Finding a new home in Markham is not always easy. Some people are looking for a very specific set of features in a home combined with a convenient location. It can take years for someone like this to find the right home. Alternately, someone who is lucky or who is not concerned about a rigid checklist of features might find a new home in just a few days or weeks. Consulting with a Markham real estate agent will reduce the amount of time it takes to find a new home significantly. The amount of time it will take to purchase the new home becomes slightly more predictable once the property has been located. Several stages of the home buying process will require time and patience.
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Negotiation
The first thing that usually occurs when the right home has been found is a price negotiation. A Markham real estate agent can make this process much easier than dealing directly with the property owner. The negotiation usually involves an offer from the buyer and then a counteroffer from the seller based on other offers that have been received. This process can take anywhere from one day to one month depending on how many potential buyers are involves in the negotiation.
Financing
Locating financing can be one of the most time-consuming parts of the home buying process. It is usually best to hire a Markham real estate agent who will help the buyer become preapproved for financing. If preapproval is not possible, then it can take anywhere from a week to a few months for a lender and broker to approve financing for a house. Fees and deposits normally need to be handled during this time.
Appraisal
The lender or bank will normally want to appraise the home as part of the financing process. Appraisal means that a trained inspector will come out to the home and assess the value of the property. Financial institutions usually want this step done by an independent party. An appraisal does not take a long time to complete although the scheduling of an appraiser and the time it takes to receive the official numbers back can add a few days to the process.
Inspection
An inspection is a step that every buyer should take before finalizing the sale. An inspection involves calling in professionals who will walk through the home and check every area for problems. Most homes have a few minor problems that are not usually an issue. Action will be required if the inspection reveals more serious problems such as water damage or a cracked foundation. The buyer can request that the seller make the necessary repairs before finishing the sale. Alternately, the price of the home can be reduced by the amount that will be needed to complete the repairs. Inspections can add a few days to the process although repairs could add a month or more.
Closing
The closing is the final step in the home buying process. Closing involves moving money from escrow to the correct accounts and finalizing all paperwork with the seller, the buyer and any other parties that are involved. A closing is usually resolved within 30 days if everything is in order. Minor problems or miscommunications between parties can lengthen this amount of time.
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