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The process of buying a home is an exciting stage in anyone's life. However, it can become stressful if you don't control the involved timelines. Therefore, let's explain the different stages and factors that influence this process.
 
The first stage consists of searching for the ideal home. It's very important not to rush to make the best decision. This process can take from a few weeks to several months, depending on factors such as location, price, size, or property features.
 
Once you find the perfect home, before making a serious offer, it is advisable to obtain mortgage pre-approval. This involves a lender evaluating your finances to indicate how much money you are authorized to borrow. Pre-approval can take approximately 15 days, depending on the efficiency of the lender and the availability of the required documents.
 
The next step is to make an offer. The seller can accept, reject, or counter your proposal. This negotiation process can last from a few days to a couple of weeks, depending on the response speed and the complexity of the negotiations. If the offer is accepted, a purchase agreement is signed. At this point, a security deposit is usually made, which is often a percentage of the purchase price. This stage can take one to two weeks, as it involves the review and approval of the contract by both parties.
 
After the contract is signed, the property evaluation and inspection take place. The evaluation is carried out by an appraiser to ensure that the home's value is consistent with the agreed price, while the inspection focuses on detecting potential structural or maintenance problems. These processes can take about two to four weeks.
 
With the evaluation and inspection completed, your lender will proceed to the final approval of the mortgage loan, which can take three to six weeks. Subsequently, the signing of the deed and the closing of the transaction occur. Completing the final paperwork, funds are transferred, and the property is registered in your name. This process is generally completed in one day, although coordinating the involved parties might require a bit more time.
 
As we've seen, the home buying process can be long and complex, so understanding the timelines will help you plan and reduce stress. With the help of experienced real estate professionals and good preparation, you can manage this process with confidence. At our real estate agency, we are committed to providing you with the necessary support and information to make your home purchase successful and satisfying.