Here’s everything you need to know about closing on schedule.
You made an offer on a home that has been accepted. How long is it going to take to close? Typically, we’re trying for 30 days. Some milestones need to be met, though.
Let’s say that day zero is when the offer was accepted. The first milestone is that the buyer has to review disclosures. The seller provides disclosures on the home and then gives the buyer about seven days to review them. The next milestone is getting the home appraised. The buyer is also going to do their home inspections at this stage. This could typically take up to 17 days. To get final loan approval, we usually allow up to 21 days in today’s lending environment. If we meet these timelines, we should be able to close within 30 days.
How might this be delayed? The first milestone could be missed if a seller’s disclosures weren’t prepared yet. If appraisers get backed up or if the home inspection leads to more issues, that could make us miss the second milestone.
The final loan approval milestone can be missed if the buyer isn’t fully vetted. On the other hand, if it’s a cash sale, we don’t need loan approval. We’re probably not going to need an appraisal either, so we could get this timeline down to seven to 10 days.
If you have any questions, don’t hesitate to give me a call or send me a text. I’d love to hear from you and help any way I can.