Average time to complete house sale
The average time of completing a house sale is 4 months. 2 months for a house hunting and deciding a house, 1 month to apply for mortgage and preparation of contracts, and 1 month for signing contracts and get done with some documents.
House selling and buying process
Do you know what process does the house selling and buying involve? The length of time of each procedure will determine how long for a house sale to complete. The main process of house buying includes:
Step 1. Make a plan
When you plan to buy a house, you should make a full preparation. First clarify the purpose of your house, whether it is bought for you and your family to live or for investment. If you want a residential property for yourself, then you need to consider what is the life plan for next several years, what requirements the house needs to meet, and whether it needs to be near a school for your children. If it is bought for investment, the things you need to consider are the size, location and its appreciation space. In addition, you have to make clear what purchase policies of the city where your target house is located in, understand the local mortgage policies. Only with a good plan can you make the house hunting efficient.
Step 2. Seeing and knowing the house in detail
After making a plan, you can see some houses purposefully. Generally, you go to the real estate agency, and then let the estate agent recommend the houses that meet your requirements. Then you go to see the house. When seeing the house, you should not only go for a visit, but also see it in detail.
These are the points you need to pay attention to:
For properties under construction, you can learn more information from the sellers, agents, developers and other channels as much as possible. You’d better see as many houses as you can and compare them to make a better decision.
Step 3. Negotiation
After seeing all kinds of houses, you may finally find your ideal house. Then, the next step is to enter the stage of house purchase. At this stage, you have to negotiate with the seller about the price and payment. Anyway, you have to carry out the negotiation to protect your interests.
Step 4. Paying the deposit and signing the purchase contract
After everything that should be discussed is settled, it is time to sign the house purchase contract and pay the deposit. The contract must cost more time to check, or you can ask professionals to check it for you.
Step 5. Applying for mortgage
If you buy a house with a mortgage, you need to go to the bank or other lenders for applying a loan. When handling a loan, it is necessary to clarify the amount of the deposit, the capital amount, the term of the loan, the interest rate, the repayment date and other terms. If the lender approves your loan application, you only need to make the payment on schedule.
Step 6. House inspection
House inspection is essential before finalizing the house buying process. If possible, professional house inspection staff can be invited for you to do this. This step is more complicated and costs more time than you think. Any problems about the quality of the house should be solved at this step.
Only after the house inspection is done, the house purchase can be regarded as the completion of the process. House transactions involve a large amount of money, so your must be careful and cautious.