Timeline for Buying an Ulster County House – How Long Does it Really Take?
Whether you are buying an Ulster County house or selling, the timeline to close the real estate transaction is important. Knowing how much time to allocate when buying an Ulster County house is important as there are many ways in which the timeline will affect you.
For example, if your lease is coming up you need to move into your new home quickly. If you want to be in a new school district before school starts for your children you are on a tight timeline during the summer. These are just a few examples of why the timeline matters.
While it would be nice if real estate transactions would always close quickly, that’s not generally the way it goes. Real estate experts say to plan on the process taking at least four months. That can seem like forever when you are in a hurry.
Here are the steps along the way:
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Pre-Approval
When you are getting ready to purchase an Ulster County house it is important that you are pre-approved. You can meet with a mortgage lender to take care of this. They will require you to provide bank statements, paystubs, and check your credit.
A pre-approval is in sense a guarantee from the lender that you will be able to obtain a mortgage. This is a reassurance to sellers when you make an offer that you will actually be approved for a mortgage. You can also have the chance to lock in an interest rate temporarily.
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Your Home Search
It’s hard to estimate how long it will take for you to find the Ulster County home of your dreams. You could fall in love with the first Ulster County house you see, or you could spend months looking before you find one that makes you feel like you are home.
To help you get started, create a list that separates the factors you “must” have in your house from the things that you “would like” to have if its possible. Then start looking. Homebuyers look at ten houses on average before they find one they want to make an offer on.
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Closing
Buyer and seller may negotiate back and forth before settling on a price. Once an offer has been accepted the true process begins.
The buyers need to start the process of due diligence. They will want to have a home inspection and appraisal done on the house before everything goes to the lender. This process can take weeks to complete and then the lender will take several weeks to work through the approval process. From there, the loan will go to the underwriter who will make sure all the t’s are crossed and i’s are dotted.
If you want your closing to move along quickly there are a few things that you can do. First of all you need to have all of your paperwork together from the start. Get everything to the lender that they need and make sure to keep them updated throughout the process.
Make sure that you communicate quickly with your real estate agent and lender so there are no delays on your behalf. Before you know it you will be in the house of your dreams, or if you are the seller – moved on to the next one.