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Buying a house can be extremely exciting, but it can also be one of the most complex purchases of your life. To make things easy, here is the home buying process timeline to help you navigate your way through the process.
Six months before home buying
Get your finances in order:
Determine how much you can afford. In addition to the down payment, don’t forget to account for closing costs, taxes, insurance, and any other unforeseen expenses that may arise when buying a house.
Pay down your credit cards; ensure you’ve filed your taxes and that you have a paper trail for all recent financial transactions.
Get pre-approved and find a mortgage lender:
It’s crucial to apply for a mortgage pre-approval BEFORE you begin house hunting in earnest. Pre-approval letters do have an expiration date, so be aware of when yours is. It’s okay if you have to apply again later on.
Three months out
Find a home buyer’s agent:
A buyer’s agent is a licensed real estate agent who will represent you throughout your buying journey. A good buyer’s agent will be an expert on the home buying process, know your area inside and out, be familiar with local listing agents, and be a skilled negotiator.
Begin searching for homes:
Put parameters for your home search. Attend open houses and go on tours. Take notes as you’re touring to discuss with your agent.
Make an offer:
Submit your offer as soon after touring the house as possible. Speed is of the essence in a competitive housing market with limited inventory.
First, talk with your agent about the terms of your deal and the competition you face to determine an offer price. Then, you and your agent will work together to write and submit the offer letter to the seller’s agent.
Enter the closing process:
Once you and the seller agree on the terms, you’ll enter the closing process, which usually takes 30 to 45 days. You’ll likely be in very close communication with your agent, lender, and escrow agency during this time.
One month before your Closing Date
Deposit earnest money:
Once the seller has accepted the offer, the earnest money will be deposited into an escrow account or held by the listing agent. Once the sale is complete, the earnest money is used for closing costs.
Order your title:
You’ll receive a preliminary title report from an escrow agent or attorney within a week after you reach mutual acceptance on an offer. Once the transaction closes, you will receive a final title policy.
Line up a home inspection:
This step is critical as it allows you to discover any material defects or necessary repairs before buying the house.
Finalize the home sale:
Now that you’ve completed all negotiations, it’s time to finalize and sign the purchase agreement with the seller.
Complete the mortgage application and book an appraisal:
While you have been pre-approved, you still need to meet with your lender and finalize your mortgage application. The lender will also request a valuation at this time.
1-2 weeks out
Receive Loan Approval:
A licensed appraiser will determine the home’s market value based on comparable recent sales of homes in the neighborhood. After the appraisal, it usually takes about two weeks for the lender to complete all the paperwork and approval.
Final walk-through:
This step is when you verify the condition of the house hasn’t changed and that all upgrades and repairs are ready. The final walk-through usually takes place 24 hours before the scheduled closing day.
Closing day
Pay closing costs and sign all paperwork:
Come to closing day prepared with your government-issued ID and any requested documents. Bring a cashier’s check for your down payment and be prepared to pay any closing costs. Now all that’s left to do is close escrow and sign the required paperwork.
Get your keys. Congratulations!
It’s your turn to be a homeowner in New Jersey
If you are interested in acquiring your new home, do not hesitate to contact our EXP Realty consultants. We guarantee quality attention and the best homes in the area, with personalized marketing strategies to achieve the most significant benefit for you.
You will not regret working with us because we look out for your best interests. Our clients certify them.
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