Ok on my last article Home Buying process - Livonia real estate tips I went over the general process of buying a home. So now on this first time home buyer tips on Canton real estate I am going to talk about the home buying time line. How long does the whole home buying process take?
Lets break it down the home buying process into 4 sections:
1.) Looking for a home
2.) Inspection
3.) Mortgage
4.) Closing
Looking for piece of Canton real estate or Canton home can take anywhere from a month to a year. It depends on how bad you want to move, your timeline, and how particular you are about the house you want. As a realtor I can tell if you do not have a timeline. There is no real commitment to buy or to make a decision because the first time home buyer doesn't care whether they really get the house or not. That can be a problem because if you are not committed to buying then everybody is wasting their time.
After you finally pick a house and get the offer accepted then the whole process is set to a timeline. When you sign a purchase agreement you put in the contract when you will apply for a mortgage, when the inspection has to be done, and when the home will close. So after the offer is accepted then the home inspection normally has to be done within 7 days of the acceptance of offer.
After the purchase agreement is agreed to and signed by both parties it normally takes 45 days to get a mortgage done. Sometimes it takes longer but most of the time the home buying mortgage process takes about 45 days.
Finally after clear to close from the mortgage company it takes anywhere from two days to 10 days (Michigan HUD homes) for the mortgage company and title company to get the mortgage documents ready to close.
So normally as a first time home buyer you can expect the mortgage process to take about 45 days to buy your Canton home. Included in that 45 days will be the inspection period and the closing time period.
So it all depends upon you when it boils down to the home buying time line. I will not push you at any time to buy a home. It's your house and your choice. You will know when you love the house. Then it will be time to pull the trigger and put in an offer. Once it is accepted, then it usually takes 45 days to close the deal.
I hope my first time home buyer tips on Canton real estate helps you understand the home buying time line here in Michigan.
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