If you are buying your first house, you may not be sure what to expect. Fortunately, there are a few things to keep in mind that will help you plan for the time it takes to go through the closing process.
Once you’ve made an offer, you may be ready to move in, but the seller may still need time to move out. Your schedule may also need to make time for inspections, title searches and more, so you know that you’re getting the property that you think you are.
In the grand scheme of things, the short wait to get into your home will be worth it, but in the short-term, it can seem like a long time to wait. Here’s what you should expect when you make an offer.
When the seller accepts your offer, the clock starts ticking
Once the seller accepts the offer you have for them, closing on the home usually takes anywhere from 30 to 60 days. It may be longer if this is a new build and it isn’t complete yet or if the seller writes in a contingency that they need to stay in the property until they have a new home ready for them to move into, too.
Keep track of the closing process closely, and you may be able to speed up the timeline a little. For example, if you get a request for documentation from the mortgage lender, getting those documents back to them as soon as you can will help you minimize the risk of extending the length of the closing.
It will take time for you to get your mortgage worked out. It will also take time for you to shop for title insurance or closing services, to schedule home inspections and to negotiate concessions if there are problems with the property. Keep those things in mind, because if you have to extend the timeline, your closing date may be pushed out.
Once a closing date is set, it should be firm. However, it’s possible to negotiate one later on if problems arise. To minimize the risk of your closing date being extended, it’s valuable to work with someone familiar with the legal process of closing on a property.