What does the timeline of buying my first property look like?

4 Replies

I know everything that needs to be done from loan pre-approval to contacting a realtor to speaking with a real estate attorney (Massachusetts). However, since I've never done this before I'm not sure at what point I should be doing each of these. 

Are there any rough estimations that can be provided? Maybe a graphical timeline sort of thing. 

I am attempting to write out a timeline with my business partner and this would help bigly. 

Thank you!

Sounds like you have done plenty of research! That is awesome!

It may be more beneficial for you to first right out what you think the order is of everything and then just ask the community to verify it or make suggestions. I have a feeling you already know 90% of the answer to your own question.

OK.  I have found that the answer to most questions are in the question...hidden in plain sight.  So, with that in mind, let's start with your question, and the answer that can be found within it...like @Jon Reed mentioned above.

Since you mentioned you already knew everything that needs to be done, please define what that "everything" list looks like.

If you're using a Realtor, they can explain the process clearly to you. A good Realtor will hand-hold you through your first deal and handle most of the interaction with title. 

@Zac Banas

The longest part of the process is finding the right deal. It is hard to put a timeline on this step because like anything worth getting into, it shouldn't be rushed. 

Once an offer is accepted, expect a 4-5 week closing period (if traditional bank loans are to be utilized). This is where you will do your due diligence, process your mortgage, transfer the title, etc. 

The last comment I am going to make is a good real estate agent will walk you through every step of the way and connect you with the appropriate professionals (attorneys, mortgage broker, inspectors, etc.), especially on your first deal. I encourage all first time home buyers to really take the time to find the right RE agent.

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