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Key takeaways
- Buying a home can take anywhere from two weeks to three months
- If you’re buying with cash – as little as two weeks
- If you’re buying with a mortgage – about 45-60 days
- If you’re buying a short sale property – at least three months
Among all the excitement and anticipation that comes with buying a home, it’s important to keep a realistic timeline of just how long it takes to purchase a house. The truth is, the timeline for buying a house can vary due to a number of factors, like financing needs and the type of home you’re searching for. However, in most cases, once a seller has accepted your offer, the closing process typically takes 30 to 60 days – unless you made an all-cash offer.
In this Redfin article, find out how long it takes to buy a house based on the three most common scenarios – a cash offer, a mortgage, and a short sale. Whether you’re buying a home in Boston, MA, or a condo in Milwaukee, WI, here’s what you can expect at each step of the process.
What to do before buying a home
Before you start searching for a home, there are several steps you’ll need to take to prepare. Getting your finances in order, saving for a down payment, and improving your credit score can all add to the time it takes to buy a house.
First, it’s important to know how much house you can afford. Your budget will depend on your income, recurring expenses and debt, and available funds for a down payment. Some things to do are:
- Check your credit score and credit report
- Improve your credit score and reduce debts if needed
- Determine your monthly budget and household expenses
- Save for a down payment and closing costs.
- Collect paperwork for a mortgage
If you’re planning on financing your home purchase with a mortgage, you’ll likely need to save for a down payment. How much a down payment is depends on a variety of factors, such as how much you can afford, your credit score,…
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