if you are in the process of buying a house and are worried that it will be delayed, discover the most common causes of delays and how to act against them.
The process of buying a house can be divided into five main phases: mortgage credit quote, choice of home, purchase process, mortgage payment and deed.
Because mortgage loans are granted by banking or government institutions, they can take at least 3 weeks or more to conduct the research and analysis they need to determine the amount and type of credit they will grant.
On the other hand, it takes an average of 1 to 3 months for a person to choose their ideal home , to collect the requirements to buy a house and to begin the procedures at their real estate or independent institution.
The last two remaining stages - mortgage payment and deed, belong to the end of the entire process of acquiring a home, so it could be said that the simple process to buy a house lasts between 4 and 5 months , depending on where the transaction is made.
Reasons why you can delay the process of buying a house:
• The requirements to buy a house are not clear
• Financial companies detect problems in the credit bureau of the interested party
• The property is in dispute
• Real estate agencies do not accept mortgage loans granted
The requirements to buy a house are not clear
This is a very common mistake made by both interested parties and sellers or those offering mortgage loans.
Not having clear conditions and requirements to buy a house in buyproperty from the beginning generates confusion, wasted time, delays in the investigation and mistakes in determining the mortgage amount to be lent; That is why it never hurts to do a proper investigation of all the requirements, asking and inquiring by all means and making sure twice to have everyone.
Whether it's Infonavit, Fovissste or independent banking institutions, they all have a list of essential requirements to meet that you can find on their websites or by calling their advisors.
Financial companies detect problems in the credit bureau of the interested party
How long it takes to buy a house can be affected by a common problem that many are not aware of.
The institutions that grant the mortgage loans and that give the green light to begin the purchase procedures, have access to credit information of the interested parties that can determine their ability to pay the monthly payments of their mortgage, as well as to cover the total of their debt .
However, many times there are mistakes on the part of the interested parties that did not make sure to cover the entire debt of past loans or credit cards, or did not remain pending of the cancellation of their credits with department stores or others.
To avoid delays, simply enter the Credit Bureau portal, check your status and settle any debt or make any necessary clarification before applying for your mortgage loan.
The property is in dispute
This is a very common practice by dishonest sellers who offer their properties even knowing their complicated situation.
A property in dispute refers to a property that is being disputed by two or more people and is in the process of trial to determine who is the rightful owner of the house and, therefore, can use it as best It seems.
The owners of this type of property usually want to make money or get out of their problems by selling the house, however, financial institutions usually detect these frauds quickly and notify interested parties to look for more options.
Avoid delays due to similar situations, trust a real estate agent or ask to see the deeds and property registration of a house before choosing to buy.
Real estate agencies do not accept mortgage loans granted
Due to some agreements that real estate companies make with banking institutions or government institutions, they may not accept all types of mortgage loans at the beginning of a purchase process.
That is, they could first try to encourage you to contract some of the credits with which they have an agreement before accepting the one you chose from the beginning, which can encourage the purchase process and cause unnecessary problems and paperwork.
When you choose your ideal home, remember to verify that the real estate company accepts all types of credits in pechs or that they have accessibility to consider yours. You can also research on their websites, ads or with people who have previously collaborated with that company.
With these points in mind and following the recommendations, you can start and finish the process of buying a house in the best way, in the stipulated times and with savings of time and money. Do not let these situations stop you from releasing a house this year or when you decide. Pay attention and start your search now.