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Amongst 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, if it’s a buyer’s or seller’s market, the time of year, 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, the journey to becoming a homeowner involves a lot of steps.
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 have a mortgage – about 45-60 days
- If you’re buying a short sale property – at least three months
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 downpayment, 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, what mortgage loans you qualify for, and if you are eligible for down payment assistance.
Many homeowners think they need a 20% down payment to buy a home. However, there are many low and no-down payment loans available, like FHA, VA, and USDA loans. Some conventional loans even offer lower down payment options.
There are still benefits to a 20% down payment on a conventional loan if you can afford it. For example, you won’t need to pay for private mortgage insurance (PMI). But if you are struggling to save money for a 20% down payment, a low down payment may be beneficial. Remember, you’ll still have to save for closing costs, which can be 5% of the purchase price.
1. How long does it take to buy a house with cash? As little as two weeks
Nearly one-third of homes in the U.S. are bought with all cash. If a buyer has the cash available and provides proof of the funds, buying a house with an all-cash offer can happen in as little as two weeks. Here’s a breakdown of the steps and timeline involved when buying a home with an all-cash offer.
A step-by-step process for buying a house with cash:
| Step | Timing | What to know |
| 1. Find a trusted real estate agent | A few days | Make sure to find and interview a few agents when choosing a real estate agent for your home search. |
| 2. Search for a home | A few days to a few months | Talk to your real estate agent about what you’re looking for in a home. They’ll find houses that fit your criteria and set up viewing appointments to see the house in person. |
| 3. Seller verifies that the buyer has the cash to buy the house | 24-48 hours | With a mortgage, the bank will confirm that the buyer has money for the down payment. Since there isn’t a mortgage involved, the seller will be required to request proof of funds and earnest money. |
| 4. Secure title and escrow services | 1 day | The escrow company ensures that all conditions of your real estate transaction are met. They’ll hold on to the earnest money until the deal is done. Your agent should be able to recommend a title company. |
| 5. Conduct a title search | 3 days | A title search ensures there are no outstanding liens or heirs listed in the title history. |
| 6. Schedule a home inspection | 1 week to book, 1-4 hours to complete | A home inspector will test the plumbing, electrical, heating, and cooling, and check the roof, the foundation, and the home’s exterior. The inspector’s job is to take note of the house’s current condition. |
| 7. Have the home inspected | 1 day | It’s recommended to always schedule a home inspection so you know exactly what you’re buying. |
| Optional: Have the property appraised | 15 minutes to 5 days | An appraisal will make sure that the home is worth the full purchase price. However, cash buyers aren’t working with a lender, so they have the option to skip or ignore an appraisal. |
| 8. Conduct a final walkthrough | 1 day | You and your agent will walk through the home to make sure the house is in the same condition that it was when you agreed to buy it and to confirm that any agreed-upon repairs have been completed. |
| 9. Close on the home | 1-2 hours | Without mortgage paperwork, closing is fairly straightforward. |
2. How long does it take to buy a house with a mortgage? 45+ days
Buying a house with a mortgage usually takes longer than an all-cash purchase due to the loan approval process. Once an offer is accepted, the timeline involves securing financing, completing inspections, and meeting lender requirements before closing.
While the process often takes around 45 to 60 days, it can vary based on factors like lender speed, appraisal results, and the complexity of the transaction. Here’s a step-by-step look at the typical mortgage timeline:
A step-by-step process for buying a house with a mortgage:
| Step | Timing | Description |
| 1. Do your research | 1-14 days | Research the local market, find out how much house you can afford, and note your must-haves. |
| 2. Find a real estate agent | 1-7 days | Your agent will support you through the homebuying process. Take advantage of their neighborhood expertise and industry knowledge. They’ll be aware of housing market trends and potential red flags. They’ll help you make a good offer and assist with the negotiating process. |
| 3. Get pre-approved | One week or less | A mortgage pre-approval confirms that the lender or mortgage broker has reviewed your finances and is willing to lend a specific amount of money. |
| 4. Begin touring homes | Few days to a few months | Find out how much house you can afford and begin touring for homes in your desired neighborhoods. |
| 5. Make an offer and negotiate | A few days | Work with your agent to determine how much to offer and which contingencies, if any, to include. You can check the home value estimate online and ask your agent for a comparative market analysis (CMA). This will show the list and final sale prices for similar homes that recently sold in the area. Some sellers will have an offer-review date while others will be open to any offers that come in. |
| 6. Get a home inspection | 3-7 days to schedule a few hours to inspect | If all goes well and the seller accepts your offer you should schedule a home inspection. |
| 7. Conduct a final walkthrough | 1 hour day before closing | A final walkthrough ensures the house is in the same condition as when they agreed to purchase it and any agreed-upon repairs to the property have been fulfilled. If something isn’t right the buyer should ask the seller to fix the problem before the sale is closed. |
| 8. Close on the house and get the keys | A few hours | Once you and the seller agree on the terms, you’ll enter the closing process or escrow, 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. |
3. How long does it take to buy a short sale property? At least three months
Contrary to their name, short sales can take many months. In the best-case scenario, expect at least three months. In the worst case, it could take a very long time.
Often buyers don’t apply for the mortgage until after the seller’s lender gives approval of the short sale. This approval can take a month at the earliest to get. Below is a step-by-step overview of what to expect when purchasing a short sale property.
A step-by-step process for buying a short sale property:
| Step | Timing | Description |
| 1. Find an experienced agent | 2-3 days | Finding a great agent is key to most real estate purchases, especially short sale transactions. |
| 2. Get pre-approved for a mortgage | About 1 week | Find a lender and get preapproved for a mortgage. This will speed up the closing process. |
| 3. Find a property to purchase | At least 1 week | Tour homes available for short sale and narrow down your options. |
| 4. Write an offer and sign a contract | 1-2 weeks | Work with your agent to determine an appropriate offer. |
| 5. Send short sale packet to the lender for approval | Up to 12 months | Fill out paperwork and make your offer to the seller’s bank. |
| 6. Have the home inspected | 1 day | It’s recommended to always schedule a home inspection so you know exactly what you’re buying. |
| 7. Have the property appraised | 1 week | The lender will request a property valuation. |
| 8. Get approval and close on the property | 1 week to 1 month | Once approved, the closing process can be rather quick. |
FAQs about the homebuying process
What can delay the homebuying process?
Low credit scores, missing or incomplete financial documents, discrepancies during the home appraisal process, and home inspection issues that require negotiation or repairs are some factors that can delay the homebuying process.
Can you speed up the mortgage approval process?
Yes, getting pre-approved before making an offer, promptly submitting all required financial documents (such as tax returns, bank statements, and pay stubs), and choosing a lender known for efficient processing can all help.
Is a cash offer always better than a mortgage?
They’re not always better for every buyer. Using a mortgage allows buyers to keep cash available for investments, home improvements, or emergencies. However, cash offers can provide leverage in competitive markets and potentially lead to a lower purchase price.
What happens if my mortgage isn’t approved before closing?
If your mortgage isn’t approved in time, it could delay or jeopardize the closing process. Whether the deal falls through depends on the contingencies outlined in the purchase agreement, as some contracts allow for extensions.
Do I need a home inspection if I’m buying with cash?
While a home inspection isn’t legally required for cash purchases, it’s still highly recommended. An inspection can reveal potential issues like structural problems, outdated systems, or safety hazards that might not be visible during a walkthrough.
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