Important Time Frames And Deadlines To Be Aware Of When Buying A Home

There are a great number of important details and steps to be mindful of when you begin the journey to look for a home to buy. As you work with your realtor and mortgage broker, be sure to quickly provide the information and documentation they need to ensure the process goes according to plan. In addition to this time frame, here are some additional important time frames and deadlines you need to consider when searching for and buying your next home.

Property's Time on Market

As you work with your realtor to begin looking for the right property for your needs, you will search for specific homes in mind that are within a price range, in a certain area, and that have specific characteristics and amenities. However, in addition to these details, you should also look at a property's time on the market. This detail will be listed as the number of days it has been for sale. Along with this fact you can also see the historical data of the home's sale price, including any price adjustments, such as lowering the price. 

This information is helpful to you and your realtor because it can provide you with a picture of the home and the seller's situation. For example, if the home has been on the market for close to 250 days, you know this is quite a long time and they may be more willing to accept a lower offer. And by looking at any price decreases on the listing, you will know how many times they have come down in price and by how much each time. On the reverse, you will also know if a home has just been listed, which can indicate it is new on the market and if it is priced right, it may sell quickly.

Inspection Deadline

Once you make an offer on a home and are under contract to purchase the home within a set period of time, you need to take any deadlines you have included in the contract seriously. The inspection deadline is usually one of the first deadlines you need to worry about, so hire a professional inspection as soon as possible so it can be completed before the deadline.

A timely-scheduled inspection will make sure you have time to review any of the inspector's report findings to renegotiate the terms of the purchase price on the home before you close on the purchase. For example, if you find that the home's basement foundation has been leaking and there is mold damage, you should use these details to renegotiate an allowance in the price to remedy the problem. You can also request the seller repair the specific damage before the closing date. This puts an additional deadline into the contract, which you and the seller both need to be aware of.

For more information about single-family home listings, contact a local real estate agent.