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<\/h2>\n<\/h2>\nWhen buying a home, there are several essential things to know. One of the most vital is understanding various time frames to complete common contingencies.<\/p>\n
There are several stages of the home buying timeline a buyer needs to go through to reach the final stage of closing.<\/p>\n
One of the more common questions real estate agents will receive from buyers and sellers is how long it takes to close a house<\/a>. By understanding the process of purchasing a home, you’ll better understand the answer.<\/p>\n It generally takes 30-60 days to close on a house. This window is the average time to close a house. Let’s have an in-depth look at the stages.<\/p>\n Finding a Home and Submitting an Offer<\/strong><\/span><\/p>\n When a buyer finds a home they are interested in, they will make an offer to the seller. The offer will include the purchase price, financing contingencies, and other details such as inspections and closing costs.<\/p>\n Once the seller receives the offer, they will have a specific amount of time to accept, reject or counter it. Generally, most sellers will respond on the same or the next day. If the seller accepts the offer, then the process of closing will begin.<\/p>\n Quite often, some counteroffers go back and forth. Many offers take a couple of days to complete acceptance with the execution of the contract.<\/p>\n The Home Inspection Process<\/strong><\/span><\/p>\n Most real estate contracts give buyers 7-14 days to complete an inspection. Once the inspection takes place, the buyer typically has a couple of days to respond with any requests to the seller.<\/p>\n During the home inspection process<\/a>, buyers can request various repairs or seller concessions they want the seller to address. The seller then has a certain amount of time to respond to the buyer\u2019s requests. It is essential to understand the timeline of the inspection process to ensure that everything is completed promptly.<\/p>\n The goal is to have a meeting of the minds so the transaction can proceed to the next step.<\/p>\n It is essential to note that sometimes there are specialty inspections, such as checking for radon, mold, and water quantity\/quantity. These additional tests can take a few days to complete and are part of the buyer’s due diligence period.<\/p>\n Applying For a Mortgage<\/strong><\/span><\/p>\n Once the home inspection is completed, buyers will typically get their mortgage application completed with the lender they are using.\u00a0\u00a0Filling out the required paperwork and gathering the required lender documents can take a few days to complete.<\/p>\n To prepare yourself, it is a good idea to begin putting together copies of your pay stubs, tax returns, and W2s in electronic format. The lender can get you pre-approved even before you find a home.<\/p>\n We recommend speaking with a lender well before you find a real estate agent just to be sure you are ready to buy a home. To have a conversation with someone to talk about how much you can afford, complete this short form<\/span><\/strong><\/a>.<\/p>\n The Purchase and Sales Agreement<\/strong><\/span><\/p>\n In some areas of the country, there are two contract states: an offer to purchase and a purchase and sales. In states with a purchase and sale, it will typically be executed within 14 days of the offer acceptance.<\/p>\n During this time frame, a buyer’s and seller’s attorney will negotiate the final draft before being executed by both parties.<\/p>\n The Real Estate Appraisal<\/strong><\/span><\/p>\n In most real estate transactions, there will be a property appraisal. When the buyer puts down a significant amount of money, an appraisal will be waived in some limited circumstances.<\/p>\n When there is an appraisal, it will be conducted by a licensed appraiser hired by the buyer’s mortgage lender.\u00a0The real estate appraisal usually takes place within a few weeks of the property going under contract and usually after you receive a conditional approval from the lender.<\/p>\n The appraisal visit to the home is typically completed in under an hour. The appraiser leaves the house and starts the process of completing their work. Most of the time, an appraisal is back to the lender in about a week’s time.<\/p>\n