How Long Does A Closing Take?

How Long Does a Closing Take?

The process never seems to end when it comes to buying or selling your home. From preparation, to listing, house showings and negotiations…  

But once you’ve agreed to sell your home and have a signed contract, how long does a closing take? Closing alone can take an average of 52 days, according to a March 2021 statistics provided by the ICE Mortgage Technology Origination Insight Report.

If you are doing a Concurrent Closing, it may take longer. Those are hectic and that’s a story for another day.

Causes for delays in closing

how long does it take to close

After presenting/ being presented with an offer and all parties accepting said offer, we all would think ‘we are definitely gonna hit a homerun’ right? Nope, unfortunately, life likes throwing ‘curve balls’. 

These are the ‘curve balls’ that can delay your closing:

  • Low appraisals, causing banks to reject financing
  • Either party getting married or divorced
  • Title issues
  • Buyer’s financing, which may be caused by
    • an increase in debt, since pre-approval
    • a buyer who failed to get pre-approved and so was unaware of their qualifying mortgage amount
    • a decrease in income, since pre-approval

Sell Inherited Property in Probate

It’s important to understand the probate process and the legal way to sell an inherited property to avoid liability, avoid surprises during the closing process.

You can do your best to prepare for those ‘curve balls,’ but it’s important that you understand that many of these problems are not in your own control (especially when selling to someone who needs a traditional loan). Now you can meet that closing timeline.

How can I help speed up the closing process, as a seller?

the real estate closing process

When it’s time to sell your home, the real estate closing process can become quite frustrating; to prevent any speed bumps, on your end:

  • Have a Pre-Inspection done and fix any issues that are revealed (if you’re planning on selling to a traditional buyer who needs a bank)
    • Major & minor issues (this will affect the outcome of your appraisal)
  • Resolve any title issues
  • Make sure that the total amount of debt/liens on a home (if any) are less than the price you’re selling for (sometimes doing a quick title search will allow you to find some of these liens you may have been unaware about)
  • Ensure you are aware of your closing costs, before hand

Get Our Highest Offer on Your Home

If you aren’t able (or interested) in spending 4-10 months to list your home. We buy homes for Terms OR cash fast.

How can I help speed up the closing process, as a buyer?

how long does a closing take

The real estate closing process can be very nerve racking and costly, since the buyer pays a majority of the closing costs, especially for a first time home owners.

As a buyer, here’s what you can do to ensure you meet the closing timeline:

  • Ensure you use an experienced
    • Real estate attorney
    • Realtor or Real estate agent
    • Mortgage loan officer (if you’re financing through the use of a mortgage broker/ bank)
  • Prepare to pay 2-3% of the purchase price, in closing costs, which would include:
  • Get pre-approved for mortgage financing
  • Ensure you have a source for your down payment (you’ll need it for Escrow)
  • Keep a frequent and open line of communication and respond to requests diligently

Finally! It’s closing day

closing day

We have arrived at the closing date.

In North Carolina, closing is done by an attorney, as is the same for South Carolina. This however, is not the same for all states; depending on the state, closing can be done by an escrow firm, attorney or a title company.

This will typically take 1 to 2 hours and we are home clear.

How Long Does It Take to Sell a Home?

When considering preparations for selling, listing, negotiating, closing process, and contingencies, it takes about 4-6+ months from start to finish

How fast can I close with The Residential Buyer?

Given the right conditions, we at The Residential Buyer, can close in as little as 10 days. That’s a big jump from 52 days for closing plus the additional time your home will be on the market. In addition to that: we aren’t using a bank to buy your house, so you don’t have to worry about our offer being rejected by a bank.

Skip the listing process and sell your house fast, to us.

If you’d like an all cash offer or even a premium offer on terms, then reach out so we can provide to you the highest offer on your home.

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