{"id":1919,"date":"2023-03-22T10:00:12","date_gmt":"2023-03-22T17:00:12","guid":{"rendered":"https:\/\/www.discoveryhomes.com\/blog\/?p=1919"},"modified":"2025-02-19T18:11:32","modified_gmt":"2025-02-20T01:11:32","slug":"homebuying-101-the-timeline","status":"publish","type":"post","link":"https:\/\/www.discoveryhomes.com\/blog\/homebuying-101-the-timeline\/","title":{"rendered":"Homebuying 101: The Timeline"},"content":{"rendered":"\n

Are you thinking about buying a home? If so, you\u2019re in the\nright place. Buying a home can be exciting and overwhelming at the same time.\nThe process of buying a home can seem daunting, especially if it\u2019s your first\ntime doing so. That\u2019s why we created this step-by-step guide to help walk you\nthrough buying a home from beginning to end and a general estimate on how long\neach step takes. <\/p>\n\n\n\n

Step 1: Homebuying planning<\/h3>\n\n\n\n

Average time: 6+ months in advance<\/em><\/strong><\/p>\n\n\n\n

The first step of the home buying process is making sure\nthat you are financially\nprepared<\/a>. This means reviewing your finances and making sure you\u2019re ready\nfor this major purchase. Starting this process early gives you enough time to save\nfor the down payment<\/a>, improve\nyour credit score<\/a>, determine\nwhat you want in a home<\/a>, and research the housing market and the types of\nhomes available.<\/p>\n\n\n\n

Step 2: Get preapproved<\/h3>\n\n\n\n

Average time: 2 days to 2 weeks<\/em><\/strong><\/p>\n\n\n\n

Once you\u2019re financially ready, it\u2019s time to get pre-approved\nfor a mortgage loan. A pre-approval letter from your lender will show potential\nsellers that you are serious about buying their property, which will make it\neasier to negotiate once you find the right property. It also helps you\nunderstand how much house you can afford while giving lenders an idea of what\nkind of loan they can offer you. It usually takes a few business days to get\npreapproved but it\u2019s worth shopping around, including with any preferred\nlenders if you\u2019re considering new construction, to find the best mortgage\npackage for you.<\/p>\n\n\n\n

Step 3: Find a Real Estate Agent <\/h3>\n\n\n\n

Average time: 1-2 weeks<\/em><\/strong><\/p>\n\n\n\n

Real estate agents are a valuable asset. They\u2019re often knowledgeable\nabout local markets and will be able to help you find properties that meet your\nneeds. Your agent should also be able to provide information about\nneighborhoods, schools, taxes, and other factors important when choosing where\nto live. You can easily find a real estate agent but there\u2019s no need to rush\nthis step. Take your time and interview different agents (here are some questions\nyou can ask<\/a>) to find a good agent you\u2019ll love.<\/p>\n\n\n\n

Step 4: Start home shopping<\/h3>\n\n\n\n

Average time: 1 week to 3+ months<\/em><\/strong><\/p>\n\n\n\n

Admittedly this is the fun part. With your must have list in\nhand, you and your agent will tour potential homes. There\u2019s no set timeline on\nhow long it\u2019ll take to find your new home. Depending on your market, you may\nsee several homes and put in an offer that same day or you may go months\nwaiting for the right home to come onto the market. It\u2019s easy to become\ndiscouraged at different points during the process, especially if you\u2019ve been\noutbid several times. But stay focused on your goal of finding your new home.<\/p>\n\n\n\n

Step 5: Make an offer<\/h3>\n\n\n\n

Average time: 1 day to 2 weeks<\/em><\/strong><\/p>\n\n\n\n

Once you have found the perfect property for your needs,\nthen it\u2019s time to make an offer! Your real estate agent will work with both\nparties (buyer and seller) in order to negotiate an agreement that works best\nfor both sides. Response times will vary; sometimes you may hear back within\nhours and sometime it can take longer as seller\u2019s review several offers. If\nyou\u2019re sent a counteroffer, negotiations may take additional time. The property\nwill go into contract within a few days of an accepted offer.<\/p>\n\n\n\n

Step 6: Complete due diligence<\/h3>\n\n\n\n

Average time: 3 days to 3 weeks<\/em><\/strong><\/p>\n\n\n\n

Once you go into contract on the home, you\u2019ll enter the due\ndiligence phase. During this time, you\u2019ll review the home to make sure\neverything is on the up and up with an inspection and appraisal. A certified\nhome inspector will conduct a thorough assessment of the home and identify\npotential issues the buyer may face. You can take the results of inspection to\neither renegotiate the sales price or ask the seller to make repairs as part of\nthe sale.<\/p>\n\n\n\n

Around the same time, your lender will schedule an appraisal\nto determine the home\u2019s value. Home appraisals are unbiased evaluations of a\nhome\u2019s market value. Lenders use appraisals to make sure they\u2019re not loaning\nmore than the home is worth. If the home value comes in around your sale price\nor higher, you\u2019re good to go. If it comes in lower, you may need to renegotiate\nthe purchase agreement or put down a larger down payment.<\/p>\n\n\n\n

Step 7: Get your loan approved<\/h3>\n\n\n\n

Average time: 3 days to 3 weeks<\/em><\/strong><\/p>\n\n\n\n

While the due diligence process is ongoing, your mortgage\nlender may begin the loan approval and underwriting process. This is where\nbeing preapproved comes in handy since you\u2019ve already provided all of the\nfinancial information your lender will need to determine your loan\nqualification. The next step will be the underwriting process where your\nfinances and the appraisal results will go through another in-depth review to\nverify the information.<\/p>\n\n\n\n

Step 8: Close on your new home<\/h3>\n\n\n\n

Average time: 1 day to 1 week<\/em><\/strong><\/p>\n\n\n\n

After passing all due diligence processes mentioned above\nthen we move onto closing day! At this point both the buyer and seller sign off\non documents needed in order complete purchase and transfer ownership. Once you\nhand over the funds for the down payment and closing costs (if necessary),\nyou\u2019ll receive the keys and officially be a homeowner.<\/p>\n\n\n\n

Buying a home starts way before you start touring homes. The\nhomebuying process takes time but once you understand the general timeline you\ncan better prepare and make informed decisions every step of the way.<\/p>\n\n\n\n

When you\u2019re ready to start your journey to your new home,\nvisit us at DiscoveryHomes.com<\/a> to\nlearn more about our new home communities throughout Northern California! View\nvirtual tours, floorplans, and more online. We look forward to helping you find\nyour home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you thinking about buying a home? If so, you\u2019re…<\/p>\n","protected":false},"author":1,"featured_media":1920,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[293,115,116],"class_list":["post-1919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homebuying-tips","tag-first-time-homebuyers","tag-homebuying","tag-homebuying-tips"],"yoast_head":"\nHomebuying 101: The Timeline - Discovery Homes Blog<\/title>\n<meta name=\"description\" content=\"We created this step-by-step guide to help walk you through buying a home from beginning to end and a general estimate on how long each step takes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.discoveryhomes.com\/blog\/homebuying-101-the-timeline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homebuying 101: The Timeline - 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