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How Long Does It Take To Buy A Home in Georgia? - Home Buying Process Timeline - YouTube
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How long does it take to buy a house in Georgia?
That is what we're talking about today
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so
let's dive in
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How long does it take to buy a house?
If you haven't bought a house before or
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if it's been a while,
you are probably wondering how long does
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it take
before you get the keys? What is the home
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buying process timeline? Well that is
what we're talking about today.
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Hi I'm Daphne Bousquet with Fayette and
Peachtree City Homes and Lifestyles
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for Berkshire Hathaway HomeServices
Georgia Properties
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and welcome back to my YouTube channel.
This is where we talk Fayette county
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Georgia,
from Peachtree City, Tyrone, Brooks,
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Fayetteville and everything in between.
The golf cart paths, the fun things to do,
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the homes, the lifestyles and of course
tips for buyers and sellers, so let's get
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on
with this buyer tip on how long it
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actually takes
to buy a house. Buying a house is such
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an exciting time and I understand
that when you make that decision to buy
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a house, you
want to move in as fast as possible.
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But how long does that take? So let's
start
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with the beginning and that is to get
pre-approved for a house. It is so
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important to get pre-approved for a
couple of reasons.
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The first one is that you do not want to
fall in love
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with a house that you cannot afford. You
need to know
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your budget and exactly what a lender
will give you.
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And the second one is in a competitive
situation,
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where we're in right now, is that you
risk
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losing out on the house of your dreams
if you're not pre-approved. When there
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are multiple offers
and you are not pre-approved you are not
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getting that house.
So pre-approval is where you start
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and that doesn't take long.
Just make sure that you have your bank
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statements, your w2s,
get your credit card statements all
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together and
apply for that loan.
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Most of that goes online, then you'll
talk to a lender
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and it takes a couple days at most. So
that is not a long process
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at all. So you are
pre-approved. It is time to go
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shopping for a house! Now that can take
a day, if you already know what you want,
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a week, a month and sometimes it takes a
year, if you have very specific
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requirements and houses like that don't
come on the market very often.
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It happens, but usually it takes
a few weeks,
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a month, maybe a couple of months.
It really depends what your requirements
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are.
Congratulations, you are under
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contract! You found the home of your
dreams!
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So how long does it take for you
to get the keys? All right so we'll start
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at the beginning, because
the day of the binding contract is
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pretty much
day zero. You have 48 hours
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to get your earnest money in. That is
part of the contract, that is your
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"skin in the game" so to speak, and
you want to get that in as soon as
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possible. But usually it's within
48 hours what the contract states.
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As soon as you have that binding
contract, you send that over to your
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lender, so
they can start their process of
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getting you approved
and underwritten
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immediately. You also have to
order an inspection and this is all
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during the
due diligence period or also called the
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inspection period. Because
this is when you make sure that there's
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nothing
really wrong with the house.
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During the due diligence period you
really can pull out for
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any reason, but it is really to find out
if there's anything
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major wrong with the house.
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The inspector will find issues but it's
really
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for the major safety issues. I mean, is
that HVAC system working,
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are there any problems with the
foundation? If there's only minor
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issues, no big deal. And this is when
you ask
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for anything major to be repaired by the
sellers.
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Meanwhile the closing attorney is
pulling title. Making sure that
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everything's fine with that
and that the property has clear title.
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The mortgage company, your lender, will
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order
an appraisal to make sure that the
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property is actually
worth what they're lending you the money
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for.
If all goes according to plan and
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yes even when there are some minor
hiccups sometimes,
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that entire process of
underwriting the mortgage should be done
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in about 28
days or less. That is
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when the lender will issue you your
TRID
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or closing disclosures so
that you can get clear to close.
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By law you have to have TRID
three days before you can close.
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If any material changes have to be
made
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that clock starts sticking all over
again.
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All in all, from the time the clock
starts ticking
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and you sign that contract, to the time
you get the keys when you close, it
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takes about
30 to 31 days. Congratulations,
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you are now a homeowner!
If you like this video, you'll love this
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one
right here that will give you tips on
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how to get your offer
accepted. Be sure to subscribe to this
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channel,
so that you don't miss any of my videos.
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They come out every week, so see you next Monday
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