Buying a home is a very exciting time. A mixture of stress and adrenaline the excitement that homebuyers feel at knowing that their offer has been accepted and they will soon be moving into a new home is one that is unparalleled. After the months of searching and the numerous offers being made on houses that have been through the short sale process, finally an offer has been accepted and the time is rapidly closing in on the moving process.
After the offer is accepted there is a lot of work to be done packing up and preparing for moving day. In order to complete the sale and close on the house the new owners will need to sit down with a mortgage specialist and determine the exact and binding monthly payments for the house and at what interest rate the new owners can lock in a fixed thirty year mortgage.
During the time it takes to transfer the title of the house from the seller to the new owner a home inspection and appraisal need to be conducted to determine the livable condition of the house and its actual value in the real estate market. Both the inspection report and the appraisal are reported to the real estate agent and mortgage lender. As the appraisal has to be within the amount of money being borrowed for the mortgage it has to be completed and submitted with the funding paperwork to the bank that will carry the loan. Once all of the paperwork has been processed and approved the title company schedules a closing meeting where the new owner signs all of the necessary documents to finalize the purchase of the house, including taxes and insurance, and is given the keys to their new home ready for the move.
Typically the process of funding the mortgage and completing the inspection and appraisal can take a minimum of one month but may take as long six weeks if no preliminary paperwork was prepared beforehand. However with the market in the shape that is and the necessity of banks and sellers requiring a pre approval letter from a mortgage lender the buyers have already determined how much house that they can afford to buy taken the surprises out of the home buying experience.
Gathering all of the information for the closing and boxing up the personal items and furnishings of the buyer adds to the excitement of buying a home and makes the month to six weeks between the acceptance and closing speed by.
