A seamless transaction saves you time and resources. Unfortunately, transactions are never the same; some are longer than others, particularly in real estate. On average, a single transaction could take between 30 and 45 days, depending on various variables. These aspects significantly influence the length of the transaction. They include the following.
Whether the Transaction is Cash-Based
Suppose the buyer has enough cash at hand. In this case, the transaction will take a significantly short period. Accessing the money to pay for this property could prove a headache for some people, particularly when seeking credit from financial institutions. Obtaining a credit facility could take many days before being completed. The number of days taken could significantly increase the waiting period. For this reason, it would help if you considered pre-approval.
Parties Involved
The number of people involved in the transaction will affect how long the process takes. An increase in this number is likely to increase the number of days the process takes. You could attribute this to the multiple consultations that the parties need to have. For instance, suppose a real estate agent is involved. In this case, the professional will need to communicate with the buyer and the seller from time to time, which could derail the process.
Appraisal
You need to get enough money to finance the purchase of your preferred property. Unfortunately, a low appraisal means you will not have enough money to cover the expense. In this case, you might need to re-negotiate with the seller, delaying the process even further.
Further, according to home builders Ormond Beach-based, a change in your creditworthiness could imply that you will not secure enough funds for the purchase. That means you must re-negotiate with your financial institution, which could take several weeks.
A real estate transaction can be smooth if you have all you need. The best way to shorten the process is by accessing cash or a pre-approval beforehand.
