How Long Does a Closing Take?
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.
Causes for delays in closing
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
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?
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)
How can I help speed up the closing process, as a buyer?
The real estate closing process can be very nerve racking, especially for a first time home owner.
As a buyer, here’s what you can do to ensure you meet the closing timeline:
- Ensure you use an experienced
- Prepare to pay 2-3% of the purchase price, in closing costs, which would include:
- Lender fees
- Third party fees
- Pre-paid items
- 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
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 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.