These are the factors that determine how long your deal will take to close.
The closing period towards the end of a real estate transaction varies in length based on whether a buyer is using financing or paying in cash.
Purchasing a home with financing can make the process take a little longer. The loan approval process normally takes anywhere from 14 to 30 days. Once your property is under contract, you’ll want to make your loan application within five days to ensure your lender has what they need from you. Oftentimes, this means you can truly close on the property within 30 days. However, some will ask for as much as 45 days.
If you’re paying cash, it’s simple. As soon as the title work is completed, a cash offer can close in just seven to 10 days.
If you’re thinking about purchasing a home and have questions about this topic or anything else, don’t hesitate to reach out via phone or email today. I look forward to hearing from you soon.