How Long Does Buying a Home Take?
The question of how long the home buying process takes is a tricky one to answer, because there are several steps and a number of variables involved. If you are looking into Madison Wisconsin home sales, you will see that from the time of the contract until you actually take possession is usually about 30 to 60 days. Of course you need to add to that the amount of time it will take you to find the right home for you in the first place, which could be anywhere from a few days to months. However, while the length of your home purchase process can’t be predicted exactly, there are a few things you can do to speed up the procedure.
Get your Financial Act Together
Figure out how much cash you have on hand to put towards a home purchase. Then collect the documentation of your financial status (proof of income, last two pay stubs with year to date figure, last two years’ income tax returns and W2s, deed to your current home – if applicable – and credit history) so that you can go to a local mortgage lender who works with Madison home sales and prequalify for a loan. This will give you an accurate picture of how much home you can afford, and will also put in you in an excellent position to make a deal quickly once you have found a home you love.
Decide What’s Important
House hunting will be a lot smoother if you – and anyone making this major decision with you – know what you want. Settle on your priorities before you are out in the field visiting open houses. Decide, also, what you would be willing to compromise on if something has to give. For example, you and your family may be prepared to settle for a smaller house in order to live in a premium neighborhood. If your purchase depends on selling your present home, work out the minimum price you are ready to accept, and decide whether you’d be okay with renting for a few months, if necessary, between vacating your old home and moving into a new one. Flexibility can be the key to a fast purchase.
Making an Offer
Once your finances and your priorities are in order, you are in an excellent position to buy a home. Call a broker and start viewing homes. You may wish to see both Madison foreclosures and private sales, or concentrate on only one type. When you find “the” home, make a reasonable offer and let the seller know that you already have done the financial footwork. If your offer is accepted, you will be ready to move ahead with the contract and your loan application ASAP.