How Long Does it Take to Buy a House?
If you’ve never purchased a house before, you may be wondering how long it takes. In this article, we’re going to tell you exactly what to expect. When buying a house, we all know just how crucial time is. Not taking the line to learn what it takes to buy a house could mean paying on a mortgage, even though you still owe rent – or living elsewhere due to the fact that your closing is running longer than your lease.
If Myanmar Real Estate Exchange is at the top of your list, here’s a timeline for what you can expect during your journey on buying a house
Timeline for Buying a House
In Myanmar, the amount of time it takes to buy a house can be difficult to predict. Typically, it can take anywhere from four weeks up to six months, maybe even more. This timeframe includes the moment you start shopping for a house to the minute you close on a house.
You can speed up the process by making a strong offer as soon as possible. The shopping step is one of the biggest timeline variables to buying a house.
Buying a House Timeline – Step-by-Step
Step 1 – Find a Real Estate Agent in Myanmar
Finding a real estate agent in Myanmar can take between 1 to 2 weeks. Of course, you could always go online and sign the first agent you come across, and this could be done within 1 day. However, it would be a good idea to take some time and do your research on the different real estate agents in Myanmar. So, go ahead, do your research and come up with questions to ask potential real estate agents, and check other customer reviews as well. Agents are great to have, and they cost nothing, so find one that you feel is suitable to work with. Myanmar Real Estate Exchange can help you connect with a trustworthy agent who knows the area well and will work hard to get you what you need.
Step 2 – Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage can be done in five business days, but take some time to research the different lends available to you as well as the mortgage types so that you can get the best deal. While you’re looking for a real estate agent, you can also find a mortgage lender.
Step 3 – Make a List of Your Needs and Start Searching
This step can take between 3 to 5 days. Think about the things you need in your new home. For example, the amount of bedrooms you require or a short commute. Also think about the things you would love to have, but can do without, like a hot tub. Make a list of both, and then speak with your real estate agent about it. As you are browsing online for homes that are suitable for you, these priorities will help you. As you are looking at everything that is available, be prepared to adjust your list.
Step 4 – Take Part in House Viewings
This can take anywhere from 1 week to 4 months. In this step, you will need your agent to start scheduling house viewings for those homes you’re interested in. The amount of time for an offer to be accepted all depends on the market. You could visit numerous houses and make an offer all in the say day that gets accepted, then in other places, you could end up waiting months on end in order for the best home to come to the market, or you could find someone outbidding you multiple times before your offer is finally accepted.
Step 5 – Make an Offer and Don’t be Afraid to Negotiate
This usually takes between 3 to 5 days. When you find a home and deep down, something tells you that it is “the one,” your real estate agent will be t here to help make your dream come true. From there, you will need to wait to see what the seller is going to do – they will either accept, decline, or negotiate the offer with you. If you’re trying to purchase a home that is in foreclosure, this process can be speedy. However, in the seller’s market, you may be waiting a bit longer before you receive a response. The seller may either accept or reject your offer, or they may choose to make a counteroffer.
Step 6 – Get Your Loan Approved
Loan approval can take between 1 to 2 months. If you have already applied for a mortgage and have been pre-approved, it’s time for you and your agent to gather up the required documents so that the lender can officially complete the process and approve you for the loan. On average, this will take 50 days, but you need to complete the next two steps while you’re waiting for that closing day.
Step 7 – Wait for the Appraisal
This can take between 1 to 2 weeks. The lender will hire a professional that will go out to the home and appraise it – this is so that they can determine the value of the home. Normally, an appraisal can be scheduled within a week, and then it will take around 3 days to receive the report. With this process, all you have to do is wait for the result to come in. If the appraisal determines that the value is lower than the price negotiated, you may need to increase the amount you’re putting down on the home or renegotiate with the seller.
Step 8 – Get the Home Inspected
Don’t confuse getting the home inspected with the appraisal – this step will require you to hire a home inspector to help you determine the status of the home. Normally, you have a total of 10 days to have the inspection done. After it’s done, it’ll take 24 hours for you to get the inspection report, and then it could take a week or two if a problem shows up.
Step 9 – Closing on Your Home
As of right now, the hard stuff is behind you and the last thing for you to do would be to close on your house. After you make your down payment as well as the closing costs and sign a large amount of paper, you will officially be a homeowner.
By having a good understanding of the timelines behind buying a new home, you can start thinking about buying that new house and find a place you would love to live.