforehand so you don't lose the deal
because the appraisal process is taking forever
that can upset the seller and also you as the buyer you want to be proactive
and naturally that would be a tip for the seller to make sure everything is in
line and your Realtor should be able to go through the house with you and give
you a lot of tips and pointers on that particular thing so after your your
house passes appraisal the next thing you want to do is you're gonna schedule
a closing date well should I say after the appraisal is over the underwriters
will give a commitment and once the commitment is done and the attorneys are
all satisfied they're gonna set a closing date the last thing in the
process is a walkthrough now I do have a video
on the final walkthrough I'm going to include a link in the bottom but that is
usually done two day before so you make sure everything that you agreed on in
the house is still there when you go to the closing tables the day after that or
two days after that if scheduling is a problem so the average time it should
take from the time you go you're from the time your offer is
accepted to the time you walk out with your keys I would say between two to
three months 60 to 90 days again depending on how things go all the
paperwork and everything else if and I did promise there's gonna be a free home
buyers guide the link is right below so make sure if you want to take advantage
of that you click the link below for the free home buyers guide I hope you
enjoyed the video definitely give me a thumbs up subscribe share the channel
this is Mark shreier from century 21 American Homes
