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How Long Does it Take?

Buying a home takes time. I know that most folks I work with want it to happen as soon as possible, but the process takes a few months from start to finish. If you are ready to buy and have been pre-approved then you can start to look at houses. The true timeline is set by your lender. You and your agent should have a specific number of days that the lender needs to underwrite the loan and get the property appraised. Depending on the time of year, your loan may be able to be processed faster or slower. Typically, lenders want an absolute minimum of 40 days from when the offer is submitted to you sitting at the closing table. Often, lenders will request upwards of 50 days and it is important to set your closing date in your offer with respect to your lenders request. Why? Well if you put fewer days then they need, you run the risk of not being able to close on time and if your sellers are not willing to push back the closing date by signing additional documents noting this, then you may not satisfy your contract and ultimately not be able to purchase the house. In a perfect world the seller will extend the contract a week or two, but this is not worth the risk. Talk to your lender and get everyone on the same page.

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