How Long Does it Take to Close on a House?

How Long Does it Take to Close on a House?

How Long Does it Take to Close on a House?

By Mark Spain Real Estate

If you’re looking to close on a house, you might be surprised to discover all of the moving parts. From signing purchase agreements to scheduling home inspections, there are many steps a buyer and seller must take before finally signing on the dotted line. 

At Mark Spain Real Estate, our experts offer valuable insight into the home closing process to benefit sellers and buyers alike. With years of experience in some of Southeast’s major real estate markets, we are well-equipped to help you navigate each step of the closing process. For buyers and sellers looking to learn more about how to close on a house, this blog is for you. Read below for more information on how long it takes to close on a home. 

How Long Does it Take to Close on a House? 

What are the steps of the Closing Process?

Closing on a home involves many steps for buyers, sellers, and their respective real estate agents. And given the significance of the transaction, all parties involved must do their part correctly. Below is a step-by-step walkthrough of the home closing process, including the timeline for each step: 

Signing Purchase Agreement (1-3 days)

After all parties agree on an offer, the first step is to sign the purchase agreement. The purchase agreement outlines the home’s sale prices and other details on theTo close on a house, your first step will be to sign the purchase agreement. buyer’s inspection period, earnest money deposits, and closing dates. Typically, this process will take 1-3 days unless the sale involves extensive contingencies, post-closing possession, and any sale-specific negotiables that require review. 

Home Inspection (5-15 days)

Home inspections are one of the most critical steps in the closing process. Generally, buyers will have 5-15 days to schedule and complete the home inspection. The inspection itself should only take a few hours, and the report should be delivered within a matter of days.

Home Appraisal (7-14 days)

Once the home appraisal is complete, your next step is to appraise your house. During this step, a professional appraiser will visit your property to determine its fair market value, ensuring the sale price accurately reflects the home’s condition and features.

The appraiser’s onsite visit will typically only take a few hours. However, if it’s a busy season in real estate, it may take a few weeks for them to deliver the final appraisal report. If the appraisal shows the home is worth less than the sale price, the buyer and seller will either come to a new agreement on price, or the buyer can walk away from the deal with their earnest money deposit. 

Mortgage Underwriting (30-60 days)

Mortgage underwriting is typically the longest step in the home closing process. During this time, mortgage lenders will assess the risk of giving the home buyer a loan. This process can take a few weeks because the lenders must thoroughly review the buyer’s financial standings on credit history, income investments, and savings. Something that will throw a wrench in the sale is a denied mortgage application, which typically happens if the buyer makes the mistake of overlooking their finances before purchase. 

Clear Title (15-30 days)

The title report will outline all aspects of home ownership, including the right of possession, control, exclusion, enjoyment, and disposition. During the closing process, it can take 2-4 weeks to receive the finalized title report or abstract of the title once the contract of sale is fully signed. 

Final Walkthrough (< 1 day)

As the closing process nears its conclusion, the buyer will designate an hour or so to do a final home walkthrough. To close on a house, you'll do a final walkthrough. During the walkthrough, buyers will ensure that no parts of the home are damaged, none of the previous owner’s belongings are left, and everything is ready as promised by the seller. 

Signing Final Paperwork (< 1 day)

Last but not least, finalizing the paperwork will be your final step in the closing process. If the deal involves a cash offer, this step usually goes by quickly, taking 30 minutes or so. If the buyer uses a loan, the closing could last up to 60-90 minutes. Then once everything is signed on the dotted line, the closing celebrations can begin! 

Close on a House with Mark Spain Real Estate

Are you ready to start your home buying journey and close on a house? The industry professionals at Mark Spain Real Estate are here to help you every step of the way. With decades of industry experience, our team of expert listing consultants will help you navigate your local real estate market hassle-free! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!

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