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Thursday, August 11, 2016

The Timeline of Closing a Home


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Just how long does it take to close on a home?

That question depends primarily on what type of loan you’re taking out, or if you’re paying cash. If you’re paying cash and you don’t need an appraisal, you can have it ready to close in as little as a week. But since most people take out a loan and need an appraisal, it usually takes a little longer than that.

After your offer on the home has been accepted by the seller, you should do your due diligence and order an inspection. You will be granted a certain amount of days specified in the contract - usually at least 10 - to complete this inspection.



On average, 45 days is a good turnaround time for a sale to close.



After the inspection comes the negotiation process. This is where you negotiate with the seller about any issues in the home that need to be fixed and determine how they can be rectified. Once that’s done, your lender will order the appraisal as quickly as possible, because this is where the possible hang-up lies. The appraisal process, depending on your area, can take anywhere from one to five weeks to be completed.

That being said, you can expect 45 days to be a good ballpark figure to span the time you sign until the time you can theoretically close on the property.

If you have any questions about certain things in the real estate world, just give me a holler or send me an email. Take care!

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