How Long Does It Take To Close On A House?
The length of time it takes to close escrow on a house can vary, but it typically takes around 30-45 days from the time the purchase agreement is signed to the time the sale is finalized. There are several steps that must be completed during this time, including:
Conducting a home inspection: This is typically done within a week or two of the purchase agreement being signed.
Obtaining financing: If the buyer needs a mortgage to purchase the home, this process can take a few weeks. Ideally, you should have your loan pre-approved before opening escrow. This will make the final finance process a lot smoother.
Reviewing and resolving any issues: If any issues are uncovered during the home inspection, the buyer and seller may need to negotiate repairs or credits. This process can take a few days to a week or more, depending on the extent of the issues and the willingness of the parties to come to an agreement.
Finalizing paperwork: This includes signing the final purchase agreement and any other documents required for the sale, such as a mortgage or deed. This process can take a few days.
Closing escrow: This is the final step, where the title is transferred from the seller to the buyer and the sale is finalized. This typically takes place at a title company or escrow company, and can take a few hours.
Overall, the length of time it takes to close escrow on a house can depend on a number of factors, including the complexity of the sale, the responsiveness of the parties involved, and any issues that may arise during the process.
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