Buy Real Estate in Georgia – Step by Step
How Long Does it Take to Buy a House?
How long does it take to buy a house in Georgia? On average, the overall process is between 21 and 30 days for Sellect Realty. This is up to 40% shorter than the majority of our competitors. Yet, the approach to buying a house varies with every real estate deal. No two transactions are exactly alike. Knowing the steps to buy a house in Georgia is important to understand why each deal and timeline is unique.
Before you are ready to look for the one:
Preliminary Step One – Save up cash
You will need cash in order to cover expenses when buying a house in Georgia. Cash is used to pay for a downpayment, legal costs, moving expenses, home inspection, and more. How long does it take to buy a house when saving up cash for all of this? Again, this varies. It depends on the amount of debt you must pay off, your credit score and other factors. A good financial foundation with 5% of the home sales price saved is a good starting point.
5% of the home sales price is a good starting point to save up to buy a house in Georgia
Preliminary Step Two – Determine how much house you can buy
Interview mortgage lenders and find one to work with. Get pre-approved for a home mortgage loan. Pre-approval for a loan shows that you are a genuine buyer to potential sellers. You will need to show financial ability, and other qualifications to your mortgage lender to get this. How long does it take to buy a house when you need to get a pre-approval? The pre-approval process takes about 3-7 business days depending on your individual financial situation.
Pro-tip:
Pre-approval is not a pre-qualification. A pre-qualification is preliminary to pre-approval.
A Georgia pre-approval letter will help you buy a house. The letter will show that you are a serious homebuyer.
After you have saved and determined how much house you can buy
Step One – Choose an agent
Did you know? Hiring an agent to represent you when you want to buy a house is almost always FREE! That’s right! Real estate agents in Georgia who work for a buyer are commonly paid by the seller of the house the buyer purchases. Interview a few agents that interest you. Ask the agents questions about their experience and knowledge. Pick an agent, and then sign an “exclusive buyer’s agreement” with them. This agreement hires them as your agent to look for a house.
How long does it take to buy a house in Georgia when you need to look for an agent? Agents are too easy to come by in Georgia. However, finding a good agent is not so simple. Finding good agents to interview is just a quick message away when you contact Sellect Realty in Metro Atlanta at 770-509-0265 or contact@sellectrealty.com We listen to your individual needs, and pair you with a few agents we think will be most able to help you. Other ways to find agents are word of mouth, and quick internet searches.
Sellect Realty agents are available to interview. 770-509-0265 or contact@sellectrealty.com
Pro-tip 1:
An agent working for a home buyer in Georgia is also called a “selling agent.” Confusing, right? The agent working for a home seller is also called a “listing agent.”
Pro-tip 2:
Each Georgia real estate agent works for a real estate brokerage. Many times, the brokerage is called a “company.” Real estate “teams” are a group of agents who also work for brokerages.
Step Two – Determine your specifications and look for houses
Houses can be very different on the outside and on the inside. Make a list of must-have specifications and needs in a house. For example, a double vanity in the master bedroom, or master bedroom on the main floor. Also list the amenities in a neighborhood you require. Show your Georgia real estate agent the list so that they can find potential house matches for you on the listing services. The agents have access to the Georgia MLS (multiple listing service) and Georgia FMLS (first multiple listing service). These are real-time lists of houses on the market. It is important to have access to this because third party websites (like Zillow) are wonderful, but often are not updated quickly.
How long does it take to buy a house in Georgia when looking for a house hunting? This one depends on your list of specifications and needs in a house. If the list is broad, there may be a match that is found within days. If your list is too narrow, the right house may be hard to come by and take a very long time to find.
Write a list of specifications and needs that you will be looking for in a house..
Step Three – Submit an offer
You’ve found the house that matches your specifications and needs. Now, submit an offer by telling your Georgia real estate agent you want to buy it. An offer tells the seller of the house the price, closing date, due diligence period, contingencies, etc you want to include in a contract. How much time does it take to buy a house when you submit an offer? Offers are quick to draft and can be done within a few minutes to hours. The real estate offer can even be signed electronically, making the signing of the offer a fast task to complete.
Step Four – Negotiate and offer and bind a contract
The offer is negotiated through your real estate agent and an agreement is reached. The agreement is called a “binding contract.” It can be easy or very difficult to arrive at a “binding contract,” if at all. If a contract is agreed upon, congratulations! You have completed some of the more difficult tasks in buying a house in Georgia. How long does it take to buy a house in Georgia when negotiating the offer? As previously stated, this really depends on you, your agent, and the seller. If an agreement is established, a binding contract is usually drafted within the span of one week.
Negotiation of a real estate offer leads to a binding contract if both seller and buyer come to an agreement.
Step Five – Due diligence and contingencies
Due diligence is a period of time when a buyer inspects a house to find any problems. It is also a time when the buyer can back out of the contract for any reason. Contingencies are commonly financial and appraisal contingencies. A financial contingency ensures that they buyer can terminate the contract if they are unable to secure a home loan to purchase the house. An appraisal contingency ensures the mortgage lender that they are making a sound financial decision in lending you money to buy the house based on its value. Due diligence and contingencies happen at the same time, with due diligence most frequently completed before contingencies are.
How long does it take to buy a house in Georgia with due diligence and contingencies? Due diligence is commonly completed within 7-10 days. Contingencies can take longer and depends on the mortgage lender and appraiser used.
Step Six – Close on your house
You made it to closing! Due diligence and contingencies are complete. Your real estate attorney sends a notice to the mortgage lender that they have been completed. The mortgage lender then states that the home loan is “clear to close.”
How long does it take to buy a house in Georgia with closing? Closings can range from a few minutes to hours. This depends on experience and how detailed the buyer, seller, or both are.
Signing a contract to buy a house in Georgia. The contract is usually signed at what is called a “closing.”
Overall:
The total time to buy a house in Georgia ranges anywhere from 14 to 45 days. As stated, the timeline depends on many factors. The multiple scenarios in each step is the reason. Therefore, a buyer needs to find a real estate agent that fits their specific needs and personality because you will be spending a lot of time together. Purchasing real estate is no small transaction, and a good fit between buyer and agent is essential.
Sellect Realty is a real estate company in Metro Atlanta, Georgia. Our company has helped many Georgians and relocating individuals find a home perfect for them. Our agents have the knowledge and skillset to negotiate offers and contracts on your behalf that will give you the best advantage. Send us a message at contact@sellectrealty.com or call at 770-509-0265 for answers to any real estate question you may have, or to find an agent to work with. We are happy to be an outstanding resource for the community we love.
For information on selling a house in Georgia, click here.