Ignite FB Tracking PixelHow long does it take to buy a house? 2 Reasons a home purchase might be delayed - DENISE STEMPIEN REALTOR ABR|SRS|PSA
Stempien & Associates with Remerica United Realty
DENISE STEMPIEN REALTOR ABR|SRS|PSA, Stempien & Associates with Remerica United RealtyPhone: (734) 658-4389
Email: [email protected]

How long does it take to buy a house? 2 Reasons a home purchase might be delayed

by DENISE STEMPIEN REALTOR ABR|SRS|PSA 08/01/2022

When facing such a long and complicated process, many would-be homeowners are left to wonder: how long does it take to buy a house? While it’s possible to estimate the amount of time needed for various steps, there are several factors that can delay the home buying process and create an even longer wait.

To help you prepare for any potential issues, here are two of the most common reasons closing on a home is delayed:

Loan approval falls through at the last minute

The mortgage process is a long one in itself, and even with a significant down payment, it can delay your purchase if your approval falls through. One of the most common reasons homebuyers have closing day finance issues is they didn’t get full preapproval from a mortgage lender before making an offer.

The other common scenario is a major financial change has caused a mortgage lender to rescind their approval. This can happen if, for example, a buyer takes on a significant amount of credit card debt right before they buy a house.

The best way to avoid delays caused by financing is to get full mortgage preapproval from a lender before making an offer, and to avoid any behavior that could adversely affect your credit report before the closing process is complete.

Home inspection reveals serious issues

The home inspection is another potential cause of delay when buying a house. Most purchase contracts include a clause requiring a professional inspection of the property to identify any major issues. If the inspection comes back with bad news, the buyer can either walk away from the sale or make an agreement with the seller about how to solve the problem.

Unfortunately, inspection reports are not always perfect. However, clarifying seller concessions and being flexible with negotiation can help you mitigate potential delays caused by unpleasant surprises. Investigate what repairs the seller is willing to make or include in closing costs beforehand.

These are only a couple of reasons it may take a longer time to buy a house. While every step of the process has potential for delay, the more you know about your options, the better you’ll be able to handle them if they arise.

About the Author
Author

DENISE STEMPIEN REALTOR ABR|SRS|PSA

You can feel confident that you picked the right Realtor because I earned my place as one of the top local real estate agents locally. My website has a ton of resources that can help you search for your new home. Feel free to use my website, free of charge and with no strings attached. If you need representation or just have any questions at all, I'm always here to help. Call me today!

I am fully aware of the current market trends and what it takes to get a great deal on your dream home or get top dollar for your current home. When it comes to getting the job done right, you can count on me.

I have a great team of professional affiliates, including lenders, inspectors, carpet cleaners and even licensed professionals for full renovation projects throughout the Wayne, Oakland, Washtenaw, Livingston, Monroe and Jackson Counties.

This process is all about you and your needs. Real estate is a big investment and I understand that. One thing you will get with me is a professional personal relationship.  We work together through the entire process and in the end, that goes a long way. For more information, feel free to contact me: email, call or text. I would love the opportunity to earn your business and partner with you in regards to your real estate needs.

Denise Stempien ABR, SRS, PSA (734) 658-4389.