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How long after home inspection does it take to close?

0 votes

We are sellers.
Buyer is a conventional loan buyer.
Just had inspection, no repairs requested.
How long until closing from here, on average?
Update: The contract does have a closing date- it says on or before 45 days from accepted agreement (May 24 is date listed).
Everything has been so quick and smooth, I was just curious if closing could be done faster than the 45 days.

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asked Apr 19, 2017 in Business and Finance by Simpson G.

2 Answers

0 votes
Closing time varies by lender and location in the USA.
I bought a condo for cash in Las Vegas with an offer stipulation of close within 7 days, and was done on day 6.
Banks were not involved, and no complex title situation.
There can be title and lien searches for a title insurance. The bank could require additional documentation from a buyer. Some lenders are brokers where others are direct lenders.
30 to 60 days from contract to close is normal in most places.
I think the number is pushed up as a 50 average, but a lot is based on FHA and VA loans.
The most common issue is buyer financing. You can check that status.
The home appraisal is very key. It can make or break a deal.
Home insurance purchase is important.
Check the contract for contingencies that could slow down the close.

Have you confirmed the property tax status as up to date?
Check with your agent to speak with the buyer's agent to get with the lender to see what is still missing.
Often, a title search and possibly a land survey are needed.

Some closings are at a lawyer's office, and some are actually done by real estate agents. It depends upon location. Usually, from where you are at now, say three weeks, but could stretch or be brought in.
Sometimes buyers want it slowed based on their commitments.
answered Apr 19, 2017 by Andy L
0 votes
Your offer to purchase states the date that closing will take place. You agreed
to it when you accepted the offer.
answered Apr 19, 2017 by coraann

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