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How Long Does It Really Take to Close on a House?

You've turned on (and hopefully off) at least 20 water faucets and peered into about 50 closets (oh, the things you've seen!). And now, at long last, you've found the perfect home. So you make an offer, which is accepted. Congrats. Now, exactly how long does it take to close on a house?

Read on to get the gist of your closing timeline, plus what can slow things down -- or speed things up.

Average home closing time frame

One recent study found that closing times are getting longer -- on average it now takes 50 days. And while that may seem like an eternity to eager buyers or sellers, there's good reason this doesn't happen lickety-split. For one, buyers who require mortgages must finish the loan process and property appraisal.

Home buyers should also use this time to complete their due diligence by reviewing the property title and completing a home inspection, says Todd Huettner of Huettner Capitol. This chunk of time also gives both the seller and buyer time to plan their move.

What can slow down a closing?

Even though a property is under contract, the occasional hitch can make closing time go from warp speed to a ultra-slo-mo. Here are the typical hiccups.

 

How to speed up a closing

If you want to ensure your closing reaches the finish line in record time, here are things you can do to help.

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Watch: Your Offer Was Accepted -- What Happens Now?

Source:   foxnews
Source Link:   foxnews

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