You can speed up the home-buying process by preparing your financing early, lining up the right professionals, booking inspections promptly, and staying on top of conditions and closing tasks.
Even a small holdup can leave you scrambling when a condition deadline or closing day is approaching. Of course, you can’t control every delay, but getting ahead of the tasks on your end can save you time when it counts.
In this post, we’ll explain a few factors that can make buying a home take longer and what you can do to keep the whole thing moving.
What Can Make Buying a House Take So Long?
Buying a house can often take longer than you’d expect because several people need to complete their part before you get the keys.
Here are a few common reasons for the wait:
- Mortgage approval. Your lender may need additional documents or an appraisal before approving your mortgage.
- Scheduling appointments. Finding an available inspector and arranging access with the seller can take time, especially if it’s a rural property and you need separate well or septic inspections.
- Issues that need a decision. An inspection could uncover a problem you need to discuss with the seller before moving forward.
- Selling your current home. If your offer includes a condition that you sell your current home, finding a buyer and meeting that condition can add to the wait.
- The seller’s timeline. The seller may need a later closing date to arrange their own move, even if you’re ready sooner.
Before you settle on a closing date, ask your agent and lender whether it gives everyone enough time to complete their work. From there, you can focus on getting your own tasks done early so no one ends up waiting on you.
How Can You Speed Up Buying a House?
So, what can you get done ahead of time? Here are six ways to help speed up the home-buying process, from preparing your mortgage documents to finalizing the closing details.
Get your financing ready early
If you’re unsure about what you need to do for financing, talk to your lender or mortgage broker before making an offer and ask which documents they’ll need. Gathering your income records and proof of your down payment now saves you from scrambling to get them together before any financing deadline approaches.
And if you haven’t arranged a mortgage preapproval, this is a good time to ask about one. Just remember that your lender still needs to approve the property itself. Once the seller accepts your offer, send over the purchase agreement promptly so they can start that review.
Line up your real estate lawyer
You don’t want a seller to accept your offer and then spend days trying to find an available lawyer. A quick conversation beforehand gives you a chance to confirm their availability, discuss fees, and find out what they’ll need from you.
It’s also worth mentioning if you’re hoping for a quick closing so they can confirm whether your timeline works.
Book inspections and other appointments quickly
The same goes with inspectors. An inspector’s next available appointment might be several days or weeks away, so it helps to do some research and have a few names ready to call when you need to book.
You can leave your agent to coordinate access with the seller, while you ensure the appointment leaves enough time to review the findings before your inspection deadline. Remember to account for any separate well or septic inspections appointments, too.
Stay on top of conditions and deadlines
A missed email asking for another document can delay your mortgage approval. So, during the purchase, be sure to check for messages regularly and keep your condition deadlines somewhere you’ll actually see them.
If a deadline is getting close and something remains unresolved, let your agent know right away. You’d probably rather have time to discuss your options than rush to waive a condition to stay on schedule.
Prepare for closing before the last minute
Between packing and planning your move, it’s easy to overlook the tasks that actually get you the keys. For example, your lawyer will need your closing funds and signed documents, and your lender may require proof of home insurance.
Knowing when each item is due lets you arrange bank visits, insurance, and signing appointments around your move instead of trying to squeeze everything into the final day.
Work with an agent who can keep the process moving
With several people involved in your purchase, you can often speed up the home-buying process by having an agent follow up when an appointment or response is still outstanding. They can find out what’s holding things up and explain whether you need to step in, especially when a deadline is approaching and you’re unsure where things stand.
Need Help Speeding Up the Home-Buying Process in Georgian Bay?
If you’re still looking for an agent to help keep your purchase moving, we’d be happy to talk at Hawkins Real Estate Group. We help buyers throughout the Georgian Bay area coordinate the steps of their purchase and understand what needs their attention next.
Whether you’re ready to make an offer or aren’t sure where to start, contact us to talk about your plans and how we can help.
