Closing on a House
It's time to adult... but how? Let's start with a house!
You made it. You got the girl, you got married, and now it’s time to buy a house. You chose a wondrous house with a rooftop view, and a pool in the back. You’ve made up your mind and it meets all your expectations. But now that you’ve decided on your dream house, how do you proceed? How long does it take? What’s the process?
Read on and you’ll get the gist of how long it takes to close on a house and all the ups and downs that can arise.
In 2018, the standard time for closing on a house has gotten longer and longer. Unless the buyer is paying with all cash, the buyer’s lender will determine the length of time it takes to close. Today, it takes roughly 50 days to officially close on a house.
However, there are many factors that come into play when closing a house. Depending on where you live, the person facilitating the closing deal, the title company or the real estate lawyer, can all impact the time frame of closing on your dream house.
If the person facilitating the deal drags his or her feet, a delay can arise. It is important to make sure the buyers and sellers involved are ready to pull the trigger. When dealing with the title company, the title must be transferred to the buyer. The mortgage or deed, is then given to the buyer or the borrower to the lender. In order for that to move smoothly, make sure all the paperwork has been completed. Finally, make sure the real estate lawyer is a good fit and ready for the task, that way the possibility of a delay is less likely.
If that wasn't stressful enough, make sure to keep a schedule to stay organized and make sure that the loan information has been taken care of. Your loan has a commitment date that cannot be expired for the sake of the deal. Sellers and buyers require the loan and mortgages to be complete and ready for property appraisal. Yet, sometimes surprises arise and an unexpected mishaps can come to fruition. For example, if closing gets pushed back and the dates change, you may have issues with your moving truck, and may need to reschedule thus causing a delay in vacating your current home. Simply be aware that incidents can happen. Most of the typical problems that arise are focused on paperwork and making sure all of the documents are signed, sealed and delivered.
Home owners, or soon to be, should do their homework to make sure that the deal has been agreed upon and everything from home inspection to signing paperwork has been completed.
It is important to remain calm and collected and to try to stay on top of things as much as possible. Good luck, and get ready for this amazing process.