Finding a home that is right for you may take a few short months or it may take years. Once you are ready to buy, make sure you have the following completed:
- Pre-qualified for a mortgage (and possibly obtained a pre-approval letter)
- Set your priorities for what you need and want in a home, and
- Completed a thorough search, often with the help of a real estate agent.
When you have found the right home, it is time to make an offer. In a buyer’s market you may be able to offer less than the asking price of the home. However, in a seller’s market or if there is another potential buyer bidding on the property, you might need to prepare yourself for paying more than the asking price. Consult with your realtor and other advisers for help in determining how much to bid.
The offer is actually an agreement that is signed first by you and then by the seller. In some states, this may only be an oral agreement. Once the offer has been negotiated and both parties sign this document, you still must complete several steps before you own the property. The following is a general time frame for these steps. This time frame is based on procedures in Massachusetts, so your own time frame may vary. You may use the right-hand column to note the actual dates in your home buying process.
Action Time Frame
Make offer to buy N/A
Accepted offer Within 1 day if no negotiation
Hire attorney Within 3 days of accepted offer
Obtain home inspector Within 3 days of accepted offer
Complete home inspection Within 5-7 days of accepted offer
Sign Purchase and Sale Agreement 10-14 days after accepted offer
Submit mortgage application Within 3 days of signed Purchase and Sale Agreement
Obtain mortgage commitment 3-4 weeks after signed Purchase and Sale Agreement
Final walk through One day before closing
Closing 6-8 weeks from accepted offer
