This is one of the most common questions I get asked, so let’s talk about it.
There are several things related to the timeline:
1-getting prequalified/getting a loan
2-finding a home
Buyer 1- Looking to buy a home under $325,000 in Chandler, AZ. Has a good job, and a credit score around 620 and wants to use downpayment assistance (DPA).
Buyer 2-Looking to buy a home in Peoria, AZ for $400,000. Has a good job and a credit score of 700 and wants to put down as little as possible.
Both of these Buyers can probably get prequalified today. However, Buyer 1 likely still has some work to do on their credit before being able to receive DPA. Many lenders can help/guide with credit repair, and possibly even be ready in 2-4 weeks in this scenario! Buyer 2 is ready to go shopping NOW!
Finding a home
Once you have your prequalification letter it is time to go shopping for your new home! Some buyers find homes the first day they go looking. Sometimes it can take weeks, or months. It depends on what you are looking for, and how big the inventory is. Having a great Realtor on your side to negotiate the best deal for you is key.
Once you have an accepted offer on a home, it is time to do inspections. In the Phoenix area it basically takes about 10 days to get everything done. There are response timelines after that but the actual inspection period is 10 days.
The general guideline for closing timelines (from the time an offer is accepted) is 30-45 days.
Time for your Keys!
Once you close on your Phoenix home, you get the keys.
So, to wrap this up-the entire process depends on how much work is needed to get you prequalified, and how long it takes to find a home. But once you have an accepted offer-most timeframes are 30-45 days.
Start looking for a home here!