December 12, 2018
How Long Does it Take to Close on a Home?
We professionals and others experienced in the real estate industry know what those new to the experience sometimes find surprising: it can take a while to close on a home. While the excitement of the potential offered by the chance to move into a new setting, with all of the challenges and benefits that come along with the change, can make just about anyone antsy, those with perspective are aware that the process moves slowly with good reason.
Once the offer is made, haggled and accepted, a close read of the real estate contract will reveal a fairly standard date of closing to occur usually 4—8 weeks later. In fact, recent Ellie Mae reports put recent averages at between 40-50 days, depending on loan type.
There are a number of events that can occur to delay this date—some of which we intend to examine in further detail in a future post—but for the most part, buyers can give the closing its best chance of occurring on time by being as responsive as possible to their real estate agents and to the lenders from which they have chosen to secure their mortgages. Indeed, it can be quite helpful to be ahead of the curve by expecting what information a buyer’s lender is likely to request in advance and having it prepared to send when requested.
Moreover, this interim period is the time during which some of the most important steps of the buying process occur—perhaps most consequential among them the home inspection. A responsive buyer will have this procedure performed as soon as possible following the offer acceptance. This is because, should any issues be revealed, a seller will need the requisite time to be able to address or remediate them. If they are given too little time to have a serious issue professionally resolved, it could well result in delay of closing.
Once you reach that long-awaited date, we’ll be at the closing to help the process go smoothly. Here at Topouzis & Associates, P.C., we provide title insurance to back our title services. The policies we connect you with provide peace of mind that a new home’s title will not be subject to any nasty surprises. Whether you’re looking to engage in the market in Providence, Rhode Island; Boca Raton, Florida; or Peabody, Massachusetts, feel free to contact us for more information.