How To Buy A House In Under 30 Days In Palo Alto
Updated: Feb 25, 2022
There are three stages to consider when buying a house in Palo Alto.
Stage #1 | Research
At this beginning stage of your journey you will have lots of questions. At this point you can either work it out yourself or get on board with a local Palo Alto realtor. It doesn't cost you anything to start early with a realtor, so it makes sense to save yourself hours of research in having a local resource readily available for you. It also gives you the opportunity to start developing a relationship with your realtor which will make your journey smoother and a lot more enjoyable.
The second person you want to connect with in the research stage of buying your home is a lender or a mortgage broker. Mortgage brokers have access to usually around 100 lenders but you may also want to speak with someone at your bank. Asking your lender the right questions is an important part of the process.
To find a good lending contact, you can ask your Palo Alto realtor for recommendations or even turn to your sphere of influence for personal referrals.
At this stage, you also want to define a loose criteria;
Which area do you want to buy in?
Do you want to buy a detached single family home, a townhome or a condo?
How much is it going to cost me to buy a fixer-upper?
How much is it going to cost me to buy a fully remodelled home?
What if I go up in size or down in size, how much will that cost me?
These are all questions for your Palo Alto realtor and they will be able to start setting up searches for you to help you define your criteria further.
When I start working with new clients, I like to begin with a broader search and then hone in on the criteria further and specific Palo Alto neighborhoods as the journey progresses. This allows Palo Alto home buyers to be aware of all of their options and to really get a solid picture of what their dream home looks like.
TIMELINE FOR STAGE #1
Minimum timeframe is one week for Stage 1. However it can run anywhere from one week to a month, or even longer depending on the home buyer's personality and how far away they are from being able to purchase a home financially.
Stage #2 | Search
Now that you have your pre-approval and you know what type of home you want to buy, it's time to go out with your Palo Alto realtor to start seeing homes in person. Open homes have now made a comeback so you can choose to visit at those times or schedule private showings with your realtor. I always like to give the option of private tours for my clients so that their schedules can be easily accommodated.
Sometimes home buyers will be able to secure one of the first properties they see, but for others it can take a little longer. This again will depend on the home buyer's personality and how perfect you want your home to be. It will also depend on market conditions as in some markets, you may need to put in a few offers before being able to secure a home.
Your Palo Alto realtor will be able to give you advice on what a strong offer would look like to be competitive and win the home.
TIMELINE FOR STAGE #2
Minimum timeframe is one day for Stage 2, yes and I speak from experience! Typically though, this stage can take anywhere from a weekend to a few months.
Stage #3 | In Contract
At this stage, you've chosen a beautiful home for sale in Palo Alto and had your offer accepted! In Palo Alto, it's unlikely that you will have contingencies in place with your offer, however the same processes need to be checked off throughout escrow. This process can take between 7 - 30 days.
TIMELINE FOR STAGE #3
If you are planning to buy a home in Palo Alto and would like assistance, I would love to hear from you.
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