Also known as "settlement" or "escrow," closing is the day home buyers officially take ownership of a home. Here’s what to expect from the closing process.
This is when you become a homeowner. If you’re at a joint closing, the seller will hand over the keys. If you close separately, the seller’s real estate agent might deliver the keys. It varies. So that’s what happens when closing on a home, from a buyer’s perspective. Now let’s take a step back and look at what happens the week before you close.
Although closing and funding generally occur simultaneously, in certain cases, you technically can close on the sale of your house one day, yet funding doesn’t occur until a few days later.
It now takes an average of 42 days to close on a home loan, averaging purchase and refinance transactions. That’s down from 51 days at the beginning of 2017. Still, it takes longer than most.
It can take one to four weeks to close on a house (on average), once the appraisal has been completed.
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If a buyer thinks they are closing on your house in 30 days, they’ll probably stop looking at other houses. However, if you ask them to close in 90 days, I can pretty much guarantee that they will still be in "home shopping mode." If they find something that they like better while they wait for your house, they could back out on you.
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So, How Long Does It Take To Close On a House? Nationwide, it takes on average from 45 to 50 days. Once you have found a house you want to buy, it’s natural to want to close on a house as soon as possible. But the timeline can change depending on a variety of factors because fully closing on a house is a process with multiple steps.
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