So last Friday, I posted the video above, and I received some followup questions. The following was asked a few times, so I thought I’d go ahead and create a post for it.
How long does it take to actually buy a home?
The short answer is about 3 months, but with an asterisk. If you’re getting a mortgage, from the time the offer is put in until closing, is generally 45 days. But of course, that’s not accounting for the time it takes to search for a home that you truly love before then. And, there could be a monkey wrench thrown into a cog during the contract period. So for people looking to go from renter to owner, giving the landlord 90 days of a head’s up is a fair estimate.
Of course, that amount of time also depends on the current market. Lenders, and their appraisers, right now are crazy busy, since the rates are crazy low. (People who refi their homes need to work with them, too, doncha know.) Fortunately, it seems like they’re catching up in the hiring department on their end, which hey! More people getting work is a blessing right now, and home-based doubly so, since Covid still being a real thing. Therefore, closing delays due to lenders being backed up are becoming much less of an issue.
It’s also one of many reasons why I recommend using a local lender. You want someone who willingly gives you a cellphone number to call and will respond to you promptly- even, no especially!, on evenings and the weekends. Because hey! When are folks most likely to check out a home and subsequently put in an offer? On a weekend, right? Or after they’ve (signed?) off work? You deserve that level of service.
Do you have any other questions, like referring you to a top quality lender? Please let me know! Take care of yourselves, and check in on your neighbors- especially the elderly and those with disabilities. If you’re under quarantine and need help with getting by, even if it’s just to have someone to talk to, let me know. I’ll find a way to help. Black Lives Matter.
And please remember, I always have time for you and your referrals!
Lori Dake, an Illinois Licensed Broker
www.LoriDake.com
P: (773) 697-4474
F: (773) 717-5500
E: LDake@KaleRealty.com
Your referral is my greatest compliment!
Kale Realty
2447 N. Ashland Ave., Chicago, IL 60614
www.KaleRealty.com
(312) 939-5253