Good Information Articles

How Long Does It Take To Close On A Home?

How long does it take to close on a home? The closing of a home is negotiated between the buyer and the seller of a specific home or real estate property. This is usually about 30 to 60 days. However there are many factors that are determining factors for the closing date.

When you are ready to buy a home there are many parts of the process that takes a great deal of time. However since this is probably going to be the largest and most important purchase of your lifetime, it is a good idea to let the process run its course.

Either the seller or the buyer can start the first negotiation of the closing date. If the home has sat for a while it is usually started with the owner or seller of the property. They may have a few different reasons for requesting a specific date or time frame. If you are a buyer, it is important to watch this date and ask questions. Because, you may be able to save yourself some money on the purchase or down if the seller wants out of the house quickly.

A seller will set the closing date anywhere from one to two months. If the seller has already purchased another home, they will want to move the closing earlier. This is going to save them money. The cost of having a payment on two homes can become very expensive.

This would be the time that you could negotiate a smaller down payment or lower total cost. This can usually in the total amount of the house payment for that month. It will also make move in for the buyer sooner and will save them money on rent if possible.

If a seller has plenty of time to sell the home, or in no hurry to move, you will likely see a longer time frame like two months. This may also be for a couple different reasons. The seller may not be able to move into their new home. They may not have had enough time to find a home for themselves yet. If moving a long distance or different country, it may be that their travel plans and expenses are not going to be available.

The buyer of a home will be able to submit for a date if different from the date the seller has requested. This will go back and forth until there is a date that is agreed upon. If a buyer wants a specific date, one that might inconvenience the sellers significantly, then it may end up costing a little money.

In some situations a buyer has the advantage when the negotiation for closing dates occur. They may be pre-approved for a loan, and therefore can move in quickly. This is a good idea if you want to rush the closing date a bit.

There is another thing to consider that coexists with the time frames of purchasing a home. The date that the seller releases the possession of the home does not have to be the same date as the closing.

If the seller wants to live for a longer period of time in the home after the closing, it will turn into a rental situation. It is called rent-back and in some situations is negotiated due to problems with their ability to move to their new home.

If the interest rates are rising, then it is often set that a closing date is within 30 days and then the release of the property is in 60. This makes the transaction convenient for the seller, and a wiser financial decision for the buyer.

What ever the circumstances are that surrounds the purchase, it is a good idea to watch for the best time that will work for both parties in the transaction. If there are specific reasons and time frames that you need negotiated, be ready to give a little to get a little.

Chuck Lunsford is the content manager for Tina Abraham, one of the best realtors in Wilmington, NC specializing in selling homes in Wilmington, Greater Wilmington, Pender County and Brunswick County, some of the highest demand homes in the world. Visit us for Wilmington, NC homes for sale or call (910) 790-7484 for more information on how Tina can help you sell your house or buy the home of your dreams.

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