How Long is The Homebuying Process for a Home for Sale in South Tampa?
Many people who decide to
buy a home for sale in South Tampa may wonder exactly how long the entire home
buying process is. Will it take weeks? Will it take months? The timeline
depends on a number of factors and conditions, and certainly varies for each
homebuyer. Of course, knowing what these are and how they affect you may help
speed up the process.
To give you an idea on how
long the homebuying process takes, some factors and areas of the process are
discussed below.
Credit Score and Savings
For any serious homebuyer,
the first logical step is to know how much you can afford. This is most
especially true for those who will opt for financing—getting a pre-approval for
a loan will tell you exactly how much the loaning institution is willing to “lend”
you. So, what factors can affect pre-approval in the first place?
Your credit score and
savings have a great effect on pre-approval. The higher your credit score, the
better loan options you will have. Where does savings come in? Remember, most
home loans require down payment, thus you need to have a good amount on your
savings for this purpose. If you do not have a good credit standing and
savings, it is highly recommended that you get both of them in order. The last
thing you want is to find your perfect dream home―a beautiful South Tampa
waterfront home—only to end up not being approved for a loan.
The Search
Now that you know how much
you can afford, the next step is to search for a home. Finding the perfect home
for you and your family can range from a weeks to several months (or even more
than a year) depending on your preferences, availability in the market, and
most importantly your motivation in buying a home.
Loan Approval
Loan approval varies from
lender to lender. While some banks can get your loan approved within 10-15
days, some mortgage lenders might take longer. A big factor that affects the
speed of your home approval is how fast you can submit the documents required
by the lender. The sooner you can provide these documents, the faster the loan
will be approved. It is best advised that you submit your information 24-48hrs
upon your lender’s request.
Home Inspection
The home inspection is a
very important phase in the homebuying process as this will help avoid any
unforeseen costs on repairs after you have closed the sale and signed the
contract. Imagine getting into your new home only to find that the basement
floods after the water is turned on. The length of this phase would depend on
the home inspector and the number of reports that needs to be written detailing
any damages to the property that may need repairs.
Closing the Sale
Closing is the fastest phase
of the home buying process. As long as all the requirements have been submitted
and all terms and conditions of the residential purchase agreement have been
fulfilled by the buyer and seller alike, closing normally takes less than an
hour.
How long (or short) it will
take to buy a South Tampa home for sale greatly depends on your motivation. The
faster you comply with all the requirements needed in every step, the faster it
will be to proceed. Work with a well-experienced real estate agent and get the
best deal from hundreds of South Tampa homes listed in
http://www.TampaTodayRealEstate.com.
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