Home buying process can be broken down into two phases (1) the finding phase, and (2) the closing phase.
The timeline for finding a home varies from person to person. In generally, I recommend 4-6 weeks depending on
- how specific you’re about the house you’re looking for,
- the amount of home for sale (inventory), and
- level of competition, e.g., it might take longer to get a house under contract if there are many buyers competing for the same type of house.
After you found a house that you like and have an accepted offer, e.g., the house is under contract with you as the buyer. It generally takes 30-45 days to close.
- For cash and conventional loan, closing within 30 days is typical.
- For FHA, VHDA, and VA loan, closing within 45 days is more practical.
- For certain lender, you may need to allocate 60 days or longer. I always inform my clients about these lenders so that we can avoid them.
- For an REO (bank owned) property, expect 45-60 days closing period.
- For a Short Sale property, expect 2-4 months closing period — yes, you read that right…2-4 months.
If you have any question, please contact me.