Maria Elena Casillas, Intero A Berkshire Hathaway AffiliatePhone: (408) 821-2649
Email: [email protected]
Email: [email protected]
When facing such a long and complicated process, many would-be homeowners are left to wonder: how long does it take to buy a house? While it’s possible to estimate the amount of time needed for various steps, there are several factors that can delay the home buying process and create an even longer wait.
To help you prepare for any potential issues, here are two of the most common reasons closing on a home is delayed:
The mortgage process is a long one in itself, and even with a significant down payment, it can delay your purchase if your approval falls through. One of the most common reasons homebuyers have closing day finance issues is they didn’t get full preapproval from a mortgage lender before making an offer.
The other common scenario is a major financial change has caused a mortgage lender to rescind their approval. This can happen if, for example, a buyer takes on a significant amount of credit card debt right before they buy a house.
The best way to avoid delays caused by financing is to get full mortgage preapproval from a lender before making an offer, and to avoid any behavior that could adversely affect your credit report before the closing process is complete.
The home inspection is another potential cause of delay when buying a house. Most purchase contracts include a clause requiring a professional inspection of the property to identify any major issues. If the inspection comes back with bad news, the buyer can either walk away from the sale or make an agreement with the seller about how to solve the problem.
Unfortunately, inspection reports are not always perfect. However, clarifying seller concessions and being flexible with negotiation can help you mitigate potential delays caused by unpleasant surprises. Investigate what repairs the seller is willing to make or include in closing costs beforehand.
These are only a couple of reasons it may take a longer time to buy a house. While every step of the process has potential for delay, the more you know about your options, the better you’ll be able to handle them if they arise.
You don’t need to do this alone. I am bilingual in English and Spanish, and I have been in the industry for over 20 years, after earning my degree in Business Management and successive studies in Human Resources and Technology. Never content to let my education lapse, I also received a certification in Negotiation Skills from Pepperdine University and attended courses at Stanford University. A leader in the field, I am a member of the Santa Clara Board of Realtors and served as a professional standards ombudsman for 8 years. I completed a term as the President of the National Hispanic Organization of Real Estate’s Santa Clara chapter in 2016, now serving as this organization’s National Vice President. I pursued additional in-depth training to achieve professional designations as an ABR (Accredited Buyer’s Representative), CRS (Certified Professional Specialist), and SRES (Seniors Real Estate Specialist), GREEN certification, and RCS-D (Divorce Real Estate Specialist). Far from being a meaningless alphabet soup, this demonstrates how proactive I am in pursuing the latest knowledge so that I completely prepared to satisfy all my sellers' and buyers' unique needs. I am committed to Excellence!
