How Long Does it Take to Buy a House?

If you’ve ever run through or are currently running through the steps to buy a house, you know that sometimes the process takes longer than expected.


Real estate


If you think about it, as long as you are the high bid on a house, you wouldn’t expect it to take that long. That’s the easy part, though. It’s all the steps before that which can prolong the home-buying process.


Factors that Affect Buying Time


There are many pre-agreement factors that could affect how long it takes to buy a house. Most times it is something out of your control. There are a lot of people involved in the process of real estate, so just stay calm and let things work themselves out.


Let’s take a look at some of those factors that can prolong the process.


Competitive Market


Chances are you’re not the only one interested in a great property. There are likely other interested buyers who are vying for the same house. This can definitely draw the process out.


The seller and real estate agent will likely field the offers as long as they can and then come back to each party with the new high bid. If a bidding war starts it could take a bit to complete, especially because it has to happen over the phone or text.


Loan Approval Process


Finding the right lender could be a nightmare. You could get turned down for some unforeseen reason or you may not be happy with the interest rate you were given.


If this happens, you will likely shop around. You want to find the lender that best fits your needs, but also with a decent interest rate so you will save money long-term.


Current Landlord Problems


This situation doesn’t affect everybody, but oftentimes before buying a house many individuals or couples are renting. The problem here is you can’t control when a house that fits everything you want pops onto the market. That could be right in the middle of a lease agreement you signed. 


More likely than not, the landlord won’t let you out of the agreement. The only stipulation may be that YOU have to find someone to take over the rented property or lease. IF you have a friend or know someone who would, great, but if you don’t this could throw a wrench into your home-buying process.