How long does it take to buy a home?
No really, how long does this home buying process take in Jamaica?
Hey this is Cherine Anderson, your power realtor with another power tip
Here are five (5) things that affect how long your home buying process will take.
- Cash rules: Now listen, from the day you sign that sale agreement and make a deposit cash sale in Jamaica could close anywhere between 30-45 days all things being equal.
- Mortgages: Now because of different internal processes and schedules some lenders will take different lengths of time to process your mortgage. Now, some have committees that meet more frequently, others not so frequently. So when using a mortgage it actually takes about 90-120 days to close your sale.
- The Attorney: Now the attorneys are crucial especially the vendors attorney because they’re preparing the agreement for sale and they’re also submitting the documents so if everything is done in a timely manner, then the sale move relatively smoothly but remember, as a buyer you hire an attorney as well so if the vendor’s attorney is trying to send information that get’s read a week later, 2 weeks later that’s delaying your process. So here’s what I’m going to tell you, call your attorney every week, every week and make sure you get an update on the process. Remember, you’re the one paying them.
- Government Offices: Now remember, every agreement for sale must be stamped and assessed and when we dealing with government offices, sometimes if there is a backlog in the system it can delay the process. But there are different parts of the process that can also be expedited for a fee, ask your attorney.
- And the final and most important thing that could really delay your process is you! Now, remember I told you earlier; you need to get all your ducks in a row. Make sure you have your deposit saved and ensure your closing cost saved because the minute you start your sale things are going to be required and if you delay submitting required documents then hey, you’re holding up your own progress.