How Long Does it Take to Close on a House? 11 Steps From Your Offer to Keys in Hand
If you're in the process of buying a new home, you're likely wondering how long it will take to close on the property. The length of time it takes to close on a house can vary based on a number of factors, but typically it takes anywhere from 30-60 days. In this blog post, we'll break down the 11 steps it takes from your offer to keys in hand.
1) Submit Your Offer
Once you've found the perfect home, it's time to submit your offer. This is where you'll negotiate with the seller and agree on a price for the home.
2) Get Pre-approved for a Mortgage
Before you can close on a house, you'll need to secure financing. Getting pre-approved for a mortgage before you start shopping for homes can help streamline the process and give you a better idea of how much house you can afford.
3) Hire a Home Inspector
Once your offer has been accepted, it's important to hire a home inspector to thoroughly evaluate the property for any potential issues.
Your lender will require an appraisal to ensure the home is worth the amount you're borrowing. An appraiser will evaluate the property to determine its value.
5) Title Search
A title search will be conducted to ensure that there are no liens or other issues with the title that could impact your ability to own the property.
6) Obtain Homeowner's Insurance
You'll need to obtain homeowner's insurance before closing on the property to protect your investment.
7) Review the Closing Disclosure
Your lender will provide you with a closing disclosure, which will outline all the fees and costs associated with your loan. Review this carefully and ask any questions you may have.
8) Final Walk-Through
Before closing, you'll have a final walk-through of the property to ensure that any repairs or issues identified during the home inspection have been addressed.
9) Closing Day
On the day of closing, you'll sign all the necessary paperwork and pay your closing costs. The seller will also sign the necessary paperwork to transfer ownership of the property to you.
Once all the paperwork has been signed and funds have been transferred, the property officially belongs to you.
11) Keys in Hand
Congratulations! You'll receive the keys to your new home and can begin moving in.
While the above steps provide a general overview of the home-buying process, it's important to note that the length of time it takes to close on a house can vary based on a number of factors, including the complexity of the transaction, the responsiveness of the parties involved, and any unforeseen issues that arise during the process.
If you're in the market for a new home, we encourage you to work with an experienced real estate agent who can guide you through the process and help ensure a smooth closing. Whether you're just starting your search or you're ready to make an offer, we're here to help make your home-buying journey as stress-free as possible. Contact us today to learn more!