For anyone who has never bought a house, understanding the closing process can be somewhat challenging and confusing; however, it is also a vital part of buying a home. If you are new to this and are wondering what to expect, here are some of the most important things you should know about the closing process when buying a house.
The closing process takes time
To close on a house, there is a lot of work that needs to be completed. Because of this, you should not expect this process to happen overnight. You should expect it to take at least two to three weeks; however, most home sales take even longer than this. Every case is different, but one source says that the average amount of time it takes is around 50 days, which is just over 7 weeks.
The closing process requires the following steps
There are several reasons that it takes time to close on a house, and one of the reasons is that the lender has work to do before they can issue the loan to the buyer of the house. The lender must evaluate the borrower's information and the house the person is buying. The file is then sent to underwriting, where people will evaluate the situation even further to ensure that the person and the house meet the necessary conditions and requirements for the loan.
The process also requires inspections and evaluations of the house, and each of these can also take time. Additionally, there is title work that must also be completed before the deal can go through, and this is typically handled by a title company. There are numerous steps and procedures that must be followed when a person is buying a house, and each step takes time and effort.
The closing documents must be 100% accurate
In order to close, all the closing documents must also be prepared, and these documents must be 100% accurate. If there are mistakes, the lender must prepare the documents again, and the buyer and the seller must both review the documents to ensure that they are accurate and complete before the closing appointment.
When you are buying a house, the real estate agent you work with will be very excited to congratulate you on your new home purchase by being there with you when the sellers hand over the keys to your new house.
For help with finding single-family homes for sale, contact a real estate agent in your area.